IRIS Accounts Production v24.3.2.46 01729334 Board of Directors 1.4.23 31.3.24 31.3.24 Medium entities true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh017293342023-03-31017293342024-03-31017293342023-04-012024-03-31017293342022-03-31017293342022-04-012023-03-31017293342023-03-3101729334ns15:EnglandWales2023-04-012024-03-3101729334ns14:PoundSterling2023-04-012024-03-3101729334ns10:Director12023-04-012024-03-3101729334ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3101729334ns10:MediumEntities2023-04-012024-03-3101729334ns10:Audited2023-04-012024-03-3101729334ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3101729334ns10:Medium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3101729334ns10:FullAccounts2023-04-012024-03-3101729334ns10:OrdinaryShareClass12023-04-012024-03-3101729334ns10:Director22023-04-012024-03-3101729334ns10:Director32023-04-012024-03-3101729334ns10:CompanySecretary12023-04-012024-03-3101729334ns10:RegisteredOffice2023-04-012024-03-3101729334ns5:CurrentFinancialInstruments2024-03-3101729334ns5:CurrentFinancialInstruments2023-03-3101729334ns5:ShareCapital2024-03-3101729334ns5:ShareCapital2023-03-3101729334ns5:RetainedEarningsAccumulatedLosses2024-03-3101729334ns5:RetainedEarningsAccumulatedLosses2023-03-3101729334ns5:ShareCapital2022-03-3101729334ns5:RetainedEarningsAccumulatedLosses2022-03-3101729334ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3101729334ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3101729334ns5:PlantMachinery2023-04-012024-03-3101729334ns5:FurnitureFittings2023-04-012024-03-3101729334ns5:MotorVehicles2023-04-012024-03-310172933412023-04-012024-03-3101729334ns10:HighestPaidDirector2023-04-012024-03-3101729334ns10:HighestPaidDirector2022-04-012023-03-3101729334ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-04-012024-03-3101729334ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-04-012023-03-3101729334ns5:OwnedAssets2023-04-012024-03-3101729334ns5:OwnedAssets2022-04-012023-03-3101729334ns5:PlantMachinery2023-03-3101729334ns5:FurnitureFittings2023-03-3101729334ns5:MotorVehicles2023-03-3101729334ns5:PlantMachinery2024-03-3101729334ns5:FurnitureFittings2024-03-3101729334ns5:MotorVehicles2024-03-3101729334ns5:PlantMachinery2023-03-3101729334ns5:FurnitureFittings2023-03-3101729334ns5:MotorVehicles2023-03-3101729334ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3101729334ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3101729334ns5:WithinOneYear2024-03-3101729334ns5:WithinOneYear2023-03-3101729334ns5:BetweenOneFiveYears2024-03-3101729334ns5:BetweenOneFiveYears2023-03-3101729334ns5:AllPeriods2024-03-3101729334ns5:AllPeriods2023-03-3101729334ns5:DeferredTaxation2023-03-3101729334ns5:DeferredTaxation2023-04-012024-03-3101729334ns5:DeferredTaxation2024-03-3101729334ns10:OrdinaryShareClass12024-03-310172933412023-04-012024-03-31
REGISTERED NUMBER: 01729334 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

DURKIN AND SONS LIMITED

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Profit and Loss Account 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


DURKIN AND SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: M E Durkin
E C Durkin
B Murphy





SECRETARY: E C Durkin





REGISTERED OFFICE: Unit 1, Phoenix Trading Estate
Bilton Road
Perivale
Middlesex
UB6 7DZ





REGISTERED NUMBER: 01729334 (England and Wales)





AUDITORS: Sproull & Co.
Chartered Accountants
Statutory Auditors
First Floor, Jebsen House
53-61 High Street
Ruislip
Middlesex
HA4 7BD

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024


The directors present their strategic report for the year ended 31st March 2024.

REVIEW OF BUSINESS
After two years of making losses, Durkin and Sons Ltd has successfully returned to profitability. This marks a significant turnaround, driven by improved operational efficiency, strategic cost reductions, and stronger market demand. The recent award (June 2024) of a 5 year framework from a DNO Energy supplier for design and installation of distribution cabling in the south of England enables Durkin and Sons Ltd to be excited about the future, and with a solid strategic plan in place, we are confident that we can continue to grow, innovate, and create value for our stakeholders.

Looking forward, we are focused on sustaining this profitability through expanding our presence in new markets and enhancing operational efficiencies. These efforts will ensure that Durkin and Sons Ltd remains well-positioned for long-term success and value creation for stakeholders. The future order books and pipeline remains strong as the business focuses on continuing to work with both new and long-established clients.

The directors intend to keep the company's activities under constant evaluation to enable us to respond to change as effectively as possible.

