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Company Registration Number:  01051852



















PETER DUFFY LIMITED
FINANCIAL STATEMENTS
 31 MAY 2024


















img4d96.png

 
PETER DUFFY LIMITED
 

COMPANY INFORMATION


Directors
P G Duffy 
M F Duffy 
K J Duffy 




Company secretary
W M D Painter



Registered number
01051852



Registered office
Connaught House
Park View

Lofthouse Gate

Wakefield

West Yorkshire

WF3 3HA




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

Number 3

Acorn Business Park

Airedale Business Centre

Skipton

North Yorkshire

BD23 2UE




Bankers
HSBC Bank Plc
33 Park Row

Leeds

LS1 1LD





 
PETER DUFFY LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 26


 
PETER DUFFY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The directors have pleasure in presenting their report and the financial statements of the company for the year ended 31 May 2024. 

Business review
 
The principal activity of the company for the year under review was that of civil engineering and utility services operating from their registered office located at Connaught House, Park View, Lofthouse Gate, Wakefield, West Yorkshire, WF3 3HA.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and the company's position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.

Principal risks and uncertainties
 
In common with all construction related businesses, the company is affected by numerous risk factors many of which are beyond the company's control and the precise effect of which cannot be accurately predicted. These factors would include general economic and political activities.
The principal risks arise from:
• increased competition and margin pressures
• incorrect estimating/costing on contracts
• environmental, health and safety laws and regulations
• adequacy of insurance cover
• loss of IT systems
The directors consider that all risks are assessed and mitigated as appropriate.
Financial risks
The company's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company. The company does not use derivate financial instruments to manage interest rate costs.
Credit risk
The company has implemented policies that require appropriate credit checks on corporate customers before sales are made.
Liquidity risk
The directors believe that the company has sufficient funds available to support its activities in the future.

Page 1

 
PETER DUFFY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Financial key performance indicators
 
The directors regard the key performance indicators to be the company's health and safety record, turnover and profitability. The year’s health and safety record remains good. 
Turnover target was met and profitability exceeded the expectation in what was a recovery year following the previous year’s disappointing performance. This positive performance was a result of the strategic review taken during the year and which has proved beneficial. 
These indicators are closely monitored on a monthly basis with reports indicating our current year will see continued improvement. Workload has also been secured beyond 2025. 


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



................................................
P G Duffy
Director

Date: 31 October 2024

Page 2

 
PETER DUFFY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.

Results and dividends

The profit for the year, after taxation, amounted to £610,389 (2023 - loss £1,139,823).

On 26 June 2024 the directors proposed a dividend of £200,000.

Directors

The directors who served during the year were:

P G Duffy 
M F Duffy 
K J Duffy 
N M Duffy (deceased 6 October 2024)

P G Duffy and K J Duffy retire by rotation and, being eligible, offer themselves for re-election.
The directors would like to acknowledge that since the year end they have lost the services through bereavement, of director Neil Duffy and would like to thank Neil for his time served and many contributions made during his 28 years’ service to the company.  

Future developments

The directors are not expecting to make any significant changes in the nature of the business in the near future.

Page 3

 
PETER DUFFY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Matters covered in the Strategic Report

Information is not shown in the directors' report because it is shown in the strategic report instead under S414C (11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators.

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.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsArmstrong Watson Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
P G Duffy
Director

Date: 31 October 2024

Page 4

 
PETER DUFFY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETER DUFFY LIMITED
 

Opinion


We have audited the financial statements of Peter Duffy Limited (the 'Company') for the year ended 31 May 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting 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 May 2024 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.


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.


Page 5

 
PETER DUFFY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETER DUFFY 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, 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 6

 
PETER DUFFY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETER DUFFY 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulation, was as follows:

 • the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the company through discussions with directors and other
management and review of appropriate industry knowledge;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries
of management; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert
to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions; and tested the operating effectiveness of key controls
over purchase cycles on a sample basis.

• reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation; and

• enquiring of management as to actual and potential litigation and claims.
Page 7

 
PETER DUFFY LIMITED
 

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


Due to the inherent limitations of an audit there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations.
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.


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.





Rohan Day (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants
Statutory Auditors

Skipton
31 October 2024
Page 8

 
PETER DUFFY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
22,423,721
25,457,122

Cost of sales
  
(18,519,415)
(23,161,752)

Gross profit
  
3,904,306
2,295,370

Administrative expenses
  
(3,767,045)
(4,483,878)

Other operating income
 5 
98,812
96,280

Operating profit/(loss)
 6 
236,073
(2,092,228)

Interest receivable and similar income
 10 
622,257
727,376

Interest payable and similar expenses
 11 
(103,084)
(92,503)

Profit/(loss) before tax
  
755,246
(1,457,355)

Tax on profit/(loss)
 12 
(144,857)
317,532

Profit/(loss) for the financial year
  
610,389
(1,139,823)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 26 form part of these financial statements.

Page 9

 
PETER DUFFY LIMITED
REGISTERED NUMBER: 01051852

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
2,368,777
2,808,035

Investments
  
2
2

  
2,368,779
2,808,037

Current assets
  

Stocks
 15 
89,000
100,629

Debtors: amounts falling due within one year
 16 
15,670,142
18,952,349

Cash at bank and in hand
  
5,306,231
1,605,409

  
21,065,373
20,658,387

Creditors: amounts falling due within one year
 17 
(3,796,474)
(4,292,559)

Net current assets
  
 
 
17,268,899
 
 
16,365,828

Total assets less current liabilities
  
19,637,678
19,173,865

Creditors: amounts falling due after more than one year
 18 
(861,550)
(1,210,810)

Provisions for liabilities
  

Deferred tax
 21 
(250,343)
(47,659)

  
 
 
(250,343)
 
 
(47,659)

Net assets
  
18,525,785
17,915,396


Capital and reserves
  

Called up share capital 
 22 
1,000
1,000

Profit and loss account
  
18,524,785
17,914,396

  
18,525,785
17,915,396


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




................................................
P G Duffy
Director

Date: 31 October 2024

The notes on pages 12 to 26 form part of these financial statements.

Page 10

 
PETER DUFFY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 June 2022
1,000
19,054,219
19,055,219


Comprehensive income for the year

Loss for the year
-
(1,139,823)
(1,139,823)
Total comprehensive income for the year
-
(1,139,823)
(1,139,823)



At 1 June 2023
1,000
17,914,396
17,915,396


Comprehensive income for the year

Profit for the year
-
610,389
610,389
Total comprehensive income for the year
-
610,389
610,389


At 31 May 2024
1,000
18,524,785
18,525,785


The notes on pages 12 to 26 form part of these financial statements.

Page 11

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom. It trades from its registered office address at Connaught House, Park View, Lofthouse Gate, Wakefield, West Yorkshire, WF3 3HA.
The principal activity of the company is the provision of civil engineering and utility services. 
The company is a limited liability company incorporated and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom.

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Peter Duffy Holdings Limited as at 31 May 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
2.3

Going concern

The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
In reaching their conclusion, the directors have considered cash flows covering a period of 12 months from the date of sign off, and considered the availability of wider funding to the company both internally and externally.
After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.

Page 12

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Revenue

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.

 
2.5

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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, on a straight line or reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% Reducing balance
Motor vehicles
-
25% Reducing balance
Office equipment
-
15% - 25% Straight line

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 13

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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 Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Interest income

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

 
2.9

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.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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.

 
2.13

Debtors

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

 
2.14

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 14

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.15

Creditors

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

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.17

Dividends

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

 
2.18

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.

Page 15

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.19

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgements, estimates and assumptions that effect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results.
The directors consider the key accounting estimates to be amounts recoverable on long term contracts,  provisions for trade debtors and recoverability of related company loans.
Management estimate the stage of completion of long term contracts by comparing actual costs incurred to forecasts, relying on their past experience and expertise to ensure those estimates are accurate. 
Provisions for trade debtors are reviewed by the directors on an ongoing basis who use their specific industry knowledge and experience to ensure the correct judgements.
The recoverability of loans with related companies is assessed on an ongoing basis by the directors who use their knowledge of the related parties to ensure the correct judgements.

