Company registration number 10713565 (England and Wales)
DOMIS PROPERTY GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
DOMIS PROPERTY GROUP LIMITED
COMPANY INFORMATION
Directors
L A Done-Jackson
N A Done-Orrell
P D Done
S A Ismail
J A Siddons
K P Thornton
Company number
10713565
Registered office
Douglas House
Green Street
Wigan
WN3 4DQ
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
DOMIS PROPERTY GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group statement of financial position
12
Company statement of financial position
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 37
DOMIS PROPERTY GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Fair review and development of the business

The Group is engaged in all aspects of major construction activities, this includes but is not limited to residential, commercial and leisure sectors. We specialise in all aspects of residential developments whether that be low rise, mid to high rise, hotels or PBSA. Our commercial specialism continues to grow with a number of recently secured office development projects adding to our impressive portfolio. We also continue to invest in our property investments.

The Directors are delighted to report yet another profitable year for the Group, with both turnover and EBITDA increasing noticeably.

A number of projects have been successfully delivered in the period with our largest & highest residential tower, The Viadux being completed ahead of time. We have also commenced on several projects including schemes for new clients such as Glenbrook and Fusion Students as we continue to expand our external relationships. The number of live construction projects remains consistent with previous years with the increase in turnover generated from larger value projects rather than more of them, thus ensuring the same level of controls across all our work streams.

Our commercial property portfolio within the Group was enhanced with the acquisition of our new Group Hub facility in Wigan which will now be the home for all our head office support services, the majority of our subsidiary businesses, together with our materials distribution centre & plant facilities. We continue to benefit from our city centre site accommodation office facilities which are perfectly located to support our city centre developments.

The headcount totals 289 employees and as part of our relocation we have bespoke training facilities to help develop our people.

Our partnering approach to all aspects of our business stand us in good stead as our supply chain continue to benefit from prompt payment and financial support and in return we benefit from exceptional levels of service on site.

The Group continues to ensure the customers needs are satisfied as a minimum but exceeded wherever possible and our track record for certainty of delivery, quality of the built form, together with representing value for money, places us in the upper echelon of contractors within our chosen sector.

Principal risks and uncertainties

The group continues to undertake regular business assessments which include project and sector wide risk registers. Mitigation measures are put in place to manage these to the lowest residual point.

The principal risks and uncertainties facing the group include the general economic climate in the UK which could impact funding of future developments as well as homeowner mortgage rates & availability. The last 12 months has seen less volatility with material & labour costs stabilising over the period. The introduction of the Building Safety Act will result in delays for new projects becoming live.

DOMIS PROPERTY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Key performance indicators

The key performance indicators (KPI’s) that the group regards as important are:

a. gross profit margin;

b. the ratio of administrative expenses to turnover;

c. the ratio of operating profit to turnover; and

d. earnings before interest, tax, depreciation, impairment charge and amortisation (EBITDA). For the year under review, those Key Performance Indicators were:

 

2024

2023

Gross margin

12.2%

10.6%

Administrative expenses to turnover

5.4%

5.4%

Operating profit to turnover

5.8%

5.2%

Earnings before interest, tax, depreciation and amortisation

£13,044,590

£9,751,005

 

Future developments

The Board are optimistic for the short & medium term with a significant pipeline of opportunities to focus our efforts on.

Current pipeline exceeds £500m with an expectation that a significant % of this will lead to live projects on site within the next 12 to 18 months.

Since the financial year end, the Group added another business to our well performing list of subsidiary businesses with the acquisition of Novo Integration, a specialist Building Services Design company.

Our goal of being "best in class" continues to drive us and our strategic direction continues to be fluid based on what opportunities present themselves to us, whilst recognising residential development is what we do best.

Section 172 Reporting

This is an overview of how Directors performed their duty to promote the success of the group under section 172 of the Companies Act 2006.

