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Registration number: 06057145

Patrick B Doyle (Construction) Limited

Annual Report and Financial Statements

for the Period from 1 February 2023 to 31 July 2024

 

Patrick B Doyle (Construction) Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 23

 

Patrick B Doyle (Construction) Limited

Company Information

Directors

Mr N Doyle

Mr MB Doyle

Mr PB Doyle

Mr D R Crawley

Company secretary

Glenspey Associates Limited

Registered office

67 Langham Gardens
London
N21 1DL

Auditors

Gray & Co Dan Limited
Chartered Accountants
Springvale
Police Station Square
Mildenhall
Suffolk
IP28 7ER

 

Patrick B Doyle (Construction) Limited

Strategic Report for the Period from 1 February 2023 to 31 July 2024

The directors present their strategic report for the period from 1 February 2023 to 31 July 2024.
The current period was extended to 31.07.2024 to enable the company to better reflect it's annual trading performance. Comparative amounts are not accordingly directly comparable.

Principal activity

The principal activity of the company is Construction and civil engineering

Fair review of the business

The company had another satisfactory trading period maintaining strong profitability and solid demand from client's in the region.
As part of the directors' ongoing obligations to promote the success of the company, consideration is given to broadening the management and technical capability of the company through staff recruitment and retention in addition to fostering long term relationships with key suppliers and subcontractors. As a result expertise is being developed in certain market sectors that enable the company to generate repeat business and achieve better margins.

The company's key financial and other performance indicators during the period were as follows:

Financial KPIs

Unit

2024

2023

Percentage increase in sales

%

(9)

(45)

Gross profit margin

%

13

13

Return on capital (operating profit before tax/net assets)

%

20

19

Net profit margin (net profit before tax/sales)

%

11

13

Sales credit period

days

78

46

Purchase credit period

days

52

53

Principal risks and uncertainties

The main risks are associated with the potential adverse affect of the uncertain economic outlook on iinvestment in certain market segments. Uncertainty also relates to the potential adverse effect of negative global factors outside the company's control. The Balance Sheet at 31 July 2024 shows a strong financial position and liquidity is good.

Approved and authorised by the Board on 11 April 2025 and signed on its behalf by:
 

.........................................
Mr MB Doyle
Director

 

Patrick B Doyle (Construction) Limited

Directors' Report for the Period from 1 February 2023 to 31 July 2024

The directors present their report and the financial statements for the period from 1 February 2023 to 31 July 2024. The current period was extended to the 31st July 24 to enable the company to better reflect it's trading activities on an ongoing basis.

Directors of the company

The directors who held office during the period were as follows:

Mrs KM Doyle (ceased 11 March 2024)

Mr N Doyle

Mr MB Doyle

Mr PB Doyle

Mr D R Crawley

Financial instruments

Objectives and policies

The company aims to maximise the use of it's own resources in its continuing operations.

Price risk, credit risk, liquidity risk and cash flow risk

Liquidity Risk
The company manages it's cash and borrowing requirements in order to minimise interest exposure and maximise interest income, while the company has sufficient liquid resources to meet the operating needs of the business.

Credit Risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where appropriate.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Gray & Co Dan Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 11 April 2025 and signed on its behalf by:
 

.........................................
Mr MB Doyle
Director

 

Patrick B Doyle (Construction) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Patrick B Doyle (Construction) Limited

Independent Auditor's Report to the Members of Patrick B Doyle (Construction) Limited

Opinion

We have audited the financial statements of Patrick B Doyle (Construction) Limited (the 'company') for the period from 1 February 2023 to 31 July 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 31 July 2024 and of its profit for the period 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Patrick B Doyle (Construction) Limited

Independent Auditor's Report to the Members of Patrick B Doyle (Construction) Limited

Opinion on other matter 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditor Responsibilities for the audit of the financial statements

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

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

 

Patrick B Doyle (Construction) Limited

Independent Auditor's Report to the Members of Patrick B Doyle (Construction) Limited

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
• Obtained an understanding of the nature of the industry sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal regulatory framework;
• Inquired of management and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
• Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;
• Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
• Robustly challenged accounting estimates to ensure no indication of management bias.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including revenue recognition, management override of systems and control, transactions with related parties, commitments and contingencies and accounting estimates.
We also obtained an understanding of the legal and regulatory framework that the company operates in, through discussions with the directors and other management, and from our own knowledge and experience of the sector.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