Page 16

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Turnover

The whole of the turnover is attributable to the one principal activity of the company.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Service charge receivable
69,524
65,900

Sundry income
29,288
30,380

98,812
96,280



6.


Operating profit/(loss)

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

2024
2023
£
£

Depreciation of tangible fixed assets
793,022
898,618

Other operating lease rentals
357,817
354,264

Defined contribution pension cost
417,575
317,677


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
19,400
19,400

Page 17

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Employees

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


2024
2023
£
£

Wages, salaries and social security costs
6,843,186
7,324,429

Cost of defined contribution scheme
417,575
317,677

7,260,761
7,642,106


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


        2024
        2023
            No.
            No.







Management and administration
39
45



Production
96
109

135
154


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
669,317
625,433

Company contributions to defined contribution pension schemes
136,071
14,331

805,388
639,764


During the year retirement benefits were accruing to 3 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £238,909 (2023 - £198,507).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £75,497 (2023 - £NIL).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
622,257
727,376

Page 18

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
44,286
44,655

Finance leases and hire purchase contracts
58,798
47,848

103,084
92,503


12.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(57,826)
1,253


(57,826)
1,253


Total current tax
(57,826)
1,253

Deferred tax


Origination and reversal of timing differences
201,895
(318,785)

Adjustments in respect of prior periods
788
-

Total deferred tax
202,683
(318,785)


Taxation on profit/(loss) on ordinary activities
144,857
(317,532)
Page 19

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
755,246
(1,457,355)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
188,812
(291,511)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,047
2,388

Capital allowances for year in excess of depreciation
-
(19,641)

Adjustments to tax charge in respect of prior periods
(57,038)
1,253

Changes in provisions leading to an increase (decrease) in the tax charge
-
(77,138)

Other differences leading to an increase (decrease) in the tax charge
12,036
67,117

Total tax charge for the year
144,857
(317,532)

Page 20

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2023
4,955,576
4,909,054
368,679
10,233,309


Additions
183,044
359,190
-
542,234


Disposals
(1,066,810)
(487,222)
-
(1,554,032)



At 31 May 2024

4,071,810
4,781,022
368,679
9,221,511



Depreciation


At 1 June 2023
3,622,068
3,553,762
249,444
7,425,274


Charge for the year on owned assets
216,793
189,302
36,922
443,017


Charge for the year on financed assets
131,681
218,324
-
350,005


Disposals
(922,280)
(443,282)
-
(1,365,562)



At 31 May 2024

3,048,262
3,518,106
286,366
6,852,734



Net book value



At 31 May 2024
1,023,548
1,262,916
82,313
2,368,777



At 31 May 2023
1,333,508
1,355,292
119,235
2,808,035

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
418,516
633,643

Motor vehicles
708,015
620,435

1,126,531
1,254,078

Page 21

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
2



At 31 May 2024
2





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Drains-aid Limited
Connaught House, Park View, Lofthouse Gate, Wakefield, West Yorkshire
Ordinary
100%
Connaught Training Services Limited
Connaught House, Park View, Lofthouse Gate, Wakefield, West Yorkshire
Ordinary
100%

The aggregate of the share capital and reserves as at 31 May 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:

Name
Profit/(Loss)
£

Drains-aid Limited
-

Connaught Training Services Limited
-


15.


Stocks

2024
2023
£
£

Raw materials and consumables
89,000
100,629


Page 22

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

16.


Debtors

2024
2023
£
£


Trade debtors
819,035
1,396,639

Amounts owed by group undertakings
12,277,290
13,581,652

Other debtors
2,821
4,293

Prepayments and accrued income
128,839
135,522

Amounts recoverable on long term contracts
2,442,157
3,834,243

15,670,142
18,952,349


For further details on 'Amounts owed by related companies' see note 26.


17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
178,000
178,000

Trade creditors
2,063,379
2,071,200

Other taxation and social security
579,173
723,340

Obligations under finance lease and hire purchase contracts
429,073
396,499

Other creditors
81,215
133,132

Accruals and deferred income
465,634
790,388

3,796,474
4,292,559


The following liabilities were secured:

2024
2023
£
£



Hire purchase liabilities
429,073
396,499

Bank loans
178,000
178,000

Details of security provided:

Hire purchase liabilities are secured against the assets to which they relate.
The bank borrowings are secured by way of a legal mortgage over Freehold Property incoporating a fixed and floating charge over all current and future assets of the company.

Page 23

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
207,667
385,667

Net obligations under finance leases and hire purchase contracts
653,883
825,143

861,550
1,210,810


The following liabilities were secured:

2024
2023
£
£



Hire purchase liabilities
653,883
825,143

Bank loans
207,667
385,667

Details of security provided:

Hire purchase liabilities are secured against the assets to which they relate.
The bank borrowings are secured by way of a legal mortgage over Freehold Property incoporating a fixed and floating charge over all current and future assets of the company.


19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
178,000
178,000


178,000
178,000

Amounts falling due 1-2 years

Bank loans
178,000
178,000


178,000
178,000

Amounts falling due 2-5 years

Bank loans
29,667
207,667


29,667
207,667


385,667
563,667


Page 24

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
429,073
396,499

Between 1-5 years
653,883
825,143

1,082,956
1,221,642


21.


Deferred taxation




2024
2023


£

£






At beginning of year
47,659
365,191


Charged to profit or loss
202,684
(317,532)



At end of year
250,343
47,659

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(440,336)
(472,672)

Less the tax losses carried forward
183,901
425,013

Short term timing differences
6,092
-

250,343
47,659


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000

The Ordinary shares carry rights of one vote per share and have no restrictions on the distribution of dividends and the repayment of capital.



23.


Contingent liabilities

As part of its normal trading, the company has issued guarantees and performance bonds as at 31 May 2024 amounting to £211,126 (2023 - £165,014).

Page 25

 
PETER DUFFY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

24.


Pension commitments

The company operates a defined contribution pension scheme and makes discretionary payments to personal pension plans. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £417,575 (2023 - £317,677). Included in other creditors is an amount due to the fund of £24,370 (2023 - £25,896).


25.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
167,280
159,742

Later than 1 year and not later than 5 years
58,917
133,919

226,197
293,661


26.


Related party transactions

Included within debtors, is an amount of £1,658,266 (2023 - £3,017,918) due from Baile Developments Limited, a company with common directors. The balance accrues interest at 1% above the Bank of England base rate and is repayable on demand. Interest received in the year amounted to £Nil (2023 - £136,515). During the year the company received management charges from Baile Developments Limited amounting to £52,378 (2023 - £50,000).
Included within debtors, is an amount of £4,882,999 (2023 - £4,865,090) due from Connaught House Wakefield Limited, a company with common directors. The balance accrues interest at 1% above the Bank of England base rate and is repayable on demand. Interest received in the year amounted to £256,394 (2023 - £251,793). Rent payable under a formal lease agreement amounted to £262,000 (2023 - £262,000). During the year the company received management charges from Connaught House  Wakefield Limited amounting to £8,573 (2023 - £7,950).
Included within debtors, is an amount of £5,736,026 (2023 - £5,698,644) due from Flanshaw Property Limited, a company with common directors. The balance accrues interest at 1% above the Bank of England base rate and is repayable on demand. Interest received in the year amounted to £296,247 (2023 - £290,453). During the year the company received management charges from Flanshaw Property Limited amounting to £8,573 (2023 - £7,950).


27.


Controlling party

The company is a wholly owned subsidiary of Peter Duffy Holdings Limited, a company registered in England and Wales.
Peter Duffy Holdings Limited is under the control of no single person or body.
The consolidated financial statements of Peter Duffy Holdings Limited are available to the public and may be obtained from The Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.


Page 26