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Company registration number: 11325718







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2023


DUFFY GROUP HOLDINGS LIMITED






































img4ccd.png                        

 


DUFFY GROUP HOLDINGS LIMITED
 


 
COMPANY INFORMATION


Directors
J B Duffy 
D Corbett 




Registered number
11325718



Registered office
Duffy House
1 Mount Road

Feltham

Middlesex

TW13 6AR




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


DUFFY GROUP HOLDINGS LIMITED
 



CONTENTS



Page
Group strategic report
1 - 4
Directors' report
5 - 6
Independent auditors' report
7 - 10
Consolidated statement of comprehensive income
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated Statement of cash flows
16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 35


 


DUFFY GROUP HOLDINGS LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

Introduction
 
Duffy Group Holdings Limited is the holding company of the Duffy Group of Companies with businesses in the construction and property investment markets.
The construction businesses trade as Duffy Construction Limited and Duffy Contract Services Limited. 
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 the company is providing ground works and concrete frames in the private and public sector for main developers and private clients.
Duffy Contract Services Limited’s principal activity is providing Site Services, Small Works and Project Logistics Packages to main contractors throughout the UK.
City & Southern Limited and City & Southern Properties Limited are mainly involved in property investment and development.
The Group's overall objective is to deliver shareholder value, through profitable contract work whilst managing risk carefully through prudent management of all aspects of the business (building, environmental, health & safety, legal and financial, etc). The Group’s policy is to be selective when tendering to enable risk to be mitigated on projects rather than carrying out unprofitable work by chasing turnover. This has allowed margins to be maintained in the year under review despite challenging economic conditions and is part of the overall risk management strategy of the Group.
The Group has a wide range of competitors. The Group is not dependent on a narrow product and work is carried out for a diverse group of clients. No supplier, customer or technical developments will render any product obsolete.
The Group 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.

Business review
 
The results of the Group are set out on page 11. In the year to 30 April 2023, the Group recorded a loss before tax for the financial year of £979,883 (2022 profit: £1,276,865).
The main KPI’s used are Turnover and Gross Profit. Group turnover was £22.8 million for the year ended 30 April 2023 compared to £20.9 million in 2022. Gross Profit was £2.92m (12.8%) compared to £1.95m (9.3%) in 2022.
The main contributor for the group was Duffy Construction Limited. This business unit contributed 80% of group turnover in the financial year.
Duffy Contract Services’ turnover contributed 19% of group turnover while the property businesses made up the remaining 1% of group turnover.
The Group has strategically recruited and invested in highly skilled professionals to assume pivotal roles within the Group. This deliberate approach aims to drive the group towards anticipated growth in both turnover and profitability.
The group has worked hard to maintain and improve its balance sheet strength, in order to facilitate planned investment and growth. Shareholders' funds were £19.6m compared with £20.4 million in 2022. The directors remain satisfied with the group's financial position at the year end. The cash position at the balance sheet date was £547,919, post year end the cash position has improved which will be used to support the continued growth of the business. 
Duffy Group Holdings Limited is well positioned for future growth and is adapting the business for the challenging years ahead.

Page 1

 


DUFFY GROUP HOLDINGS LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Future developments

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.
The group operates in several markets which has helped to spread our risk with property units out performing trading businesses in the current financial year.
The Group has undertaken a comprehensive review of its operations in the light of the Covid 19 pandemic to ensure that the going concern assumption is valid and that there are no material uncertainties in this regard.
This involved cash flow forecasts for the period through to April 2025. The directors considered a number of operational, market, economic and financial factors in their assessment.
The Group order book in the year to April 2024 continues to develop and shows a continuing recovery with an even wider client base than in recent years. The disposal of our fully let commercial property portfolio enabled a strengthening of Group Liquidity in line with our risk strategy while taking advantage of a strong property market, enhancing our cash position and enabling the Group to pay down debt.
The Group maintains a positive relationship with its banking partners, benefiting from their ongoing support in facilitating loans and overdraft facilities as required. A meticulous approach to working capital management remains a cornerstone, assuring the preservation or enhancement of liquidity in our forecasts, even when considering adverse conditions.

Principal risks and uncertainties
 
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 Group.
Tenders are reviewed prior to acceptance to identify risk and ensure it is at an acceptable level or can be managed to an acceptable level. 
We have built up solid relationships with our existing clients. The company looks to spread its risks by actively engaging with new and existing clients together with the entire supply chain and indeed new suppliers.
 