The directors consider the following Key Performance Indicators (KPIs) to be relevant to the company:

KPI 2024 2023 2022 2021
Turnover £11,186,890 £7,444,398 £5,069,580 £6,443,424
Gross Profit £2,021,783 £1,316,174 £469,644 £2,235,283
Gross Profit Margin 18.07% 17.68% 9.26% 34.69%
Net Profit/(Loss) £101,308 (£313,441 ) (£996,535 ) £1,339,637


DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The Board of Directors has ultimate responsibility for risk management. This responsibility requires an understanding of the key risks, recognition and oversight of the measures in place to manage and minimise risks and the acceptance of residual risks.

The principal risks faced by the company are as follows:

- Health and Safety: implementing effective management systems and working practices
- Regulatory compliance: complying fully with applicable laws and regulations
- Customer reliance: dependence on, and volatility of, client expenditure in the civil engineering and utility contracting
industries
- Project and work package execution: completing contracts to programme requirements
- People management: attracting and retaining skilled personnel

Post Balance Sheet Events
As of June 2024, the company has successfully transitioned to 100% employee ownership through its Employee Ownership Trust (EOT). This strategic milestone is the culmination of a multi-year effort to align the interests of all employees with the long-term success of the business. The transfer of all company shares into the EOT has resulted in every employee becoming a beneficial owner, reinforcing our commitment to a people-centric corporate culture.

The decision to transition to full employee ownership was made with the intent to promote greater employee engagement, enhance decision-making at all levels, and create a more sustainable business model focused on long-term growth. The EOT structure ensures that employees, as the new owners, share in the profits, future appreciation in company value, and the overall success of the company.

In the months following the balance sheet date, the company has worked closely with the EOT trustees to implement the transfer of remaining shares. The company is proud to note that 100% of its shares are now held by the EOT, a move that aligns with our strategic vision to create a culture where employees are not just contributors but owners, directly benefiting from the company's continued success.

This transition to full employee ownership will also result in enhanced alignment of employee interests with the company's strategic goals, ensuring that our team remains highly motivated and committed to achieving our vision. As an employee-owned company, we are confident that this model will foster a strong sense of responsibility, collaboration, and innovation across the business.

The company will continue to focus on delivering value to its employee-owners, strengthening our position in the market, and expanding opportunities for growth and development in the years to come.

In line with our ongoing efforts to drive growth and enhance strategic execution, we appointed a new Managing Director, Ben Murphy, who brings over 20 years of experience in construction industry and an extensive network of connections. With a proven track record in leading successful businesses through periods of transformation, Ben Murphy is well-positioned to steer Durkin and Sons Ltd toward continued success and expansion.

Going Concern
After reviewing the company's financial position, management believes the business will continue as a going concern. This assessment is based on the company's ability to generate sufficient cash flow from operations, its current liquidity position, and ongoing support from key stakeholders. Additionally, management is implementing a series of cost-cutting measures and pursuing new revenue-generating opportunities, which are expected to further strengthen the company's financial stability. The company has no significant concerns regarding its ability to meet its short-term and long-term obligations.


DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024


ON BEHALF OF THE BOARD:





M E Durkin - Director


27th March 2025

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31st March 2024.

PRINCIPAL ACTIVITY
Durkin and Sons Ltd is a leading provider of distribution and transmission cable installation networks and associated engineering services. We specialise in the design, installation, and maintenance of LV to EHV electrical infrastructure, serving utilities, industrial clients, and large-scale projects across diverse sectors from LV to EHV 525 Kv.

DIVIDENDS
The directors do not recommend the payment of a dividend.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

M E Durkin
E C Durkin

Other changes in directors holding office are as follows:

B Murphy was appointed as a director after 31st March 2024 but prior to the date of this report.

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.

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2024


AUDITORS
Under section 487(2) of the Companies Act 2006, Sproull & Co., Chartered Accountants and Statutory Auditors, are deemed to be reappointed as auditors.

ON BEHALF OF THE BOARD:





M E Durkin - Director


27th March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DURKIN AND SONS LIMITED


Opinion
We have audited the financial statements of Durkin and Sons Limited (the 'company') for the year ended 31st March 2024 which comprise the Profit and Loss Account, 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 31st March 2024 and of its 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 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
DURKIN AND SONS LIMITED


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 five, 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.

