Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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DUFFY CONSTRUCTION LIMITED
COMPANY INFORMATION
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DUFFY CONSTRUCTION LIMITED
CONTENTS
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DUFFY CONSTRUCTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
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.
The Company’s main activities are groundworks, reinforced concrete frames, external works and structural alterations within the construction industry.
The business has continued with its reputation of providing safe, quality work, customer service and transparent tendering to consistently win contracts. The Company’s overall objective is to deliver shareholder value, through profitable contract work whilst managing risk carefully. The Company’s policy is to be selective when tendering to enable risk to be mitigated on projects however in the year under review our margin fell below expectation mainly due to abnormal increases in material and subcontractors costs within the wider context of economic upheaval during the period. The Company has maintained a strong market position by continuing to invest in strong relationships in its supply chain maintaining a team ethos with all subcontractors and professionals engaged on projects. Duffy Construction Limited operates in a competitive market. We are not dependent on a narrow product and work is carried out for a diverse range of clients. No supplier, customer or technical developments will render any product obsolete. The Company is not experiencing any fundamental market or technology changes to which it may be unable to adapt. Neither is it subject normally to any externally forced reduction in operations as a consequence of law or regulation, albeit health & safety, quality and environmental issues provide a continuing challenge.
The Company’s results are set out on page 11. In the year to 30 April 2024, the Company recorded profit for the financial year of £347,105 (2023: loss for the financial year of £739,523) due in the main to the reasons set out above.
The main KPI’s used are Turnover and Gross Profit. Turnover was £12.2 million for the year ended 30 April 2024 compared to £18.3 million in 2023. Gross Profit was £2.8 million (22.5%) compared to £2.1 million (11.6%) in 2023. Trading remains very difficult with the sector experiencing survival challenges. Uncertainty within the market has led us to employ our standard risk adverse attitude in more extremes and turn away opportunities thus reducing our turnover which has reflected on our financial performance. The year saw positive results from all our projects, however a £235k impact on due to client going into administration in April ‘24.
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DUFFY CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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.
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DUFFY CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Our Accident Frequency Rate of zero underlines the Company's commitment to providing safe places and safe systems of work for employees and contractors and the high quality of our health and safety training. The directors consider Health & Safety to be of the utmost importance, and the business has continued to invest in this area.
The Company continues to strive to improve its safety, health and environmental standards and performance. Achieving a zero RIDDOR is our reward for this investment. These are monitored regularly throughout the year and reviewed in response to performance, changes in legislation and evolving industry best practice. The Company recognises the importance of managing and promoting health and safety in the workplace to ensure robust controls are in place to control risk, instruction and training are provided to all staff and leadership and commitment are shown at senior management level.
The Company has achieved accreditations from or is a member of the following:
- Acclaim SSIP accreditation
- Constructionline – Gold Member
- Members of CONSTRUCT – The Concrete Structures Group
- The Concrete Society members
- Members of ROSPA
- Goods vehicle operator's license (standard national)
- Certificate of registration under the waste regulations 2011 - upper tier waste carrier/dealer
- ISO9001:2015
- Member of the Supply Chain Sustainability School
-Member of the Considerate Constructors Scheme
- Member of the Road Haulage Association
- Construction Plant-hire Association
-GOLD Member of fleet operators recognition scheme
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DUFFY CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The process of risk acceptance and risk management is addressed through a framework of policies, procedures, and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with regulation, legal and ethical standards is a priority for the Company.
Tenders are reviewed prior to acceptance to identify risk and ensure it is at an acceptable level or can be managed to an acceptable level. We have built up solid relationships with our existing clients. The Company looks to spread its risks by actively engaging with new and existing clients together with the entire supply chain and indeed new suppliers.
Risk Management
Market Risk Market risk emanates from economic downturns. The Board adheres to a policy that emphasizes the meticulous selection and management of projects we undertake through the implementation of robust financial and operational controls. Safety, Health, Environmental and Quality (SHEQ) SHEQ is at the forefront of our thinking in running the businesses, both on site and in the office. Our SHEQ team keep risks in this area under constant review and ongoing investment in this area has helped to ensure that risks are minimised and controlled.