Page 2

 


DUFFY GROUP HOLDINGS LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Risk Management
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 robust financial and operational controls.
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 Group employs high calibre staff across all levels of our operation. Many of our staff have been with the Group for ten plus years. The risk is managed by ensuring all our knowledge base is shared throughout the business. 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 
New credit customers are assessed and approved as part of the tender process. Existing customers are monitored for signs of potential credit risk.
Liquidity risk 
The liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through agreed payment policy. Strict payment terms are negotiated with our clients along with appropriate short term facilities. Given that the majority of our clients are blue-chip companies, we typically do not encounter issues related to bad debt.
Interest rate cash flow risk
The Company’s hire purchase facilities are at a fixed rate, our loans with Handelsbanken are at variable rates which are kept under close review to ensure that the company’s performance is not significantly impacted by interest rate rises.

Page 3

 


DUFFY GROUP HOLDINGS LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Safety, health, environmental and accreditations
 
Our Accident Frequency Rate underlines the Group'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 this area extremely important, and the business has continued to invest in this area. 
The Group continues to strive to improve its safety, health and environmental standards and performance. Achieving a  zero RIDDOR is our reward for this investment.
These are monitored regularly throughout the year and reviewed in response to performance, changes in legislation and evolving industry best practice.
The Group 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 Group has achieved accreditations from or is a member of the following;
• 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 (standard national)
• 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
• Member of fleet operators recognition scheme (FORS)


This report was approved by the board and signed on its behalf.



................................................
J B Duffy
Director

Date: 5 February 2024

Page 4

 


DUFFY GROUP HOLDINGS LIMITED
 


 
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

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £762,848 (2022 - profit £938,832).

The directors have not recommended the payment of a dividend in respect of the year ended 30 April 2023.

Directors

The directors who served during the year were:

J B Duffy 
D Corbett 

Matters covered in the Group strategic report

The Group has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information required by schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties. 

Disclosure of information to auditors

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 and the Group'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 and the Group's auditors are aware of that information.

Page 5

 


DUFFY GROUP HOLDINGS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Auditors

Under section 487(2) of the Companies Act 2006Menzies 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.
 





................................................
J B Duffy
Director

Date: 5 February 2024

Page 6

 


DUFFY GROUP HOLDINGS LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUFFY GROUP HOLDINGS LIMITED

Opinion


We have audited the financial statements of Duffy Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2023, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 30 April 2023 and of the Group's loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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


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 Group's or the parent 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 other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report 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.


Page 7

 


DUFFY GROUP HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUFFY GROUP HOLDINGS LIMITED (CONTINUED)

Opinion 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 Group 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 Group 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
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Directors' responsibilities statement set out on page 5, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 


DUFFY GROUP HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUFFY GROUP HOLDINGS LIMITED (CONTINUED)

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 an Auditors' 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 Group 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 Group and parent company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, CITB levy compliance, 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 Group and parent 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 Group and parent company's 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;
 
°Estimations used in calculating amounts recoverable on long term contracts; 
 
°Risk of fictitious employees; and
 
°Risks relating to subcontractor transactions. 

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 for the audit of the financial statements is located 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..This description forms part of our Auditors' report.


Page 9

 


DUFFY GROUP HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUFFY GROUP HOLDINGS LIMITED (CONTINUED)

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 2006Our 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 Auditors' 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.





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
Page 10

 


DUFFY GROUP HOLDINGS LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

As restated
2023
2022
Note
£
£

  

Turnover
 4 
22,817,800
20,911,982

Cost of sales
  
(19,901,230)
(18,959,528)

Gross profit
  
2,916,570
1,952,454

Administrative expenses
  
(3,916,788)
(3,189,165)

Other operating income
 5 
-
5,610

Fair value movements
  
(5,000)
-

Profit on disposal of investment property
  
-
2,554,657

Operating (loss)/profit
  
(1,005,218)
1,323,556

Interest receivable and similar income
 10 
120,494
33,928

Interest payable and similar expenses
 11 
(95,159)
(80,619)

(Loss)/profit before taxation
  
(979,883)
1,276,865

Tax on (loss)/profit
 12 
217,035
(338,033)

(Loss)/profit for the financial year
  
(762,848)
938,832

  

  

Total comprehensive income for the year
  
(762,848)
938,832

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(762,848)
938,832

  
(762,848)
938,832

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
(762,848)
938,832

  
(762,848)
938,832

The notes on pages 18 to 35 form part of these financial statements.