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:

- Through assessing our cumulative acquired knowledge and review of relevant sector information, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.
- We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, Financial Reporting Standards and UK taxation legislation.
- We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates.
- We discussed among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud. Furthermore, we communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DURKIN AND SONS LIMITED


Based on the above, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. Our work included:

- Discussions with management and those charged with governance in relation to known or suspected instances of non-compliance with laws and regulations and fraud as well as those policies and procedures designed to detect such instances.
- Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control.
- Evaluating the appropriateness of accounting policies used, evaluating the reasonableness and testing of significant accounting estimates and assessing whether the judgements made are indicative of a potential bias by management that represented a risk of material misstatement due to fraud.
- Testing of journal entries back to corroborating evidence.
- Reviewing the financial statement disclosures and agreeing to supporting documentation where relevant to assess compliance with relevant laws and regulations.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with the laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

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.




Michelle Wickwar (Senior Statutory Auditor)
for and on behalf of Sproull & Co.
Chartered Accountants
Statutory Auditors
First Floor, Jebsen House
53-61 High Street
Ruislip
Middlesex
HA4 7BD

28th March 2025

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £   

TURNOVER 4 11,186,890 7,444,398

Cost of sales 9,165,107 6,128,224
GROSS PROFIT 2,021,783 1,316,174

Administrative expenses 2,227,377 1,832,779
(205,594 ) (516,605 )

Other operating income 5 190,000 193,127
OPERATING LOSS (15,594 ) (323,478 )

Interest receivable and similar income 116,902 10,037
PROFIT/(LOSS) BEFORE TAXATION 7 101,308 (313,441 )

Tax on profit/(loss) 8 30,007 49,409
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

71,301

(362,850

)

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 833,604 663,137

CURRENT ASSETS
Debtors 10 4,185,488 3,969,918
Cash at bank and in hand 6,600,472 6,540,309
10,785,960 10,510,227
CREDITORS
Amounts falling due within one year 11 1,862,300 1,517,408
NET CURRENT ASSETS 8,923,660 8,992,819
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,757,264

9,655,956

PROVISIONS FOR LIABILITIES 14 121,371 91,364
NET ASSETS 9,635,893 9,564,592

CAPITAL AND RESERVES
Called up share capital 15 10,000 10,000
Retained earnings 9,625,893 9,554,592
SHAREHOLDERS' FUNDS 9,635,893 9,564,592

The financial statements were approved by the Board of Directors and authorised for issue on 27th March 2025 and were signed on its behalf by:





M E Durkin - Director


DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st April 2022 10,000 9,917,442 9,927,442

Changes in equity
Total comprehensive income - (362,850 ) (362,850 )
Balance at 31st March 2023 10,000 9,554,592 9,564,592

Changes in equity
Total comprehensive income - 71,301 71,301
Balance at 31st March 2024 10,000 9,625,893 9,635,893

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 226,353 (1,362,988 )
Tax paid 209,440 (3,986 )
Net cash from operating activities 435,793 (1,366,974 )

Cash flows from investing activities
Purchase of tangible fixed assets (509,220 ) (359,250 )
Sale of tangible fixed assets 29,000 37,150
Interest received 116,902 10,037
Net cash from investing activities (363,318 ) (312,063 )

Cash flows from financing activities
Amount withdrawn by directors (12,312 ) (832 )
Net cash from financing activities (12,312 ) (832 )

Increase/(decrease) in cash and cash equivalents 60,163 (1,679,869 )
Cash and cash equivalents at beginning of
year

2

6,540,309

8,220,178

Cash and cash equivalents at end of year 2 6,600,472 6,540,309

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 101,308 (313,441 )
Depreciation charges 279,417 222,264
Loss/(profit) on disposal of fixed assets 30,336 (18,489 )
Interest received (116,902 ) (10,037 )
294,159 (119,703 )
Increase in trade and other debtors (425,010 ) (1,938,773 )
Increase in trade and other creditors 357,204 695,488
Cash generated from operations 226,353 (1,362,988 )

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 31st March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 6,600,472 6,540,309
Year ended 31st March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 6,540,309 8,220,178


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 6,540,309 60,163 6,600,472
6,540,309 60,163 6,600,472
Total 6,540,309 60,163 6,600,472

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Durkin and Sons Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the company.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

In respect of long term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for on-going services is recognised by reference to the stage of completion.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The useful economic lives and residual values of the assets are assessed annually and may vary depending on a number of factors such as technological innovations, maintenance and projected disposal values.

Financial instruments
Financial instruments are classified according to the substance of the financial instrument's contractual obligations, as financial assets, financial liabilities or equity instruments.

Financial instruments are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Construction contracts
Amounts recoverable on contracts, including work-in-progress, are shown within debtors, and are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Turnover and related costs are recorded as contract activity progresses. An appropriate proportion of the anticipated contract profit or loss is recognised as the contract activity progresses commensurate with performance and anticipated final outcome. Excess progress payments are included in creditors as payments received on account.

Interest income
Interest income is recognised in profit or loss using the effective interest method.

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

Termination benefits are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Provision for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably required settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

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

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.

