Company registration number: 02495020
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ANNUAL REPORT AND FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
30 APRIL 2023
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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CONTENTS
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Independent auditors' report
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Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
The directors are pleased to present their strategic report for the year ended 30 April 2023.
The purpose of the Strategic Report is to inform shareholders to help them to assess how the directors have performed their duties to promote the success of the Company. The report, together with additional information in the Directors’ Report, provides a fair and balanced review of the Company’s business including:
i) The development and performance of the business during the year;
ii) The position of the Company at the year-end; and
iii) A description of the principal risks and uncertainties facing the Company.
Principal Activities and Business review
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Duffy Group Limited is the holding company of Duffy Construction Limited, a business in the UK construction market. Duffy Group Limited has no other subsidiaries and does not trade in its own right other than to provide management and other administrative services on its own behalf, and on behalf of Duffy Group Holdings Limited, throughout the entire Group.
Duffy Construction Limited is a well established company in the construction industry that has been trading successfully for over 40 years. The principal activity of that company is providing ground works and concrete frames in the private and public sector for main developers and private clients.
That company is not experiencing any fundamental market or technology changes to which it may be unable to adapt. Neither is it subject normally to any externally forced reduction in operations as a consequence of law or regulation, albeit health & safety, quality and environmental issues provide a continuing challenge.
The Company’s main activities are the provision of management, administrative and other services to its associated companies within the wider Group. These companies trade within the UK property and construction sector.
The Company’s overall objective is to deliver efficient services within the Group on a break even level and the Directors are pleased that this has been achieved in the year under review.
The Company's results are set out on page 10. In line with its objectives it broke even fully recharging its overhead base of £2.4m (2022 - £2.2m).
The company has no other relevant KPI’s.
In the aftermath of Brexit, the Covid-19 pandemic, and the ongoing war in Ukraine, the recovery of the construction industry is anticipated to progress at a slower pace throughout 2024. Duffy Group Limited remains committed to expanding its services within the broader group of companies, as they persist in their endeavours within the UK property and construction industries.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
Safety, health, environmental and accreditations
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Our Accident Frequency Rate underlines the Company's commitment to providing safe places and safe systems of work for employees and contractors and the high quality of our health and safety training. The directors consider Health & Safety to be of the utmost importance, and the business has continued to invest in this area.
The Company continues to strive to improve its safety, health and environmental standards and performance.
These are monitored regularly throughout the year and reviewed in response to performance, changes in legislation and evolving industry best practice.
The Company recognises the importance of managing and promoting health and safety in the workplace to ensure robust controls are in place to control risk, instruction and training are provided to all staff and leadership and commitment are shown at senior management level.
The Company’s subsidiary, Duffy Construction Limited has achieved the following accreditations from or is a member of the following and the employees of the company also work to the relevant rules and standards applicable to these when providing management services.
- Acclaim SSIP accreditation
- Constructionline – Gold Member
- Members of CONSTRUCT – The Concrete Structures Group
- The Concrete Society members
- Premium member of the Builders Profile
- Members of ROSPA
- Goods vehicle operator's licence
- Certificate of registration under the waste regulations 2011 upper tier waste carrier/dealer
- ISO9001:2015
- Member of the Supply Chain Sustainability School
- Member of the Considerate Constructors Scheme
- Member of the Road Haulage Association
- Construction Plant-hire Association
Principal risks and uncertainties
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The process of risk acceptance and risk management is addressed through a framework of policies, procedures, and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with regulation, legal and ethical standards is a priority for the Company.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
Market Risk
Market risk emanates from economic downturns. The Board adheres to a policy that emphasizes the meticulous selection and management of projects we undertake through the implementation of financial and operational controls. This in turn helps in mitigating risk for Duffy Group.
Safety, Health, Environmental and Quality (SHEQ)
SHEQ is at the forefront of our thinking in running the businesses, both on site and in the office. Our SHEQ team keep risks in this area under constant review and ongoing investment in this area has helped to ensure that risks are minimised and controlled.
Management and Employees
The Company employs high calibre staff across all levels of our operation. Many of our staff have been with the business for ten plus years. The risk is managed by ensuring all our knowledge base is shared throughout the Company. All staff are provided with the opportunity for internal and external training. As staff have joined, appropriate inductions, training and reviews ensure the same professionalism is maintained.
Financial Risk Management, Objectives and Policies
The Company's operations expose it to various financial risks including credit risk, liquidity risk and interest rate risk.
Credit risk
As all revenue is derived from Group companies, no meaningful credit risk exists..
Liquidity risk
The liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through agreed payment policy.
This report was approved by the board and signed on its behalf.
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J B Duffy
Director
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DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
The directors present their report and the financial statements for the year ended 30 April 2023.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 to 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.
