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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: N A Hill
D H Danaher
S Danaher
A L Danaher
C T Danaher
E M Danaher
E C Danaher
S V Danaher
D G Danaher





SECRETARY: S Danaher





REGISTERED OFFICE: 20 Granite Way
Mountsorrel
Loughborough
Leicestershire
LE12 7TZ





REGISTERED NUMBER: 03957969





AUDITORS: Magma Audit LLP (part of the Dains Group)
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.

N A Hill
D H Danaher
S Danaher
A L Danaher
C T Danaher
E M Danaher
E C Danaher
S V Danaher
D G Danaher

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:





D H Danaher - Director


28 November 2024

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.




Luke Turner FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

29 November 2024

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 167,810 (280,557 )
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 13 861,755 908,595
Investments 14 2 2
861,757 908,597

CURRENT ASSETS
Stocks 15 500 500
Debtors 16 919,017 809,923
Cash at bank and in hand 2,939 3,630
922,456 814,053
CREDITORS
Amounts falling due within one year 17 (970,735 ) (895,891 )
NET CURRENT LIABILITIES (48,279 ) (81,838 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

813,478

826,759

PROVISIONS FOR LIABILITIES 20 (39,191 ) (44,470 )
NET ASSETS 774,287 782,289

CAPITAL AND RESERVES
Called up share capital 21 4,000 4,000
Retained earnings 770,287 778,289
SHAREHOLDERS' FUNDS 774,287 782,289

Company's (loss)/profit for the financial year (8,002 ) 626,402

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 4,000 351,887 355,887

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 626,402 626,402
Balance at 31 March 2023 4,000 778,289 782,289

Changes in equity
Total comprehensive income - (8,002 ) (8,002 )
Balance at 31 March 2024 4,000 770,287 774,287

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
99 97

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 1,095,026 11,086 342,394 17,303 1,465,809
Additions 4,420 - 31,601 - 36,021
At 31 March 2024 1,099,446 11,086 373,995 17,303 1,501,830
DEPRECIATION
At 1 April 2023 329,401 9,896 200,676 17,241 557,214
Charge for year 28,473 376 53,950 62 82,861
At 31 March 2024 357,874 10,272 254,626 17,303 640,075
NET BOOK VALUE
At 31 March 2024 741,572 814 119,369 - 861,755
At 31 March 2023 765,625 1,190 141,718 62 908,595

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 2
NET BOOK VALUE
At 31 March 2024 2
At 31 March 2023 2

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Danaher & Walsh (Civil Engineering) Limited
Registered office: 20 Granite Way, Mountsorrel, Leicestershire, United Kingdom, LE12 7TZ
Nature of business: Civil engineering.
%
Class of shares: holding
Ordinary 100.00

Danaher & Walsh APS Limited
Registered office: 20 Granite Way, Mountsorrel, Leicestershire, United Kingdom, LE12 7TZ
Nature of business: Vehicle and equipment hire.
%
Class of shares: holding
Ordinary 100.00


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 4,740 500 500

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 - - 791,832 700,893
Amounts recoverable on contract 4,651,072 3,466,982 - -
Other debtors 685 2,066 685 2,066
Tax 201 191 - -
Prepayments 232,654 187,507 126,500 106,964
6,038,926 4,791,649 919,017 809,923

Amounts falling due after more than one year:
Trade debtors 192,476 197,872 - -

Aggregate amounts 6,231,402 4,989,521 919,017 809,923

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts - - 877 877
Hire purchase contracts (see note 19) 263,759 160,579 - -
Trade creditors 3,571,862 2,864,743 75,380 69,255
Amounts owed to group undertakings - - 564,834 574,669
Social security and other taxes 315,604 401,163 220,158 180,336
Other creditors 93,696 11,268 38,797 11,268
Accruals and deferred income 322,127 323,977 70,689 59,486
4,567,048 3,761,730 970,735 895,891

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 143,712 62,918
Between one and five years 436,016 20,072
579,728 82,990

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 444,821 340,438 41,019 46,125
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 44,470
Provided during year (5,279 )
Balance at 31 March 2024 39,191

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,000 Ordinary 1 2,000 2,000
1,992 B Ordinary 1 1,992 1,992
8 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.