Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30falsetruetruetruetruetrueThe Company's main activities are groundworks, reinforced concrete frames, external works and structural alterations within the construction industry.true2023-05-0122false 01302042 2023-05-01 2024-04-30 01302042 2022-05-01 2023-04-30 01302042 2024-04-30 01302042 2023-04-30 01302042 2022-05-01 01302042 1 2023-05-01 2024-04-30 01302042 1 2022-05-01 2023-04-30 01302042 6 2023-05-01 2024-04-30 01302042 6 2022-05-01 2023-04-30 01302042 d:Director1 2023-05-01 2024-04-30 01302042 d:Director2 2023-05-01 2024-04-30 01302042 d:RegisteredOffice 2023-05-01 2024-04-30 01302042 e:MotorVehicles 2023-05-01 2024-04-30 01302042 e:MotorVehicles 2024-04-30 01302042 e:MotorVehicles 2023-04-30 01302042 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01302042 e:CurrentFinancialInstruments 2024-04-30 01302042 e:CurrentFinancialInstruments 2023-04-30 01302042 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 01302042 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 01302042 e:ReportableOperatingSegment1 2023-05-01 2024-04-30 01302042 e:ReportableOperatingSegment1 2022-05-01 2023-04-30 01302042 e:UKTax 2023-05-01 2024-04-30 01302042 e:UKTax 2022-05-01 2023-04-30 01302042 e:ShareCapital 2024-04-30 01302042 e:ShareCapital 2023-04-30 01302042 e:ShareCapital 2022-05-01 01302042 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 01302042 e:RetainedEarningsAccumulatedLosses 2024-04-30 01302042 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 01302042 e:RetainedEarningsAccumulatedLosses 2023-04-30 01302042 e:RetainedEarningsAccumulatedLosses 2022-05-01 01302042 e:AcceleratedTaxDepreciationDeferredTax 2024-04-30 01302042 e:AcceleratedTaxDepreciationDeferredTax 2023-04-30 01302042 e:TaxLossesCarry-forwardsDeferredTax 2024-04-30 01302042 e:TaxLossesCarry-forwardsDeferredTax 2023-04-30 01302042 d:OrdinaryShareClass1 2023-05-01 2024-04-30 01302042 d:OrdinaryShareClass1 2024-04-30 01302042 d:FRS102 2023-05-01 2024-04-30 01302042 d:Audited 2023-05-01 2024-04-30 01302042 d:FullAccounts 2023-05-01 2024-04-30 01302042 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01302042 e:WithinOneYear 2024-04-30 01302042 e:WithinOneYear 2023-04-30 01302042 e:BetweenOneFiveYears 2024-04-30 01302042 e:BetweenOneFiveYears 2023-04-30 01302042 e:HirePurchaseContracts e:WithinOneYear 2024-04-30 01302042 e:HirePurchaseContracts e:WithinOneYear 2023-04-30 01302042 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-04-30 01302042 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-04-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 01302042


 

DUFFY CONSTRUCTION LIMITED
 
ANNUAL REPORT
 
FOR THE YEAR ENDED 30 APRIL 2024

 
DUFFY CONSTRUCTION LIMITED
 

COMPANY INFORMATION


Directors
J B Duffy 
D Corbett 




Registered number
01302042



Registered office
Duffy House
1 Mount Road

Feltham

Middlesex

TW13 6AR




Independent auditor
Cooper Parry Group Limited
Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA





 
DUFFY CONSTRUCTION LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 5
Directors' report
 
6 - 7
Independent auditor's report
 
8 - 11
Statement of comprehensive income
 
12
Statement of financial position
 
13
Statement of changes in equity
 
14
Notes to the financial statements
 
15 - 25


 
DUFFY CONSTRUCTION LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors are pleased to present their strategic report for the year ended 30 April 2024.
The purpose of the strategic report is to inform shareholders to help them to assess how the directors have performed their duties to promote the success of the Company. The report, together with additional information in the directors’ report, provides a fair and balanced review of the Company’s business including:
i) The development and performance of the business during the year;
ii) The position of the Company at the year-end; and
iii) A description of the principal risks and uncertainties facing the Company.