Duty to promote the success of the Group

In executing our strategy, Directors must act in accordance with a set of general duties detailed in section 172 of the Companies Act 2006. These general duties include a duty to promote the success of the Group, and specifically, to act in a way that the Director considers, in good faith, would be most likely to promote the success of the Group for the benefit of its shareholders as a whole and, in doing so, having regard (amongst other matters) to the:

 

This statement has been prepared in accordance with the requirements of The Companies (Miscellaneous Reporting) Regulations 2018, which require the Group to describe how the Directors have had regard to the matters set out in section 172 of the Companies Act 2006 during the financial year under review. It is noted that the Directors have always acted in accordance with such duties in their decision making and they will continue to do so. Considering the additional disclosure requirements, we have set out in the strategic report how the Directors have fulfilled their duties during the year ended 30 April 2024.

DOMIS PROPERTY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

Having regard to the likely consequences of any decisions in the long-term

The Board cultivates strong relationships with key stakeholders so that it is well placed and sufficiently informed to take their considerations into account when making decisions and assessing any likely long-term impact of those decisions. Domis Property Group's core strategy is to provide a bespoke boutique operating model and be the best-in-class contractor of choice and this core strategy underpins all Board decisions and the creation of long-term value for all stakeholders.

Having regard to the interest of the Group's employees

The Board understands that the Group's employees are fundamental to its long-term success. The health, safety and well-being of the employees are of paramount importance alongside the provision of an ethical workplace. The Group engages in an active way with its employees. Many of the staff work on site and senior management regularly complete site visits to maintain timely interaction.

Having regard to the need to foster the Group's business relationships with suppliers, customers, and others

Fostering positive business relationships with key stakeholders, such as suppliers and customers is also important to the success of the Group's businesses. As a result of Domis' model, engagement with customers is a matter that is largely delegated to the management teams, who knows their customers best. The Board has been and continues to be, available to support the business in this area as and when required and will continue to maintain the relationships with key suppliers and customers. Our business has heavily invested in their relationships with suppliers and customers throughout the year ended 30 April 2024.

Having regard to the impact of the Group's operations on the community and environment

In their decision making, the Directors need to have regard to the impact of the Group's operations on the community and environment. The Board plays a constructive role in tackling issues through engagement and investment.

It is important for the long-term future of our business that we protect and enhance the environment. Climate change will affect how much non-renewable energy is available, and the stakeholders are rightly concerned about the resilience of supplies and are looking to companies to adapt and take the necessary steps to reduce their climate change risk. We are committed to reducing our carbon footprint and contribution to climate change where economically viable.

Having regards to the desirability of the Group maintaining a reputation for high standards of business conduct

Customer fulfilment and customer satisfaction are essential for us to consistently deliver a high-quality service. The Board recognises that culture, values, and standards are key contributors to how a company creates and sustains value over the longer-term, to enable it to maintain a reputation for high standards of business conduct which guide and assist in the Board's decision making, and in doing so, help promote the Group's success, recognising, amongst other things, the likely consequences of any decision in the long-term and wider stakeholder considerations.

The standards set by the Board mandate certain requirements and behaviours with regards to the activities of the Directors, the Group's employees and others associated with the Group.

Having regard to the need to act fairly between shareholders of the Group

The Group has one class of ordinary shares, which have the same rights as regards voting, distributions and on a liquidation. Management are shareholders in the Group. On this basis the Board feels that the executive Directors are fully aligned with the shareholders.

On the basis of the above, the members of the Board consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006) in the decisions taken during the year ended 30 April 2024.

DOMIS PROPERTY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

On behalf of the board

K P Thornton
Director
31 January 2025
DOMIS PROPERTY GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -

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

Principal activities

The principal activity of the company is that of a holding company.

 

The principal activity of the group is the construction of commercial and domestic buildings.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £3,900,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L S McCarren
(Resigned 3 September 2024)
S R McCarren
(Resigned 3 September 2024)
L A Done-Jackson
N A Done-Orrell
P D Done
S A Ismail
J A Siddons
K P Thornton
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

Following the change in reporting requirements, this is our first report on energy consumption and greenhouse gas emissions.

DOMIS PROPERTY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
2,580,105
1,240,300
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
2.31
2.36
2.31
2.36
Scope 2 - indirect emissions
- Electricity purchased
552.75
292.12
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
63.55
76.45
Total gross emissions
618.61
370.93
Intensity ratio
Tonnes CO2e per £100,000 turnover
0.380
0.254
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines: Including streamlines energy and carbon reporting guidance. We have used the 2019 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £100,000 of turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

Our sites have continued to use compactors on some sites which offers a more environmentally friendly way of removing waste from sites as well as reducing the frequency of visits to our sites from skip and bin companies.

