REGISTERED NUMBER: 03957969 |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
DANAHER & WALSH GROUP LIMITED |
REGISTERED NUMBER: 03957969 |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
DANAHER & WALSH GROUP LIMITED |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
DANAHER & WALSH GROUP LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Unit 2, Charnwood Edge Business Park |
Syston Road |
Leicestershire |
LE7 4UZ |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
GROUP STRATEGIC REPORT |
for the year ended 31 March 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The results for the year are set out in detail on page 8. |
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the end of the year. Our review is consistent with the size and nature of our business and is written in the context of our known risks and uncertainties. We consider that our key financial performance indicators, turnover and margins, are those that communicate the financial performance and strength of the group. |
The group is a prominent small to medium sized contractor (SME) in the Midlands and has been established for over 55 years. It is an objective within our Business Plan to increase the share of turnover through frameworks, year on year. Frameworks provided 46% (2023: 49%) of turnover in the year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
As for many businesses of our size, the trading climate remains challenging; however the company's sales pipeline is encouraging, reflecting the increased focus placed on business development activities in line with our strategic goals. The company makes little use of financial instruments other than an operational bank account and its trade is exclusively within the UK and transacted in UK sterling. |
Price risk is minimized by fixing terms with suppliers and customers wherever possible. Credit risk is controlled by reviewing customers creditworthiness ahead of any engagement, negotiating best payment terms and ensuring credit insurance is in place. Liquidity and cashflow risk are managed by continuous cashflow forecasting along with the management of terms with both suppliers and customers. |
FINANCIAL KEY PERFORMANCE INDICATORS |
Although this years financial results show an improvement on the prior year, they reflect another difficult trading year for the company, mainly due to unsatisfactory outcomes on a small number of legacy projects which have had an adverse impact on this years gross margin. |
Overall, turnover increased by 11.6% to £30.8m, up from £27.6m in the prior year. The gross margin also increased, by 2.44% from 7.52% to 9.96%. The group made a net profit of £235k before tax as compared to a net loss of £389k in the previous year. |
The group has a strong pipeline of work for the coming year. Our Business Plan has a focus on winning and delivering work through frameworks and increasing our efficiencies in order to grow turnover and margin in a highly competitive market. |
FUTURE DEVELOPMENTS AND OUTLOOK |
Over the coming year, the group will focus on winning and delivering high quality, higher value projects in order to increase turnover and margin in a highly competitive market. We expect the downward pressure on margins to continue, particularly given the materials and labour shortages currently facing the industry. |
ON BEHALF OF THE BOARD: |
Director |
28 November 2024 |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
REPORT OF THE DIRECTORS |
for the year ended 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of civil engineering. The principal activity of the company during the year continued to be that of a holding company. |
DIVIDENDS |
The group paid dividends of £Nil (2023: £200,000) during the year. The directors do not recommend the payment of a final dividend. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
RESULTS |
The profit for the year, after taxation, amounted to £167,810 (2023: loss of £280,557). |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
REPORT OF THE DIRECTORS |
for the year ended 31 March 2024 |
AUDITORS |
The auditors, Magma Audit LLP (part of the Dains Group), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DANAHER & WALSH GROUP LIMITED |
Opinion |
We have audited the financial statements of Danaher & Walsh Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, 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 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. |
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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DANAHER & WALSH GROUP LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework; |
- Obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions and sample testing of controls, including discussions with the Health and Safety Compliance manager for the company, and the review of legal and professional expenses; |
- Obtaining an understanding and testing the assumptions and calculations involved in the recognition of long term contracts, including review of forecasts, detailed cost allocation testing and a review of the completeness of provisions for loss making contracts; and |
- Performing audit testing over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluation the rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
In response to the risk of irregularities in relation to non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- Agreeing financial statement disclosures to underlying supporting documentation; |
- Reading the minutes of meetings of those charged with governance; |
- Enquiring of management as to actual and potential litigation claims; and |
- Reviewing correspondence with HMRC and associated parties. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DANAHER & WALSH GROUP LIMITED |
