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Registered number: 00871763









P.N.Daly Limited









Annual Report and Financial Statements

For the year ended 30 September 2024

 
P.N.Daly Limited
 
 
Company Information


Directors
P N Daly 
J A Daly 
F P Daly 
N D Price 
F A Daly 
P J Daly 
S F Daly 
J Halstead 
J R Neylon 




Company secretary
J A Daly



Registered number
00871763



Registered office
Butterworth Hall Works
Charles Lane

Milnrow

Rochdale

Lancashire

OL16 3PA




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG




Bankers
National Westminster Bank PLC
Town Hall Square

Rochdale

Lancashire

OL16 1LL





 
P.N.Daly Limited
 

Contents



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 6
Independent auditors' report
 
7 - 10
Statement of comprehensive income
 
11
Statement of financial position
 
12
Statement of changes in equity
 
13
Statement of cash flows
 
14
Analysis of net debt
 
15
Notes to the financial statements
 
16 - 30


 
P.N.Daly Limited
 
 
Strategic Report
For the year ended 30 September 2024

Introduction
 
The directors present the Strategic Report for the year ended 30 September 2024.

Business review
 
During the year, construction contract revenue remained strong, driven by the award of further high-quality contracts for EHV and I&C works. As a result, turnover remained consistent at £56.0m. Gross profit percentage increased to 19.2% in 2024, compared to 14.3% in the prior year, indicating an improvement in performance.
Operating profit was similarly consistent at 5.0%
 (2023: 6.6%). At the year end, the company reported shareholders' funds of £17.4m, up from £14.9m in the previous year. The directors consider the company’s position to be satisfactory, supported by net current assets of £16.4m (2023: £14.0m).

Principal risks and uncertainties
 
The company’s major customers are concentrated in the civil engineering and utilities markets. General uncertainties can arise from economic conditions, rising inflation, and fluctuations in expenditure on capital projects. The market remains competitive.
The directors carry out regular reviews of the risk environment in which the company operates. The board believes that the company has adequate procedures and processes in place to ensure that these risks are monitored and managed appropriately. The main areas of risk identified by the board are:
Internal control risk
The board regularly reviews the system of internal controls, both financial and non-financial, operated by the company. These include controls designed to ensure that the company's assets are safeguarded and that proper accounting records are maintained.
Liquidity risk
The company finances its operations through a mixture of retained profits and loans from the directors. Management’s objectives are to:
Retain sufficient liquid funds to meet day-to-day obligations as they fall due, while maximising returns on surplus working capital.
Match the repayment schedule of any external borrowings or overdrafts with the expected future cash flows arising from the company’s trading activities.

IT and cybersecurity risk
The company recognises the importance of maintaining up-to-date IT security systems. Regular updates and reviews are conducted to address emerging threats.
Financial instrument risk
The company makes limited use of financial instruments, other than an operational bank account. Consequently, its exposure to price risk, credit risk, liquidity risk, and cash flow risk is not considered material for assessing the company’s financial position or performance.

Page 1

 
P.N.Daly Limited
 

Strategic Report (continued)
For the year ended 30 September 2024

Financial key performance indicators
 
The directors monitor performance through production of detailed management accounts that cover all trading divisions in the company and comparison to actual performances against prior year and expectations.
Key performance indicators:
           2024      2023
                         £m         £m
Turnover              56.0       56.6
Operating profit           2.8         3.7
Net current assets         16.4       14.0

The directors are satisfied with the performance of the business during the year. The business continued to be profitable and cash generative.

Matters of strategic importance
 
The business continues to focus on providing innovative solutions and a first class service to its customer base. 

Directors' statement of compliance with duty to promote the success of the company
 
The directors, in line with their duties under s172 of the Companies Act 2006, acknowledge their responsibility to exercise their duty in a way which promotes the success of the company for the benefit of all its stakeholders. We have evaluated the key stakeholders and how engagement with them has occurred during the year.
Our employees are key to the delivery of our services and therefore to the long-term success of the business. It is imperative to keep them actively engaged and motivated. Regular staff communication and engagement occurs through team meetings and training.
The directors recognise that securing new customers and maintaining long term client relationships with existing customers is vital to the success of the business. Our teams have communication with customers to ensure we are meeting their requirements. Larger customers are serviced by a combination of directors and senior managers.
The main suppliers to the business are for subcontract labour, plant and equipment, materials, and transport. They are essential to our ability to deliver services to our customers to the expected standard. Relationships with suppliers are developed though daily business activities and regular meetings. The business ensures that suppliers are paid on time. We also ensure that suppliers are aware of the company’s policies and are required to be compliant.
The company is continually reviewing its systems and procedures to reduce energy consumption and ensuring they are SECR (Streamlined Energy and Carbon Reporting) compliant.
In the community, the business continually employs local skills, and has supported a variety of local causes, including significant financial contributions to local charities.
It is critical that shareholders have confidence in the management and operation of the business, and in its long-term strategic objectives. The main shareholders are represented on the board of directors. 
There have been no major decisions that impact on stakeholders where additional engagement was considered necessary.  