Principal activities and business review
 
The Company’s main activities are groundworks, reinforced concrete frames, external works and structural alterations within the construction industry.
The business has continued with its reputation of providing safe, quality work, customer service and transparent tendering to consistently win contracts.
The Company’s overall objective is to deliver shareholder value, through profitable contract work whilst managing risk carefully. The Company’s policy is to be selective when tendering to enable risk to be mitigated on projects however in the year under review our margin fell below expectation mainly due to abnormal increases in material and subcontractors costs within the wider context of economic upheaval during the period.
The Company has maintained a strong market position by continuing to invest in strong relationships in its supply chain maintaining a team ethos with all subcontractors and professionals engaged on projects.
Duffy Construction Limited operates in a competitive market. We are not dependent on a narrow product and work is carried out for a diverse range of clients. No supplier, customer or technical developments will render any product obsolete.
The Company is not experiencing any fundamental market or technology changes to which it may be unable to adapt. Neither is it subject normally to any externally forced reduction in operations as a consequence of law or regulation, albeit health & safety, quality and environmental issues provide a continuing challenge.

Results
 
The Company’s results are set out on page 11. In the year to 30 April 2024, the Company recorded profit for the financial year of £347,105 (2023: loss for the financial year of £739,523) due in the main to the reasons set out above.
The main KPI’s used are Turnover and Gross Profit.
Turnover was £12.2 million for the year ended 30 April 2024 compared to £18.3 million in 2023. Gross Profit was £2.8 million (22.5%) compared to £2.1 million (11.6%) in 2023.
Trading remains very difficult with the sector experiencing survival challenges. Uncertainty within the market has led us to employ our standard risk adverse attitude in more extremes and turn away opportunities thus reducing our turnover which has reflected on our financial performance. The year saw positive results from all our projects, however a £235k impact on due to client going into administration in April ‘24.

Page 1

 
DUFFY CONSTRUCTION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Future development

The construction industry faces challenges due to several evolving factors influencing market conditions and impacting project timelines.
The Group operates in several markets, which has helped to spread our risk, with property units continuing to outperform trading businesses during the current financial year.
Recent changes include political uncertainty surrounding the anticipated UK general election, where developers and investors await clarity on government priorities. This has caused delays in decision-making for infrastructure and public sector projects. Rising costs due to persistent inflation and increased interest rates have also added pressure, making financing more expensive and reducing the viability of some new projects.
The implementation of the Building Safety Act 2022 has further introduced higher compliance costs and complexity for projects involving residential or high-risk structures, causing some delays in project starts. Labour shortages remain a significant challenge, contributing to operational delays and increasing costs across the industry. Additionally, backlogs in projects starts from previous periods, influenced by design revisions, material availability, and regulatory compliance, and continue to slow overall activity levels. In delay terms only no impact on our works
The Group has undertaken a comprehensive review of its operations to ensure that the going concern assumption is valid and that there are no material uncertainties.
This involved cash flow forecasts through April 2025. The directors considered a number of operational, market, economic, and financial factors in their assessment.
The group orderbook for the year to April 2025 continues to develop and shows a recovery with an even wider client base than in recent years. 
The Group maintains a positive relationship with its supply chain benefiting from their ongoing support. A meticulous approach to working capital management remains a cornerstone, assuring the preservation or enhancement of liquidity in our forecasts, even when considering adverse conditions.

Page 2

 
DUFFY CONSTRUCTION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Safety, health, environmental and accreditations

Our Accident Frequency Rate of zero underlines the Company's commitment to providing safe places and safe systems of work for employees and contractors and the high quality of our health and safety training. The directors consider Health & Safety to be of the utmost importance, and the business has continued to invest in this area.
The Company continues to strive to improve its safety, health and environmental standards and performance. Achieving a zero RIDDOR is our reward for this investment.
These are monitored regularly throughout the year and reviewed in response to performance, changes in legislation and evolving industry best practice.
The Company recognises the importance of managing and promoting health and safety in the workplace to ensure robust controls are in place to control risk, instruction and training are provided to all staff and leadership and commitment are shown at senior management level.