The profit for the year, after taxation, amounted to £NIL (2022 - £NIL).
The directors who served during the year were:
Matters covered in the Strategic report
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The Company has chosen in accordance with the Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company's Strategic Report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review, principal risks and uncertainties and future developments sections.
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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J B Duffy
Director
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUFFY GROUP LIMITED
We have audited the financial statements of Duffy Group Limited (the 'Company') for the year ended 30 April 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, 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 2023 and of its result 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.
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 United Kingdom, including the Financial Reporting Council'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
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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.
The other information comprises the information included in the Annual Report other than the financial statements and our thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUFFY GROUP LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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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 Directors' report.
We have nothing to report in respect of the following matters in relation to which 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
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As explained more fully in the Directors' responsibilities statement 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUFFY GROUP LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙The Company is subject to laws and regulations that directly affect the revised financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙ We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Companys financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
° Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
° Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions;
°Risk of fictitious employees.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at:
https://www.frc.org.uk /Our-Work/Audit/Audit -and-assurance/Standards -and-guidance /Standards-and-guidance -forauditors/
Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUFFY GROUP LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with the Companies (Revision of Defective Accounts and Reports) Regulations 2008. 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 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.
Andrew Cook FCA (Senior statutory auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Magna House
18-32 London Road
Staines-Upon-Thames
TW18 4BP
5 February 2024
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023
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Interest receivable and similar income
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Interest payable and expenses
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Profit for the financial year
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There was no other comprehensive income for 2023 (2022: £NIL).
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The notes on pages 13 to 20 form part of these financial statements.
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DUFFY GROUP LIMITED
REGISTERED NUMBER:02495020
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STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Capital redemption reserve
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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J B Duffy
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The notes on pages 13 to 20 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
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Capital redemption reserve
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The notes on pages 13 to 20 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Duffy Group Limited is a private company limited by shares incorporated and domiciled in England and Wales. The address of the registered office and principal place of business is Duffy House, 1 Mount Road, Feltham, Middlesex, TW13 6AR.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The financial statements contain information about the Company as an individual company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included in the consolidated financial statements of its parent, Duffy Group Holdings Limited, a company registered in the United Kingdom who's principal place of business is Duffy House, 1 Mount Road, Feltham, Middlesex, United Kingdom, TW13 6AR.
The following principal accounting policies have been applied:
Other operating income relates to management charges received from subsidiary undertakings and government grant income.
Management charges receivable represents the expenses recharged to the other companies in the group.
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of Duffy Group Holdings Limited as at 30 April 2023 and these financial statements may be obtained from Companies House.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Investments in subsidiaries are measured at cost less accumulated impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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Management charges receivable
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Government grants receivable
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The operating loss is stated after charging:
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Defined contribution costs
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Government grants receivable
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 1 director (2022 - 2) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £305,459 (2022 - £256,664).
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The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £1,321).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Other interest receivable
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Interest payable and similar expenses
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Taxation on profit on ordinary activities
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
10.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19.5% (2022 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.5% (2022 - 19%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Movement in deferred tax not recognised
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Total tax charge for the year
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Investments in subsidiary companies
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Investments in associates
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Other fixed asset investments
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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The following was a subsidiary undertaking of the Company:
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Duffy Construction Limited
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The subsidiary has the same registered office as the Company, as disclosed in note 1 to the financial statements.
The investment in associate relates to a 50% share in JJP Holdings Inc, a company incorporated in Barbados whose principal activity is property investment.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Section 455 tax within tax recoverable has been recognised as a debtor due in more than one year as at 30 April 2023.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Pension commitments outstanding at at 30 April 2023 £4,406 (2022: £998).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Commitments under operating leases
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At 30 April 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Allotted, called up and fully paid
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585,000 (2022 - 585,000) Ordinary shares of £1.00 each
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Profit and loss account
This reserve records retained earnings and accumulated losses.
At the year end the Company was owed £8,792,567 by J Duffy (2022: £2,467,154) shown within other debtors. The movement in the year related to net expenditure paid on behalf of the director £6,241,720 and interest payable of £120,494 on outstanding director's advances less a reimbursement from J Duffy to Duffy Group Limited of £36,801 (2022: expenditure paid on behalf of the director £692,385 and interest payable of £30,065 on outstanding director's advances).
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Related party transactions
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The company has taken exemption under FRS 102 section 33.1A from disclosing transactions with group companies, on the grounds that each company party to the transactions is wholly owned within the group.
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Parent Company and controlling party
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The immediate controlling party is Duffy Group Holdings Limited. Copies of their accounts can be obtained from their registered office at Duffy House, 1 Mount Road, Feltham, Middlesex, TW13 6AR or companies house. The ultimate controlling party is J B Duffy, shareholder of Duffy Group Holdings Limited, the ultimate parent.
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