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 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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Unit 2, Charnwood Edge Business Park |
Syston Road |
Leicestershire |
LE7 4UZ |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
CONSOLIDATED |
INCOME STATEMENT |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4 | 30,809,459 | 27,605,978 |
Cost of sales | (27,741,077 | ) | (25,529,547 | ) |
GROSS PROFIT | 3,068,382 | 2,076,431 |
Administrative expenses | (2,842,413 | ) | (2,474,345 | ) |
225,969 | (397,914 | ) |
Other operating income | 5 | 54,210 | 18,576 |
OPERATING PROFIT/(LOSS) | 7 | 280,179 | (379,338 | ) |
Interest receivable and similar income | 2,214 | 4,844 |
282,393 | (374,494 | ) |
Interest payable and similar expenses | 8 | (47,659 | ) | (14,678 | ) |
PROFIT/(LOSS) BEFORE TAXATION | 234,734 | (389,172 | ) |
Tax on profit/(loss) | 9 | (66,924 | ) | 108,615 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 167,810 | (280,557 | ) |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | 167,810 | (280,557 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
167,810 |
(280,557 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 167,810 | (280,557 | ) |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
CONSOLIDATED BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 13 | 2,516,166 | 2,133,705 |
Investments | 14 | - | - |
2,516,166 | 2,133,705 |
CURRENT ASSETS |
Stocks | 15 | 49,751 | 4,740 |
Debtors | 16 | 6,231,402 | 4,989,521 |
Cash at bank and in hand | 487,145 | 871,010 |
6,768,298 | 5,865,271 |
CREDITORS |
Amounts falling due within one year | 17 | (4,567,048 | ) | (3,761,730 | ) |
NET CURRENT ASSETS | 2,201,250 | 2,103,541 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,717,416 |
4,237,246 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(300,369 |
) |
(54,945 |
) |
PROVISIONS FOR LIABILITIES | 20 | (284,773 | ) | (217,837 | ) |
NET ASSETS | 4,132,274 | 3,964,464 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 4,000 | 4,000 |
Retained earnings | 22 | 4,128,274 | 3,960,464 |
SHAREHOLDERS' FUNDS | 4,132,274 | 3,964,464 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by: |
D H Danaher - Director |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
COMPANY BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 17 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year | (8,002 | ) | 626,402 |
The financial statements were approved by the Board of Directors and authorised for issue on |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 | 4,000 | 4,441,021 | 4,445,021 |
Changes in equity |
Dividends | - | (200,000 | ) | (200,000 | ) |
Total comprehensive income | - | (280,557 | ) | (280,557 | ) |
Balance at 31 March 2023 | 4,000 | 3,960,464 | 3,964,464 |
Changes in equity |
Total comprehensive income | - | 167,810 | 167,810 |
Balance at 31 March 2024 | 4,000 | 4,128,274 | 4,132,274 |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2024 |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 203,963 | 507,155 |
Interest paid | (12,282 | ) | - |
Tax paid | (10 | ) | (66,680 | ) |
Net cash from operating activities | 191,671 | 440,475 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (928,150 | ) | (247,855 | ) |
Sale of tangible fixed assets | 39,323 | 87,531 |
HP interest paid | (34,860 | ) | (8,427 | ) |
Interest received | 2,214 | 4,844 |
Net cash from investing activities | (921,473 | ) | (163,907 | ) |
Cash flows from financing activities |
New loans in year | 638,573 | - |
Preference share redemption | - | (600,000 | ) |
Capital repayments in year | (292,119 | ) | (151,998 | ) |
Interest paid | (517 | ) | (6,251 | ) |
Equity dividends paid | - | (200,000 | ) |
Net cash from financing activities | 345,937 | (958,249 | ) |
Decrease in cash and cash equivalents | (383,865 | ) | (681,681 | ) |
Cash and cash equivalents at beginning of year |
2 |
871,010 |
1,552,691 |
Cash and cash equivalents at end of year | 2 | 487,145 | 871,010 |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit/(loss) for the financial year | 167,810 | (280,557 | ) |
Depreciation charges | 533,096 | 456,056 |
Profit on disposal of fixed assets | (26,730 | ) | (70,483 | ) |
Corporation tax received | - | 191 |
Finance costs | 47,659 | 14,678 |
Finance income | (2,214 | ) | (4,844 | ) |
Taxation | 66,924 | (108,615 | ) |
786,545 | 6,426 |
(Increase)/decrease in stocks | (45,011 | ) | 28,406 |
(Increase)/decrease in trade and other debtors | (1,241,872 | ) | 478,706 |
Increase/(decrease) in trade and other creditors | 704,301 | (6,383 | ) |
Cash generated from operations | 203,963 | 507,155 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31/3/24 | 1/4/23 |
£ | £ |
Cash and cash equivalents | 487,145 | 871,010 |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 871,010 | 1,552,691 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1/4/23 | Cash flow | At 31/3/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 871,010 | (383,865 | ) | 487,145 |
871,010 | (383,865 | ) | 487,145 |
Debt |
Finance leases | (215,524 | ) | (348,604 | ) | (564,128 | ) |
(215,524 | ) | (348,604 | ) | (564,128 | ) |
Total | 655,486 | (732,469 | ) | (76,983 | ) |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Danaher & Walsh Group Limited is a group, registered in England and Wales. Its registered office address is and the 20 Granite Way, Mountsorrel, Leicestershire, United Kingdom, LE12 7TZ and the registered number is 03957969. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in Sterling (£). |
Basis of consolidation |
The consolidated financial statements present the results of the group and all of its subsidiary undertakings ("the group"). |
