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Registered number: 11325718


 

DUFFY GROUP HOLDINGS LIMITED
 
ANNUAL REPORT
 
FOR THE YEAR ENDED 30 APRIL 2024

 
DUFFY GROUP HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
J B Duffy 
D Corbett 




Registered number
11325718



Registered office
Duffy House
1 Mount Road

Feltham

Middlesex

TW13 6AR




Independent auditors
Cooper Parry Group Limited
Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA





 
DUFFY GROUP HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 4
Directors' report
 
5 - 6
Independent auditors' report
 
7 - 10
Consolidated statement of comprehensive income
 
11
Consolidated statement of financial position
 
12
Company statement of financial position
 
13
Consolidated statement of changes in equity
 
14
Company statement of changes in equity
 
15
Consolidated statement of cash flows
 
16 - 17
Consolidated analysis of net debt
 
18
Notes to the financial statements
 
19 - 37


 
DUFFY GROUP HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
Duffy Group Holdings Limited is the holding company of the Duffy Group of Companies with business in the construction and property investment markets.

The construction business trade as Duffy Construction Limited and Duffy Contract Services Limited.

Duffy Construction Limited is a well established company in the construction industry that has been trading successfully for over 47 years. The principal activity of the company is providing ground works and concrete frames in the private and public sector for main developers and private clients.

Duffy Contract Service Limited's principal activity is provided site services, small works and project logistics packages to main contractors throughout the UK.

City & Southern Limited and City & Southern Properties Limited are mainly involved in property investment and development.

The Group's overall objective is to deliver shareholder value, through profitable contract work whilst managing risk carefully through prudent management of all aspects of the business (building, environmental, health & safety, legal and financial etc). The Group's policy is to be selective when tendering to enable risk to be mitigated on projects rather than carrying out unprofitable work by chasing turnover. This has allowed the margins to be maintained in the year under review despite challenging economic conditions and is part of the overall risk management strategy of the Group.

The Group has a wide range of competitors. The Group is not dependent on a narrow product and work is carried out for a diverse group of clients. No supplier, customer or technical developments will render any product obsolete.

The Group 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 consequence of law or regulation, albeit health & safety, quality and environmental issues provided a continuing challenge.

Business review
 
The results of the Group are set on page 11. In the year to 30 April 2024, the Group recorded a loss for the financial year of £568,449 (2023: £762,848).

The main KPIs used are turnover and gross profit. Group turnover was £15.9 million for the year ended 30 April 2024 compared to £22.8 million in 2023. Gross profit was £2.78 million (17.5%) compared to £2.92 million (12.8%) 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 £510k impact on due to client going into administration in April ‘24.
Duffy Construction Limited remains the dominant revenue source, contributing 77% to the Group’s turnover. Duffy Contract Services and the property divisions contributed 22% and 1%, respectively. Strategic recruitment and skilled personnel enhancements have contributed to this year’s performance, positioning the Group for continued success in the competitive construction market.

The Group has worked hard to maintain and improve its statement of financial position strength, in order to facilitate planned investment and growth. Shareholders' funds were £19.1 million compared with £19.6 million in 2023. The directors remain satisfied with the Group's financial position at the year end. The cash position at the reporting date was £2,224,536 (2023: £547,919), post year end the cash position has improved which will be used to support the continued growth of the business.

Duffy Group Holdings Limited is well positioned for future growth and is adapting the business for the challenging years ahead.
Page 1

 
DUFFY GROUP HOLDINGS LIMITED
 

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


Further developments

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.

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 Group.

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 Group looks to spread its risks by actively engaging with new and existing clients together with the entire supply chain and indeed new suppliers.
 
Page 2

 
DUFFY GROUP HOLDINGS LIMITED
 

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

Risk management

Market risk

Market risk emanates from economic downturns. The board adheres to a policy that emphasises 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 business, 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 Group employs high calibre staff across all levels of our operation. Many of our staff have been with the Group for ten plus years. The risk is managed by ensuring all our knowledge base is shared throughout the business. 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 Group'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. Given that the majority of our clients are blue-chip companies, we typically do not encounter issues related to bad debt.

Interest rate cash flow risk

The Group's hire purchase facilities are at a fixed rate, our loans with Handelsbanken are at variable rates which are kept under close review to ensure that the Group's performance is not significantly impacted by interest rate rises.

