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Registration number: 06057145

Patrick B Doyle (Construction) Limited

Annual Report and Financial Statements

for the Year Ended 31 January 2023

 

Patrick B Doyle (Construction) Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 23

 

Patrick B Doyle (Construction) Limited

Company Information

Directors

Mrs KM Doyle

Mr N Doyle

Mr MB Doyle

Mr PB Doyle

Mr D R Crawley

Company secretary

Glenspey Associates Limited

Registered office

67 Langham Gardens
London
N21 1DL

Auditors

Gray & Co Dan Limited
Chartered Accountants
Springvale
Police Station Square
Mildenhall
Suffolk
IP28 7ER

 

Patrick B Doyle (Construction) Limited

Strategic Report for the Year Ended 31 January 2023

The directors present their strategic report for the year ended 31 January 2023.

Principal activity

The principal activity of the company is Construction and civil engineering

Fair review of the business

The company had another satisfactory trading year maintaining strong profitability and solid demand from client's in the region.
As part of the directors' ongoing obligations to promote the success of the company, consideration is given to broadening the management and technical capability of the company through staff recruitment and retention in addition to fostering long term relationships with key suppliers and subcontractors. As a result expertise is being developed in certain market sectors that enable the comapny to generate repeat business and achieve better margins.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Percentage increase in sales

%

(45)

49

Gross profit margin

%

13

13

Return on capital (operating profit before tax/net assets)

%

19

36

Net profit margin (net profit before tax/sales)

%

13

12

Sales credit period

days

46

46

Purchase credit period

days

53

26

Principal risks and uncertainties

The main risks are associated with the potential adverse affect of increasing interest rates on iinvestment in certain market segments. Uncertainty also relates to the potential adverse effect of negative global factors outside the company's control. The Balance Sheet at 31 January 2023 shows a strong financial position and liquidity is good.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr MB Doyle
Director

 

Patrick B Doyle (Construction) Limited

Directors' Report for the Year Ended 31 January 2023

The directors present their report and the financial statements for the year ended 31 January 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs KM Doyle

Mr N Doyle

Mr MB Doyle

Mr PB Doyle

Mr D R Crawley

Financial instruments

Objectives and policies

The company aims to maximise the use of it's own resources in its continuing operations.

Price risk, credit risk, liquidity risk and cash flow risk

Liquidity Risk
The company manages it's cash and borrowing requirements in order to minimise interest exposure and maximise interest income, while the company has sufficient liquid resources to meet the operating needs of the business.

Credit Risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where appropriate.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Gray & Co Dan Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr MB Doyle
Director

 

Patrick B Doyle (Construction) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Patrick B Doyle (Construction) Limited

Independent Auditor's Report to the Members of Patrick B Doyle (Construction) Limited

Opinion

We have audited the financial statements of Patrick B Doyle (Construction) Limited (the 'company') for the year ended 31 January 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 31 January 2023 and of its profit for the year then ended;

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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Patrick B Doyle (Construction) Limited

Independent Auditor's Report to the Members of Patrick B Doyle (Construction) Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 4], 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 is 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.

Auditor 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 an auditor’s report 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:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

 

Patrick B Doyle (Construction) Limited

Independent Auditor's Report to the Members of Patrick B Doyle (Construction) Limited

......................................
Ian Gray (Senior Statutory Auditor)
For and on behalf of Gray & Co Dan Limited, Statutory Auditor

Springvale
Police Station Square
Mildenhall
Suffolk
IP28 7ER

24 October 2023

 

Patrick B Doyle (Construction) Limited

Profit and Loss Account for the Year Ended 31 January 2023

Note

2023
£

2022
£

Turnover

3

13,956,519

25,604,827

Cost of sales

 

(12,061,804)

(22,374,182)

Gross profit

 

1,894,715

3,230,645

Administrative expenses

 

(230,646)

(316,726)

Other operating income

4

53,332

57,336

Operating profit

6

1,717,401

2,971,255

Other interest receivable and similar income

7

156,270

65,624

Interest payable and similar expenses

8

(27,120)

(28,437)

   

129,150

37,187

Profit before tax

 

1,846,551

3,008,442

Tax on profit

12

(333,731)

(579,501)

Profit for the financial year

 

1,512,820

2,428,941

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Patrick B Doyle (Construction) Limited

Statement of Comprehensive Income for the Year Ended 31 January 2023

2023
£

2022
£

Profit for the year

1,512,820

2,428,941

Total comprehensive income for the year

1,512,820

2,428,941

 

Patrick B Doyle (Construction) Limited

(Registration number: 06057145)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

14

180,140

91,862

Investment property

15

1,087,500

1,087,500

 

1,267,640

1,179,362

Current assets

 

Stocks

16

778,341

1,066,209

Debtors

17

4,981,744

11,504,086

Cash at bank and in hand

 

