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REGISTERED NUMBER: 05167242 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

Duo Group (U.K.) Ltd

Duo Group (U.K.) Ltd (Registered number: 05167242)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Duo Group (U.K.) Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: S J Hall
M F Mc Williams





REGISTERED OFFICE: Siskin Drive
Middlemarch Business Park
Coventry
West Midlands
CV3 4FJ





REGISTERED NUMBER: 05167242 (England and Wales)





AUDITORS: Thornton Springer LLP
Chartered Accountants and
Statutory Auditor
67 Westow Street
London
SE19 3RW

Duo Group (U.K.) Ltd (Registered number: 05167242)

Strategic Report
for the Year Ended 30 June 2024

REVIEW OF BUSINESS
The principal activity of the company during the period was that of an investment holding company. It is not expected that any change to this activity will occur in the following period. Turnover during the year was £15,352. This was driven by the decision by management to move all trading activities into its subsidiary, Duo Operations Limited, with the intention of making Duo Group (U.K.) Limited a true holding company. The development program has been designed by management to ensure growth is aligned to the core objective of maintaining an environmentally responsible approach in a safe and healthy manner. The net liabilities of the company at year end are (£351,796).

PRINCIPAL RISKS AND UNCERTAINTIES
The directors of the company meet on a regular basis and review and evaluate the Company's risk appetite. In the view of the directors, the principal risks and uncertainties can be categorised as follows:

Economic Risk
Whilst the negative impact of the Covid-19 pandemic of recent years is thankfully lessening, it has been replaced by the economic uncertainty arising from the continual conflict in Ukraine. This is having a major impact on input prices on items such as fuel, steel, concrete and other supplies. The business has procedures and processes in place to ensure proper risk assessments are considered as part of our tendering and project selection stage. The business continues to monitor and review its cost base to ensure all exposure to price increases is mitigated.

Credit Risk
The company's principal financial assets are cash and trade debtors. The company has a credit control policy in place which regularly reviews the credit performance of our debtor book.

Liquidity risk
The cash / working capital requirements of the business are managed on a regular basis by means of a rolling six-month cash forecast. This model incorporates anticipated receipts from customers and prospective payments to suppliers for the period. Exceptional movements from the previous forecasted cashflow model are reviewed at the quarterly board meetings. A revised cash projection is presented at the same meeting and assumptions underlying the model are discussed.

Competitive Risk
The company operates in diverse sectors where there is strong competition. The company seeks to mitigate this risk through the quality of its service offering whilst offering competitive pricing to our customer base. The decision to bid is strictly controlled by Directors through satisfactory completion of tender bid approval process where opportunities are scored against key business performance indicators.

IT Technology Risk
The company could potentially be exposed to loss of network and or data. The company mitigates this risk by having an in-house dedicated IT team to ensure that ongoing policies and procedures are suitable and effective. Duo's processes and procedures are designed to reduce risk of cyber threats and demonstrates your commitment to cyber security. The system is accredited to the industry recognised standard Cyber Essentials.

ON BEHALF OF THE BOARD:





M F Mc Williams - Director


26 March 2025

Duo Group (U.K.) Ltd (Registered number: 05167242)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of specialist land excavation and remediation, offering clients a full range of services which include the facility for small, medium or large scale earthworks and landscaping.

The company also deal in the sale of specialist plant and equipment for use in land excavation and earthworks.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

S J Hall
M F Mc Williams

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Thornton Springer LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M F Mc Williams - Director


26 March 2025

Report of the Independent Auditors to the Members of
Duo Group (U.K.) Ltd

Opinion
We have audited the financial statements of Duo Group (U.K.) Ltd (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Duo Group (U.K.) Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Report of the Independent Auditors to the Members of
Duo Group (U.K.) Ltd


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with relevant laws and regulations. Non-compliance with these laws and regulations might have a material effect on the financial statements.

We evaluated management's incentives and opportunity for fraudulent manipulation of the financial statement (including the risk of override of controls) and determined that the principal risks were posting of unusual journal entries outside the normal course of business and revenue recognition journal entries to manipulate the company's performance profit measures and other key performance indicators.