Page 11

 


DUFFY GROUP HOLDINGS LIMITED
REGISTERED NUMBER:11325718



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
2,347,583
2,210,523

Investments
 14 
203,535
107,599

Investment property
 15 
2,588,608
2,593,608

  
5,139,726
4,911,730

Current assets
  

Stocks
 16 
22,233
35,031

Debtors: amounts falling due after more than one year
 17 
2,937,131
558,388

Debtors: amounts falling due within one year
 17 
16,327,885
10,496,902

Cash at bank and in hand
  
547,919
9,846,417

  
19,835,168
20,936,738

Creditors: amounts falling due within one year
 18 
(5,157,595)
(4,027,337)

Net current assets
  
 
 
14,677,573
 
 
16,909,401

Total assets less current liabilities
  
19,817,299
21,821,131

Creditors: amounts falling due after more than one year
 19 
-
(693,948)

Provisions for liabilities
  

Deferred taxation
 22 
(192,572)
(409,608)

Other provisions
 23 
-
(330,000)

  
 
 
(192,572)
 
 
(739,608)

Net assets
  
19,624,727
20,387,575


Capital and reserves
  

Called up share capital 
 24 
15,667,835
15,667,835

Capital redemption reserve
 25 
65,000
65,000

Profit and loss account
 25 
3,891,892
4,654,740

  
19,624,727
20,387,575


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
J B Duffy
Director
Date: 5 February 2024

The notes on pages 18 to 35 form part of these financial statements.

Page 12

 


DUFFY GROUP HOLDINGS LIMITED
REGISTERED NUMBER:11325718



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
17,642,426
17,642,426

Investment property
 15 
113,608
113,608

  
17,756,034
17,756,034

Current assets
  

Cash at bank and in hand
  
100
100

  
100
100

Creditors: amounts falling due within one year
 18 
(2,088,299)
(2,088,299)

Net current liabilities
  
 
 
(2,088,199)
 
 
(2,088,199)

Total assets less current liabilities
  
15,667,835
15,667,835

  

  

Net assets
  
15,667,835
15,667,835


Capital and reserves
  

Called up share capital 
 24 
15,667,835
15,667,835

  
15,667,835
15,667,835


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
J B Duffy
Director

Date: 5 February 2024

The notes on pages 18 to 35 form part of these financial statements.

Page 13

 


DUFFY GROUP HOLDINGS LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Other reserves
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 May 2021
15,667,835
65,000
1,216,817
2,499,091
19,448,743


Comprehensive income for the year

Profit for the year

-
-
-
938,832
938,832

Transfer to/from profit and loss account
-
-
(1,216,817)
1,216,817
-



At 1 May 2022
15,667,835
65,000
-
4,654,740
20,387,575


Comprehensive income for the year

Loss for the year
-
-
-
(762,848)
(762,848)


At 30 April 2023
15,667,835
65,000
-
3,891,892
19,624,727


The notes on pages 18 to 35 form part of these financial statements.

Page 14

 


DUFFY GROUP HOLDINGS LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Total equity

£
£


At 1 May 2021
15,667,835
15,667,835



At 1 May 2022
15,667,835
15,667,835


At 30 April 2023
15,667,835
15,667,835


The notes on pages 18 to 35 form part of these financial statements.

Page 15

 


DUFFY GROUP HOLDINGS LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(762,848)
938,832

Adjustments for:

Depreciation of tangible assets
314,535
252,361

Profit on disposal of tangible assets
(84,156)
(2,572,740)

Interest paid
95,159
80,619

Interest received
(120,494)
(33,928)

Taxation charge
(217,035)
338,033

Decrease in stocks
12,798
10,069

(Increase) in debtors
(5,994,042)
(3,679,936)

(Decrease) in creditors
(1,628,808)
(283,165)

(Decrease)/increase in provisions
(330,000)
330,000

Corporation tax (paid)
(142,194)
(1,987,424)

Net cash generated from operating activities

(8,857,085)
(6,607,279)


Cash flows from investing activities

Purchase of tangible fixed assets
(487,205)
(253,441)