The Company has achieved accreditations from or is a member of the following:
-  Acclaim SSIP accreditation
Constructionline – Gold Member
Members of CONSTRUCT – The Concrete Structures Group
The Concrete Society members
Members of ROSPA
Goods vehicle operator's license (standard national)
Certificate of registration under the waste regulations 2011 - upper tier waste carrier/dealer
ISO9001:2015
Member of the Supply Chain Sustainability School
-Member of the Considerate Constructors Scheme
Member of the Road Haulage Association
Construction Plant-hire Association
-GOLD Member of fleet operators recognition scheme
 
Page 3

 
DUFFY CONSTRUCTION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties
 
The process of risk acceptance and risk management is addressed through a framework of policies, procedures, and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with regulation, legal and ethical standards is a priority for the Company.
Tenders are reviewed prior to acceptance to identify risk and ensure it is at an acceptable level or can be managed to an acceptable level.
We have built up solid relationships with our existing clients. The Company looks to spread its risks by actively engaging with new and existing clients together with the entire supply chain and indeed new suppliers.

Risk Management 
Market Risk
Market risk emanates from economic downturns. The Board adheres to a policy that emphasizes the meticulous selection and management of projects we undertake through the implementation of robust financial and operational controls.
Safety, Health, Environmental and Quality (SHEQ)
SHEQ is at the forefront of our thinking in running the businesses, both on site and in the office. Our SHEQ team keep risks in this area under constant review and ongoing investment in this area has helped to ensure that risks are minimised and controlled.

Management and Employees
The Company employs high calibre staff across all levels of our operation. Many of our staff have been with the business for ten plus years. The risk is managed by ensuring all our knowledge base is shared throughout the Company. All staff are provided with the opportunity for internal and external training. As staff have joined, appropriate inductions, training and reviews ensure the same professionalism is maintained.
Financial Risk Management, Objectives and Policies
The Company's operations expose it to various financial risks including credit risk, liquidity risk and interest rate risk.
Credit risk
New credit customers are assessed and approved as part of the tender process. Existing customers are monitored for signs of potential credit risk.

Liquidity risk
The liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through agreed payment policy. Strict payment terms are negotiated with our clients along with appropriate short term facilities. As most of our clients are blue chip companies, we do not tend to have an issue with bad debt.
Interest rate cash flow risk
The Company’s hire purchase facilities are at a fixed rate helping to ensure that the Company’s performance is not significantly impacted by interest rate rises.

Page 4

 
DUFFY CONSTRUCTION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


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



J B Duffy
Director

Date: 28 January 2025

Page 5

 
DUFFY CONSTRUCTION LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

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

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


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

make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £347,105 (2023: loss of £739,523).

The directors do not recommend the payment of a dividend (2023: £Nil).

Directors

The directors who served during the year were:

J B Duffy 
D Corbett 

Matters covered in the Strategic report

The Company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the Company's strategic report information which would otherwise be required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the directors' report. Information on principal risks and uncertainties, and future developments has been included in the strategic report.

Page 6

 
DUFFY CONSTRUCTION LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the directors are aware, there is no relevant audit information of which the Company's auditor is unaware, and

the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

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

Auditor

During the year, Menzies LLP resigned as auditors to the Company and Cooper Parry Group Limited were appointed to fill the resulting vacancy. Cooper Parry Group Limited have indicated its willingness to be reappointed for another term and appropriate arrangements have been put in place for it to be deemed reappointed as auditor in the absence of an annual general meeting.

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





J B Duffy
Director

Date: 28 January 2025

Page 7

 
DUFFY CONSTRUCTION LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUFFY CONSTRUCTION LIMITED
 

Opinion


We have audited the financial statements of Duffy Construction Limited (the 'Company') for the year ended 30 April 2024, which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its loss 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the annual report other than the financial statements and  our auditor's report thereon.  The directors are responsible for the other information contained within the annual report.  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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 8

 
DUFFY CONSTRUCTION LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUFFY CONSTRUCTION LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
DUFFY CONSTRUCTION LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUFFY CONSTRUCTION LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our assessment focused on key laws and regulations the Company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included, but were not limited to, compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.

We are not responsible for preventing irregularities. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias, in particular the Company’s assessment over debtor recoverability;
investigated the rationale behind significant or unusual transactions; and
reviewed nominals of certain nominal codes for indication of any management override.

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

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC and associated parties.

Page 10

 
DUFFY CONSTRUCTION LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUFFY CONSTRUCTION LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements (continued)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 auditor's report.