The consolidated financial statements incorporate the results of the business combinations using the purchase method. In the balance sheet, the acquirer's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of income and retained earnings from the date on which control is obtained. They are de-consolidated from the date control ceases. |
Turnover and profit recognition |
Turnover represents amounts due on contracts completed in the year adjusted for turnover attributable to long term work in progress, exclusive of value added tax and trade discounts. |
Profit on long-term contracts is taken as the work is carried out, if the final outcome can be assessed with reasonable certainty. The profit included is calculated to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total costs for that contract. Full provision is made for losses on all contracts in the year in which they are first foreseen. |
Cumulative turnover is compared with total payments on account. If turnover exceeds payments on account, an amount recoverable on contract is recognised and separately disclosed. |
If payments on account are greater than turnover to date, the excess is classified within creditors. |
The amount of long-term contracts, at costs incurred, net of amounts transferred to cost of sales, after deducting foreseeable losses and payment on account not matched with turnover, is included in work in progress. |
Rendering of services |
Turnover from a contract to provide services is recognised when all of the following conditions are satisfied: |
- the amount of turnover can be measured reliably; |
- it is probable that the group 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 or to be incurred in respect of the transaction can be measured reliably. |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets 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 group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the group estimates the recoverable amount of the cash generating unit to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
The group 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 group. The carrying amount of the replaced part is de-recognised. Repairs and maintenance are charged to statement of income and retained earnings during the period in which they are incurred. |
Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives on the following basis: |
Buildings | - 3.33% on cost per annum |
Plant and machinery | - 12.5% and 20% on cost per annum |
Motor vehicles | - 20% on cost per annum |
Fixtures and fittings | - 20%, 33% and 50% on cost per annum |
Freehold land | - not depreciated |
The assets' residual value, useful lives and deprecation 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 within cost of sales or administrative expenses, dependant upon nature, in the consolidated statements of income and retained earnings. |
Investment in subsidiaries |
Investment in subsidiaries are initially valued at cost and reviewed annually for signs of impairment. If an impairment loss is identified this is recognised immediately in the statement of income and retained earnings and the value of the investment is reduced accordingly. |
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. |
At each balance sheet 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 the statement of income and retained earnings. |
Financial instruments |
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivable and payable, loans from banks and other third parties. |
All basic financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between as asset's carrying amount and best estimate, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date. |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Current and deferred taxation |
The tax expense for the year comprises current and deferred tax. |
Current or deferred tax is recognised in the statement of income and retained earnings, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current or deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
The current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date. 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. |
Dividends |
Equity dividends are recognised when they become legally payable. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
Leasing and hire purchase |
Assets that are held by the group under leases which transfer substantially all the risk and rewards of ownership are classified as being held under hire purchase or finance leases. Leases which do not transfer substantial all the risk and rewards of ownership are classified as operating leases. |
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such arrangement are included in creditors net of the finance charge allocated to future periods. |
The finance element of the rental payment is charged to the statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. |
The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability on the balance sheet. The assets of the plan are held separately from the group in independently administered funds. |
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. |
In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of he amount of the obligation. |
Provisions are charged as an expense to the statement of income and retained earnings in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
At the balance sheet date the group had a strong cash balance of £487,145 and strong net current asset position of £2,201,250. |
At the time of signing these accounts, the directors have prepared detailed forecasts and consider that this does indicate that the company and group will continue to trade for a period of at least 12 months from the date of signing these accounts. |
On that basis, the directors have prepared these financial statements on a going concern basis. |
Finance costs |