Page 2

 
P.N.Daly Limited
 

Strategic Report (continued)
For the year ended 30 September 2024


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



P N Daly
Director

Date: 13 May 2025

Page 3

 
P.N.Daly Limited
 
 
 
Directors' Report
For the year ended 30 September 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,540,678 (2023 - £3,118,406).

Dividends paid during the year amounted to £Nil (2023 - £Nil).

Directors

The directors who served during the year were:

P N Daly 
J A Daly 
F P Daly 
N D Price 
F A Daly 
P J Daly 
S F Daly 
J Halstead 
J R Neylon 

Donations

During the year the company made donations to various charities, totalling £29,247 (2023: £103,890).

Page 4

 
P.N.Daly Limited
 
 
 
Directors' Report (continued)
For the year ended 30 September 2024

Future developments

The company has a number of profitable contracts ongoing, which will continue throughout 2025 and beyond. The directors are confident the company will be profitable and cash generative going forward.

Engagement with employees

The company places considerable value on the involvement of its employees and has continued in its existing practice of keeping them informed on matters affecting them as employees and on various matters affecting the performance of the company.

Disabled employees

Disabled persons are employed by the company when they appear to be suited to a particular vacancy. Where an existing employee becomes disabled every effort is made to continue to provide suitable employment, either in the same or in an alternative position.

Greenhouse gas emissions, energy consumption and energy efficiency action

P N Daly Limited report energy and carbon data for the year ended 30 September 2024  in accordance with Streamlined Energy and Carbon Reporting (SECR) under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. 
The company's greenhouse gas emissions and energy consumption are as follows: 


2024
2023

Scope 1 - Emissions resulting from activities for which the company is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
2,828
2,770

Scope 2 - Emissions resulting from the purchase of the electricity by the company for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
33
29

Scope 3 - Energy consumed from activities for which the company is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the company for its own use, including for the purposes of transport, in kWh
12,546,471
12,542,838

Emissions intensity (tCO2e / £m turnover) 64 (2023: 62).
Quantification and Reporting Methodology 
To prepare this report, we have followed the UK Government Environmental Reporting Guidelines 2019, the GHG Reporting Protocol Corporate Accounting and Reporting Standard, and used emission factors from the UK Government’s GHG Conversion Factors for Company Reporting 2023. We have used the financial control approach to set our organisational boundary.

P N Daly Limited seeks to improve energy efficiency on an ongoing basis in accordance with our Environmental Policy Statement. In the year 2023/24 this has included the following measures:

The purchase and hire of energy efficient vehicles, including self-charging hybrids.
The use of energy efficient lighting and temperature control appliances in our premises.
Encouraging staff to use alternative methods of transport where viable and to try and cut down on energy and water usage where possible.

Page 5

 
P.N.Daly Limited
 
 
 
Directors' Report (continued)
For the year ended 30 September 2024

Disclosure of information to auditors

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

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

Auditors

The auditors, Hurst Accountants Limited, will not be seeking reappointment. Williamson & Croft LLP have been appointed by the directors in accordance with section 486 of the Companies Act 2006.

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





P N Daly
Director

Date: 13 May 2025

Page 6

 
P.N.Daly Limited
 
 
 
Independent Auditors' Report to the Members of P.N.Daly Limited
 

Opinion


We have audited the financial statements of P.N.Daly Limited (the 'company') for the year ended 30 September 2024, which comprise the statement of comprehensive income, the statement of financial position, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 30 September 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


We have nothing to report in this regard.


Page 7

 
P.N.Daly Limited
 
 
 
Independent Auditors' Report to the Members of P.N.Daly Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


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


adequate accounting records have not been kept, 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 directors' responsibilities statement 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.


Auditors' responsibilities for the audit of the financial statements
 

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


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



 
Page 8

 
P.N.Daly Limited
 
 
 
Independent Auditors' Report to the Members of P.N.Daly Limited (continued)


Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:
 
The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Construction Design Management Regulations, Planning and Building Regulations, Multi Utility Recognition Status, and Anti-bribery and Corruption.

Audit response to risks identified
Our procedures to respond to the risks identified included the following:
 
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
 
We have also considered the risk of fraud through management override of controls by:
 
Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or   error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also 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.