......................................
Ian Gray (Senior Statutory Auditor)
For and on behalf of Gray & Co Dan Limited, Statutory Auditor

Springvale
Police Station Square
Mildenhall
Suffolk
IP28 7ER

11 April 2025

 

Patrick B Doyle (Construction) Limited

Profit and Loss Account for the Period from 1 February 2023 to 31 July 2024

Note

2024
£

2023
£

Turnover

3

19,087,579

13,956,519

Cost of sales

 

(16,586,585)

(12,061,804)

Gross profit

 

2,500,994

1,894,715

Administrative expenses

 

(685,112)

(230,646)

Other operating income

4

87,285

53,332

Operating profit

6

1,903,167

1,717,401

Other interest receivable and similar income

7

330,245

156,270

Interest payable and similar expenses

8

(13,829)

(27,120)

   

316,416

129,150

Profit before tax

 

2,219,583

1,846,551

Tax on profit

12

(537,151)

(333,731)

Profit for the financial period

 

1,682,432

1,512,820

The above results were derived from continuing operations.

 

Patrick B Doyle (Construction) Limited

Statement of Comprehensive Income for the Period from 1 February 2023 to 31 July 2024

2024
£

2023
£

Profit for the period

1,682,432

1,512,820

Surplus on property, plant and equipment revaluation

607,500

-

Total comprehensive income for the period

2,289,932

1,512,820

 

Patrick B Doyle (Construction) Limited

(Registration number: 06057145)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

14

183,525

180,140

Investment property

15

1,695,000

1,087,500

 

1,878,525

1,267,640

Current assets

 

Stocks

16

391,562

778,341

Debtors

17

8,677,211

4,981,744

Cash at bank and in hand

 

5,105,057

5,286,514

 

14,173,830

11,046,599

Creditors: Amounts falling due within one year

19

(5,484,141)

(3,112,929)

Net current assets

 

8,689,689

7,933,670

Total assets less current liabilities

 

10,568,214

9,201,310

Creditors: Amounts falling due after more than one year

19

-

(3,028)

Net assets

 

10,568,214

9,198,282

Capital and reserves

 

Called up share capital

1,205

1,205

Revaluation reserve

607,500

-

Retained earnings

9,959,509

9,197,077

Shareholders' funds

 

10,568,214

9,198,282

Approved and authorised by the Board on 11 April 2025 and signed on its behalf by:
 

.........................................
Mr MB Doyle
Director

 

Patrick B Doyle (Construction) Limited

Statement of Changes in Equity for the Period from 1 February 2023 to 31 July 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 February 2023

1,205

-

9,197,077

9,198,282

Profit for the period

-

-

1,682,432

1,682,432

Other comprehensive income

-

607,500

-

607,500

Total comprehensive income

-

607,500

1,682,432

2,289,932

Dividends

-

-

(920,000)

(920,000)

At 31 July 2024

1,205

607,500

9,959,509

10,568,214

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

1,205

8,203,257

8,204,462

Profit for the period

-

1,512,820

1,512,820

Dividends

-

(519,000)

(519,000)

At 31 January 2023

1,205

9,197,077

9,198,282

 

Patrick B Doyle (Construction) Limited

Statement of Cash Flows for the Period from 1 February 2023 to 31 July 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the period

 

1,682,432

1,512,820

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

110,374

53,615

Loss on disposal of tangible assets

5

-

2,194

Finance income

7

(330,245)

(156,270)

Finance costs

8

13,829

27,120

Income tax expense

12

537,151

333,731

 

2,013,541

1,773,210

Working capital adjustments

 

Decrease in stocks

16

386,779

287,868

(Increase)/decrease in trade debtors

17

(3,820,464)

6,647,339

Increase/(decrease) in trade creditors

19

1,860,698

(7,613,533)

Cash generated from operations

 

440,554

1,094,884

Income taxes received/(paid)

12

124,086

(681,165)

Net cash flow from operating activities

 

564,640

413,719

Cash flows from investing activities

 

Interest received

7

330,245

156,270

Acquisitions of tangible assets

(113,759)

(147,987)

Proceeds from sale of tangible assets

 

-

3,900

Net cash flows from investing activities

 

216,486

12,183

Cash flows from financing activities

 

Interest paid

8

(13,829)

(27,120)

Payments to finance lease creditors

 

(28,754)

(27,832)

Dividends paid

23

(920,000)

(519,000)

Net cash flows from financing activities

 

(962,583)

(573,952)

Net decrease in cash and cash equivalents

 

(181,457)

(148,050)

Cash and cash equivalents at 1 February

 

5,286,514

5,434,564

Cash and cash equivalents at 31 July

 

5,105,057

5,286,514

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Period from 1 February 2023 to 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
67 Langham Gardens
London
N21 1DL

These financial statements were authorised for issue by the Board on 11 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts have been prepared in sterling and rounded to the nearest £ .

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed.Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Period from 1 February 2023 to 31 July 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

Reducing balance 25%

Motor Vehicles

Reducing balance 25%

Investment property

Properties developed by the company but not sold have been rented out. These properties have been disclosed in the accounts at their fair value.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Contract balances classified under the balance sheet heading of Stocks and work in progress are stated at net cost, less foreseeble losses and payments on account.

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Period from 1 February 2023 to 31 July 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Pension fund assets are held independently from the company's assets.

3

Turnover

The analysis of the company's revenue for the period from continuing operations is as follows:

1 February 2023 to 31 July 2024
 £

Year ended 31 January 2023
 £

Sale of goods

19,087,579

13,956,519

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Period from 1 February 2023 to 31 July 2024

4

Other operating income

The analysis of the company's other operating income for the period is as follows:

1 February 2023 to 31 July 2024
 £

Year ended 31 January 2023
 £

Miscellaneous other operating income

87,285

53,332

5

Other gains and losses

The analysis of the company's other gains and losses for the period is as follows:

1 February 2023 to 31 July 2024
 £

Year ended 31 January 2023
 £

Gain/loss on disposal of property, plant and equipment

-

(2,194)

6

Operating profit

Arrived at after charging/(crediting)

1 February 2023 to 31 July 2024
 £

Year ended 31 January 2023
 £

Depreciation expense

110,374

53,615

Loss on disposal of property, plant and equipment

-

2,194

7

Other interest receivable and similar income

1 February 2023 to 31 July 2024
 £

Year ended 31 January 2023
 £

Interest income on bank deposits

330,245

82,307

Other finance income

-

73,963

330,245

156,270

8

Interest payable and similar expenses

1 February 2023 to 31 July 2024
 £

Year ended 31 January 2023
 £

Interest on obligations under finance leases and hire purchase contracts

479

1,374

Interest expense on other finance liabilities

13,350

25,746

13,829

27,120

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Period from 1 February 2023 to 31 July 2024

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

1 February 2023 to 31 July 2024
 £

Year ended 31 January 2023
 £

Wages and salaries

1,127,198

776,344

Pension costs, defined contribution scheme

365,720

88,347

Other employee expense

5,831

5,995

1,498,749

870,686

The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

28

18

28

18

10

Directors' remuneration

The directors' remuneration for the period was as follows:

1 February 2023 to 31 July 2024
 £

Year ended 31 January 2023
 £

Remuneration

23,777

11,688

Contributions paid to money purchase schemes

336,100

70,000

359,877

81,688

Pension contributions paid in respect of 2 directors.

11

Auditors' remuneration

1 February 2023 to 31 July 2024
 £

Year ended 31 January 2023
 £

Audit of the financial statements

10,000

8,750


 

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Period from 1 February 2023 to 31 July 2024

12

Taxation

Tax charged/(credited) in the income statement

1 February 2023 to 31 July 2024
 £

Year ended 31 January 2023
 £

Current taxation

UK corporation tax

537,151

333,731

The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

1 February 2023 to 31 July 2024
 £

Year ended 31 January 2023
 £

Profit before tax

2,219,583

1,846,551

Corporation tax at standard rate

568,645

350,845

Tax increase (decrease) from effect of capital allowances and depreciation

(31,494)

(17,114)

Total tax charge

537,151

333,731

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Assets with tax allowances

174,521

43,630

174,521

43,630

2023

Asset
£

Liability
£

Assets with tax allowances

60,762

11,545

60,762

11,545

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Period from 1 February 2023 to 31 July 2024

13

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

1,294,906

1,294,906

At 31 July 2024

1,294,906

1,294,906

Amortisation

At 1 February 2023

1,294,906

1,294,906

At 31 July 2024

1,294,906

1,294,906

Carrying amount

At 31 July 2024

-

-

14

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

94,458

168,607

263,065

Additions

45,764

67,995

113,759

At 31 July 2024

140,222

236,602

376,824

Depreciation

At 1 February 2023

26,562

56,363

82,925

Charge for the period

36,593

73,781

110,374

At 31 July 2024

63,155

130,144

193,299

Carrying amount

At 31 July 2024

77,067

106,458

183,525

At 31 January 2023

67,896

112,244

180,140

15

Investment properties

2024
£

At 1 February

1,087,500

Additions

607,500

At 31 July

1,695,000

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Period from 1 February 2023 to 31 July 2024

Properties developed by the company but not sold have been rented out. These properties have been professionally valued on the comparison method at £1,695,000. The revaluation surplus £607,500 has been transferred to revaluation reserve.

16

Stocks

31 July 2024
 £

31 January 2023
 £

Work in progress

351,362

738,341

Other inventories

40,200

40,000

391,562

778,341

17

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

4,066,709

2,300,617

Amounts owed by related parties

24

39,091

2,300

Other debtors

 

4,569,842

2,542,867

Prepayments

 

1,569

10,963

Income tax asset

12

-

124,997

   

8,677,211

4,981,744

18

Cash and cash equivalents

31 July 2024
 £

31 January 2023
 £

Cash on hand

59

58

Cash at bank

846,075

552,142

Short-term deposits

4,258,923

4,734,314

5,105,057

5,286,514

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Period from 1 February 2023 to 31 July 2024

19

Creditors

Note

31 July 2024
 £

31 January 2023
 £

Due within one year

 

Loans and borrowings

22

-

25,726

Trade creditors

 

2,107,581

1,390,091

Amounts due to related parties

24

33,312

50,363

Social security and other taxes

 

346,780

139,464

Outstanding defined contribution pension costs

 

6,864

5,295

Other payables

 

1,116,592

982,174

Accrued expenses

 

1,336,772

519,816

Income tax liability

12

536,240

-

 

5,484,141

3,112,929

Due after one year

 

Loans and borrowings

22

-

3,028

20

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £365,720 (2023 - £88,347).

Contributions totalling £6,864 (2023 - £5,295) were payable to the scheme at the end of the period and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

505

505

505

505

Ordinary B shares of £1 each

500

500

500

500

Ordinary C shares of £1 each

100

100

100

100

Ordinary D shares of £1 each

100

100

100

100

1,205

1,205

1,205

1,205

Rights, preferences and restrictions

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Period from 1 February 2023 to 31 July 2024

Ordinary A shares have the following rights, preferences and restrictions:
All A ordinary shares have full full voting,dividend and capital distribution rights.

Ordinary B shares have the following rights, preferences and restrictions:
All Ordinary B shares have restricted voting rights.

Ordinary C and D shares have the following rights, preferences and restrictions:
All ordinary C and D shares have restricted voting and participation rights.

22

Loans and borrowings

31 July 2024
 £

31 January 2023
 £

Non-current loans and borrowings

HP and finance lease liabilities

-

3,028

31 July 2024
 £

31 January 2023
 £

Current loans and borrowings

HP and finance lease liabilities

-

25,726

23

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of Nil per each Ordinary shares

-

-

 

 

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £1,777.77 (2023 - £888.89) per each of 225 Ordinary A shares

 

400,000

 

200,000

Interim dividend of £3,600.00 (2023 - £2,250.00) per each Ordinary D shares

 

360,000

 

225,000

Interim dividend of £3,200.00 (2023 - £1,880.00) per each Ordinary C shares

 

160,000

 

94,000

   

920,000

 

519,000

24

Related party transactions

The company is controlled by the directors who are also the directors and shareholders of P B Doyle (Contractors) Limited and P B Doyle Properties Limited.

Income and receivables from related parties

 

Patrick B Doyle (Construction) Limited

Notes to the Financial Statements for the Period from 1 February 2023 to 31 July 2024

2024

Entities with joint control or significant influence
£

Sale of goods

2,955,000

Receipt of services

1,334,575

4,289,575

Amounts receivable from related party

4,961,139

2023

Entities with joint control or significant influence
£

Sale of goods

186,250

Receipt of services

426,250

612,500

Amounts receivable from related party

3,311,639

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Purchase of goods

1,334,575

Settlement of liabilities

736,969

2,071,544

Amounts payable to related party

2,418,475

2023

Entities with joint control or significant influence
£

Purchase of goods

426,250

Settlement of liabilities

594,177

1,020,427

Amounts payable to related party

1,486,809