Finance costs are charged to the 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. |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The directors make estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the group's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: |
Depreciation and residual values |
The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that asset lives and residual values are appropriate. |
The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Impairment of non-current assets |
The directors assess the impairment of tangible fixed assets subject to depreciation whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important that could trigger an impairment review include the following: |
- | Significant under-performance relative to historical or projected future operating results; |
- | Significant changes in the manner of the use of the acquired assets or the strategy for the overall business; and |
- | Significant negative industry or economic trends. |
Recoverability of trade debtors and other debtors |
Trade and other debtors are recognised to the extent that they are judged recoverable. Directors' reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. |
The directors make allowances for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Directors specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is difference from the original estimate, such difference will impact the carrying value of debtors and the charge in the statement of income and retained earnings. |
Taxation |
There are many transactions and calculations for which the ultimate tax determination is uncertain. The group takes professional advice on its tax affairs and recognises liabilities for anticipated tax based on estimates of what taxation is likely to be due. |
Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits. |
Provisions |
A provision is recognised when the group has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. |
Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and director's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not. |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
Recognition of profit on long term contracts |
Profit recognition is based on an assessment of the overall profitability forecast on individual contracts. Losses are recognised as soon as they are foreseen. Profits are recognised by the directors when the outcome of the contract can be assessed with reasonable certainty. The profit recognised reflects that part of the total profit currently estimated to arise over the direction of the contract that fairly represents the profit attributable to work performed at the accounting date. |
Leases |
The directors determine whether leases entered into are an operating lease or a finance lease. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the group on a lease be lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet. |
4. | TURNOVER |
An analysis of turnover by class of business is as follows: |
2024 | 2023 |
£ | £ |
Civil Engineering | 30,809,459 | 27,605,978 |
30,809,459 | 27,605,978 |
All turnover arose within the United Kingdom. |
5. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Net rents receivable | 51,996 | 13,923 |
Deposit account interest | 2,214 | 4,653 |
54,210 | 18,576 |
6. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 4,804,002 | 4,331,387 |
Social security costs | 528,035 | 496,275 |
Other pension costs | 186,664 | 172,417 |
5,518,701 | 5,000,079 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production | 69 | 68 |
Administrative | 21 | 21 |
Management | 9 | 8 |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
6. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
£ | £ |
Directors' remuneration | 223,077 | 199,587 |
Directors' pension contributions to money purchase schemes | 17,321 | 16,443 |
During the year retirement benefits were accruing to 4 directors (2023: 3) in respect of defined contribution pension schemes. |
The highest paid director received emoluments of £111,051 (2023: £104,732) and contributions paid to a defined contribution pension scheme of £8,149 (2023: £7,725). |
7. | OPERATING PROFIT/(LOSS) |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation of tangible fixed assets held under finance | 163,640 | 61,190 |
Depreciation of tangible fixed assets owned | 369,457 | 394,853 |
Profit on disposal of tangible fixed assets | 26,730 | 70,483 |
Fees payable to the group's auditor and its associates for the audit of the group's annual financial statements |
27,500 |
25,500 |
Other operating lease rentals | 169,444 | 165,838 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 12,292 | - |
HMRC interest | 507 | - |
Finance leases and hire purchase contracts | 34,860 | 8,427 |
Preference share dividends | - | 6,251 |
47,659 | 14,678 |
9. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
Adjustment to prior years | - | 382 |
Deferred tax | 66,924 | (108,997 | ) |
Tax on profit/(loss) | 66,924 | (108,615 | ) |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
9. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit/(loss) before tax | 234,734 | (389,172 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
58,684 |
(73,943 |
) |
Effects of: |
Expenses not deductible for tax purposes | 8,240 | 11,630 |
Fixed asset differences | - | (20,523 | ) |
and transfers |
Adjustment to deferred tax in respect of prior periods | - | 382 |
Remeasurement of deferred tax charges in tax rates | - | (26,161 | ) |
Group relief | - | (60,465 | ) |
Compensation for tax losses | - | 60,465 |
Total tax charge/(credit) | 66,924 | (108,615 | ) |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary |
Dividends paid | - | 200,000 |
Preference |
Dividends paid | - | 6,251 |
- | 206,251 |
During the year dividends amounting to £Nil (2023: £200,000) were paid in respect of Ordinary shares, £Nil (2023: £Nil) in respect of B Ordinary shares and £Nil (2023: £Nil) in respect of C Ordinary shares. |
During the year dividends of £Nil were paid on Preference shares (2023: £6,251), this is included within interest payable. |
12. | PARENT COMPANY PROFIT FOR THE YEAR |
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of income and retained earnings in these financial statements. The loss after tax of the parent company for the year was £8,002 (2023: profit of £626,402). |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
13. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Fixtures |
land & | Plant and | and | Motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 | 1,095,026 | 1,344,331 | 603,092 | 1,164,739 | 4,207,188 |
Additions | 4,420 | 435 | 88,600 | 834,695 | 928,150 |
Disposals | - | - | - | (62,422 | ) | (62,422 | ) |
At 31 March 2024 | 1,099,446 | 1,344,766 | 691,692 | 1,937,012 | 5,072,916 |
DEPRECIATION |
At 1 April 2023 | 329,401 | 640,636 | 433,937 | 669,509 | 2,073,483 |
Charge for year | 28,473 | 160,238 | 78,139 | 266,246 | 533,096 |
Eliminated on disposal | - | - | - | (49,829 | ) | (49,829 | ) |
At 31 March 2024 | 357,874 | 800,874 | 512,076 | 885,926 | 2,556,750 |
NET BOOK VALUE |
At 31 March 2024 | 741,572 | 543,892 | 179,616 | 1,051,086 | 2,516,166 |
At 31 March 2023 | 765,625 | 703,695 | 169,155 | 495,230 | 2,133,705 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 315,000 | 171,870 | 486,870 |
Additions | - | 727,476 | 727,476 |
At 31 March 2024 | 315,000 | 899,346 | 1,214,346 |
DEPRECIATION |
At 1 April 2023 | 72,187 | 24,092 | 96,279 |
Charge for year | 39,376 | 124,265 | 163,641 |
At 31 March 2024 | 111,563 | 148,357 | 259,920 |
NET BOOK VALUE |
At 31 March 2024 | 203,437 | 750,989 | 954,426 |
At 31 March 2023 | 242,813 | 147,778 | 390,591 |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
13. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold | Fixtures |
land & | Plant and | and | Motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 20 Granite Way, Mountsorrel, Leicestershire, United Kingdom, LE12 7TZ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 20 Granite Way, Mountsorrel, Leicestershire, United Kingdom, LE12 7TZ |
Nature of business: |
% |
Class of shares: | holding |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
15. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Raw materials | 49,751 | 4,740 |
16. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 1,154,314 | 1,134,903 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contract | 4,651,072 | 3,466,982 |
Other debtors | 685 | 2,066 |
Tax | 201 | 191 |
Prepayments | 232,654 | 187,507 |
6,038,926 | 4,791,649 |
Amounts falling due after more than one | year: |
Trade debtors | 192,476 | 197,872 |
Aggregate amounts | 6,231,402 | 4,989,521 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts | - | - |
Hire purchase contracts (see note 19) | 263,759 | 160,579 |
Trade creditors | 3,571,862 | 2,864,743 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 315,604 | 401,163 |
Other creditors | 93,696 | 11,268 |
Accruals and deferred income | 322,127 | 323,977 |
4,567,048 | 3,761,730 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 19) | 300,369 | 54,945 |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 263,759 | 160,579 |
Between one and five years | 300,369 | 54,945 |
564,128 | 215,524 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 267,821 | 130,208 |
Between one and five years | 503,165 | 121,940 |
770,986 | 252,148 |
Obligations under hire purchase contracts are secured upon the asset concerned. Obligations under operating and finance leases contracts are secured upon the asset concerned. Payments represent rentals payable by the company for plant, machinery and motor vehicles and the average lease term is 5 and 3 years respectively. |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 444,821 | 340,438 |
Tax losses carried forward | (150,928 | ) | (115,946 | ) |
Other timing differences | (9,120 | ) | (6,655 | ) | (1,828 | ) | (1,655 | ) |
284,773 | 217,837 | 39,191 | 44,470 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 217,837 |
Provided during year | 66,936 |
Balance at 31 March 2024 | 284,773 |
DANAHER & WALSH GROUP LIMITED (REGISTERED NUMBER: 03957969) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
20. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year | ( |
) |
Balance at 31 March 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 2,000 | 2,000 |
B Ordinary | 1 | 1,992 | 1,992 |
C Ordinary | 1 | 8 | 8 |
4,000 | 4,000 |
The Ordinary shares have full voting rights. |
The B Ordinary shares have no voting rights. |
The C Ordinary shares have full voting rights. |
22. | RESERVES |
Share Capital |
Share Capital represents the nominal value of shares that have been issued. |
Profit and loss account |
This reserve represents all current and prior period retained profit and losses less dividends paid. |
23. | RELATED PARTY DISCLOSURES |
During the year dividends amounting to £Nil (2023: £120,000) were paid to the directors of the group. |
During the year, the group paid rent amounting to £50,000 (2023: £50,000) to Danaher & Walsh Pension Scheme, for which one of the directors is a trustee. |
The directors consider there to be no key management personnel, other than the directors of each entity within the group, who have authority and responsibility for planning, directing and controlling the activities of the group. |
24. | POST BALANCE SHEET EVENTS |
Following the year end, the freehold land and buildings were sold with the company receiving proceeds of £1.15m. |
25. | ULTIMATE CONTROLLING PARTY |
The group is under the control of the Danaher family, by virtue of their interests in the issued share capital of Danaher & Walsh Group Limited. |