Sale of tangible fixed assets
119,766
-

Sale of investment properties
-
19,932,740

Purchase of unlisted and other investments
(95,936)
-

Interest received
120,494
33,928

HP interest paid
(8,259)
(7,358)

Fair value movements
5,000
-

Net cash from investing activities

(346,140)
19,705,869

Cash flows from financing activities

Repayment of loans
-
(3,706,131)

Repayment of/new finance leases
(8,373)
(20,826)

Interest paid
(86,900)
(73,261)

Net cash used in financing activities
(95,273)
(3,800,218)

Net (decrease)/increase in cash and cash equivalents
(9,298,498)
9,298,372

Cash and cash equivalents at beginning of year
9,846,417
548,045

Cash and cash equivalents at the end of year
547,919
9,846,417


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
547,919
9,846,417

547,919
9,846,417


Page 16

 


DUFFY GROUP HOLDINGS LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2023




At 1 May 2022
Cash flows
At 30 April 2023
£

£

£

Cash at bank and in hand

9,846,417

(9,298,498)

547,919

Bank loans

(685,000)

-

(685,000)

Debt due within 1 year

(3,313)

-

(3,313)

Finance leases

(17,896)

8,373

(9,523)


9,140,208
(9,290,125)
(149,917)

The notes on pages 18 to 35 form part of these financial statements.

Page 17

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Duffy Group Holdings Limited is a private company limited by shares incorporated and domiciled in England and Wales. The address of its registered office and principal place of business is provided on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 May 2015.

The merger method of accounting is applied to group reconstructions as if entities had always been combined. the total comprehensive income, assets and liabilities of the entities are amended, where necessary, to align the accounting policies. The carrying values of the entities assets and liabilities are not adjusted to fair value. Any difference between the nominal value of shares issued plus the fair value of other consideration and the nominal value of shares received is taken to other reserves in equity. Any existing balances on the share premium account or capital redemption reserve of the legal subsidiary are shown as a movement on other reserves. 

  
2.3

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
a) No cash flow statement has been presented for the company. 
b) Disclosures in respect of financial instruments have not been presented. 
c) No disclosure has been given for the aggregate remuneration of key management personnel. 

Page 18

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

  
2.4

Turnover

The turnover shown in the Consolidated Statement of Comprehensive Income represents the value of work done, certified or invoiced during the year, in respect of its continuing activity from operations within the United Kingdom, exclusive of Value Added Tax. Attributable profit is recognised as the difference between recorded turnover and related costs and therefore all foreseeable losses on existing contracts are provided in full.
Turnover also includes the amount of rent receivable in the year which is recognised as it falls due.

 
2.5

Government grants

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 Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Consolidated 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.

 
2.8

Borrowing costs

All borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Freehold property is carried at its revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and impairment losses.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% per annum on property cost.
Plant and machinery
-
Between 5% and 25% per annum on cost or net book value where useful life reassessed
Motor vehicles
-
Between 10% and 25% per annum on cost.
Computer equipment
-
Between 15% and 25% per annum on cost.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 20

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated statement of financial position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 21

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Group 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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Valuation of investment properties
The group carries its investment properties at fair value, with changes in fair value being recognised in profit or loss for the period in which they arise. The directors review the valuation of the properties on an annual basis and, taking the market conditions into account, consider the values included in the accounts to be the fair value of the properties.
Work in progress valuation and stage of completion
The stage of completion and the valuation of the work in progress are estimated by professional surveyors. Work in progress, as described in the long-term contracts accounting policy, could result in a material adjustment to the carrying amount disclosed in debtors. At the year end the balance of work in progress included as amounts recoverable on contracts was £4,483,430 (2022: £4,864,747).
The performance of ongoing construction contracts are reviewed regularly by the directors and appropriate provisions made where contracts are identified as likely to be loss making in accordance with UK GAAP. At the year end no provision was made in this respect (2022 - £330,000).


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Construction
22,759,706
20,434,409

Rental Income
58,094
477,573

22,817,800
20,911,982


All turnover arose within the United Kingdom.

Page 22

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Other operating income

2023
2022
£
£

Government grants receivable
-
5,610

-
5,610



6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Depreciation of owned tangible fixed assets
305,646
217,898

Depreciation of tangible fixed assets held under finance lease
8,889
34,463

(Profit)/loss on disposal of fixed assets and investment property
(89,156)
(2,572,740)

Defined contribution costs
29,396
46,526

Amounts payable under operating leases
223,238
189,605


7.