 

The following energy saving measures have been implemented post year end or are currently being considered.

DOMIS PROPERTY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
K P Thornton
Director
31 January 2025
DOMIS PROPERTY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DOMIS PROPERTY GROUP LIMITED
- 8 -
Opinion

We have audited the financial statements of Domis Property Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The 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.

Opinions on other matters prescribed by the Companies Act 2006

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

DOMIS PROPERTY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DOMIS PROPERTY GROUP LIMITED
- 9 -
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 their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's license to operate. We identified the following areas as those most likely to have such an effect: laws related to health and safety, construction, the nature of the company's activities and the regulated nature of the company's activities.

 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance

 

DOMIS PROPERTY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DOMIS PROPERTY GROUP LIMITED
- 10 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 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.

Stuart Stead (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
31 January 2025
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
DOMIS PROPERTY GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
Notes
£
£
Revenue
3
170,325,043
158,524,903
Cost of sales
(150,492,189)
(141,700,152)
Gross profit
19,832,854
16,824,751
Administrative expenses
(9,685,071)
(8,565,890)
Other operating expenses
(43,109)
(84,582)
Operating profit
4
10,104,674
8,174,279
Investment income
8
497,175
298,999
Finance costs
9
(27,324)
(79,053)
Other gains and losses
10
1,241,809
-
Profit before taxation
11,816,334
8,394,225
Tax on profit
11
(1,833,406)
1,469,072
Profit for the financial year
9,982,928
9,863,297
Total comprehensive income for the year is attributable to:
- Owners of the parent company
9,357,436
9,717,533
- Non-controlling interests
625,492
145,764
9,982,928
9,863,297
DOMIS PROPERTY GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 12 -
2024
2023
Notes
£
£
£
£
Non-current assets
Goodwill
13
831,453
959,830
Property, plant and equipment
14
4,499,763
4,257,018
Investment property
15
22,961,088
14,639,007
28,292,304
19,855,855
Current assets
Inventories
18
13,677,743
10,367,987
Trade and other receivables
19
36,192,878
29,325,106
Cash and cash equivalents
10,569,449
7,119,664
60,440,070
46,812,757
Current liabilities
20
(40,122,022)
(34,585,233)
Net current assets
20,318,048
12,227,524
Total assets less current liabilities
48,610,352
32,083,379
Non-current liabilities
21
(10,000,000)
(7,659)
Provisions for liabilities
Deferred tax liability
24
876,951
252,247
(876,951)
(252,247)
Net assets
37,733,401
31,823,473
Equity
Called up share capital
27
400
400
Retained earnings
37,036,017
31,578,581
Equity attributable to owners of the parent company
37,036,417
31,578,981
Non-controlling interests
696,984
244,492
Total equity
37,733,401
31,823,473
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
31 January 2025
K P Thornton
Director
Company registration number 10713565 (England and Wales)
DOMIS PROPERTY GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 13 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
16
352,600
352,705
Current assets
Trade and other receivables
19
9,232,594
10,491,908
Cash and cash equivalents
4,836
4,885
9,237,430
10,496,793
Current liabilities
20
(3,635,492)
(5,100,317)
Net current assets
5,601,938
5,396,476
Net assets
5,954,538
5,749,181
Equity
Called up share capital
27
400
400
Retained earnings
5,954,138
5,748,781
Total equity
5,954,538
5,749,181

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £4,105,357 (2023 - £1,200,238 profit).

