Caseware UK (AP4) 2023.0.135 2023.0.135 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 auditor is 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 auditor is aware of that information.2024-05-08The 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 including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 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 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.We have audited the financial statements of Flynn Management & Contractors (UK) Limited (the "Company"), which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in the 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, Flynn Management & Contractors (UK) Limited's financial statements: give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the year then ended; and have been prepared in accordance with the requirements of the Companies Act 2006.In the light of the knowledge and understanding of the company and its environment we have 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; or the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report.Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process. The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their 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. A further description of an auditor's 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 auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy law, Employment Law, Health & Safety, Construction Contracts Act 2013 and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements, revenue recognition and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; inspection and review of minutes of directors’ meetings during the year to corroborate inquiries made; inspection and review of legal correspondance; gaining an understanding of the internal controls established to mitigate risk related to fraud; discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; challenging assumptions and judgements made by management in their significant accounting estimates, including recognition of contract revenue; and review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.2024-05-082024-05-08The financial statements are presented in Pound Sterling (GBP). The Company's functional and presentational currency is Pound Sterling (GBP).The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for at least one year from the date of approval of financial statements. During the year, the Company made a profit of £25,572 (2022: loss £470,445). At 31 December 2023 the Company had accumulated losses of £1,008,287 (2022: £1,033,859) and at that date net liabilities amounted to £1,008,187 (2022: £1,033,759). The directors have obtained confirmation from a fellow group company that amounts due to them amount to £1,042,271 shall not be called for repayment until the Company has sufficient cash reserves available to do so. Additionally, the company will be provided with financial support from its parent company in meeting its liabilities as and when they fall due for at least one year from the date of approval of the financial statements. On the basis of the aforementioned the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis. However the financial statements do not include any adjustments that would result from a situation where financial support was no longer forthcoming or where the Company failed to achieve the projected financial profits.Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably. A construction contract’s stage of completion is assessed by management by reference to a survey of work performed on the contract. Only those costs that reflect work performed are included in costs incurred to date. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss. Variations in contract work and claims are included in the contract revenue to the extent that they have been agreed with the customer and are capable of being reliably measured.The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.The Company has availed of the exemptions in FRS102 Section 33, paragraph 33.1A which allows non-disclosure of transactions between two or more wholly-owned members of a group. There were no other transactions with related parties such as are required to be disclosed under Financial Reporting Standard 102 Section 33.The parent company is K&M Flynn Holdings Limited which holds 100% of the share capital in the company. The results of the company are consolidated into those of K&M Flynn Holdings Limited. The consolidated financial statements of K&M Flynn Holdings Limited are available to the public and can be obtained at the Company Registration office, Dublin 1, Republic of Ireland. The ultimate controlling parties are Kevin Flynn and Michael Flynn.Interest income is recognised in profit or loss using the effective interest method. 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.3true2023-01-01The principal activity of the Company continues to be that of a Main Contractor within the UK Market.false5truefalse 11569831 2023-01-01 2023-12-31 11569831 2022-01-01 2022-12-31 11569831 2023-12-31 11569831 2022-12-31 11569831 2022-01-01 11569831 1 2023-01-01 2023-12-31 11569831 d:Director1 2023-01-01 2023-12-31 11569831 d:Director3 2023-01-01 2023-12-31 11569831 d:Director4 2023-01-01 2023-12-31 11569831 d:RegisteredOffice 2023-01-01 2023-12-31 11569831 d:Agent1 2023-01-01 2023-12-31 11569831 c:CurrentFinancialInstruments 2023-12-31 11569831 c:CurrentFinancialInstruments 2022-12-31 11569831 c:UKTax 2023-01-01 2023-12-31 11569831 c:UKTax 2022-01-01 2022-12-31 11569831 c:ShareCapital 2023-12-31 11569831 c:ShareCapital 2022-12-31 11569831 c:ShareCapital 2022-01-01 11569831 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11569831 c:RetainedEarningsAccumulatedLosses 2023-12-31 11569831 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11569831 c:RetainedEarningsAccumulatedLosses 2022-12-31 11569831 c:RetainedEarningsAccumulatedLosses 2022-01-01 11569831 d:OrdinaryShareClass1 2023-01-01 2023-12-31 11569831 d:OrdinaryShareClass1 2022-01-01 2022-12-31 11569831 d:OrdinaryShareClass1 2023-12-31 11569831 d:FRS102 2023-01-01 2023-12-31 11569831 d:Audited 2023-01-01 2023-12-31 11569831 d:FullAccounts 2023-01-01 2023-12-31 11569831 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