Use of our report
 

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





Robert Blundell FCA (Senior statutory auditor)
  
for and on behalf of
Cooper Parry Group Limited
 
Statutory Auditor
  
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

 
Date: 
28 January 2025
Page 11

 
DUFFY CONSTRUCTION LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,243,413
18,342,456

Cost of sales
  
(9,489,755)
(16,208,936)

Gross profit
  
2,753,658
2,133,520

Administrative expenses
  
(2,843,375)
(2,858,884)

Operating loss
  
(89,717)
(725,364)

Interest payable and similar expenses
 9 
(1,735)
(9,189)

Loss before tax
  
(91,452)
(734,553)

Tax on loss
 10 
438,557
(4,970)

Profit/(loss) for the financial year
  
347,105
(739,523)

  

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

The notes on pages 15 to 25 form part of these financial statements.

Page 12

 
DUFFY CONSTRUCTION LIMITED
REGISTERED NUMBER: 01302042

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
-
77,437

Current assets
  

Debtors
 12 
9,717,480
10,039,196

Cash at bank and in hand
  
1,180,684
331,971

  
10,898,164
10,371,167

Creditors: amounts falling due within one year
 13 
(6,847,655)
(6,745,200)

Net current assets
  
 
 
4,050,509
 
 
3,625,967

  

Net assets
  
4,050,509
3,703,404


Capital and reserves
  

Called up share capital 
 16 
150,000
150,000

Profit and loss account
 18 
3,900,509
3,553,404

Shareholders' funds
  
4,050,509
3,703,404


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




J B Duffy
Director

Date: 28 January 2025

The notes on pages 15 to 25 form part of these financial statements.

Page 13

 
DUFFY CONSTRUCTION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
150,000
4,292,927
4,442,927


Comprehensive income for the year

Loss for the year
-
(739,523)
(739,523)



At 1 May 2023
150,000
3,553,404
3,703,404


Comprehensive income for the year

Profit for the year
-
347,105
347,105


At 30 April 2024
150,000
3,900,509
4,050,509


The notes on pages 15 to 25 form part of these financial statements.

Page 14

 
DUFFY CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Duffy Construction Limited is a private company limited by shares incorporated and domiciled in the United Kingdom and registered in England and Wales The address of its registered office and principal place of business is provided on the Company information page and its principal activities are set out in the strategic report.
The financial statements are prepared in Sterling (£) which is the functional currency of the Company. The
financial statements are for the year ended 30 April 2024 (2023: 30 April 2023).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Duffy Group Holdings Limited as at 30 April 2024 and these financial statements may be obtained from its registered office at Duffy House 1 Mount Road, Feltham, Middlesex, TW13 6AR.

 
2.3

Going concern

The directors have assessed the Company’s balance sheet position at the year end and its expected
trading result for the current year. They are confident, with ongoing support from the rest of the group
that the Company will continue as a going concern.

Page 15

 
DUFFY CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Turnover

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

Rendering of services

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

  
2.5

Long-term contracts

Long-term contracts are assessed on a contract-by-contract basis and are reflected in the statement of comprehensive income by recording revenue and related costs as the contract activity progresses. Revenue is ascertained in a manner appropriate to the stage of completion of the contract.

 
2.6

Operating leases: the Company as lessee

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

 
2.7

Finance costs

Finance costs are charged to the statement of comprehensive income 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.

Page 16

 
DUFFY CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

  
2.9

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the Company, are capitalised in the statement of financial position and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the statement of financial position as a liability.
The interest element of the rental obligations is charged to the statement of comprehensive income over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Repairs and maintenance are charged to the statement of comprehensive income during the period in which they are incurred.

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

Page 17

 
DUFFY CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
33%
per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

  
2.11

Provisions for liabilities

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

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
All 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 an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Page 18

 
DUFFY CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and judgements that have the most significant effect on the accounts included in these financial statements are as follows:

Long term contracts valuation and stage of completion

The stage of completion and the valuation of the long term contracts are estimated by professional surveyors. WIP as described in the long-term contracts accounting policy could result in a material adjustment to the carrying amount disclosed in debtors. 

The performance of ongoing construction contracts are reviewed regularly by the directors and appropriate provisions made where contracts are identified as likely to be loss making in accordance with UK GAAP. At the year end no provision was made in this respect (2023: £Nil).


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Construction
12,243,413
18,342,456


All turnover arose within the United Kingdom.


5.


Operating loss

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

2024
2023
£
£

Depreciation of tangible fixed assets held under finance leases
8,889
8,889

Depreciation on owned assets
15,138
18,062

(Profit)/loss on disposal of tangible fixed assets
(4,638)
-

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DUFFY CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
60,000
58,680

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
10,139
27,902


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


        2024
        2023
            No.
            No.







