Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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DURMAN STEARN HOLDINGS LIMITED
COMPANY INFORMATION
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DURMAN STEARN HOLDINGS LIMITED
CONTENTS
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DURMAN STEARN HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
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.
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.
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.
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DURMAN STEARN HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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:
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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.
The principal activity of the Company during the year was that of a holding company.
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).
The directors who served during the year were:
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.
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 2006. They 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.
Included in the strategic report are future developments and future risks facing the Group.
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DURMAN STEARN HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Under section 487(2) of the Companies Act 2006, Peters 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.
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DURMAN STEARN HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURMAN STEARN HOLDINGS LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.
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.
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DURMAN STEARN HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURMAN STEARN HOLDINGS LIMITED (CONTINUED)
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 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.
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.
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.
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DURMAN STEARN HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURMAN STEARN HOLDINGS LIMITED (CONTINUED)
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DURMAN STEARN HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURMAN STEARN HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.
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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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Salisbury House
Station Road
CB1 2LA
Date:
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DURMAN STEARN HOLDINGS LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
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DURMAN STEARN HOLDINGS LIMITED
REGISTERED NUMBER: 08980110
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 32 form part of these financial statements.
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DURMAN STEARN HOLDINGS LIMITED
REGISTERED NUMBER: 08980110
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 32 form part of these financial statements.
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DURMAN STEARN HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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DURMAN STEARN HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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DURMAN STEARN HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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
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:
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.
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.
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
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.
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
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.
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.
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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.
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11.TAXATION (CONTINUED)
There are no factors that may affect future tax charges.
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 £
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
14.TANGIBLE FIXED ASSETS (CONTINUED)
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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DURMAN STEARN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Profit and loss account
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 £
The ultimate controlling party of the Company is Mr J A Durman by virtue of his majority shareholding.
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