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Financial Statements
Flynn Management & Contractors (UK) Limited
For the year ended 31 December 2023





































Registered number: 11569831

 
Flynn Management & Contractors (UK) Limited
 

Company Information


Directors
Alan Nevin 
Kevin Flynn 
Michael Flynn 




Registered number
11569831



Registered office
Eastcastle House
27/28 Eastcastle Street

London

United Kingdom

W1W 8DH




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2




Bankers
Bank of Ireland
141 Main Street

Lisnakea

Enniskillen

Northern Ireland




Solicitors
Byrne Wallace
88 Harcourt Street

Dublin 2





 
Flynn Management & Contractors (UK) Limited
 

Contents



Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 18


 
Flynn Management & Contractors (UK) Limited
 
 
Directors' report
For the year ended 31 December 2023

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

Directors

The directors who served during the year were:

Alan Nevin 
Kevin Flynn 
Michael Flynn 

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Auditor

The auditor, Grant Thorntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





................................................
Kevin Flynn
Director
................................................
Michael Flynn
Director


Date: 8 May 2024

Page 1

 
Flynn Management & Contractors (UK) Limited
 

Directors' responsibilities statement
For the year ended 31 December 2023

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 including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 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.

On behalf of the board



................................................
................................................
Kevin Flynn
Michael Flynn
Director
Director

Date: 8 May 2024
Page 2

 
 
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Independent auditor's report to the members of Flynn Management & Contractors (UK) Limited
 
Opinion


We have audited the financial statements of Flynn Management & Contractors (UK) Limited (the "Company"), which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in the 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, Flynn Management & Contractors (UK) Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor 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, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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

 
 
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Independent auditor's report to the members of Flynn Management & Contractors (UK) Limited (continued)

 
Other information


Other information comprises the information included in the annual report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions 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 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 we have 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; or

the directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.

Page 4

 
 
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Independent auditor's report to the members of Flynn Management & Contractors (UK) Limited (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their 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.

A further description of an auditor's 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 auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy law, Employment Law, Health & Safety, Construction Contracts Act 2013 and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements, revenue recognition and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 5

 
 
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Independent auditor's report to the members of Flynn Management & Contractors (UK) Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:

inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection and review of minutes of directors’ meetings during the year to corroborate inquiries made;
inspection and review of legal correspondance;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including recognition of contract revenue; and
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 
 
Jason Crawford (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
13-18 City Quay
Dublin 2
 
Date:
 8 May 2024
Page 6

 
Flynn Management & Contractors (UK) Limited
 

Statement of comprehensive income
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
  
1,798,504
5,328,729

Cost of sales
  
(1,724,838)
(5,491,834)

Gross profit/(loss)
  
73,666
(163,105)

Administrative expenses
  
(19,526)
(292,285)

Operating profit/(loss)
 4 
54,140
(455,390)

Interest receivable and similar income
  
-
6,564

Interest payable and similar expenses
  
(28,568)
(21,619)

Profit/(loss) before tax
  
25,572
(470,445)

Tax on profit/(loss)
 8 
-
-

Profit/(loss) for the year
  
25,572
(470,445)

All amounts relate to continuing operations.
There was no other comprehensive income for 2023 (2022: £Nil).