5,286,514

5,434,564

 

11,046,599

18,004,859

Creditors: Amounts falling due within one year

19

(3,112,929)

(10,951,003)

Net current assets

 

7,933,670

7,053,856

Total assets less current liabilities

 

9,201,310

8,233,218

Creditors: Amounts falling due after more than one year

19

(3,028)

(28,756)

Net assets

 

9,198,282

8,204,462

Capital and reserves

 

Called up share capital

1,205

1,205

Retained earnings

9,197,077

8,203,257

Shareholders' funds

 

9,198,282

8,204,462

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr MB Doyle
Director

 

Patrick B Doyle (Construction) Limited

Statement of Changes in Equity for the Year Ended 31 January 2023

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

1,205

8,203,257

8,204,462

Profit for the year

-

1,512,820

1,512,820

Dividends

-

(519,000)

(519,000)

At 31 January 2023

1,205

9,197,077

9,198,282

Share capital
£

Retained earnings
£

Total
£

At 1 February 2021

1,205

6,229,316

6,230,521

Profit for the year

-

2,428,941

2,428,941

Dividends

-

(455,000)

(455,000)

At 31 January 2022

1,205

8,203,257

8,204,462

 

Patrick B Doyle (Construction) Limited

Statement of Cash Flows for the Year Ended 31 January 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

1,512,820

2,428,941

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

53,615

133,380

Loss on disposal of tangible assets

5

2,194

-

Finance income

7

(156,270)

(65,624)

Finance costs

8

27,120

28,437

Income tax expense

12

333,731

579,501

 

1,773,210

3,104,635

Working capital adjustments

 

Decrease in stocks

16

287,868

745,440

Decrease/(increase) in trade debtors

17

6,647,339

(3,742,400)

(Decrease)/increase in trade creditors

19

(7,613,533)

1,997,788

Cash generated from operations

 

1,094,884

2,105,463

Income taxes paid

12

(681,165)

(837,943)

Net cash flow from operating activities

 

413,719

1,267,520

Cash flows from investing activities

 

Interest received

7

156,270

65,624

Acquisitions of tangible assets

(147,987)

(91,819)

Proceeds from sale of tangible assets

 

3,900

-

Net cash flows from investing activities

 

12,183

(26,195)

Cash flows from financing activities

 

Interest paid

8

(27,120)

(28,437)

Payments to finance lease creditors

 

(27,832)

29,898

Dividends paid

23

(519,000)

(455,000)

Net cash flows from financing activities

 

(573,952)

(453,539)

Net (decrease)/increase in cash and cash equivalents

 

(148,050)

787,786

Cash and cash equivalents at 1 February

 

5,434,564

4,646,778

Cash and cash equivalents at 31 January

 

5,286,514

5,434,564

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
67 Langham Gardens
London
N21 1DL

These financial statements were authorised for issue by the Board on 24 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts have been prepared in sterling and rounded to the nearest £ .

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed.Revenue not billed to clients is included in debtors and payments on account in excess of the relevant mount of revenue are included in creditors.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

Reducing balance 25%

Investment property

Properties developed by the company but not sold have been rented out. These properties have been transferred at their cost to Investment Properties.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

12% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Contract balances classified under the balance sheet heading of Stocks and work in progress are stated at net cost, less foreseeble losses and payments on account.

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Pension fund assets are held independently from the company's assets.

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2023
 £

2022
 £

Sale of goods

13,956,519

25,590,817

Grants received

-

14,010

13,956,519

25,604,827

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
 £

2022
 £

Miscellaneous other operating income

53,332

57,336

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
 £

2022
 £

Gain/loss on disposal of property, plant and equipment

(2,194)

-

6

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

53,615

28,794

Amortisation expense

-

104,586

Loss on disposal of property, plant and equipment

2,194

-

7

Other interest receivable and similar income

2023
 £

2022
 £

Interest income on bank deposits

82,307

3,243

Other finance income

73,963

62,381

156,270

65,624

8

Interest payable and similar expenses

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

2023
 £

2022
 £

Interest on obligations under finance leases and hire purchase contracts

1,374

1,374

Interest expense on other finance liabilities

25,746

27,063

27,120

28,437

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

776,344

903,059

Pension costs, defined contribution scheme

88,347

97,682

Other employee expense

5,995

5,455

870,686

1,006,196

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

18

18

18

18

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
 £

2022
 £

Remuneration

11,688

11,022

Contributions paid to money purchase schemes

70,000

77,000

81,688

88,022

Pension contributions paid in respect of 2 directors.

11

Auditors' remuneration

2023
 £

2022
 £

Audit of the financial statements

8,750

7,000


 

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

12

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

333,731

579,501

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
 £

2022
 £

Profit before tax

1,846,551

3,008,442

Corporation tax at standard rate

350,845

571,604

Tax increase (decrease) from effect of capital allowances and depreciation

(17,114)

7,897

Total tax charge

333,731

579,501

The Income tax liability is less than the Tax charge shown in the accounts due to advance payment of corporation tax.

