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 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

P P O'Connor

Ms 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

81,840

-

Debtors

4

426,001

28,095

Cash at bank

32,140

46,051

539,981

74,146

CREDITORS

Amounts falling due within one year

5

(1,005,912

)

(95,165

)

NET CURRENT LIABILITIES

(465,931

)

(21,019

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(465,931

)

(21,019

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(466,031

)

(21,119

)

(465,931

)

(21,019

)

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 16 October 2020 and were signed on its behalf by:

P P 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 loss in the year and has net liabilities of £465,931 (2018 - £21,019) at the statement of financial position date. Included within other creditors is a balance amounting to £563,331 owed to a related party. The related party has confirmed that it will not seek repayment of this loan until the company is in a position to do so.

Post year-end saw the outbreak of Covid-19 in China which has become a global pandemic. The directors have considered the impact of the global Covid-19 pandemic on the company and recognise that the future cannot be predicted with certainty. To date, although operations have been impacted the company has continued to trade through the pandemic ensuring all workers are working safely in line with government guidelines. Should demand for the company's supplies fall, the company would introduce cost control measures. Any available government-backed support will be obtained as required.

After making enquires the directors have reasonable expectation 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 (2018 - 3 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

397,822

19,283

Amounts owed by group undertakings

10,346

-

Other debtors

17,833

8,812

426,001

28,095

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

55,924

7,356

Amounts owed to group undertakings

-

84,559

Taxation and social security

78,515

-

Other creditors

871,473

3,250

1,005,912

95,165

6.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Invoice discounting creditor

237,645

-

The invoice discounting liability 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.	POST BALANCE SHEET EVENTS

Post year-end saw the outbreak of Covid-19 in China which has become a global pandemic. The directors have considered the impact of the global Covid-19 pandemic on the company and recognise that the future cannot be predicted with certainty. To date, although operations have been impacted the company has continued to trade through the pandemic ensuring all workers are working safely in line with government guidelines. Should demand for the company's supplies fall, the company would introduce cost control measures. Any available government-backed support will be obtained as required.

9.	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.