Construction contracts
Recognition of revenue and profit on long term contracts requires management judgement regarding the anticipated final outcome of individual contracts and the portion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.

Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The useful economic lives of the assets and residual values are assessed annually and may vary depending on a number of factors such as technological innovations, maintenance and projected disposal values.

4. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

5. OTHER OPERATING INCOME
2024 2023
£    £   
Rents received 190,000 193,127

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,509,858 2,439,071
Social security costs 312,175 313,611
Other pension costs 42,793 41,676
2,864,826 2,794,358

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


6. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Management 6 8
Administration 4 4
Production 35 32
45 44

2024 2023
£    £   
Directors' remuneration 361,016 347,614

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 181,083 176,095

7. PROFIT/(LOSS) BEFORE TAXATION

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

2024 2023
£    £   
Hire of plant and machinery 711,055 515,379
Other operating leases 396,439 397,548
Depreciation - owned assets 279,417 222,264
Loss/(profit) on disposal of fixed assets 30,336 (18,489 )
Auditors' remuneration 10,610 10,225
Auditors' remuneration for non audit work 2,865 1,890

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 30,007 49,409
Tax on profit/(loss) 30,007 49,409

UK corporation tax has been charged at 19% (2023 - 19%).

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


8. TAXATION - continued

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:

2024 2023
£    £   
Profit/(loss) before tax 101,308 (313,441 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
19% (2023 - 19%)

19,249

(59,554

)

Effects of:
Expenses not deductible for tax purposes 6,650 382
Capital allowances in excess of depreciation (35,771 ) (45,231 )
(Loss)/Profit on disposal of fixed assets 5,764 (3,513 )
Deferred tax 30,007 49,409
Losses carried forward 4,108 107,916
Total tax charge 30,007 49,409

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st April 2023 2,598,592 40,785 1,248,697 3,888,074
Additions 483,250 - 25,970 509,220
Disposals (997,368 ) - (553,850 ) (1,551,218 )
At 31st March 2024 2,084,474 40,785 720,817 2,846,076
DEPRECIATION
At 1st April 2023 2,105,500 40,567 1,078,870 3,224,937
Charge for year 236,512 53 42,852 279,417
Eliminated on disposal (967,071 ) - (524,811 ) (1,491,882 )
At 31st March 2024 1,374,941 40,620 596,911 2,012,472
NET BOOK VALUE
At 31st March 2024 709,533 165 123,906 833,604
At 31st March 2023 493,092 218 169,827 663,137

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,138,056 2,113,654
Other debtors 77,626 148,220
Corporation tax recoverable - 209,440
VAT - 154,712
Prepayments and accrued income 1,969,806 1,343,892
4,185,488 3,969,918

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 918,612 844,252
Social security and other taxes 111,269 102,282
VAT 271,667 -
Other creditors 44,403 43,404
Directors' current accounts 2,990 15,302
Accruals 513,359 512,168
1,862,300 1,517,408

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 97,500 97,500
Between one and five years 195,000 292,500
292,500 390,000

The operating lease commitments relate to the properties from which the business uses in its trade. These operating leases are subject to periodic rent reviews, though break clauses are available as these reviews fall due.

The operating lease commitments shown above are the total amounts payable up to each break clause.

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


13. FINANCIAL INSTRUMENTS

Categorisation of financial instruments
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost 8,816,154 8,802,183

Financial liabilities measured at amortised cost 1,476,374 1,399,824

Financial assets measured at amortised cost comprises cash, trade debtors and other debtors.

Financial liabilities measured at amortised cost comprises trade creditors, accrued expenses and other creditors.

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Deferred tax 91,364 41,955
Deferred taxation movement 30,007 49,409
121,371 91,364

Deferred
tax
£   
Balance at 1st April 2023 91,364
Provided during year 30,007
Balance at 31st March 2024 121,371

15. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary shares £1 10,000 10,000

16. PENSION COMMITMENTS

The company operates a defined contribution scheme. During the year the company contributed £42,793 (2023: £41,676). There were no outstanding contributions at the reporting date (2023: £Nil).

DURKIN AND SONS LIMITED (REGISTERED NUMBER: 01729334)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


17. POST BALANCE SHEET EVENTS

As of 12th June 2024 M E Durkin and E C Durkin have ceased from being the shareholders of the Company and as at same date 100% of the shares are transferred to Trident Trust Company (UK) Limited. Trident Trust Company (UK) Limited is an Employee Ownership Trust (EOT). Further details can be found on page 2 and page 3, Post Balance Sheet Events on the Strategic Report.

18. ULTIMATE CONTROLLING PARTY

M E Durkin and E C Durkin have ultimate control of the company by virtue of their 100% ownership of the company's share capital.