The notes on pages 10 to 18 form part of these financial statements.

Page 7

 
Flynn Management & Contractors (UK) Limited
Registered number:11569831

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 9 
752,972
1,386,625

Debtors: amounts falling due within one year
 10 
367,934
3,154,904

Cash at bank and in hand
 11 
9,944
163,320

  
1,130,850
4,704,849

Current liabilities
  

Creditors: amounts falling due within one year
 12 
(2,139,037)
(5,738,608)

Net current liabilities
  
 
 
(1,008,187)
 
 
(1,033,759)

Total assets less current liabilities
  
(1,008,187)
(1,033,759)

Net liabilities
  
(1,008,187)
(1,033,759)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
 14 
(1,008,287)
(1,033,859)

Shareholders' deficit
  
(1,008,187)
(1,033,759)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The Company has taken advantage of the provisions contained within s444(1) of the Companies Act 2006 from filing their Directors' Report and Statement of Comprehensive Income.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Kevin Flynn
................................................
Michael Flynn
Director
Director


Date: 8 May 2024

The notes on pages 10 to 18 form part of these financial statements.

Page 8

 
Flynn Management & Contractors (UK) Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
(1,033,859)
(1,033,759)


Comprehensive income for the year

Profit for the year
-
25,572
25,572


At 31 December 2023
100
(1,008,287)
(1,008,187)



Statement of changes in equity
For the year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
(563,414)
(563,314)


Comprehensive income for the year

Loss for the year
-
(470,445)
(470,445)


At 31 December 2022
100
(1,033,859)
(1,033,759)


The notes on pages 10 to 18 form part of these financial statements.

Page 9

 
Flynn Management & Contractors (UK) Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Flynn Management & Contractors (UK) Limited is a private company limited by shares and was incorporated in the United Kingdom on 14 September 2018 with a registered address of Eastcastle House, 27/28 Eastcastle Street, W1W 8DH. The principal activity of the Company continues to be that of a Main Contractor within the UK Market.

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 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 (see note 3).

The financial statements are presented in Pound Sterling (GBP). 

The following principal accounting policies have been applied:

  
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for at least one year from the date of approval of financial statements.

During the year, the Company made a profit of £25,572 (2022: loss £470,445). At 31 December 2023 the Company had accumulated losses of £1,008,287 (2022: £1,033,859) and at that date net liabilities amounted to £1,008,187 (2022: £1,033,759). 
The directors have obtained confirmation from a fellow group company that amounts due to them amount to £1,042,271 shall not be called for repayment until the Company has sufficient cash reserves available to do so. Additionally, the company will be provided with financial support from its parent company in meeting its liabilities as and when they fall due for at least one year from the date of approval of the financial statements.

On the basis of the aforementioned the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis. However the financial statements do not include any adjustments that would result from a situation where financial support was no longer forthcoming or where the Company failed to achieve the projected financial profits.

Page 10

 
Flynn Management & Contractors (UK) Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pound Sterling (GBP).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

A construction contract’s stage of completion is assessed by management by reference to a survey of work performed on the contract. Only those costs that reflect work performed are included in costs incurred to date. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss. Variations in contract work and claims are included in the contract revenue to the extent that they have been agreed with the customer and are capable of being reliably measured.

Page 11

 
Flynn Management & Contractors (UK) Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.6

Work in progress

A construction contract’s stage of completion is assessed by management by reference to a survey of work performed on the contract. Only those costs that reflect work performed are included in costs incurred to date. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss. The gross amount due from customers for contract work is presented within work in progress for all contracts in progress for which costs incurred plus recognised profits (less recognised losses) exceeds progress billings. The gross amount due to customers for contract work is presented within other liabilities for all contracts in progress for which progress billings exceed costs incurred plus recognised profits (less recognised losses). 