Page 3

 
DUFFY GROUP HOLDINGS LIMITED
 

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

Safety, health and environmental accreditations

Our Accident Frequency Rate of zero underlines the Group'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 this area extremely important, and the business has continued to invest in this area.

The Group 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 Group 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 is provided to all staff, and leadership and commitment are shown at senior management level.

The Group has achieved accreditation 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


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



J B Duffy
Director

Date: 28 January 2025

Page 4

 
DUFFY GROUP HOLDINGS 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 group strategic report, the directors' report and the consolidated 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 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 for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £568,449 (2023: £762,848).

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

Directors

The directors who served during the year were:

J B Duffy 
D Corbett 

Matters covered in the group strategic report

The Group has chosen, in accordance with s414C(11) of the Companies Act, to set out in the Company and Group'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 5

 
DUFFY GROUP HOLDINGS LIMITED
 

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

Disclosure of information to auditors

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

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

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

Auditors

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.
 





J B Duffy
Director

Date: 28 January 2025

Page 6

 
DUFFY GROUP HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUFFY GROUP HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Duffy Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the consolidated statement of comprehensive income, the consolidated statement of financial position, the company statement of financial position, the consolidated statement of changes in equity, the company statement of changes in equity and the consolidated statement of cash flows. 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 Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's 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 Group 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 Group's or 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.


Page 7

 
DUFFY GROUP HOLDINGS LIMITED
 

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


Other information


The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


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 group 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 group 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 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 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 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 directors' responsibilities statement set out on page 5, 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 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.


Page 8

 
DUFFY GROUP HOLDINGS LIMITED
 

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


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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 Group 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 Group 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 Group’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 Group’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 9

 
DUFFY GROUP HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUFFY GROUP HOLDINGS 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 auditors' report.


Use of our report
 

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





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 10

 
DUFFY GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,908,251
22,817,800

Cost of sales
  
(13,127,937)
(19,901,230)

Gross profit
  
2,780,314
2,916,570

Administrative expenses
  
(3,990,411)
(3,916,788)

Fair value movements
  
-
(5,000)

Operating loss
 5 
(1,210,097)
(1,005,218)

Interest receivable and similar income
 9 
203,920
120,494

Interest payable and similar expenses
 10 
(63,489)
(95,159)

Loss before taxation
  
(1,069,666)
(979,883)

Tax on loss
 11 
501,217
217,035

Loss for the financial year
  
(568,449)
(762,848)

  

Total comprehensive income for the year
  
(568,449)
(762,848)

Loss for the year attributable to:
  

Owners of the Parent company
  
(568,449)
(762,848)

Total comprehensive income for the year attributable to:
  

Owners of the Parent company
  
(568,449)
(762,848)

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

The notes on pages 19 to 37 form part of these financial statements.

Page 11

 
DUFFY GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 11325718

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,237,210
2,347,583

Investments
 13 
203,535
203,535

Investment property
 14 
2,588,608
2,588,608

  
5,029,353
5,139,726

Current assets
  

Stocks
 15 
-
22,233

Debtors: amounts falling due after more than one year
 16 
3,017,990
2,937,131

Debtors: amounts falling due within one year
 16 
13,909,670
16,327,885

Cash at bank and in hand
  
2,224,536
547,919

  
19,152,196
19,835,168

Creditors: amounts falling due within one year
 17 
(4,357,820)
(5,157,595)

Net current assets
  
 
 
14,794,376
 
 
14,677,573

Total assets less current liabilities
  
19,823,729
19,817,299

Creditors: amounts falling due after more than one year
 18 
(767,451)
-

Provisions for liabilities
  

Deferred taxation
 21 
-
(192,572)

Net assets
  
19,056,278
19,624,727


Capital and reserves
  

Called up share capital 
 22 
15,667,835
15,667,835

Capital redemption reserve
 23 
65,000
65,000

Profit and loss account
 23 
3,323,443
3,891,892

Shareholders' funds
  
19,056,278
19,624,727


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 19 to 37 form part of these financial statements.