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Assets with tax allowances

60,762

11,545

60,762

11,545

2022

Asset
£

Liability
£

Assets with tax allowances

61,103

11,610

61,103

11,610

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

13

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

1,294,906

1,294,906

At 31 January 2023

1,294,906

1,294,906

Amortisation

At 1 February 2022

1,294,906

1,294,906

At 31 January 2023

1,294,906

1,294,906

Carrying amount

At 31 January 2023

-

-

14

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

47,221

75,357

122,578

Additions

47,237

100,750

147,987

Disposals

-

(7,500)

(7,500)

At 31 January 2023

94,458

168,607

263,065

Depreciation

At 1 February 2022

11,876

18,840

30,716

Charge for the year

14,686

38,929

53,615

Eliminated on disposal

-

(1,406)

(1,406)

At 31 January 2023

26,562

56,363

82,925

Carrying amount

At 31 January 2023

67,896

112,244

180,140

At 31 January 2022

35,345

56,517

91,862

15

Investment properties

2023
£

At 1 February

1,087,500

At 31 January

1,087,500

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

Properties developed by the company but not sold have been rented out. These properties have been transferred at their cost to Investment Properties.
The directors consider that the current value of these properties is in excess of cost, but have not revalued them as they are held for the long term for income generation.

16

Stocks

2023
 £

2022
 £

Work in progress

738,341

982,209

Other inventories

40,000

84,000

778,341

1,066,209

17

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

2,300,617

8,163,913

Amounts owed by related parties

24

2,300

-

Other debtors

 

2,542,867

3,339,584

Prepayments

 

10,963

-

Accrued income

 

-

589

Income tax asset

12

124,997

-

   

4,981,744

11,504,086

18

Cash and cash equivalents

2023
 £

2022
 £

Cash on hand

58

58

Cash at bank

552,142

1,728,679

Short-term deposits

4,734,314

3,705,827

5,286,514

5,434,564

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

19

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

22

25,726

27,830

Trade creditors

 

1,390,091

8,131,956

Amounts due to related parties

24

50,363

181,278

Social security and other taxes

 

139,464

222,704

Outstanding defined contribution pension costs

 

5,295

6,710

Other payables

 

982,174

1,829,571

Accrued expenses

 

519,816

328,517

Income tax liability

12

-

222,437

 

3,112,929

10,951,003

Due after one year

 

Loans and borrowings

22

3,028

28,756

20

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £88,347 (2022 - £97,682).

Contributions totalling £5,295 (2022 - £6,710) were payable to the scheme at the end of the year and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

505

505

505

505

Ordinary B shares of £1 each

500

500

500

500

Ordinary C shares of £1 each

100

100

100

100

Ordinary D shares of £1 each

100

100

100

100

 

1,205

1,205

1,205

1,205

Rights, preferences and restrictions

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

Ordinary A shares have the following rights, preferences and restrictions:
All A ordinary shares have full full voting,dividend and capital distribution rights.

Ordinary B shares have the following rights, preferences and restrictions:
All Ordinary B shares have restricted voting rights.

Ordinary C and D shares have the following rights, preferences and restrictions:
All ordinary C and D shares have restricted voting and participation rights.

22

Loans and borrowings

2023
 £

2022
 £

Non-current loans and borrowings

HP and finance lease liabilities

3,028

28,756

2023
 £

2022
 £

Current loans and borrowings

HP and finance lease liabilities

25,726

27,830

23

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of Nil per each Ordinary shares

 

-

 

-

         

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £888.89 per each of 225 Ordinary A shares

 

200,000

 

200,000

Interim dividend of £2,250.00 (2022 - £1,750.00) per each Ordinary D shares

 

225,000

 

175,000

Interim dividend of £1,880.00 (2022 - £1,600.00) per each Ordinary C shares

 

94,000

 

80,000

   

519,000

 

455,000

24

Related party transactions

The company is controlled by the directors who are also the directors and shareholders of P B Doyle (Contractors) Limited and P B Doyle Properties Limited.

Income and receivables from related parties

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

2023

Entities with joint control or significant influence
£

Sale of goods

186,250

Receipt of services

637,249

823,499

Amounts receivable from related party

775,252

2022

Entities with joint control or significant influence
£

Sale of goods

8,420,000

Settlement of liabilities

5,790

8,425,790

Amounts receivable from related party

5,951,753

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Purchase of goods

385,000

Settlement of liabilities

615,890

1,000,890

Amounts payable to related party

511,378

2022

Entities with joint control or significant influence
£

Purchase of goods

8,100,000

Amounts payable to related party

6,742,268