Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30truetrue2023-05-01truetruetruefalseNo description of principal activity1514truefalse 02495020 2023-05-01 2024-04-30 02495020 2022-05-01 2023-04-30 02495020 2024-04-30 02495020 2023-04-30 02495020 2022-05-01 02495020 c:Director1 2023-05-01 2024-04-30 02495020 c:Director2 2023-05-01 2024-04-30 02495020 c:RegisteredOffice 2023-05-01 2024-04-30 02495020 d:MotorVehicles 2023-05-01 2024-04-30 02495020 d:MotorVehicles 2024-04-30 02495020 d:MotorVehicles 2023-04-30 02495020 d:CurrentFinancialInstruments 2024-04-30 02495020 d:CurrentFinancialInstruments 2023-04-30 02495020 d:Non-currentFinancialInstruments 2024-04-30 02495020 d:Non-currentFinancialInstruments 2023-04-30 02495020 d:ShareCapital 2024-04-30 02495020 d:ShareCapital 2023-04-30 02495020 d:ShareCapital 2022-05-01 02495020 d:CapitalRedemptionReserve 2024-04-30 02495020 d:CapitalRedemptionReserve 2023-04-30 02495020 d:CapitalRedemptionReserve 2022-05-01 02495020 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 02495020 d:RetainedEarningsAccumulatedLosses 2024-04-30 02495020 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 02495020 d:RetainedEarningsAccumulatedLosses 2023-04-30 02495020 d:RetainedEarningsAccumulatedLosses 2022-05-01 02495020 c:FRS102 2023-05-01 2024-04-30 02495020 c:Audited 2023-05-01 2024-04-30 02495020 c:FullAccounts 2023-05-01 2024-04-30 02495020 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02495020 d:Subsidiary1 2023-05-01 2024-04-30 02495020 d:Subsidiary1 1 2023-05-01 2024-04-30 02495020 d:WithinOneYear 2024-04-30 02495020 d:WithinOneYear 2023-04-30 02495020 d:BetweenOneFiveYears 2024-04-30 02495020 d:BetweenOneFiveYears 2023-04-30 02495020 d:MoreThanFiveYears 2024-04-30 02495020 d:MoreThanFiveYears 2023-04-30 02495020 d:HirePurchaseContracts d:WithinOneYear 2024-04-30 02495020 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 02495020 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 02495020 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 02495020 6 2023-05-01 2024-04-30 02495020 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-04-30 02495020 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 iso4217:GBP xbrli:pure
Registered number: 02495020


 

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

 
DUFFY GROUP LIMITED
 

COMPANY INFORMATION


Directors
J B Duffy 
D Corbett 




Registered number
02495020



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 GROUP LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditor's report
 
6 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 22


 
DUFFY GROUP 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
 
Duffy Group Limited is the holding company of Duffy Construction Limited, a business in the UK construction market. Duffy Group Limited has no other subsidiaries and does not trade in its own right other than to provide management and other administrative services on its own behalf, and on behalf of Duffy Group Holdings Limited, throughout the entire Group.
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 that company is providing ground works and concrete frames in the private and public sector for main developers and private clients.
That 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.
The Company’s main activities are the provision of management, administrative and other services to its associated companies within the wider Group. These companies trade within the UK property and construction sector.
The Company’s overall objective is to deliver efficient services within the Group on a break even level and the Directors are pleased that this has been achieved in the year under review.

Results
 
The Company's results are set out on page 9. In line with its objectives it broke even fully recharging its overhead base of £2.4m (2023: £2.5m).
The Company has no other relevant KPI’s.

Future development

In 2024, the construction industry is expected to experience a steady recovery, despite ongoing adjustments to market conditions. Duffy Group Limited remains focused on expanding its services within the UK property and construction sectors. The Group is committed to enhancing its operations, leveraging strong relationships with key partners, and adapting to the evolving business environment. With a diverse range of projects in the pipeline, Duffy Group is well-positioned to continue its growth and contribute to the long-term success of the broader construction industry. 

Page 1

 
DUFFY GROUP 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.
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’s subsidiary, Duffy Construction Limited has achieved the following accreditations from or is a member of the following and the employees of the Company also work to the relevant rules and standards applicable to these when providing management services.
-  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

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.

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 financial and operational controls. This in turn helps in mitigating risk for Duffy Group.

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.
 
Page 2

 
DUFFY GROUP LIMITED
 

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

Principal risks and uncertainties (continued)

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

As all revenue is derived from Group companies, no meaningful credit risk exists.

Liquidity risk

The liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through agreed payment policy.


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





J B Duffy
Director

Date: 28 January 2025

Page 3

 
DUFFY GROUP 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 £Nil (2023: £Nil).

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 4

 
DUFFY GROUP 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 director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

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





J B Duffy
Director

Date: 28 January 2025

Page 5

 
DUFFY GROUP LIMITED
 

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

Opinion


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


We have nothing to report in this regard.


Page 6

 
DUFFY GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUFFY GROUP 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 4, 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 7

 
DUFFY GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUFFY GROUP 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.


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

28 January 2025
Page 8

 
DUFFY GROUP LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Administrative expenses
  
(2,436,298)
(2,507,176)

Other operating income
 3 
2,238,817
2,406,191

Operating loss
 4 
(197,481)
(100,985)

Interest receivable and similar income
 8 
203,920
120,494

Interest payable and similar expenses
 9 
(6,439)
(19,509)

Profit before tax
  
-
-

Tax on profit
 10 
-
-

Profit for the financial year
  
-
-

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

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

The notes on pages 12 to 22 form part of these financial statements.

Page 9

 
DUFFY GROUP LIMITED
REGISTERED NUMBER: 02495020

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
143,051
-

Investments
 12 
353,535
353,535

  
496,586
353,535

Current assets
  

Debtors: amounts falling due after more than one year
 13 
3,017,990
2,937,131

Debtors: amounts falling due within one year
 13 
12,780,115
11,955,324

Cash at bank and in hand
  
138,792
35,890

  
15,936,897
14,928,345

Creditors: amounts falling due within one year
 14 
(16,074,617)
(15,005,465)

Net current liabilities
  
 
 
(137,720)
 
 
(77,120)

Total assets less current liabilities
  
358,866
276,415

Creditors: amounts falling due after more than one year
 15 
(82,451)
-

Net assets
  
276,415
276,415


Capital and reserves
  

Called up share capital 
 17 
585,000
585,000

Capital redemption reserve
 18 
65,000
65,000

Profit and loss account
 18 
(373,585)
(373,585)

Shareholders' funds
  
276,415
276,415


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 12 to 22 form part of these financial statements.

Page 10

 
DUFFY GROUP LIMITED
 

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
585,000
65,000
(373,585)
276,415


Comprehensive income for the year

Profit for the year
-
-
-
-



At 1 May 2023
585,000
65,000
(373,585)
276,415


Comprehensive income for the year

Profit for the year
-
-
-
-


At 30 April 2024
585,000
65,000
(373,585)
276,415


Page 11

 
DUFFY GROUP LIMITED
 

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

1.


General information

Duffy Group 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 (note 3).

The company is itself a subsidiary company and is exempt from the requirement to prepare consolidated accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the Company as an individual entity and not about its Group.

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

Other operating income

Other operating income relates to management charges received from subsidiary undertakings and government grant income.
Management charges receivable represents the expenses recharged to the other companies in the Group.

Page 12

 
DUFFY GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight-line basis over the lease term.

 
2.6

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.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the 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 Company in independently administered funds.

  
2.8

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 account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Page 13

 
DUFFY GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

Tax is recognised in the profit and loss account 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.

 
2.10

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.

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.

The estimated useful lives range as follows:

Motor vehicles
-
5
years

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.

Page 14

 
DUFFY GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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 impairmnet 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.

 
2.12

Financial instruments

The Company 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 Company would receive for the asset if it were to be sold at the reporting date.


3.


Other operating income

2024
2023
£
£

Management charges receivable
2,238,817
2,406,191



4.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Defined pension contribution costs
10,172
8,271

Operating lease rentals
223,000
223,238

Page 15

 
DUFFY GROUP LIMITED
 

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

5.


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
5,000
4,500


6.