Management and Employees
The Company employs high calibre staff across all levels of our operation. Many of our staff have been with the business for ten plus years. The risk is managed by ensuring all our knowledge base is shared throughout the Company. All staff are provided with the opportunity for internal and external training. As staff have joined, appropriate inductions, training and reviews ensure the same professionalism is maintained. Financial Risk Management, Objectives and Policies The Company's operations expose it to various financial risks including credit risk, liquidity risk and interest rate risk. Credit risk New credit customers are assessed and approved as part of the tender process. Existing customers are monitored for signs of potential credit risk.
Liquidity risk
The liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through agreed payment policy. Strict payment terms are negotiated with our clients along with appropriate short term facilities. As most of our clients are blue chip companies, we do not tend to have an issue with bad debt. Interest rate cash flow risk The Company’s hire purchase facilities are at a fixed rate helping to ensure that the Company’s performance is not significantly impacted by interest rate rises.
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DUFFY CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
This report was approved by the board and signed on its behalf by:
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DUFFY CONSTRUCTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
The profit for the year, after taxation, amounted to £347,105 (2023: loss of £739,523).
The directors do not recommend the payment of a dividend (2023: £Nil).
The directors who served during the year were:
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.
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DUFFY CONSTRUCTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
There have been no significant events affecting the Company since the year end.
During the year, Menzies LLP resigned as auditors to the Company and Cooper Parry Group Limited were appointed to fill the resulting vacancy. Cooper Parry Group Limited have indicated its willingness to be reappointed for another term and appropriate arrangements have been put in place for it to be deemed reappointed as auditor in the absence of an annual general meeting.
This report was approved by the board and signed on its behalf by:
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DUFFY CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUFFY CONSTRUCTION LIMITED
We have audited the financial statements of Duffy Construction Limited (the 'Company') for the year ended 30 April 2024, which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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DUFFY CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUFFY CONSTRUCTION LIMITED (CONTINUED)
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.
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.
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DUFFY CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUFFY CONSTRUCTION LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our assessment focused on key laws and regulations the Company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included, but were not limited to, compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.
We are not responsible for preventing irregularities. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙tested a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias, in particular the Company’s assessment over debtor recoverability;
∙investigated the rationale behind significant or unusual transactions; and
∙reviewed nominals of certain nominal codes for indication of any management override.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC and associated parties.
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DUFFY CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUFFY CONSTRUCTION LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements (continued)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.
for and on behalf of
Statutory Auditor
New Derwent House
69-73 Theobalds Road
WC1X 8TA
Date:
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DUFFY CONSTRUCTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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DUFFY CONSTRUCTION LIMITED
REGISTERED NUMBER: 01302042
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 25 form part of these financial statements.
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DUFFY CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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DUFFY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Duffy Construction Limited is a private company limited by shares incorporated and domiciled in the United Kingdom and registered in England and Wales The address of its registered office and principal place of business is provided on the Company information page and its principal activities are set out in the strategic report.
The financial statements are prepared in Sterling (£) which is the functional currency of the Company. The financial statements are for the year ended 30 April 2024 (2023: 30 April 2023).
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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.
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.
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DUFFY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Long-term contracts are assessed on a contract-by-contract basis and are reflected in the statement of comprehensive income by recording revenue and related costs as the contract activity progresses. Revenue is ascertained in a manner appropriate to the stage of completion of the contract.
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DUFFY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the Company, are capitalised in the statement of financial position and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the statement of financial position as a liability.
The interest element of the rental obligations is charged to the statement of comprehensive income over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. 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.
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DUFFY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the statement of financial position. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.
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DUFFY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The estimates and judgements that have the most significant effect on the accounts included in these financial statements are as follows: Long term contracts valuation and stage of completion
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DUFFY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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DUFFY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
There are no factors that may affect future tax charges.
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DUFFY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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DUFFY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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DUFFY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
On 3 August 2018, the Company registered fixed and floating charges over all the property and undertaking held by the Company, in favour of Svenska Handelsbanken.
Profit and loss account
Share capital
Called up share capital reserve represents the nominal value of the shares issued.
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DUFFY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The Company is a wholly owned subsidiary of Duffy Group Limited, which is the ultimate parent Company, and is incorporated and domiciled in the United Kingdom and registered in England and Wales.
The largest and smallest group in which the results of the Company are consolidated is that headed by Duffy Group Holdings Limited. The consolidated financial statements of this Company are available to the public and may be obtained from their registered office at Duffy House, 1 Mount Road, Feltham, Middlesex, TW13 6AR. No other financial statements include the results of this Company. The ultimate controlling party is J B Duffy, the shareholder of Duffy Group Holdings Limited.
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