Audit procedures performed included: review of the financial statements and disclosures to underlying supporting documentation, review of compliance with the laws and regulations, enquiries with management, testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Duo Group (U.K.) Ltd


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 a Report of the Auditors 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.




Stephen A Kaye (Senior Statutory Auditor)
for and on behalf of Thornton Springer LLP
Chartered Accountants and
Statutory Auditor
67 Westow Street
London
SE19 3RW

26 March 2025

Duo Group (U.K.) Ltd (Registered number: 05167242)

Statement of Comprehensive Income
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

TURNOVER 4 15,352 7,389

Cost of sales - (5,569 )
GROSS PROFIT 15,352 1,820

Administrative expenses (6,835 ) (16,932 )
OPERATING PROFIT/(LOSS) 6 8,517 (15,112 )


Interest payable and similar expenses 7 (13,052 ) (52,277 )
LOSS BEFORE TAXATION (4,535 ) (67,389 )

Tax on loss 8 - -
LOSS FOR THE FINANCIAL YEAR (4,535 ) (67,389 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(4,535

)

(67,389

)

Duo Group (U.K.) Ltd (Registered number: 05167242)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £   
FIXED ASSETS
Investments 9 251,343 93

CURRENT ASSETS
Debtors 10 332,810 6,686,855
Cash at bank 34 -
332,844 6,686,855
CREDITORS
Amounts falling due within one year 11 (935,983 ) (7,034,209 )
NET CURRENT LIABILITIES (603,139 ) (347,354 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(351,796

)

(347,261

)

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 15 (351,896 ) (347,361 )
SHAREHOLDERS' FUNDS (351,796 ) (347,261 )

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





M F Mc Williams - Director


Duo Group (U.K.) Ltd (Registered number: 05167242)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 100 (279,972 ) (279,872 )

Changes in equity
Total comprehensive income - (67,389 ) (67,389 )
Balance at 30 June 2023 100 (347,361 ) (347,261 )

Changes in equity
Total comprehensive income - (4,535 ) (4,535 )
Balance at 30 June 2024 100 (351,896 ) (351,796 )

Duo Group (U.K.) Ltd (Registered number: 05167242)

Cash Flow Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 838,664 (3,708,104 )
Interest paid (13,052 ) (52,277 )
Net cash from operating activities 825,612 (3,760,381 )

Cash flows from investing activities
Purchase of fixed asset investments (251,250 ) -
Sale of fixed asset investments - 3,943,783
Net cash from investing activities (251,250 ) 3,943,783

Increase in cash and cash equivalents 574,362 183,402
Cash and cash equivalents at beginning of
year

2

(574,328

)

(757,730

)

Cash and cash equivalents at end of year 2 34 (574,328 )

Duo Group (U.K.) Ltd (Registered number: 05167242)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.6.24 30.6.23
£    £   
Loss before taxation (4,535 ) (67,389 )
Finance costs 13,052 52,277
8,517 (15,112 )
Decrease/(increase) in trade and other debtors 6,356,776 (6,404,845 )
(Decrease)/increase in trade and other creditors (5,526,629 ) 2,711,853
Cash generated from operations 838,664 (3,708,104 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 34 -
Bank overdrafts - (574,328 )
34 (574,328 )
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Bank overdrafts (574,328 ) (757,730 )


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank - 34 34
Bank overdrafts (574,328 ) 574,328 -
(574,328 ) 574,362 34
Total (574,328 ) 574,362 34

Duo Group (U.K.) Ltd (Registered number: 05167242)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Duo Group (U.K.) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the recognition of certain financial assets and liabilities measured at fair value.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

There are no significant judgements or estimates in the current financial statements.