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


Page 9

 
P.N.Daly Limited
 
 
 
Independent Auditors' Report to the Members of P.N.Daly Limited (continued)


Use of our report
 

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





Anthony Woodings (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

15 May 2025
Page 10

 
P.N.Daly Limited
 
 
Statement of Comprehensive Income
For the year ended 30 September 2024

2024
2023
Note
£
£

  

Turnover
 4 
56,027,714
56,588,896

Cost of sales
  
(45,247,601)
(48,508,727)

Gross profit
  
10,780,113
8,080,169

Administrative expenses
  
(8,010,598)
(4,351,742)

Other operating income
 5 
19,053
1,948

Operating profit
 6 
2,788,568
3,730,375

Interest receivable and similar income
 10 
630,084
303,442

Interest payable and similar expenses
 11 
(18,513)
(17,470)

Profit before tax
  
3,400,139
4,016,347

Tax on profit
 12 
(859,461)
(897,941)

Profit for the financial year
  
2,540,678
3,118,406

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 30 form part of these financial statements.

Page 11

 
P.N.Daly Limited
Registered number: 00871763

Statement of Financial Position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
1,059,035
1,120,879

Current assets
  

Stocks
 14 
57,000
48,000

Debtors: amounts falling due within one year
 15 
14,242,778
14,886,281

Current asset investments
 16 
12,000,000
14,222,770

Cash at bank and in hand
 17 
7,235,310
4,364,424

  
33,535,088
33,521,475

Creditors: amounts falling due within one year
 18 
(17,086,578)
(19,559,710)

Net current assets
  
 
 
16,448,510
 
 
13,961,765

Total assets less current liabilities
  
17,507,545
15,082,644

Provisions for liabilities
  

Deferred tax
 19 
-
(115,777)

Other provisions
 20 
(103,000)
(103,000)

  
(103,000)
(218,777)

Net assets
  
17,404,545
14,863,867


Capital and reserves
  

Called up share capital 
 21 
671
671

Capital redemption reserve
 22 
429
429

Profit and loss account
 22 
17,403,445
14,862,767

  
17,404,545
14,863,867


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




P N Daly
Director

Date: 13 May 2025

The notes on pages 16 to 30 form part of these financial statements.

Page 12

 
P.N.Daly Limited
 

Statement of Changes in Equity
For the year ended 30 September 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2022
671
429
11,744,361
11,745,461


Comprehensive income for the year

Profit for the year
-
-
3,118,406
3,118,406



At 1 October 2023
671
429
14,862,767
14,863,867


Comprehensive income for the year

Profit for the year
-
-
2,540,678
2,540,678


At 30 September 2024
671
429
17,403,445
17,404,545


Page 13

 
P.N.Daly Limited
 

Statement of Cash Flows
For the year ended 30 September 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,540,678
3,118,406

Adjustments for:

Depreciation of tangible assets
471,183
486,476

Profit on disposal of tangible assets
(26,343)
(15,761)

Interest paid
18,513
17,470

Interest received
(630,084)
(303,442)

Taxation charge
859,461
897,941

(Increase)/decrease in stocks
(9,000)
-

Decrease in debtors
713,931
2,294,154

(Decrease)/increase in creditors
(2,803,862)
2,494,017

Corporation tax (paid)
(714,936)
(300,000)

Net cash generated from operating activities

419,541
8,689,261


Cash flows from investing activities

Purchase of tangible fixed assets
(462,896)
(606,133)

Sale of tangible fixed assets
79,900
62,833

Interest received
630,084
303,442

Management of liquid resources
2,222,770
(10,060,839)

Net cash from investing activities

2,469,858
(10,300,697)

Cash flows from financing activities

Interest paid
(18,513)
(17,470)

Net cash used in financing activities
(18,513)
(17,470)

Net increase/(decrease) in cash and cash equivalents
2,870,886
(1,628,906)

Cash and cash equivalents at beginning of year
4,364,424
5,993,330

Cash and cash equivalents at the end of year
7,235,310
4,364,424


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,235,310
4,364,424

7,235,310
4,364,424


The notes on pages 16 to 30 form part of these financial statements.

Page 14

 
P.N.Daly Limited
 

Analysis of Net Debt
For the year ended 30 September 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

4,364,424

2,870,886

7,235,310

Debt due within 1 year

(225,842)

64,362

(161,480)

Short-term investments

14,222,770

(2,222,770)

12,000,000


18,361,352
712,478
19,073,830

Page 15

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

1.


General information

P N Daly Limited is a private company limited by share capital incorporated in England, number 00871763. The address of the registered office and principal place of business is Butterworth Hall Works, Charles Lane, Milnrow, Rochdale, OL16 3PA.
The nature of the company's operation and its principal activity is that of civil engineering contractors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
Functional and presentation currency
The company's functional and presentational currency is GBP.
The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 16

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

  
2.3

Construction contracts

When the outcome of construction contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion at the end of the reporting period.  
The stage of completion of contracts in progress is based on surveys of work performed. 
Reliable estimation of the outcome of construction contracts requires reliable estimates of the stage of completion, future costs and collectability of billings. 
When the outcome of a construction contract cannot be estimated reliably, revenue is only recognised to the extent of contract costs incurred that it is probable will be recoverable. 
When it is probable that total contract costs will exceed total contract revenue on a construction contract, the expected loss is recognised as an expense immediately, with a corresponding provision for an onerous contract.
Revenue in respect of variations to contracts and incentive payments is recognised when it is probable it will be agreed by the customer.