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
31 January 2025
K P Thornton
Director
Company Registration No. 10713565
DOMIS PROPERTY GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
Share capital
Retained earnings
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
400
23,061,048
23,061,448
98,728
23,160,176
Year ended 30 April 2023:
Profit and total comprehensive income
-
9,717,533
9,717,533
145,764
9,863,297
Dividends
12
-
(1,200,000)
(1,200,000)
-
(1,200,000)
Balance at 30 April 2023
400
31,578,581
31,578,981
244,492
31,823,473
Year ended 30 April 2024:
Profit and total comprehensive income
-
9,357,436
9,357,436
625,492
9,982,928
Dividends
12
-
(3,900,000)
(3,900,000)
(173,000)
(4,073,000)
Balance at 30 April 2024
400
37,036,017
37,036,417
696,984
37,733,401
DOMIS PROPERTY GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 May 2022
400
5,748,543
5,748,943
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
1,200,238
1,200,238
Dividends
12
-
(1,200,000)
(1,200,000)
Balance at 30 April 2023
400
5,748,781
5,749,181
Year ended 30 April 2024:
Profit and total comprehensive income
-
4,105,357
4,105,357
Dividends
12
-
(3,900,000)
(3,900,000)
Balance at 30 April 2024
400
5,954,138
5,954,538
DOMIS PROPERTY GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
5,684,952
2,081,277
Interest paid
(27,324)
(79,053)
Income taxes refunded/(paid)
615,831
(207,242)
Net cash inflow from operating activities
6,273,459
1,794,982
Investing activities
Purchase of property, plant and equipment
(2,244,716)
(2,554,851)
Proceeds from disposal of property, plant and equipment
13,281
95,945
Purchase of investment property
(7,508,102)
(1,993,422)
Proceeds from disposal of investment property
730,000
340,000
Purchase of subsidiaries, net of cash acquired
-
(148)
Proceeds from disposal of subsidiaries, net of cash disposed
(222,752)
-
Interest received
497,175
298,999
Net cash used in investing activities
(8,735,114)
(3,813,477)
Financing activities
Repayment of borrowings
10,000,000
-
Payment of finance leases obligations
(15,560)
(18,197)
Dividends paid to equity shareholders
(3,900,000)
(1,200,000)
Dividends paid to non-controlling interests
(173,000)
-
0
Net cash generated from/(used in) financing activities
5,911,440
(1,218,197)
Net increase/(decrease) in cash and cash equivalents
3,449,785
(3,236,692)
Cash and cash equivalents at beginning of year
7,119,664
10,356,356
Cash and cash equivalents at end of year
10,569,449
7,119,664
DOMIS PROPERTY GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
33
(219,154)
83
Investing activities
Proceeds from disposal of subsidiaries
105
(148)
Dividends received
4,119,000
1,200,000
Net cash generated from investing activities
4,119,105
1,199,852
Financing activities
Dividends paid to equity shareholders
(3,900,000)
(1,200,000)
Net cash used in financing activities
(3,900,000)
(1,200,000)
Net decrease in cash and cash equivalents
(49)
(65)
Cash and cash equivalents at beginning of year
4,885
4,950
Cash and cash equivalents at end of year
4,836
4,885
DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
1
Accounting policies
Company information

Domis Property Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 2, Block C, 14 Hulme Street, Salford, M5 4ZG.

 

The group consists of Domis Property Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated financial statements incorporate those of Domis Property Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the period are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.4
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line/over 12 months
Fixtures and fittings
20%/25% straight line
Computers
33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.8
Non-current investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
1.9
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Inventories

Work in progress is valued at the lower of cost and net realisable value.

1.11
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 22 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 23 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
2
Judgements 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 amount 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Estimation of costs to complete for construction contracts

In line with accounting standards for construction contracts, the Group recognises revenue and profit based on the stage of completion and costs to complete. In doing so, management must make certain estimations. The management review all contracts on a monthly basis and assess financial and operational performance versus budget as well as physically inspecting the work to corroborate the stage of completion. At the balance sheet date there are construction accruals of £7,610,156 (2023: £8,108,627) and work in progress of £12,727,493 (2023: £9,587,927).

Depreciation

Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the tangible fixed assets and residual values are assessed annually and may vary depending on a number of factors. In reassessing asset lives, all relevant known factors are taken into account but there is inherent uncertainty present in making this assessment.

 

During the period a depreciation charge of £1,569,730 (2023: £1,360,184) was calculated based on accounting policies applied.

 

Refer to note 14, showing the tangible fixed assets carrying values impacted by the key accounting estimate.

Carrying value of investments

The Group holds investments stated at cost less any provision for impairment. The directors have assessed the recoverability of investments made and economic benefit of investments based on market conditions, economic forecasts and cashflow estimates.

