REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic Report, Report of the Directors and |
|
Financial Statements for the Period 13 May 2020 to 30 April 2021 |
|
for |
|
O'Connor Group Topco Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic Report, Report of the Directors and |
|
Financial Statements for the Period 13 May 2020 to 30 April 2021 |
|
for |
|
O'Connor Group Topco Limited |
O'Connor Group Topco Limited (Registered number: 12598696) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Period 13 May 2020 to 30 April 2021 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Strategic Report | 2 |
|
Report of the Directors | 4 |
|
Report of the Independent Auditors | 6 |
|
Income Statement | 8 |
|
Other Comprehensive Income | 9 |
|
Balance Sheet | 10 |
|
Statement of Changes in Equity | 11 |
|
Notes to the Financial Statements | 12 |
|
O'Connor Group Topco Limited |
|
Company Information |
for the Period 13 May 2020 to 30 April 2021 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
The Shipping Building |
The Old Vinyl Factory |
Blyth Road |
Hayes |
London |
UB3 1HA |
O'Connor Group Topco Limited (Registered number: 12598696) |
|
Strategic Report |
for the Period 13 May 2020 to 30 April 2021 |
|
The directors present the strategic report and financial statements for the year period 13 May 2020 to 30 April 2021. |
|
Fair review of the business |
During the year, the group of which the company is a member of, underwent restructuring to separate out the real estate interests from the trading operations of the group. As a result the trading group, which sits below O'Connor Group Topco Limited, consisting of OCU Group Limited and its subsidiaries, transferred its properties at no gain no loss by way of dividends in specie. |
|
Principle risks and uncertainties |
The company's strategy is to follow an appropriate risk policy, which effectively manages exposures related to the achievement of business objectives. The key risks which management face are detailed as follows: |
|
Business performance risk |
Business performance risk is the risk that the company may not perform as expected either due to internal factors or due to competitive pressures in the markets in which they operate. The risk is managed through a number of measures: authorisation of forward purchases requirements; ensuring the appropriate management team is in place; budget and business planning; monthly reporting and variance analysis; financial controls; key performance indicators; and regular forecasting, in conjunction with an internal compliance function. |
|
Business continuity risk |
While there is a reliance on physical infrastructure, the company operates out of a number of depots which helps the company to minimise the business continuity risk. The company ensures that there is sufficient IT support available should an unforeseen event occur. Management are continually implementing and reviewing business continuity and IT disaster recovery plans to ensure any increase in risk arising from future activities is managed. |
|
Health and safety risk |
The company is committed to ensuring a safe working environment. These risks are managed by the company through strong promotion of health and safety culture and well defined health and safety policies, facilitated by the employment of a health and safety professional. |
|
Liquidity risk |
Available cash headroom is monitored by management on a daily basis and regular discussions take place with the company's bankers as a way of managing the company's liquidity risk. Stock and trade debtor levels are monitored periodically by the board of directors. |
|
Credit risk |
Credit risk arises principally on third party revenues. Company policy is aimed at minimising such risk, and requires that deferred terms are granted to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Individual exposures are monitored with customers subject to credit limits to ensure the company's exposure to bad debts is not significant. |
|
Price risk |
The Company is exposed to materials and associated costs fluctuation price risk on projects. |
|
Management development risk |
Long-term growth of the business depends on the company's ability to retain and attract personnel of high quality. The risk is managed through development plans which are regularly reviewed and updated. These are accompanied by specific policies in areas such as training, management development and performance management. |
|
Covid-19 pandemic risk |
The directors have considered the potential impact of the coronavirus, and the various measures taken to contain it, on the operations of the company. They note that the impact on the company's profitability and cash generation since the start of the pandemic has been limited, therefore the directors consider the risks to the company's operations to be limited. |
|
|
|
|
|
O'Connor Group Topco Limited (Registered number: 12598696) |
|
Strategic Report |
for the Period 13 May 2020 to 30 April 2021 |
|
Financial and business control |
Strong financial and business controls are necessary to ensure the integrity and reliability of financial and other information on which the company relies for day-to-day operations, external reporting and for long term planning. The company exercises financial and business control through a combination of qualified and experienced financial personnel; performance analysis; budgeting and cash flow forecasting; and clearly defined approval limits, supported by integrated and proven systems. |
|
Social, ethical and environmental risk |
Due to the company's nature and size no significant social, ethical or environmental risks have been identified by management. |
|
Financial Performance |
The company is parent holding company and doesn't trade, hence there are no financial key performance indicators (KPI). |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
O'Connor Group Topco Limited (Registered number: 12598696) |
|
Report of the Directors |
for the Period 13 May 2020 to 30 April 2021 |
|
The directors present their report with the financial statements of the company for the period 13 May 2020 to 30 April 2021. |
|
INCORPORATION |
The company was incorporated on 13 May 2020 . |
|
PRINCIPAL ACTIVITY |
The principal activity of the company was that of a holding company. |
|
DIVIDENDS |
No dividends will be distributed for the period ended 30 April 2021. |
|
DIRECTORS |
The directors who have held office during the period from 13 May 2020 to the date of this report are as follows: |
|
|
|
|
Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
|
RESULTS |
|
The results for the year are set out on page 5. |
|
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
|
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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 company and of the profit or loss of the company 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 accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
|
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
|
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
O'Connor Group Topco Limited (Registered number: 12598696) |
|
Report of the Directors |
for the Period 13 May 2020 to 30 April 2021 |
|
|
AUDITORS |
The auditors, Moore Kingston Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
Report of the Independent Auditors to the Members of |
O'Connor Group Topco Limited |
|
Opinion |
We have audited the financial statements of O'Connor Group Topco Limited (the 'company') for the period ended 30 April 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 company's affairs as at 30 April 2021; |
- | 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
|
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. |
|
In connection with our audit of the financial statements, 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 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. |
|
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
O'Connor Group Topco Limited |
|
|
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
|
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 Statement of Directors' Responsibilities set out on page four, 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 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 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 company or to cease operations, or have no realistic alternative but to do so. |
|
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
|
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
|
**** TEXT TO BE ENTERED BY KINGSTON - THEN COPY TO LJ VERSION OF THE ACCOUNTS **** |
|
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
|
Use of our report |
This report is made solely to the 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 company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
|
|
|
|
for and on behalf of
|
The Shipping Building |
The Old Vinyl Factory |
Blyth Road |
Hayes |
London |
UB3 1HA |
|
|
O'Connor Group Topco Limited (Registered number: 12598696) |
|
Income Statement |
for the Period 13 May 2020 to 30 April 2021 |
|
Notes | £ |
|
TURNOVER |
|
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
|
|
Tax on profit | 3 |
|
PROFIT FOR THE FINANCIAL PERIOD |
|
O'Connor Group Topco Limited (Registered number: 12598696) |
|
Other Comprehensive Income |
for the Period 13 May 2020 to 30 April 2021 |
|
Notes | £ |
|
PROFIT FOR THE PERIOD |
|
|
|
OTHER COMPREHENSIVE INCOME | - |
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD |
|
O'Connor Group Topco Limited (Registered number: 12598696) |
|
Balance Sheet |
30 April 2021 |
|
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
|
|
CURRENT ASSETS |
Debtors | 5 |
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
NET CURRENT LIABILITIES |
( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
CAPITAL AND RESERVES |
Called up share capital | 7 |
|
SHAREHOLDERS' FUNDS |
|
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
O'Connor Group Topco Limited (Registered number: 12598696) |
|
Statement of Changes in Equity |
for the Period 13 May 2020 to 30 April 2021 |
|
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
|
Changes in equity |
Issue of share capital |
|
- |
|
Balance at 30 April 2021 |
|
|
|
O'Connor Group Topco Limited (Registered number: 12598696) |
|
Notes to the Financial Statements |
for the Period 13 May 2020 to 30 April 2021 |
|
1. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
O'Connor Group Topco Limited is a private company, limited by shares, domiciled and incorporated in England and Wales. The registered office is 164 Field End Road, Eastcote, England, HA5 1RH. |
|
Accounting Convention |
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 amounts in these financial statements are rounded to the nearest pound. |
|
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below. |
|
This company is a qualifying entity for the purpose of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: |
|
- The requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv) to prepare a reconciliation of the number of equity shares outstanding at the beginning and at the end of the financial year; |
- The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation Paragraph 3.17 (d) to prepare a statement of cash flows; |