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

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.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 12

 
Flynn Management & Contractors (UK) Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

 Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the
Page 13

 
Flynn Management & Contractors (UK) Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.13
 Financial instruments (continued)

assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

  
2.14

 Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of financial position. 

Page 14

 
Flynn Management & Contractors (UK) Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimation uncertainty
Information about estimate and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Actual results may substantial different.

Construction contract revenue recognition
Recognised amounts of construction contract revenues and related work in progress reflect management's best estimate of each contract's outcome and stage of completion. This includes the assessment of the profitability of on-going construction contracts and the order backlog. For more complex contracts in particular costs to complete and contract profitability are subject to estimation uncertainty.


4.


Operating (loss)/profit

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

2023
2022
£
£

Exchange differences
(33,092)
(4,958)


5.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:

2023
2022
£
£

Fees payable to the Company's auditor
4,500
4,300

6.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022: 5).


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
-
218,305


Page 15

 
Flynn Management & Contractors (UK) Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

8.


Taxation


2023
2022
£
£



Current tax on profits for the year
-
-



Tax on profit/(loss)
-
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of19% (2022: 19%). The differences are explained below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
25,572
(470,445)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022: 19%)
4,859
(89,385)

Effects of:


Other timing differences leading to a decrease in taxation
-
(1,979)

Tax loss (utilised)/carried forward
(4,859)
91,364

Total tax charge for the year
-
-


Factors that may affect future tax charges

There is a potential deferred tax asset of £182,441 (2022: £187,300) arising from trading losses carried forward which has not been recognised in the financial statements as it is not certain when the losses will be utilised.
The standard rate of UK Corporation Tax is to remain at 19% until 31 March 2023. The Finance Act 2021, states that this rate is to be increased from 19% to 25% from 1 April 2023. In summary, the rate of corporation tax from 1 April 2023 will increase to 25% for companies generating taxable profits of more than £250,000.


9.


Work in progress

2023
2022
£
£

Work in progress
752,972
1,386,625


Work in progress represents the value of amounts recoverable on contracts in progress for work completed but not certified at the financial year end. 

Page 16

 
Flynn Management & Contractors (UK) Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

10.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
280,934
62,235

Other debtors
86,900
3,084,859

Prepayments and accrued income
100
7,810

367,934
3,154,904



11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
9,944
163,320



12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
410,847
498,154

Amounts owed to group undertakings
932,484
1,042,271

Other taxation and social security
43,782
3,089,188

Other creditors
2,179
650

Accruals and deferred income
749,745
1,108,345

2,139,037
5,738,608


Amounts due to group undertakings are unsecured, attract interest at 3% and are repayable on demand.


13.


Share capital

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



100 Ordinary shares of £1.00 each
100
100



14.


Reserves

Profit and loss account

Profit and loss account includes all income and expenditure from the current and all prior periods.

Page 17

 
Flynn Management & Contractors (UK) Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

15.


Pensions

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,750 (2022: £8,508). Contributions totalling £2,100 (2022: £550) were payable to the fund at the reporting date.


16.


Capital commitments

The Company had no capital commitments at the year end.


17.


Related party transactions

The Company has availed of the exemptions in FRS102 Section 33, paragraph 33.1A which allows non-disclosure of transactions between two or more wholly-owned members of a group.

There were no other transactions with related parties such as are required to be disclosed under Financial Reporting Standard 102 Section 33.


18.


Events after the end of the year

There have been no significant events affecting the Company since the financial year end, which require adjustments to or disclosure in these financial statements.


19.


Controlling party

The parent company is K&M Flynn Holdings Limited which holds 100% of the share capital in the company. The results of the company are consolidated into those of K&M Flynn Holdings Limited. The consolidated financial statements of K&M Flynn Holdings Limited are available to the public and can be obtained at the Company Registration office, Dublin 1, Republic of Ireland.

The ultimate controlling parties are Kevin Flynn and Michael Flynn.

Page 18