Turnover
Turnover is measured at the fair value of invoiced sales receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Duo Group (U.K.) Ltd (Registered number: 05167242)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. ACCOUNTING POLICIES - continued

Going concern
The directors note the net liabilities of £351,796 in the balance sheet. The bulk of this relates to loans payable to fellow group and common controlled companies. Following a review of current and projected revenues from existing on-site contracts and anticipated additional revenues in the next 12-24 months, the directors believe that this gives a strong platform for the company to trade out of the difficulties encountered from the pandemic. The company also relies on the Duo Operations Limited a subsidiary undertaking whose profits for the year were £4,597,121 and £9,948,444 net assets as of June 2024. Accordingly, it is felt appropriate to continue to apply the going concern concept in the preparation of these accounts.

Financial instruments
The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and intra-group balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at cost and amortised cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised costs, the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated cash flow discounted at the asset's original effective interest rate.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank overdraft, intra-group balances and hire purchase contracts, 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 receipts discounted at a market rate of interest.

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

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, and, if applicable, other short-term highly liquid investments with original maturities of three months or less.

4. TURNOVER

The total turnover of the company has been derived from its principal activity wholly undertaken in the UK.

5. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 June 2024 nor for the year ended 30 June 2023.

The average number of employees during the year was as follows:
30.6.24 30.6.23

Directors 2 2

Duo Group (U.K.) Ltd (Registered number: 05167242)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. EMPLOYEES AND DIRECTORS - continued

30.6.24 30.6.23
£    £   
Directors' remuneration - -

No retirement benefits are accruing for any directors.

6. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

30.6.24 30.6.23
£    £   
Auditors' remuneration 2,000 5,005

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£    £   
Bank & other interest 13,052 52,277

8. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 June 2024 nor for the year ended 30 June 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.24 30.6.23
£    £   
Loss before tax (4,535 ) (67,389 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

(1,134

)

(12,804

)

Effects of:
Utilisation of tax losses 1,134 12,804



accelerated capital allowances

Total tax charge - -

Changes to the future UK corporation tax rates were substantively enacted as part of the Finance Bill 2021 on 24 May 2021. It makes provision for the rate of corporation tax in the UK to increase from 1 April 2023 from 19% to 25% where a company has taxable profits exceeding £250,000 adjusted by number of associated companies. Therefore, the tax rate of 25% has been used in the calculations for 2024.

Duo Group (U.K.) Ltd (Registered number: 05167242)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023 93
Additions 251,250
At 30 June 2024 251,343
NET BOOK VALUE
At 30 June 2024 251,343
At 30 June 2023 93

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Name of company Country of Proportion of Principal
incorporation shares held activity

Duo Operations Limited England & Wales 100% Land excavation and remediation
Excav8 Limited * England & Wales 100% Engineering

* Held by subsidiary undertakings




10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Amounts due from related entities 202,587 6,559,363
VAT 130,223 127,492
332,810 6,686,855

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts (see note 12) - 574,328
Trade creditors 5,578 8,475
Amounts owed to group undertakings 897,399 5,473,148
Other creditors 30,006 973,758
Accruals and deferred income 3,000 4,500
935,983 7,034,209

Duo Group (U.K.) Ltd (Registered number: 05167242)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

12. LOANS

An analysis of the maturity of loans is given below:

30.6.24 30.6.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 574,328

13. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Bank overdraft - 574,328

The bank overdraft of the company is secured via a fixed and floating charge over the assets of the company and the subsidiary undertaking Duo Operations Ltd plus the associated companies Duo Processing Limited and DMP Assets Limited.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Ordinary £1 100 100

15. RESERVES
Retained
earnings
£   

At 1 July 2023 (347,361 )
Deficit for the year (4,535 )
At 30 June 2024 (351,896 )

16. ULTIMATE PARENT COMPANY

The company is a subsidiary of PT McWilliams Group Ltd, a company registered in Northern Ireland.

These financial statements have been consolidated in the financial statements of PT McWilliams Group Ltd. The consolidated financial statements can be obtained from 17 Clarendon Road, Belfast, BT1 3BG.

The ultimate parent company is PT McWilliams Group Ltd, a company registered in Northern Ireland.

17. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Duo Group (U.K.) Ltd (Registered number: 05167242)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

18. ULTIMATE CONTROLLING PARTY

The controlling party is M F Mc Williams.