Page 12

 
DUFFY GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 11325718

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
17,642,426
17,642,426

Investment Property
 14 
113,608
113,608

  
17,756,034
17,756,034

Current assets
  

Cash at bank and in hand
  
40,000
100

Creditors: amounts falling due within one year
 17 
(2,128,199)
(2,088,299)

Net current liabilities
  
 
 
(2,088,199)
 
 
(2,088,199)

Net assets
  
15,667,835
15,667,835


Capital and reserves
  

Called up share capital 
 22 
15,667,835
15,667,835

Shareholders' funds
  
15,667,835
15,667,835


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 19 to 37 form part of these financial statements.

Page 13

 
DUFFY GROUP HOLDINGS LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
15,667,835
65,000
4,654,740
20,387,575


Comprehensive income for the year

Loss for the year
-
-
(762,848)
(762,848)



At 1 May 2023
15,667,835
65,000
3,891,892
19,624,727


Comprehensive income for the year

Loss for the year
-
-
(568,449)
(568,449)


At 30 April 2024
15,667,835
65,000
3,323,443
19,056,278


The notes on pages 19 to 37 form part of these financial statements.

Page 14

 
DUFFY GROUP HOLDINGS LIMITED
 

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


Called up share capital
Total equity

£
£


At 1 May 2022
15,667,835
15,667,835


Comprehensive income for the year

Loss for the year
-
-



At 1 May 2023
15,667,835
15,667,835


Comprehensive income for the year

Loss for the year
-
-


At 30 April 2024
15,667,835
15,667,835


The notes on pages 19 to 37 form part of these financial statements.

Page 15

 
DUFFY GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(568,449)
(762,848)

Adjustments for:

Depreciation of tangible assets
250,605
314,535

Profit on disposal of tangible assets
(4,638)
(84,156)

Interest paid
63,489
95,159

Interest received
(203,920)
(120,494)

Taxation charge
(501,217)
(217,035)

Decrease in stocks
22,233
12,798

Decrease/(increase) in debtors
2,446,050
(5,994,042)

Increase/(decrease) in creditors
148,068
(1,628,808)

Increase/(decrease) in provisions
-
(330,000)

Corporation tax received/(paid)
25,355
(142,194)

Net cash generated from/(used in) operating activities

1,677,576
(8,857,085)


Cash flows from investing activities

Purchase of tangible fixed assets
(193,642)
(487,205)

Sale of tangible fixed assets
58,048
119,766

Purchase of unlisted and other investments
-
(95,936)

Interest received
203,920
120,494

HP interest paid
(1,735)
(8,259)

Fair value movements
-
5,000

Net cash used in investing activities

66,591
(346,140)
Page 16

 
DUFFY GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

New secured loans
685,000
-

Repayment of loans
(685,000)
-

Repayment of finance leases
(5,796)
(8,373)

Interest paid
(61,754)
(86,900)

Net cash used in financing activities
(67,550)
(95,273)

Net increase/(decrease) in cash and cash equivalents
1,676,617
(9,298,498)

Cash and cash equivalents at beginning of year
547,919
9,846,417

Cash and cash equivalents at the end of year
2,224,536
547,919


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,224,536
547,919


The notes on pages 19 to 37 form part of these financial statements.

Page 17

 
DUFFY GROUP HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024





At 1 May 2023
Cash flows
New finance leases
At 30 April 2024
£

£

£

£

Cash at bank and in hand

547,919

1,676,617

-

2,224,536

Debt due after 1 year

-

(685,000)

-

(685,000)

Debt due within 1 year

(688,313)

688,313

-

-

Finance leases

(9,523)

5,796

(82,324)

(86,051)


(149,917)
1,685,726
(82,324)
1,453,485

The notes on pages 19 to 37 form part of these financial statements.

Page 18

 
DUFFY GROUP HOLDINGS LIMITED
 

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

1.


General information

Duffy Group Holdings Limited is a private company 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 Group. 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

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 comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquiree'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 comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 May 2015.

The merger method of accounting is applied to group reconstructions as if entities had always been combined. The total comprehensive income, assets and liabilities of the entities are amended where necessary, to align the accounting policies. The carrying values of the entities' assets and liabilities are not adjusted to fair value. Any difference between the nominal value of the shares issued plus the fair value of other consideration and the nominal value of shares received is taken to other reserves in equity. Any existing balances on the share premium account or capital redemption reserve of the legal subsidiary are shown as a movement on other reserves.

Page 19

 
DUFFY GROUP HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

  
2.3

Parent company disclosure exemptions

In preparing the separate financial statements of the Parent company, advantage has been taken of
the following disclosure exemptions available in FRS 102:

No cash flow statement has been presented for the Parent company;
Disclosures in respect of the Parent company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Group as a whole;
No disclosure has been given for the aggregate remuneration of the key management personnel of the Parent company as their remuneration is included in the totals for the Group as a whole; and
The requirements of Section 33 Related Party Disclosures paragraph 31.1A.

  
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 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 and the costs to complete the contract can be measured reliably.

Long-term contracts
Attributable profit is recognised as the difference between recorded turnover and related costs and therefore all foreseeable losses on existing contracts are provided in full. Turnover also includes the amount of rent receivable in the year which is recognised as it falls due.

 
2.5

Going concern

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

 
2.6

Interest income

Interest income is recognised in the consolidated statement of comprehensive income using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the consolidated 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 20

 
DUFFY GROUP HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in the consolidated statement of comprehensive income in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

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 consolidated statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

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 and the Group operate and generate 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.

  
2.11

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 Group, 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.

Page 21

 
DUFFY GROUP HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.12

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.

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:

Plant and machinery
-
Between 5% and 25% per annum on cost or net book value where useful life reassessed
Motor vehicles
-
Between 10% and 25% per annum on cost
Office equipment
-
Between 10% and 25% per annum on cost
Computer equipment
-
Between 10% and 25% per annum on cost

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 consolidated statement of comprehensive income.

 
2.13

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the consolidated statement of comprehensive income.
Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance are expensed as incurred.

Page 22

 
DUFFY GROUP HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.
Other fixed asset investments, which have been classified as fixed asset investments as the Company intends to hold them on a continuing basis, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the consolidated statement of comprehensive income.
The carrying values of investments are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. Any impairment charges are written off against the cost as relevant.

 
2.15

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated financial statements, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the consolidated statement of financial position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the consolidated statement of comprehensive income.

Page 23

 
DUFFY GROUP HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

  
2.17

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as 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 Group would receive for the asset if it were to be sold at the reporting date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group'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:

Value of investment properties

The Group carries its investment properties at fair value, with changes in fair value being recognised in the consolidated statement of comprehensive income for the period in which they arise. The directors review the valuation of the properties on an annual basis and, taking the market conditions into account, consider the values included in the accounts to be the fair value of the properties.

Long term contracts valuation and stage of completion

The stage of completion and the valuation of the work in progress are estimated by professional surveyors. Work in progress, 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).

Page 24

 
DUFFY GROUP HOLDINGS LIMITED
 

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

4.


Turnover

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


2024
2023
£
£

Construction
15,848,866
22,759,706

Rental income
59,385
58,094

15,908,251
22,817,800


All turnover arose within the United Kingdom.


5.


Operating loss

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

2024
2023
£
£

Depreciation of owned tangible fixed assets
241,716
305,646

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

Profit on disposal of fixed assets and investment property
(4,638)
(89,156)

Amounts payable under operating leases
223,000
223,238

Defined pension contribution costs
29,843
27,096


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent company's financial statements
75,000
73,000

Page 25

 
DUFFY GROUP HOLDINGS LIMITED
 

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

7.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
2,252,148
2,377,934

Social security costs
276,602
253,782

Cost of defined contribution scheme
29,843
27,096

2,558,593
2,658,812


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Professional, technical and admin staff
41
36
-
-



Directors
2
2
2
2

43
38
2
2


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
506,875
561,564

Group contributions to defined contribution pension schemes
1,946
1,321

508,821
562,885


During the year retirement benefits were accruing to 2 directors (2023: 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £256,875 (2023: £305,459).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £625 (2023: £Nil).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
203,920
120,494

Page 26

 
DUFFY GROUP HOLDINGS LIMITED
 

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

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
55,315
36,516

Finance leases and hire purchase contracts
1,735
10,259

Other interest payable
6,439
48,384

63,489
95,159


11.


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
(261,217)
(217,035)

Total deferred tax
(261,217)
(217,035)


Tax on loss
(501,217)
(217,035)
Page 27

 
DUFFY GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax credit for the year

The tax assessed for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of25% (2023: 19.5%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(1,069,666)
(979,883)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19.5%)
(267,417)
(191,701)

Effects of:


Expenses not deductible for tax purposes
-
23,534

Capital allowances for year in excess of depreciation
(15,775)
(424)

Losses carried forward not recognised
216,885
-

Short-term timing differences leading to an increase in taxation
66,307
-

R&D tax credit
(240,000)
-

Deferred tax credit recognised in the year
(261,217)
-

Deferred tax not recognised
-
(811)

Tax rate differences
-
(47,633)

Total tax credit for the year
(501,217)
(217,035)


Factors that may affect future tax credits

There were no factors that may affect future tax credits.

Page 28

 
DUFFY GROUP HOLDINGS LIMITED
 

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

12.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 May 2023
5,910,129
520,524
2,212
228,400
6,661,265


Additions
21,601
172,041
-
-
193,642


Disposals
-
(101,860)
-
-
(101,860)



At 30 April 2024

5,931,730
590,705
2,212
228,400
6,753,047



Depreciation


At 1 May 2023
3,730,964
366,953
2,109
213,656
4,313,682


Charge for the year
193,955
46,488
-
10,162
250,605


Disposals
-
(48,450)
-
-
(48,450)



At 30 April 2024

3,924,919
364,991
2,109
223,818
4,515,837



Net book value



At 30 April 2024
2,006,811
225,714
103
4,582
2,237,210



At 30 April 2023
2,179,165
153,571
103
14,744
2,347,583

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


2024
2023
£
£



Motor vehicles
143,051
8,889

Page 29

 
DUFFY GROUP HOLDINGS LIMITED
 

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

13.


Fixed asset investments

Group





Investments in associates
Other fixed asset investments
Total

£
£
£



Cost


At 1 May 2023 & 30 April 2024
144,400
59,135
203,535




Company





Investments in subsidiary companies

£



Cost


At 1 May 2023 & 30 April 2024
17,642,426





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Duffy Group Limited
1 Mount Road, Feltham, Middlesex, TW13 6AR
Holding company
Ordinary
100%
City & Southern Limited
1 Mount Road, Feltham, Middlesex, TW13 6AR
Non-trading company
Ordinary
100%
City & Southern Properties Limited
1 Mount Road, Feltham, Middlesex, TW13 6AR
Property investment
Ordinary
100%
Duffy Contract Services Limited
1 Mount Road, Feltham, Middlesex, TW13 6AR
Building sub-contracting
Ordinary
100%
Wells Plant Hire Limited
1 Mount Road, Feltham, Middlesex, TW13 6AR
Plant hire
Ordinary
100%

Page 30

 
DUFFY GROUP HOLDINGS LIMITED
 

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

Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Duffy Construction Limited
1 Mount Road, Feltham, Middlesex, TW13 6AR
Building and civil engineering contractor
Ordinary
100%

The registered office address of all direct and indirect subsidiaries in the Group is Duffy House, 1 Mount Road, Feltham, Middlesex, TW13 6AR.
All other group companies have been included within the consolidated accounts.
On 19 March 2024, Cubitt Building & Interiors Limited, a direct subsidiary of the Company, was dissolved.


Associate


The following was an associate of the Group:


Name

Registered office

Principal activity

Class of shares

Holding

JJP Holdings Inc.
Barbados
Property investment
Ordinary
50%


14.


Investment property

Group


Freehold investment property

£



Valuation


At 1 May 2023 & 30 April 2024
2,588,608

The valuation of the freehold investment property was made by the directors, on an open market value for existing use basis.



If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,693,608
1,693,608

Page 31

 
DUFFY GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
14.Investment property (continued)


Company





Freehold investment property

£



Valuation


At 1 May 2023 & 30 April 2024
113,608

The valuation of the freehold investment property was made by the directors, on an open market value for existing use basis.


15.


Stocks

Group
Group
2024
2023
£
£

Consumables
-
22,233


The difference between purchase price or production cost of stocks and their replacement cost is not material.


16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
3,017,990
2,937,131
-
-


Page 32

 
DUFFY GROUP HOLDINGS LIMITED
 

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

16.Debtors (continued)


Group
Group
2024
2023
£
£

Due within one year

Trade debtors
755,777
2,158,359

Other debtors
10,420,888
9,307,237

Prepayments and accrued income
664,742
298,002

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

Tax recoverable
39,830
80,857

Deferred taxation
68,645
-

13,909,670
16,327,885


During the year, an impairment loss of £Nil (year ended 30 April 2023: loss of £20,400) was recognised in administrative expenses against trade debtors.
Section 455 tax within tax recoverable has been recognised as a debtor due in more than one year as at 30 April 2024.


17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans (see note 19)
-
685,000
-
-

Trade creditors
1,215,147
1,212,952
-
-

Amounts owed to group undertakings
-
-
2,128,199
2,088,299

Corporation tax
1,955,714
2,130,310
-
-

Other taxation and social security
392,441
401,730
-
-

Obligations under finance lease and hire purchase contracts
3,600
9,523
-
-

Other creditors
63,021
66,079
-
-

Accruals and deferred income
727,897
652,001
-
-

4,357,820
5,157,595
2,128,199
2,088,299


Amounts owed by 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.

Page 33

 
DUFFY GROUP HOLDINGS LIMITED
 

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

18.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans (see note 19)
685,000
-

Obligations under finance leases and hire purchase contracts
82,451
-

767,451
-


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



19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
-
685,000


Amounts falling due 2-5 years

Bank loans
685,000
-

685,000
685,000


In the prior year, a bank loan of £685,000 was outstanding. This loan was secured on two investment properties held by the Group and had an interest rate of 2.5% over LIBOR. This loan was repaid on 29 August 2023.

In September 2023, the Group refinanced its existing fixed term loan and entered into a new 5 year fixed term loan of £685,000 with Handelsbanken until November 2028. The loan accrues interest at 2.5% over the Bank of England base rate.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
3,600
9,523

Between 1-5 years
82,451
-

86,051
9,523

Page 34

 
DUFFY GROUP HOLDINGS LIMITED
 

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

21.


Deferred taxation


Group



2024


£






At beginning of the year
(192,572)


Credited to the statement of comprehensive income
261,217



At end of the year
68,645







The deferred taxation balance is made up as follows:

Group
Group
2024
2023
£
£

Fixed asset timing differences
(503,312)
(554,711)

Capital gains
(81,199)
(83,754)

Losses and other deductions
653,156
445,893

68,645
(192,572)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



15,667,835 (2023:15,667,835) Ordinary shares of £1.00 each
15,667,835
15,667,835

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



23.


Reserves

Capital redemption reserve

The capital redemption reserve is held in respect of historical share transactions.

Profit and loss account

This reserve records retained earnings and accumulated losses.

Page 35

 
DUFFY GROUP HOLDINGS LIMITED
 

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

24.


Contingent liabilities

In the year ended 30 April 2022, HMRC issued an assessment in respect of an alleged de-grouping charge on land acquired in a prior period by City & Southern Limited. The amount of corporation tax charged by the assessment is £2,286,115, which is noted as a contingent liability. Having taken appropriate professional tax advice before and after the transactions concerned, and having received further professional tax advice following receipt of the assessment, the Group has appealed the assessment and expects the appeal to be upheld with the result that no tax will be paid.


25.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £29,843 (2023: £27,096).
Contributions totalling £8,158 (2023: £8,965) were payable to the fund at the reporting date and are included within other creditors.


26.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Not later than 1 year
265,082
226,535

Later than 1 year and not later than 5 years
1,027,720
892,000

Later than 5 years
1,725,000
1,914,083

3,017,802
3,032,618

At 30 April 2024 the Group had future minimum lease receivables under non-cancellable operating leases as follows:
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Page 36

 
DUFFY GROUP HOLDINGS LIMITED
 

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

27.


Advances with directors

Included within other debtors is an amount owed to the Group by J B Duffy of £9,672,971 (2023: £8,792,567).
The movement in the year related to net expenditure paid on behalf of J B Duffy of £880,405 (2023: £6,241,720) and interest recievable of £203,806 (2023: £120,494) on outstanding advances less a reimbursement from J B Duffy to the Group of £Nil (2023: £36,801).

The amount owed to the Group by J B Duffy is unsecured, attracts interest at the official HMRC rate for beneficial loan arrangements, and is repayable on demand.


28.


Related party transactions

The Company has taken exemption under FRS 102 Section 33.1A from disclosing transactions with group companies, on the grounds that each company party to the transactions is wholly owned within the Group.


29.


Controlling party

J B Duffy is the ultimate controlling party of Duffy Group Holdings Limited, the ultimate parent company, through his controlling shareholding in the Company.

Page 37