Other debtors

Other debtors are recognised to the extent they are judged recoverable. Management reviews are performed to estimate the level of provision required for irrecoverable debt. Provisions are made significantly against invoices where recoverability is uncertain.

 

At the balance sheet date, the provision for bad and doubtful debts was £Nil (2023: £103,000).

 

Refer to note 19 showing the other debtor balance impacted by the key estimate.

Valuation of fixed assets

Tangible fixed assets includes investment property that is recognised at fair value. The directors assess the fair value of the investment property to consider whether there has been a change in value.

 

The investment property portfolio was valued at £22,961,088 this year (2023: £14,639,007) and was calculated based on accounting policies applied.

 

Refer to note 14, showing the tangible fixed assets carrying values impacted by the key accounts estimate.

DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
3
Revenue

Turnover in the year was £170,325,043 (2023: £158,524,903). All turnover was generated from the principal activity in the United Kingdom.

2024
2023
£
£
Other revenue
Interest income
497,175
298,999
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(297)
-
Depreciation of owned property, plant and equipment
1,569,730
1,448,349
Loss/(profit) on disposal of property, plant and equipment
6,401
(10,000)
Profit on disposal of investment property
(290,000)
-
0
Amortisation of intangible assets
128,377
128,377
Operating lease charges
457,770
349,869
DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
72,233
72,500
6
Employees

The average monthly number of persons employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Operational
261
266
-
-
Management and administration
28
39
-
-
Total
289
305
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
16,080,233
14,426,658
-
0
-
0
Social security costs
303,863
168,421
-
-
Pension costs
700,541
541,843
-
0
-
0
17,084,637
15,136,922
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
391,667
461,216
Company pension contributions to defined contribution schemes
64,167
62,966
455,834
524,182
DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
7
Directors' remuneration
(Continued)
- 27 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
160,000
180,599
Company pension contributions to defined contribution schemes
41,000
24,871
8
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
55,358
17,342
Other interest income
441,817
281,657
Total income
497,175
298,999
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
55,358
17,342
9
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
25,438
79,053
Other finance costs:
Interest on finance leases and hire purchase contracts
1,390
-
Other interest
496
-
Total finance costs
27,324
79,053
10
Other gains and losses
2024
2023
£
£
Changes in the fair value of investment properties
1,253,979
-
Other gains and losses
(12,170)
-
1,241,809
-
DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,100,599
1,201,340
Adjustments in respect of prior periods
(891,897)
(2,616,021)
Total current tax
1,208,702
(1,414,681)
Deferred tax
Origination and reversal of timing differences
624,704
(54,391)
Total tax charge/(credit)
1,833,406
(1,469,072)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
11,816,334
8,394,225
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
2,954,084
2,098,556
Tax effect of expenses that are not deductible in determining taxable profit
58,653
47,753
Unutilised tax losses carried forward
-
0
(197,742)
Adjustments in respect of prior years
(790,952)
(2,616,021)
Effect of change in corporation tax rate
-
(22,817)
Double tax relief
-
0
(1,183)
Group relief
-
0
(55,633)
Permanent capital allowances in excess of depreciation
(351,363)
(420,604)
Research and development tax credit
(37,016)
-
0
Tax at marginal rate
-
0
(301,381)
Taxation charge/(credit)
1,833,406
(1,469,072)
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
3,900,000
1,200,000
DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
1,283,857
Amortisation and impairment
At 1 May 2023
324,027
Amortisation charged for the year
128,377
At 30 April 2024
452,404
Carrying amount
At 30 April 2024
831,453
At 30 April 2023
959,830
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
14
Property, plant and equipment
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
5,387,314
1,229,100
498,825
1,494,345
8,609,584
Additions
1,243,315
252,741
68,414
714,097
2,278,567
Disposals
(232,568)
(516,696)
(35,155)
(144,667)
(929,086)
At 30 April 2024
6,398,061
965,145
532,084
2,063,775
9,959,065
Depreciation and impairment
At 1 May 2023
2,944,946
516,697
361,278
529,645
4,352,566
Depreciation charged in the year
946,301
195,863
74,914
352,652
1,569,730
Eliminated in respect of disposals
(194,511)
(171,678)
(13,451)
(83,354)
(462,994)
At 30 April 2024
3,696,736
540,882
422,741
798,943
5,459,302
Carrying amount
At 30 April 2024
2,701,325
424,263
109,343
1,264,832
4,499,763
At 30 April 2023
2,442,368
712,403
137,547
964,700
4,257,018
The company had no property, plant and equipment at 30 April 2024 or 30 April 2023.
DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
15
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023 and 30 April 2024
14,639,007
-
Additions through external acquisition
7,508,102
-
Disposals
(440,000)
-
Net gains or losses through fair value adjustments
1,253,979
-
At 30 April 2024
22,961,088
-

