Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31false2022-08-01Investment Holding co11falsefalse 11971314 2022-08-01 2023-07-31 11971314 2021-08-01 2022-07-31 11971314 2023-07-31 11971314 2022-07-31 11971314 1 2022-08-01 2023-07-31 11971314 d:Director1 2022-08-01 2023-07-31 11971314 d:Director2 2022-08-01 2023-07-31 11971314 d:Director2 2023-07-31 11971314 d:RegisteredOffice 2022-08-01 2023-07-31 11971314 d:Agent1 2022-08-01 2023-07-31 11971314 d:Agent2 2022-08-01 2023-07-31 11971314 c:CurrentFinancialInstruments 2023-07-31 11971314 c:CurrentFinancialInstruments 2022-07-31 11971314 c:Non-currentFinancialInstruments 2023-07-31 11971314 c:Non-currentFinancialInstruments 2022-07-31 11971314 c:CurrentFinancialInstruments c:WithinOneYear 2023-07-31 11971314 c:CurrentFinancialInstruments c:WithinOneYear 2022-07-31 11971314 c:Non-currentFinancialInstruments c:AfterOneYear 2023-07-31 11971314 c:Non-currentFinancialInstruments c:AfterOneYear 2022-07-31 11971314 c:ShareCapital 2023-07-31 11971314 c:ShareCapital 2022-07-31 11971314 c:RetainedEarningsAccumulatedLosses 2023-07-31 11971314 c:RetainedEarningsAccumulatedLosses 2022-07-31 11971314 d:OrdinaryShareClass1 2022-08-01 2023-07-31 11971314 d:OrdinaryShareClass1 2023-07-31 11971314 d:FRS102 2022-08-01 2023-07-31 11971314 d:Audited 2022-08-01 2023-07-31 11971314 d:FullAccounts 2022-08-01 2023-07-31 11971314 d:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 11971314 c:Subsidiary1 2022-08-01 2023-07-31 11971314 c:Subsidiary1 1 2022-08-01 2023-07-31 11971314 6 2022-08-01 2023-07-31 iso4217:GBP xbrli:shares xbrli:pure



Company Registration No. 11971314 (England and Wales)







DANNY SULLIVAN GROUP HOLDINGS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023




































Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

 
DANNY SULLIVAN GROUP HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Timothy O'Sullivan 
Kacey O'Driscoll (appointed 1 October 2023)




Registered number
11971314



Registered office
22 Barretts Green Road
Park Rooyal

London

NW10 7AE




Independent auditors
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors

40 Chamberlayne Road

London

NW10 3JE




Bankers
Allied Irish Bank (GB)
202-204 Finchley Road

Hampstead

London

NW3 6BX





Barclays Bank

Acorn House

36-38 Park Royal Road

London

NW10 7JA





 
DANNY SULLIVAN GROUP HOLDINGS LIMITED
 

CONTENTS



Page
Directors' Report
 
 
1 - 2
Independent Auditors' Report
 
 
3 - 6
Profit and Loss Account
 
 
7
Balance Sheet
 
 
8
Notes to the Financial Statements
 
 
9 - 11


 
DANNY SULLIVAN GROUP HOLDINGS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

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

Directors' responsibilities statement

The directors are responsible for preparing 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;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Director

The director who served during the year was:

Timothy O'Sullivan 

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'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.

Page 1

 
DANNY SULLIVAN GROUP HOLDINGS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023


Auditors

Under section 487(2) of the Companies Act 2006, Riordan O'Sullivan & Co, Chartered Certified Accountants and Statutory Auditors, are deemed to be reappointed as auditors. 

This report was approved by the board on 8 February 2024 and signed on its behalf.
 





___________________________
Kacey O'Driscoll
Director

Page 2

 
DANNY SULLIVAN GROUP HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DANNY SULLIVAN GROUP HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Danny Sullivan Group Holdings Limited (the 'Company') for the year ended 31 July 2023, which comprise the Profit and Loss Account, the Balance Sheet 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 Company's affairs as at 31 July 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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


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.