Directors
2
2


8.


Directors' remuneration

The directors of the Company are remunerated through the parent company, Duffy Group Limited. Their remuneration is disclosed in the consolidated financial statements of the ultimate parent company, Duffy Group Holdings Limited.



9.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
1,735
9,189

Page 20

 
DUFFY CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(240,000)
-


Total current tax
(240,000)
-

Deferred tax


Origination and reversal of timing differences
(198,557)
4,970

Total deferred tax
(198,557)
4,970


Taxation on (loss)/profit on ordinary activities
(438,557)
4,970

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 19.5%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(91,452)
(734,553)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19.5%)
(22,863)
(143,188)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
356

Capital allowances for year in excess of depreciation
(1,414)
-

Losses carried forward not recognised
18,180
177,229

Tax rate differences
-
(37,944)

Short-term timing differences
6,097
-

Deferred tax credit recognised in the year
(198,557)
-

Group relief
-
8,517

R&D tax claim
(240,000)
-

Total tax credit/(charge) for the year
(438,557)
4,970


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 21

 
DUFFY CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Tangible fixed assets





Motor vehicles

£



Cost


At 1 May 2023
283,766


Disposals
(86,610)



At 30 April 2024

197,156



Depreciation


At 1 May 2023
206,329


Charge for the year
24,027


Disposals
(33,200)



At 30 April 2024

197,156



Net book value



At 30 April 2024
-



At 30 April 2023
77,437

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


2024
2023
£
£



Motor vehicles
-
8,889

Page 22

 
DUFFY CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Debtors

2024
2023
£
£


Trade debtors
673,686
1,281,460

Amounts owed by group undertakings
6,420,813
4,084,275

Other debtors
464,636
188,206

Prepayments and accrued income
-
1,825

Amounts recoverable on long-term contracts
1,959,788
4,483,430

Deferred taxation
198,557
-

9,717,480
10,039,196


Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
During the year, an impairment loss of £Nil (year ended 30 Apirl 2023: loss of £20,400) was recognised in administrative expenses against trade debtors.


13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
883,424
854,139

Amounts owed to group undertakings
5,494,309
5,509,641

Other taxation and social security
89,028
36,975

Obligations under finance lease and hire purchase contracts
-
9,523

Other creditors
378
1,717

Accruals and deferred income
380,516
333,205

6,847,655
6,745,200


Amounts owed to group undertakings are interest free, unsecured and repayable on demand.
Obligations under finance lease and hire purchase contracts are secured by the assets purchased under these contracts.


14.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
9,523

Obligations under finance lease and hire purchase contracts are secured by the assets purchased under these contracts.

Page 23

 
DUFFY CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Deferred taxation




2024


£






At beginning of the year
-


Credited to the statement of comprehensive income
198,557



At end of the year
198,557

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
10,335
-

Tax losses carried forward
188,222
-

198,557
-


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



150,000  Ordinary shares of £1.00 each
150,000
150,000

The Company has one class of ordinary shares which carry no right to fixed income.



17.


Contingent liabilities

On 3 August 2018, the Company registered fixed and floating charges over all the property and undertaking  held by the Company, in favour of Svenska Handelsbanken.


18.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.

Share capital

Called up share capital reserve represents the nominal value of the shares issued.

Page 24

 
DUFFY CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
14,743
-

Later than 1 year and not later than 5 years
37,139
-

51,882
-


20.


Related party transactions

The Company has taken advantage of the exemptions conferred by by section 33 of FRS 102 from the requirement to make disclosures regarding transactions with other wholly owned subsidiaries within the Group.


21.


Parent company and controlling party

The Company is a wholly owned subsidiary of Duffy Group Limited, which is the ultimate parent Company, and is incorporated and domiciled in the United Kingdom and registered in England and Wales.
The largest and smallest group in which the results of the Company are consolidated is that headed by Duffy Group Holdings Limited. The consolidated financial statements of this Company are available to the public and may be obtained from their registered office at Duffy House, 1 Mount Road, Feltham, Middlesex, TW13 6AR. No other financial statements include the results of this Company.
The ultimate controlling party is J B Duffy, the shareholder of Duffy Group Holdings Limited.


Page 25