Employees

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


2024
2023
£
£

Wages and salaries
1,130,773
1,207,367

Social security costs
152,062
146,209

Cost of defined contribution scheme
10,172
8,271

1,293,007
1,361,847


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


        2024
        2023
            No.
            No.







Directors
2
2



Staff
13
12

15
14


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
506,875
561,564

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

Page 16

 
DUFFY GROUP LIMITED
 

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

8.


Interest receivable and similar income

2024
2023
£
£


Other interest receivable
203,920
120,494


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
1,070

Other interest payable
6,439
18,439

6,439
19,509


10.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023: the same as) the standard rate of corporation tax in the UK of25% (2023: 19.5%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
-
-


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19.5%)
-
-

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
18,427

Tax rate differences
-
1,440

Capital allowances for year in excess of depreciation
(6,437)
-

Short-term timing difference leading to an increase in taxation
529
-

Unrelieved tax losses carried forward
5,908
-

Group relief
-
(13,331)

Movement in deferred tax not recognised
-
(6,536)

Total tax charge for the year
-
-


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 17

 
DUFFY GROUP LIMITED
 

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

11.


Tangible fixed assets





Motor vehicles

£



Cost


At 1 May 2023
-


Additions
143,051



At 30 April 2024

143,051



Net book value



At 30 April 2024
143,051



At 30 April 2023
-

The additions for the year relate to a purchase occurring at the end of the financial year. The Company recognises depreciation on a monthly basis, with depreciation for any acquisitions rounded to the nearest month. Therefore, no depreciation has been recognised at the year end.

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
-

Page 18

 
DUFFY GROUP LIMITED
 

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

12.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Other fixed asset investments
Total

£
£
£
£



Cost or valuation


At 1 May 2023 & 30 April 2024
150,000
144,400
59,135
353,535





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Duffy Construction Limited
1 Mount Road, Feltham, Middlesex, TW13 6AR
Ordinary
100%


Participating interests


Investment in associates relates to a 50% shareholding in JJP Holdings Inc, a company incorporated in Barbados whose principal activity is property investment.


13.


Debtors



2024
2023
£
£

Due after more than one year

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




2024
2023
£
£

Due within one year

Amounts owed by group undertakings
2,582,066
2,574,884

Other debtors
9,937,894
9,106,548

Prepayments and accrued income
220,325
193,035

Tax recoverable
39,830
80,857

12,780,115
11,955,324


Amounts owed by group undertakings are interest-free, unsecured and repayable on demand.
Section 455 tax within tax recoverable has been recognised as a debtor due in more than one year as at 30 April 2024.

Page 19

 
DUFFY GROUP LIMITED
 

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

14.


Creditors: Amounts falling due within one year



2024
2023
£
£

Trade creditors
197,060
194,080

Amounts owed to group undertakings
13,573,819
12,445,166

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

Other taxation and social security
-
64,523

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

Other creditors
15,145
18,161

Accruals and deferred income
329,279
153,225

16,074,617
15,005,465


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.


15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

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


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



16.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
3,600
-

Between 1-5 years
82,451
-

86,051
-

Page 20

 
DUFFY GROUP LIMITED
 

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

17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



585,000 Ordinary shares of £1.00 each
585,000
585,000

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



18.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.
Capital redemption reserve
The capital redemption reserve is held in respect of historical share transactions.


19.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,946 (2023: £1,321).
Contributions totalling £1,177 (2023: £4,406) were payable to the fund at the reporting date and are included within other creditors.


20.


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
250,340
223,000

Later than 1 year and not later than 5 years
990,581
892,000

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

2,965,921
3,029,083

Page 21

 
DUFFY GROUP LIMITED
 

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

21.


Transactions with directors

Included within other debtors is an amount owed to the Company by J B Duffy of £9,672,971 (2023: £8,792,566).
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 receivable of £203,806 (2023: £120,494) on outstanding advances less a reimbursement from J B Duffy to the Company of £Nil (2023: £36,801).
The amount owed to the Company by J B Duffy is unsecured, attracts interest at the official HMRC rate for beneficial loan arrangements, and is repayable on demand.


22.


Related party transactions

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


23.


Parent Company and ultimate controlling party

The Company is a wholly owned subsidiary of Duffy Group Holdings 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 22