Investment property comprises several commercial offices, car parks and a garden nursery. The fair value of the investment property have been arrived at on the basis of the purchase price of the properties. The valuation was made by reference to market evidence of transaction prices for similar properties.

16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
352,600
352,705
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
352,705
Additions
75
Disposals
(180)
At 30 April 2024
352,600
Carrying amount
At 30 April 2024
352,600
At 30 April 2023
352,705
DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
17
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Domis Construction Limited
Douglas House, Green Street, Wigan, WN3 4DQ
Ordinary
100.00
-
Domis Developments Limited
Douglas House, Green Street, Wigan, WN3 4DQ
Ordinary
100.00
-
Domis Plant Limited
Douglas House, Green Street, Wigan, WN3 4DQ
Ordinary
100.00
-
Domis Blackfriars Limited
Douglas House, Green Street, Wigan, WN3 4DQ
Ordinary
100.00
-
Wright Landscapes Limited
Douglas House, Green Street, Wigan, WN3 4DQ
Ordinary
-
100.00
Landscape Holdco Limited
Douglas House, Green Street, Wigan, WN3 4DQ
Ordinary
80.00
-
Landscape Tradeco Limited
Douglas House, Green Street, Wigan, WN3 4DQ
Ordinary
-
100.00
Carlton Gate Limited
Douglas House, Green Street, Wigan, WN3 4DQ
Ordinary
-
100.00
Domis Utilities Limited
Douglas House, Green Street, Wigan, WN3 4DQ
Ordinary
75.00
-
Matic Building Services Limited
Douglas House, Green Street, Wigan, WN3 4DQ
Ordinary
75.00
-
Casana Limited
Douglas House, Green Street, Wigan, WN3 4DQ
Ordinary
75.00
-
Wright Landscapes Civil Engineering Limited
Pickmere Nursery, Pickmere Lane, Knutsford, WA16 0JL
Ordinary
-
100.00
18
Inventories
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
12,727,493
9,587,927
-
-
Finished goods and goods for resale
950,250
780,060
-
0
-
0
13,677,743
10,367,987
-
-
DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 32 -
19
Trade and other receivables
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade receivables
21,216,575
15,936,564
-
0
-
0
Corporation tax recoverable
-
0
877,216
-
0
-
0
Amounts owed by group undertakings
-
-
9,232,594
10,491,908
Amounts owed by undertakings in which the company has a participating interest
4,447,672
3,229,640
-
-
Other receivables
7,493,943
6,210,435
-
0
-
0
Prepayments and accrued income
1,310,647
1,095,635
-
0
-
0
34,468,837
27,349,490
9,232,594
10,491,908
Amounts falling due after more than one year:
Trade receivables
1,724,041
1,975,616
-
0
-
0
Total debtors
36,192,878
29,325,106
9,232,594
10,491,908
20
Current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
23
-
0
7,901
-
0
-
0
Trade payables
18,506,079
12,742,917
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
3,635,417
4,380,317
Corporation tax payable
1,081,832
134,515
-
0
-
0
Other taxation and social security
942,332
706,620
-
-
Deferred income
25
3,958,707
4,897,404
-
0
-
0
Other payables
4,526,815
5,160,845
75
720,000
Accruals and deferred income
11,106,257
10,935,031
-
0
-
0
40,122,022
34,585,233
3,635,492
5,100,317
21
Non-current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
23
-
0
7,659
-
0
-
0
Other borrowings
22
10,000,000
-
0
-
0
-
0
10,000,000
7,659
-
-
DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 33 -
22
Borrowings
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
10,000,000
-
0
-
0
-
0
Payable after one year
10,000,000
-
0
-
0
-
0

Other loans are secured with a corporate guarantee.