Auditors' remuneration

2023
2022
£
£


Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
73,000
57,000



Page 23

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,377,934
2,185,796
-
-

Social security costs
253,782
255,595
-
-

Cost of defined contribution scheme
27,096
46,526
-
-

2,658,812
2,487,917
-
-


Employee costs of £119,847 have been re-allocated from administrative expenses to cost of sales in the priod period, there is no profit impact. 

The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Professional, technical and admin staff
36
35
-
-



Directors
2
2
2
2

38
37
2
2



9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
561,564
513,174

Company contributions to defined contribution pension schemes
1,321
8,196

562,885
521,370


During the year retirement benefits were accruing to 1 director (2022 -2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £305,459 (2022 -£256,664).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 -£1,321).

Page 24

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
120,494
33,928

120,494
33,928


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
36,516
70,809

Finance leases and hire purchase contracts
10,259
9,810

Other interest payable
48,384
-

95,159
80,619


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
1,091,051


-
1,091,051


Total current tax
-
1,091,051

Deferred tax


Origination and reversal of timing differences
(217,035)
(753,018)

Total deferred tax
(217,035)
(753,018)


Taxation on (loss)/profit on ordinary activities
(217,035)
338,033
Page 25

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 -the same as) the standard rate of corporation tax in the UK of 19.5% (2022 -19%) as set out below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(979,883)
1,276,865


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.5% (2022 -19%)
(191,701)
242,604

Effects of:


Expenses not deductible for tax purposes
23,534
5,217

Capital allowances for year in excess of depreciation
(424)
(3,643)

Adjustments to tax charge in respect of prior periods
-
(217)

Deferred tax not recognised
(811)
(2,074)

Tax rate differences
(47,633)
96,146

Total tax charge for the year
(217,035)
338,033

Page 26

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

13.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2022
5,835,852
413,414
2,212
217,192
6,468,670


Additions
368,887
107,110
-
11,208
487,205


Disposals
(294,610)
-
-
-
(294,610)



At 30 April 2023

5,910,129
520,524
2,212
228,400
6,661,265



Depreciation


At 1 May 2022
3,767,102
319,692
1,659
169,694
4,258,147


Charge for the year on owned assets
222,862
47,261
450
43,962
314,535


Disposals
(259,000)
-
-
-
(259,000)



At 30 April 2023

3,730,964
366,953
2,109
213,656
4,313,682



Net book value



At 30 April 2023
2,179,165
153,571
103
14,744
2,347,583



At 30 April 2022
2,068,750
93,722
553
47,498
2,210,523

Included in the above are assets held under hire purchase arrangements with a net book value of £8,889 (2022 -  £121,895). 

Page 27

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

14.


Fixed asset investments

Group





Investments in associates
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 May 2022
107,599
-
107,599


Additions
36,801
59,135
95,936



At 30 April 2023
144,400
59,135
203,535




Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2022
17,642,426



At 30 April 2023
17,642,426





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

City and Southern Limited
Non trading
Ordinary
100%
City and Southern Properties Limited
Property investment
Ordinary
100%
Duffy Contract Services Limited
Building sub-contracting
Ordinary
100%
Duffy Group Limited
Holding company
Ordinary
100%
Wells Plant Hire
Plant hire
Ordinary
100%
Cubitt Building & Interiors Limited*
Building contracting and sub-contracting
Ordinary
100%

*Subsequent to the year end, the directors of Cubitt Building & Interiors Limited have notified the registrar on 2 January 2024 that they intend to dissolve the company. 

Page 28

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

Duffy Construction Limited
Building and civil engineering contractor
Ordinary
100%

All subsidiaries in the Group have the same registered office as the Company, as disclosed in note 1 to the financial statements. 
All other group companies have been included within the consolidated accounts. 
The investment in associate relates to a 50% share in JJP Holdings Inc, a company incorporated in Barbados whose principal activity is property investment. 


15.


Investment property

Group


Freehold investment property

£



Valuation


At 1 May 2022
2,593,608


Revaluation
(5,000)



At 30 April 2023
2,588,608

All investment property valuations were made by the directors at open market value for existing use basis.





Company





Freehold investment property

£



Valuation


At 1 May 2022
113,608



At 30 April 2023
113,608

The valuation of the freehold investment property was made by the directors on an open market value for existing use basis.


Page 29

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

16.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
22,233
35,031

22,233
35,031


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 30

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Tax recoverable
2,937,131
558,388
-
-

2,937,131
558,388
-
-


Group

Group
2023
2022
£
£

Due within one year

Trade debtors
2,158,359
1,782,424

Other debtors
9,307,237
3,324,927

Prepayments and accrued income
298,002
280,888

Amounts recoverable on long term contracts
4,483,430
4,864,747

Tax recoverable
80,857
243,916

16,327,885
10,496,902



18.


Creditors: Amounts falling due within one year

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£

Bank loans
685,000
-
-
-

Trade creditors
1,212,952
2,095,099
-
-

Amounts owed to group undertakings
-
-
2,088,299
2,088,299

Corporation tax
2,130,310
56,819
-
-

Other taxation and social security
401,730
800,241
-
-

Obligations under finance lease and hire purchase contracts
9,523
8,948
-
-

Other creditors
66,079
57,683
-
-

Accruals and deferred income
652,001
1,008,547
-
-

5,157,595
4,027,337
2,088,299
2,088,299


The bank loan totalling £685,000 is secured on an investment property held by the Group and has an interest rate of LIBOR + 2.5%. The loan was not due for repayment until June 2023. 

Page 31

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

19.


Creditors: Amounts falling due after more than one year

Group

Group
2023
2022
£
£

Bank loans
-
685,000

Net obligations under finance leases and hire purchase contracts
-
8,948

-
693,948


Finance lease liabilities are secured on the assets to which they relate. 


20.


Loans




Group

Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
685,000
-

Amounts falling due 1-2 years

Bank loans
-
685,000


-
685,000

Amounts falling due 2-5 years


685,000
685,000



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
9,523
8,948

Between 1-5 years
-
8,948

9,523
17,896

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DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

22.


Deferred taxation


Group



2023


£






At beginning of year
(409,608)


Charged to profit or loss
217,036



At end of year
(192,572)

Group
Group
2023
2022
£
£

Fixed asset timing differences
(554,711)
(506,774)

Short term timing differences
-
2,210

Capital gains
(83,844)
(85,093)

Losses and other deductions
445,983
180,049

(192,572)
(409,608)


23.


Provisions


Group



Onerous contracts

£





At 1 May 2022
330,000


Released in year
(330,000)



At 30 April 2023
-

Page 33

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



15,667,835 (2022 -15,667,835) Ordinary shares shares of £1.00 each
15,667,835
15,667,835


The company has one class of ordinary shares which carry no right to fixed income. 



25.


Reserves

Capital redemption reserve

The capital redemption reserve is held in respect of historic share transactions. 

Profit and loss account

This reserve records retained earnings and accumulated losses.


26.


Contingent liabilities

In the prior year, HMRC issued an assessment in respect of an alleged de-grouping charge on land acquired in a prior period by City & Southern Limited. The amount of corporation tax charged by the assessment is £2,286,115, which is noted as a contingent liability. Having taken appropriate professional tax advice before and after the transactions concerned, and having received further professional tax advice following receipt of the assessment, the Company has appealed the assessment and expects the appeal to be upheld with the result that no tax will be paid.


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. Contributions totalling £8,965 (2022 - £18,892) were payable to the fund at the reporting date and are included in creditors.

Page 34

 


DUFFY GROUP HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

28.


Commitments under operating leases

At 30 April 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
226,535
240,145

Later than 1 year and not later than 5 years
892,000
892,000

Later than 5 years
1,914,083
2,137,083

3,032,618
3,269,228

At 30 April 2023 the Group and the Company had future minimum lease receivable under non-cancellable operating leases as follows: 


Group
Group
2023
2022
£
£

Not later than 1 year
47,477
47,901

Later than 1 year and not later than 5 years
-
12,657

47,477
60,558


29.


Advances with directors

At the year end the Group 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 the Group of £36,801 (2022: expenditure paid on behalf of the director £692,385 and interest payable of £30,065 on outstanding director's advances).


30.


Related party transactions

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.


31.


Controlling party

J B Duffy is the ultimate controlling party of Duffy Group Holdings Limited, the ultimate parent company, through his controlling shareholding in the Company.

Page 35