- The requirements of Section 11 paragraphs 11.39 to 11.48(a) and Section 12 paragraphs 12.26 to 12.29A, regarding disclosures for financial liabilities and assets, as the equivalent disclosures required by FRS 102 are included in the consolidated financial statements of the group in which the entity is consolidated; and |
- From disclosing the company key management personnel compensation, as required by paragraph 33.7; and |
- The requirement of Section 33 Related Party Disclosures paragraph 33.9 to disclose related party transactions within other members of the group headed by OCU Group Limited. |
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
|
Taxation |
Taxation for the period 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 balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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. |
O'Connor Group Topco Limited (Registered number: 12598696) |
|
Notes to the Financial Statements - continued |
for the Period 13 May 2020 to 30 April 2021 |
|
1. | ACCOUNTING POLICIES - continued |
|
Going concern |
The company and its subsidiaries have been profitable and cash generative during the period ended 30 April 2021 and during the period to approval of these financial statements. The company also has a strong balance sheet and cash position. The directors have also considered the impact of the COVID-19 pandemic and related containment measures on the company’s activities and whilst the ultimate impact cannot be quantified, the impact on operations to date has not been significant and the directors do not expect it to become significant in the foreseeable future. As a result, the directors have, at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. |
|
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
|
Financial assets and liabilities are offset , with 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 method 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. |
|
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 company 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 company after deducting all of its liabilities. |
|
|
|
|
O'Connor Group Topco Limited (Registered number: 12598696) |
|
Notes to the Financial Statements - continued |
for the Period 13 May 2020 to 30 April 2021 |
|
1. | ACCOUNTING POLICIES - continued |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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. A m ounts 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. |
|
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. |
|
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
|
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 profit and loss account 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 company’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 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 profit and loss account, 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 when the company has 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. |
|
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
|
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. |
|
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
|
Retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
O'Connor Group Topco Limited (Registered number: 12598696) |
|
Notes to the Financial Statements - continued |
for the Period 13 May 2020 to 30 April 2021 |
|
1. | ACCOUNTING POLICIES - continued |
|
Leases |
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 balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
|
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. |
|
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance thet the grant conditions will be met and the grants will be received. |
|
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
|
Foreign exchange |
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss for the period. |
|
Judgements and key sources of estimation uncertainty |
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
|
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
|
Revenue recognition |
Revenue from contracts for the provision of professional services is recognised by reference to the value |
of work completed, which is assessed by quantity surveyors and agreed with the customer. The value of |
the work completed is therefore reliant on the judgement of quantity surveyors. |
|
Recoverability of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
|
Useful economic life of tangible fixed assets |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the property, plant and equipment and note 1.4 for the useful economic lives for each class of asset. |
O'Connor Group Topco Limited (Registered number: 12598696) |
|
Notes to the Financial Statements - continued |
for the Period 13 May 2020 to 30 April 2021 |
|
2. | EMPLOYEES AND DIRECTORS |
|
There were no staff costs for the period ended 30 April 2021. |
|
The average number of employees during the period was NIL. |
|
£ |
Directors' remuneration |
|
|
3. | TAXATION |
|
Analysis of the tax charge |
No liability to UK corporation tax arose for the period. |
|
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
|
At 30 April 2021 |
|
NET BOOK VALUE |
At 30 April 2021 |
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed to group undertakings |
|
Tax |
|
Other creditors |
|
|
|
7. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
100,000 | Ordinary | £0.001 | 100 |
|
100,000 Ordinary shares of £0.001 each were allotted and fully paid by a share for share exchange at par during the period. |
O'Connor Group Topco Limited (Registered number: 12598696) |
|
Notes to the Financial Statements - continued |
for the Period 13 May 2020 to 30 April 2021 |
|
8. | RESERVES |
Retained |
earnings |
£ |
|
Profit for the period |
|
At 30 April 2021 |
|