 

The loan attracted interest at a rate of 11% per annum, on the original capital element of £10,000,000. The total sum, including all interest, is to be repaid on 31 December 2027.

23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
7,901
-
0
-
0
In two to five years
-
0
7,659
-
0
-
0
-
15,560
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
876,951
252,247
The company has no deferred tax assets or liabilities.
DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
24
Deferred taxation
(Continued)
- 34 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
252,247
-
Charge to profit or loss
624,704
-
Liability at 30 April 2024
876,951
-

 

25
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
3,958,707
4,897,404
-
-
26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
700,541
541,843

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

27
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
400
400
400
400

All shares carry no fixed right to income and hold all voting rights.

28
Reserves

Called up share capital

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

 

Retained earnings

Retained earnings represents the cumulative profit and losses net of dividends paid and other adjustments.

DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 35 -
29
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
266,549
269,193
-
-
Between two and five years
885,887
952,786
-
-
In over five years
656,531
824,156
-
-
1,808,967
2,046,135
-
-
30
Controlling party

The company is controlled by its Directors.

 

Following the year end, the company became a wholly owned subsidiary of Domis Property Group Holdings Limited, a company registered in England and Wales.

31
Directors' transactions

Dividends totalling £3,900,000 (2023 - £1,200,000) were paid in the year in respect of shares held by the company's directors.

DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 36 -
32
Cash generated from group operations
2024
2023
£
£
Profit after taxation
9,982,928
9,863,297
Adjustments for:
Taxation charged/(credited)
1,833,406
(1,469,072)
Finance costs
27,324
79,053
Investment income
(497,175)
(298,999)
Loss/(gain) on disposal of property, plant and equipment
6,401
(10,000)
Gain on disposal of investment property
(290,000)
-
0
Fair value gain on investment properties
(1,253,979)
-
0
Amortisation and impairment of intangible assets
128,377
128,377
Depreciation and impairment of property, plant and equipment
1,569,730
1,448,349
Other gains and losses
12,170
-
Movements in working capital:
Increase in inventories
(3,358,829)
(8,170,057)
Increase in trade and other receivables
(7,752,661)
(2,967,111)
Increase in trade and other payables
6,215,957
8,003,098
Decrease in deferred income
(938,697)
(4,525,658)
Cash generated from operations
5,684,952
2,081,277
33
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit after taxation
4,105,357
1,200,238
Adjustments for:
Investment income
(4,119,000)
(1,200,000)
Movements in working capital:
Decrease/(increase) in trade and other receivables
1,259,314
(2,425,000)
(Decrease)/increase in trade and other payables
(1,464,825)
2,424,845
Cash (absorbed by)/generated from operations
(219,154)
83
34
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
7,119,664
3,449,785
10,569,449
Borrowings excluding overdrafts
-
(10,000,000)
(10,000,000)
Obligations under finance leases
(15,560)
15,560
-
7,104,104
(6,534,655)
569,449
DOMIS PROPERTY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 37 -
35
Analysis of changes in net funds - company
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
4,885
(49)
4,836
2024-04-302023-05-01falsefalseCCH SoftwareCCH Accounts Production 2024.310L S McCarrenS R McCarrenL A Done-JacksonN A Done-OrrellP D DoneS A IsmailJ A SiddonsK P Thorntonfalse10713565bus:Consolidated2023-05-012024-04-30107135652023-05-012024-04-3010713565bus:Director32023-05-012024-04-3010713565bus:Director42023-05-012024-04-3010713565bus:Director52023-05-012024-04-3010713565bus:Director62023-05-012024-04-3010713565bus:Director72023-05-012024-04-3010713565bus:Director82023-05-012024-04-3010713565bus:Director12023-05-012024-04-3010713565bus:Director22023-05-012024-04-3010713565bus:RegisteredOffice2023-05-012024-04-30107135652024-04-3010713565bus:Consolidated2022-05-012023-04-30107135652022-05-012023-04-3010713565bus:Consolidated2024-04-3010713565core:Goodwillbus:Consolidated2024-04-3010713565core:Goodwillbus:Consolidated2023-04-3010713565bus:Consolidated2023-04-3010713565core:PlantMachinerybus:Consolidated2024-04-3010713565core:FurnitureFittingsbus:Consolidated2024-04-3010713565core:ComputerEquipmentbus:Consolidated2024-04-3010713565core:MotorVehiclesbus:Consolidated2024-04-3010713565core:PlantMachinerybus:Consolidated2023-04-3010713565core:FurnitureFittingsbus:Consolidated2023-04-3010713565core:ComputerEquipmentbus:Consolidated2023-04-3010713565core:MotorVehiclesbus:Consolidated2023-04-30107135652023-04-3010713565core:ShareCapitalbus:Consolidated2024-04-3010713565core:ShareCapitalbus:Consolidated2023-04-3010713565core:ShareCapital2024-04-3010713565core:ShareCapital2023-04-3010713565core:RetainedEarningsAccumulatedLosses2024-04-3010713565core:ShareCapitalbus:Consolidated2022-04-30107135652022-04-3010713565core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-04-3010713565core:Non-controllingInterestsbus:Consolidated2023-04-3010713565core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-04-3010713565core:Non-controllingInterestsbus:Consolidated2024-04-3010713565core:ShareCapital2022-04-3010713565core:RetainedEarningsAccumulatedLosses2022-04-3010713565core:RetainedEarningsAccumulatedLosses2023-04-3010713565bus:Consolidated2022-04-3010713565core:Goodwill2023-05-012024-04-3010713565core:PlantMachinery2023-05-012024-04-3010713565core:FurnitureFittings2023-05-012024-04-3010713565core:ComputerEquipment2023-05-012024-04-3010713565core:MotorVehicles2023-05-012024-04-3010713565core:UKTaxbus:Consolidated2023-05-012024-04-3010713565core:UKTaxbus:Consolidated2022-05-012023-04-3010713565bus:Consolidated12023-05-012024-04-3010713565bus:Consolidated12022-05-012023-04-3010713565core:Goodwillbus:Consolidated2023-04-3010713565core:Goodwillbus:Consolidated2023-05-012024-04-3010713565core:PlantMachinerybus:Consolidated2023-04-3010713565core:FurnitureFittingsbus:Consolidated2023-04-3010713565core:ComputerEquipmentbus:Consolidated2023-04-3010713565core:MotorVehiclesbus:Consolidated2023-04-3010713565bus:Consolidated2023-04-3010713565core:PlantMachinerybus:Consolidated2023-05-012024-04-3010713565core:FurnitureFittingsbus:Consolidated2023-05-012024-04-3010713565core:ComputerEquipmentbus:Consolidated2023-05-012024-04-3010713565core:MotorVehiclesbus:Consolidated2023-05-012024-04-3010713565core:Non-currentFinancialInstrumentsbus:Consolidated2024-04-3010713565core:Non-currentFinancialInstrumentsbus:Consolidated2023-04-3010713565core:Non-currentFinancialInstruments2024-04-3010713565core:Non-currentFinancialInstruments2023-04-3010713565core:CurrentFinancialInstruments2024-04-3010713565core:CurrentFinancialInstruments2023-04-3010713565core:CurrentFinancialInstrumentsbus:Consolidated2024-04-3010713565core:CurrentFinancialInstrumentsbus:Consolidated2023-04-3010713565core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-04-3010713565core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-04-3010713565core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3010713565core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3010713565core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-04-3010713565core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-04-3010713565core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-3010713565core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3010713565core:WithinOneYearbus:Consolidated2024-04-3010713565core:WithinOneYearbus:Consolidated2023-04-3010713565core:WithinOneYear2024-04-3010713565core:WithinOneYear2023-04-3010713565core:BetweenTwoFiveYearsbus:Consolidated2024-04-3010713565core:BetweenTwoFiveYearsbus:Consolidated2023-04-3010713565core:BetweenTwoFiveYears2024-04-3010713565core:BetweenTwoFiveYears2023-04-3010713565bus:PrivateLimitedCompanyLtd2023-05-012024-04-3010713565bus:FRS1022023-05-012024-04-3010713565bus:Audited2023-05-012024-04-3010713565bus:ConsolidatedGroupCompanyAccounts2023-05-012024-04-3010713565bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP