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Registered number: 08980110









DURMAN STEARN HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
DURMAN STEARN HOLDINGS LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
J A Durman 
R J Durman 
A E Stearn 




COMPANY SECRETARY
N G R Barrett



REGISTERED NUMBER
08980110



REGISTERED OFFICE
264 High Street
Cottenham

Cambridge

CB24 8RZ




INDEPENDENT AUDITORS
Peters Elworthy & Moore
Chartered Accountants & Statutory Auditors

Salisbury House

Station Road

Cambridge

CB1 2LA




BANKERS
Lloyds Bank PLC
48 High Street

Newmarket

Suffolk

CB8 8LF





 
DURMAN STEARN HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 9
Consolidated Profit and Loss Account
 
10
Consolidated Balance Sheet
 
11
Company Balance Sheet
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15
Notes to the Financial Statements
 
16 - 32


 
DURMAN STEARN HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

INTRODUCTION
 
The directors present their strategic report and business review, which includes the principal risks and uncertainties of the business and key performance indicators for the year ended 30 June 2024.

BUSINESS REVIEW AND KEY PERFORMANCE INDICATORS
 
Sales turnover in the year under review totalled £18.80m compared with £19.27m in the previous period. Trading margins were 22.4% compared with the previous year of 22.2%, which reflects the recovery from the impacts of the current economic environment.
The directors are satisfied with the results for the year and are happy to report a satisfactory performance.
At the end of the financial year the Group had cash reserves of £9.6 million (2023 - £7.4 million) and despite the continuation of challenging market conditions, the directors are confident that the Group has adequate liquidity and financial resources to meet the challenges for the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The Group engages in a thorough risk management process to identify and mitigate risks. 
Price risk
The Group minimises its exposure to adverse raw material price changes by monitoring these regularly and ordering well in advance of project phases.
Credit risk
Credit risk is considered relatively low as the Group has implemented policies to ensure that appropriate credit checks are carried out on potential customers before contracts are committed or any form of credit given. There is also ongoing monitoring of outstanding balances due from customers and regular follow-ups where these are overdue.
Cash flow and liquidity risk
Cash flow and liquidity risk are monitored on a weekly basis by management to ensure the Group can meet its liabilities as they fall due. 
Competitive risk
The perceived risks and uncertainties faced by the Group are in connection with operating within an already competitive market with increased competition from large national competitors. The Group utilises a contract costing system to manage and control construction costs to ensure they remain within budget. The Group also has a quality management system in place to ensure contracts are delivered on time and to the required specification.

Page 1

 
DURMAN STEARN HOLDINGS LIMITED
 

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

FUTURE DEVELOPMENTS
 
The external commercial environment is expected to remain highly competitive in 2024/2025, especially with the continuing impact of the current economic climate. We will continue our focus on forward planning, managing our pipeline of on-going work and new opportunities while delivering high quality construction projects.

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





J A Durman
Director

Date: 10 February 2025

Page 2

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

PRINCIPAL ACTIVITY

The principal activity of the Group during the year was that of civil engineering and general construction.
The principal activity of the Company during the year was that of a holding company.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,048,821 (2023 - £1,232,720).

Dividends were paid or declared during the year of £NIL (2023 - £300,000).

DIRECTORS

The directors who served during the year were:

J A Durman 
R J Durman 
A E Stearn 

DIRECTORS' RESPONSIBILITIES STATEMENT

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

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


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

make judgements and accounting estimates that are reasonable and prudent;

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

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

MATTERS COVERED IN THE STRATEGIC REPORT

Included in the strategic report are future developments and future risks facing the Group.

Page 3

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

DISCLOSURE OF INFORMATION TO AUDITORS

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

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

AUDITORS

Under section 487(2) of the Companies Act 2006Peters Elworthy & Moore will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





J A Durman
Director

Date: 10 February 2025

Page 4

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURMAN STEARN HOLDINGS LIMITED
 

OPINION


We have audited the financial statements of Durman Stearn Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


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


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


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


Page 5

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURMAN STEARN HOLDINGS LIMITED (CONTINUED)


OTHER INFORMATION


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


We have nothing to report in this regard.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


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


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


Page 6

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURMAN STEARN HOLDINGS LIMITED (CONTINUED)


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 7

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURMAN STEARN HOLDINGS LIMITED (CONTINUED)


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

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


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

Our 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:

we identified the laws and regulations applicable to the Company through discussions with management, and from our commercial knowledge and experience of the construction industry;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements, including FRS 102, the Companies Act 2006 and taxation legislation, or those fundamental to the Company’s ability to operate, or to avoid a material penalty, including data protection, employment and health and safety;
we obtained an understanding of the Company’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
identified laws and regulations were communicated within the audit engagement 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.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of fraud through management bias and override of controls. In addressing the risk of fraud through management bias and override of controls we:

tested the appropriateness of journal entries and other adjustments;
designed procedures to identify unexpected and unusual journal entries and performed testing to confirm the validity of such postings;
assessed whether the accounting judgements made in the financial statements were indicative of potential bias; and
evaluated the business rationale of any significant transactions that were unusual or outside the normal course of business.

Page 8

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURMAN STEARN HOLDINGS LIMITED (CONTINUED)


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)
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 minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.


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


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


USE OF OUR REPORT
 

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





Edward Napper (Senior Statutory Auditor)
  
for and on behalf of
Peters Elworthy & Moore
 
Chartered Accountants
Statutory Auditors
  
Salisbury House
Station Road
Cambridge
CB1 2LA

 
Date: 
10 February 2025
Page 9

 
DURMAN STEARN HOLDINGS LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
18,822,685
19,266,997

Cost of sales
  
(14,728,956)
(14,991,356)

GROSS PROFIT
  
4,093,729
4,275,641

Administrative expenses
  
(2,823,714)
(2,817,383)

Other operating income
 5 
22,051
63,467

OPERATING PROFIT
  
1,292,066
1,521,725

Interest receivable and similar income
 9 
122,579
34,227

Interest payable and similar expenses
 10 
-
(8)

PROFIT BEFORE TAX
  
1,414,645
1,555,944

Tax on profit
 11 
(365,824)
(323,224)

PROFIT FOR THE FINANCIAL YEAR
  
1,048,821
1,232,720

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Owners of the parent
  
1,048,821
1,232,720

  
1,048,821
1,232,720

The notes on pages 16 to 32 form part of these financial statements.

Page 10

 
DURMAN STEARN HOLDINGS LIMITED
REGISTERED NUMBER: 08980110

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 14 
2,089,892
2,361,856

  
2,089,892
2,361,856

CURRENT ASSETS
  

Stocks
 16 
3,258,558
4,469,542

Debtors: amounts falling due within one year
 17 
3,195,483
3,798,959

Cash at bank and in hand
 18 
9,595,086
7,418,731

  
16,049,127
15,687,232

Creditors: amounts falling due within one year
 19 
(3,456,220)
(4,521,403)

NET CURRENT ASSETS
  
 
 
12,592,907
 
 
11,165,829

Deferred taxation
 20 
(278,792)
(172,499)

  
 
 
(278,792)
 
 
(172,499)

NET ASSETS
  
14,404,007
13,355,186


CAPITAL AND RESERVES
  

Called up share capital 
 21 
1,000,000
1,000,000

Profit and loss account
 22 
13,404,007
12,355,186

  
14,404,007
13,355,186


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




J A Durman
Director

Date: 10 February 2025

The notes on pages 16 to 32 form part of these financial statements.

Page 11

 
DURMAN STEARN HOLDINGS LIMITED
REGISTERED NUMBER: 08980110

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 14 
518,666
518,666

Investments
 15 
1,001,100
1,001,100

  
1,519,766
1,519,766

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 17 
3,712,578
5,014,695

Cash at bank and in hand
 18 
4,645,600
2,797,862

  
8,358,178
7,812,557

Creditors: amounts falling due within one year
 19 
(82,569)
(30,155)

NET CURRENT ASSETS
  
 
 
8,275,609
 
 
7,782,402

NET ASSETS
  
9,795,375
9,302,168


CAPITAL AND RESERVES
  

Called up share capital 
 21 
1,000,000
1,000,000

Profit and loss account
 22 
8,795,375
8,302,168

  
9,795,375
9,302,168


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




J A Durman
Director

Date: 10 February 2025

The notes on pages 16 to 32 form part of these financial statements.

Page 12

 
DURMAN STEARN HOLDINGS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


AT 1 JULY 2022
1,000,000
11,422,466
12,422,466



Profit for the year
-
1,232,720
1,232,720

Dividends: Equity capital
-
(300,000)
(300,000)



AT 1 JULY 2023
1,000,000
12,355,186
13,355,186



Profit for the year
-
1,048,821
1,048,821


AT 30 JUNE 2024
1,000,000
13,404,007
14,404,007


The notes on pages 16 to 32 form part of these financial statements.

Page 13

 
DURMAN STEARN HOLDINGS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


AT 1 JULY 2022
1,000,000
7,747,273
8,747,273



Profit for the year
-
854,895
854,895

Dividends: Equity capital
-
(300,000)
(300,000)



AT 1 JULY 2023
1,000,000
8,302,168
9,302,168



Profit for the year
-
493,207
493,207


AT 30 JUNE 2024
1,000,000
8,795,375
9,795,375


The notes on pages 16 to 32 form part of these financial statements.

Page 14

 
DURMAN STEARN HOLDINGS LIMITED
 

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

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
1,048,821
1,232,720

Depreciation of tangible assets
671,622
743,618

Loss on disposal of tangible assets
(38,804)
(251,866)

Interest paid
-
8

Interest received
(122,579)
(34,227)

Taxation charge
365,824
323,224

Decrease/(increase) in stocks
1,210,984
(1,121,403)

Decrease/(increase) in debtors
603,476
(620,206)

(Decrease)/increase in creditors
(1,193,776)
27,070

Corporation tax (paid)
(130,938)
(107,874)

NET CASH GENERATED FROM OPERATING ACTIVITIES

2,414,630
191,064

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(422,104)
(1,446,891)

Sale of tangible fixed assets
61,250
265,267

Interest received
122,579
34,227

NET CASH FROM INVESTING ACTIVITIES

(238,275)
(1,147,397)

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid
-
(300,000)

Interest paid
-
(8)

NET CASH USED IN FINANCING ACTIVITIES
-
(300,008)

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
2,176,355
(1,256,341)

Cash and cash equivalents at beginning of year
7,418,731
8,675,072

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
9,595,086
7,418,731


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
9,595,086
7,418,731


The notes on pages 16 to 32 form part of these financial statements.

Page 15

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

Durman Stearn Holdings Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 264 High Street, Cottenham, Cambridge, CB24 8RZ.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

GOING CONCERN

The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. In making this assessment the directors have considered the Group’s financial resources at the time of approving the financial statements, as well as anticipated future activity and financial results.
The directors are confident that the Group has the ability to trade with sufficient cash headroom.
In light of the above and given the Group’s healthy cash reserves, the directors believe they are well placed to manage the Group's business risks successfully in the current economic climate and remain satisfied that the going concern assessment is appropriate.

Page 16

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TURNOVER

Turnover comprises revenue recognised by the Group in respect of construction contracts during the year, exclusive of Value Added Tax and trade discounts. Revenue is recognised as the fair value of the consideration received or receivable and is recognised based on the extent to which costs are recoverable, measured by customer approved milestone billing surveyed at the end of the financial year. Anticipated losses are recognised in the period in which they are first foreseen. Profit recognition based on the extent to which contracts are complete has been detailed in the Profit on long term contracts accounting policy (note 2.9).
Turnover also includes revenue recognised by the Group in respect of the sale of development property during the year, exclusive of Value Added Tax.
Individual Company turnover represents management charges from group companies. 

 
2.5

GOVERNMENT GRANTS

Grants are accounted under the accruals model and those of a revenue nature are recognised in the Consolidated Profit and Loss Account when the Group becomes entitled to receive the grant funding.

 
2.6

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Freehold land and buildings
-
land not depreciated, remainder over 50 years
Development costs
-
not depreciated
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Office equipment
-
25% straight line

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 profit or loss.

Page 17

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.8

STOCKS

Stocks are stated at the lower of cost and net realisable value and comprise the following:
 
raw materials and consumables used in construction contracts;
work-in-progress for construction contracts ongoing at the period end; and
capitalised development costs carried forward under ongoing projects and development property held for resale.
 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

  
2.9

PROFIT ON LONG TERM CONTRACTS

An assessment of the outcome on contracts cannot be reasonably anticipated until the contract is at least 50% complete. No profit is recognised on contracts that are less than 50% complete based on works completed to the end of the financial year, measured by customer approved milestone billing surveyed at the end of the financial year. When a contract is 50% complete profit is recognised based on the extent to which costs are recoverable. Anticipated losses are recognised in the period in which they are first foreseen.

 
2.10

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.11

CASH AT BANK AND IN HAND

Cash is represented by cash in hand and deposits with financial institutions. Cash is repayable without penalty on notice of not more than 24 hours. Cash held in deposit accounts is repayable without penalty on notice of not more than 32 days.

Page 18

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 

 
2.13

CREDITORS

Short term creditors are measured at the transaction price.

 
2.14

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN
The Group operates defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Profit and Loss Account when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plans are held separately from the Group in independently administered funds.

Page 19

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

CURRENT AND DEFERRED TAXATION

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

 
2.16

DIVIDENDS

Equity dividends are recognised when they become legally payable.

Page 20

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
RETENTIONS PROVISION
A provision against retentions is reflected in respect of all ongoing contracts at the year end. A full provision is made against all retentions relating to projects that are not yet complete. This provision reduces to 50% once the project is complete until cash is received.
REVENUE RECOGNITION ON LONG TERM CONTRACTS
An assessment of the outcome on contracts cannot be reasonably anticipated until the contract is at least 50% complete. No profit is recognised on contracts that are less than 50% complete based on works completed to the end of the financial year. When a contract is 50% complete profit is recognised based on the extent to which costs are recoverable, measured by customer approved milestone billing surveyed at the end of the financial year. Anticipated losses are recognised in the period in which they are first foreseen.


4.


TURNOVER

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


2024
2023
£
£

Civil engineering and general construction
16,822,685
19,266,997

Sale of development property
2,000,000
-

18,822,685
19,266,997


All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2024
2023
£
£

Government grants receivable
19,546
22,877

Insurance claims receivable
2,745
36,930

Sundry income
(240)
3,660

22,051
63,467


Government grants represent amounts receivable under other training grant schemes.

Page 21

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


AUDITORS' REMUNERATION

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
10,105
9,625


7.


EMPLOYEES

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


Group
Group
2024
2023
£
£


Wages and salaries
6,668,250
6,981,295

Social security costs
842,176
681,997

Cost of defined contribution pension scheme
334,884
319,318

7,845,310
7,982,610


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


        2024
        2023
            No.
            No.







Construction
117
119



Management and administration
25
27

142
146

Page 22

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
188,644
211,556

Group contributions to defined contribution pension schemes
100,000
80,000

288,644
291,556


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

The highest paid director received remuneration of £102,204 (2023 - £129,127).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £50,000 (2023 - £40,000).


9.


INTEREST RECEIVABLE

2024
2023
£
£


Bank interest receivable
122,579
34,227

122,579
34,227


10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
-
8

Page 23

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
282,698
140,009

Adjustments in respect of previous periods
(23,167)
(10,964)

TOTAL CURRENT TAX
259,531
129,045

DEFERRED TAX


Origination and reversal of timing differences
135,607
208,605

Changes to tax rates
(29,314)
(14,426)

TOTAL DEFERRED TAX
106,293
194,179


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
365,824
323,224

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25.00% (2023 - 20.50%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,393,632
1,555,944


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2023 - 20.50%)
348,408
318,904

EFFECTS OF:


Income not taxable for tax purposes
(22)
-

Expenses not deductible for tax purposes
8,182
9,328

Adjustments to tax charge in respect of prior periods
(23,167)
(10,964)

Fixed asset differences
-
(247)

Additional deduction for R&D expenditure
-
(24,410)

Remeasurement of deferred tax for changes in tax rates
-
35,941

Movement in deferred tax not recognised
32,423
(5,328)

TOTAL TAX CHARGE FOR THE YEAR
365,824
323,224

Page 24

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
11.TAXATION (CONTINUED)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There are no factors that may affect future tax charges.


12.


DIVIDENDS

2024
2023
£
£


Dividends paid
-
300,000

-
300,000


13.


PARENT COMPANY PROFIT FOR THE YEAR

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit after tax of the parent Company for the year was £493,207 (2023 -  £854,895).

Page 25

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


TANGIBLE FIXED ASSETS

Group






Freehold land and buildings
Development costs
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£
£



COST


At 1 July 2023
441,165
77,501
4,784,843
1,386,011
170,706
6,860,226


Additions
-
-
386,200
31,814
4,090
422,104


Disposals
-
-
(125,081)
(40,000)
(40,656)
(205,737)



At 30 June 2024

441,165
77,501
5,045,962
1,377,825
134,140
7,076,593



DEPRECIATION


At 1 July 2023
-
-
3,090,639
1,251,249
156,482
4,498,370


Charge for the year on owned assets
-
-
620,864
66,077
7,127
694,068


Disposals
-
-
(125,081)
(40,000)
(40,656)
(205,737)



At 30 June 2024

-
-
3,586,422
1,277,326
122,953
4,986,701



NET BOOK VALUE



At 30 June 2024
441,165
77,501
1,459,540
100,499
11,187
2,089,892



At 30 June 2023
441,165
77,501
1,694,204
134,762
14,224
2,361,856

Page 26

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           14.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Freehold land and buildings
Development costs
Total

£
£
£

COST


At 1 July 2023
441,165
77,501
518,666



At 30 June 2024

441,165
77,501
518,666






NET BOOK VALUE



At 30 June 2024
441,165
77,501
518,666



At 30 June 2023
441,165
77,501
518,666






Page 27

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


FIXED ASSET INVESTMENTS

Group





Unlisted investments

£



COST


At 1 July 2023
14,829



At 30 June 2024

14,829



IMPAIRMENT


At 1 July 2023
14,829



At 30 June 2024

14,829



NET BOOK VALUE



At 30 June 2024
-



At 30 June 2023
-

Page 28

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Company





Investments in subsidiary companies

£



COST


At 1 July 2023
1,001,100



At 30 June 2024
1,001,100






NET BOOK VALUE



At 30 June 2024
1,001,100



At 30 June 2023
1,001,100


SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Durman Stearn (Civil Engineering) Limited
Ordinary
100%
Durman Stearn Plant Limited
Ordinary
100%
Ridgeshire Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Durman Stearn (Civil Engineering) Limited
3,190,358
627,616

Durman Stearn Plant Limited
3,148,930
334,111

Ridgeshire Limited
(287,131)
160,848

Page 29

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


STOCKS

Group
Group
2024
2023
£
£

Raw materials and consumables
11,610
81,033

Work in progress
57,941
809

Capitalised development costs and development property held for resale
3,189,007
4,387,700

3,258,558
4,469,542



17.


DEBTORS

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


Trade debtors
2,686,136
3,430,109
-
-

Amounts owed by group undertakings
-
-
3,260,563
4,653,563

Other debtors
222,630
287,782
-
80

Prepayments and accrued income
286,717
81,068
452,015
361,052

3,195,483
3,798,959
3,712,578
5,014,695


Amounts owed by group undertakings are unsecured and accrue interest at 2.25%.


18.


CASH AND CASH EQUIVALENTS

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

Cash at bank and in hand
9,595,086
7,418,731
4,645,600
2,797,862


Page 30

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

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

Trade creditors
1,823,530
2,184,762
-
593

Corporation tax
257,638
129,045
81,069
27,162

Other taxation and social security
179,064
164,864
-
-

Other creditors
175,063
228,102
-
-

Accruals and deferred income
1,020,925
1,814,630
1,500
2,400

3,456,220
4,521,403
82,569
30,155



20.


DEFERRED TAXATION


Group



2024
2023


£

£






At beginning of year
(172,499)
21,680


Charged to profit or loss
(106,293)
(194,179)



AT END OF YEAR
(278,792)
(172,499)



The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(277,370)
(307,818)

Tax losses carried forward
-
135,319

Fixed asset timing differences
(1,422)
-

(278,792)
(172,499)

Page 31

 
DURMAN STEARN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,000,000 (2023 - 1,000,000) Ordinary shares of £1 each
1,000,000
1,000,000



22.


RESERVES

Profit and loss account

Profit and loss account includes all current and prior period retained profits and losses.


23.


PENSION COMMITMENTS

The Group operates defined contribution pension schemes for the directors and employees. The assets of the schemes are held separately from those of the Group in independently administered funds. Pension contributions during the year amounted to £334,884 (2023 - £319,318) and at the balance sheet date £32,203 was unpaid and included within other creditors (2023 - £34,723). 


24.


RELATED PARTY TRANSACTIONS

The Company prepares consolidated group accounts and, accordingly, has taken advantage of the exemptions contained within FRS 102 paragraph 33.1A not to disclose transactions with group undertakings.
 
During the year the Group was charged rent of £34,320 (2023 - £34,420) by a director and the ultimate controlling shareholder for its occupation of office and workshop premises. As at 30 June 2024 the Group owed the director a balance of £3,325 (2023 - £2,301), which is included within other creditors. This balance is interest free and repayable on demand.
 
During the year the Company provided construction services for a company under common control, generating revenue of £222 (2023 - £223,352). As at 30 June 2024 the Company was owed by the company under common control a balance of £326 (2023 - £104), which is included within trade debtors. This balance is interest free and repayable on demand.


25.


CONTROLLING PARTY

The ultimate controlling party of the Company is Mr J A Durman by virtue of his majority shareholding.

 
Page 32