Page 3

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

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 ReportOur 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.


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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in 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
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.


Page 4

 
DANNY SULLIVAN GROUP HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DANNY SULLIVAN 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 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:

We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry.
We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.
We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount.
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 5

 
DANNY SULLIVAN GROUP HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DANNY SULLIVAN 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.





Patrick McNamara (Senior Statutory Auditor)
for and on behalf of
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

8 February 2024
Page 6

 
DANNY SULLIVAN GROUP HOLDINGS LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
Note
£
£

  

Administrative expenses
  
(17,094)
-

Operating (loss)/profit
  
(17,094)
-

Income from other fixed asset investments
 4 
6,216,473
-

Interest payable and similar expenses
 5 
(168,217)
(260,000)

Profit/(loss) for the financial year
  
6,031,162
(260,000)

Page 7

 
DANNY SULLIVAN GROUP HOLDINGS LIMITED
REGISTERED NUMBER:11971314

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 6 
25,000,000
25,000,000

  
25,000,000
25,000,000

Current assets
  

Debtors
 7 
374,534
441,534

Cash at bank and in hand
  
6,955
7,049

  
381,489
448,583

Creditors: amounts falling due within one year
 8 
(702,326)
(1,293,582)

Net current liabilities
  
 
 
(320,837)
 
 
(844,999)

Total assets less current liabilities
  
24,679,163
24,155,001

Creditors: amounts falling due after more than one year
 9 
(7,493,000)
(13,000,000)

  

Net assets
  
17,186,163
11,155,001


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
17,186,162
11,155,000

  
17,186,163
11,155,001


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 February 2024.




___________________________
Kacey O'Driscoll
Director

Page 8

 
DANNY SULLIVAN GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Danny Sullivan Group Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Barretts Green Road, Park Royal, London, NW10 7AE. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional curency of the company.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not its group.
The following principal accounting policies have been applied:

 
2.2

Finance costs

Finance costs are charged to profit or loss 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.

 
2.3

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.4

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposit held at call with banks, other short-term liquid investments with original maturities of three months or less.


3.


Employees



The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Income from investments

2023
2022
£
£





Dividends received from subsidiary
6,216,473
-


Page 9

 
DANNY SULLIVAN GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Interest payable and similar expenses

2023
2022
£
£


2% fixed rate dividend payable on redeemable preference shares
168,217
260,000


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2022
25,000,000



At 31 July 2023
25,000,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company and is registered in England and Wales:

Name

Principal activity

Class of shares

Holding

Danny Sullivan Group Limited
Investment holding
Ordinary
100%


7.


Debtors

2023
2022
£
£


Amounts owed by group undertaking
374,534
441,534


The amounts owed by group undertaking is unsecured, interest-free and repayable on demand.


8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
702,326
1,293,582


Page 10

 
DANNY SULLIVAN GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
7,493,000
13,000,000


Other creditors consist of £7,493,000 (2022: £13,000,000) redeemable preference shares issued as part of the consideration for the shares acquired in Danny Sullivan Group Limited, redeemable with the consent of ordinary shareholders. During the year £5,507,000 redeemable preference shares were redeemed. 2% interest per annum is accruing on the shares and is payable on demand and therefore has been included in short term creditors. 


10.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



1 Ordinary share of £1
1
1



11.


Related party transactions

The company has taken advantage of the exemption available in accordance with Financial Reporting Standard 102, Section 33.1A, 'Related Party Disclosures' not to disclose transactions entered and outstanding balances between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.


12.


Post balance sheet events

There were no events since the yar end which affected the company.


13.


Controlling party

CH Parachute Ventures Limited is the company's immediate parent undertaking.
Timothy O'Sullivan who holds 100% of the shares in CH Parachute Ventures Limited is the ultimate controller of the company. The consolidated financial statements of CH Parachute Ventures Limited can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. 

 
Page 11