 
2.4

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as shown below.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
per annum on cost
Plant and machinery
-
35%
per annum on written down value
Motor vehicles
-
35%
per annum on written down value
Fixtures and fittings
-
10%
per annum on written down value
Computer equipment
-
25%
per annum on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 17

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Page 18

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.8

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 19

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

Page 20

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions.  The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the company are discussed below. 
Revenue and margin recognition 
The company's revenue recognition and margin recognition policies, which are set out in notes 2.2 and 2.3, are central to how the company values the work it has carried out in each financial year.  These policies require forecasts to be made of the outcomes of construction contracts, which require assessments and judgements to be made. The company reviews and, when necessary, revises the estimates of revenue and costs as the contract progresses. The company recognised amounts recoverable on long term contracts at 30 September 2024 of £2,258,261 (2023: £3,386,983).
Provisions 
Provisions are liabilities of uncertain timing or amount and therefore making a reliable estimate of the quantum and timing of liabilities judgement is applied and re-evaluated at each reporting date. The company recognised provisions at 30 September 2024 of £103,000 (2023: £103,000).
Recoverable value of trade debtors
The recoverability of trade debtors is regularly reviewed in the light of the available economic information specific to each debtor and specific provisions are recognised for balances considered to be at risk or irrecoverable. Full provision is made for balances unpaid which are greater than six months old. The company has recognised trade debtors with a carrying value of £10,685,974 (2023: £10,228,433). During the period, an impairment loss of £358,833 (2023: gain of 278,723) was recognised in the statement of comprehensive income.  
Water infrastructure accrual
The management of the company exercise judgement in estimating water connection charges that have not yet been received. The company has recognised an accrual at 30 September 2024 of £1,441,949 (2023: £1,211,278).


4.


Turnover

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


2024
2023
£
£

Revenue receivable on services performed
31,233,107
30,277,539

Revenue receivable on construction contracts
24,794,607
26,311,357

56,027,714
56,588,896


All turnover arose within the United Kingdom.

Page 21

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

5.


Other operating income

2024
2023
£
£

Other operating income
19,053
1,948



6.


Operating profit

The operating profit is stated after charging / (crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
471,186
486,476

Profit on disposal of fixed assets
(26,343)
(15,761)

Other operating lease rentals
87,500
62,500


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the company's auditors: for the audit of the company's financial statements
35,950
34,400

Fees payable to the company's auditors: in respect of:

Taxation compliance services
4,450
4,300
Page 22

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

8.


Employees

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


2024
2023
£
£

Wages and salaries
23,621,556
21,151,836

Social security costs
2,262,102
1,917,825

Cost of defined contribution scheme
1,865,020
744,805

27,748,678
23,814,466


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


        2024
        2023
            No.
            No.







Number of production staff
425
448



Number of administrative staff
156
177

581
625


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
3,903,930
1,356,409

Company contributions to defined contribution pension schemes
214,772
49,293

4,118,702
1,405,702


During the year retirement benefits were accruing to 3 directors (2023 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £928,549 (2023 - £264,858).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £550).

Page 23

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
630,084
303,442


11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
18,513
17,470


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,045,666
859,188


Total current tax
1,045,666
859,188

Deferred tax


Origination and reversal of timing differences
(186,205)
38,753

Total deferred tax
(186,205)
38,753


Taxation on profit on ordinary activities
859,461
897,941
Page 24

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,400,139
4,016,347


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
850,035
1,004,087

Effects of:


Expenses not deductible for tax purposes
9,742
17,052

Capital allowances for year in excess of depreciation
-
(6,954)

Change in corporation tax rate
-
(116,797)

Depreciation of ineligible fixed assets
93
142

Other timing differences leading to an increase (decrease) in taxation
(409)
411

Total tax charge for the year
859,461
897,941


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

13.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
1,938,683
147,352
1,497,930
169,269
3,753,234


Additions
273,046
-
183,134
6,716
462,896


Disposals
(162,624)
-
(169,265)
-
(331,889)



At 30 September 2024

2,049,105
147,352
1,511,799
175,985
3,884,241



Depreciation


At 1 October 2023
1,522,035
137,548
829,148
143,624
2,632,355


Charge for the year
212,205
1,602
252,566
4,810
471,183


Disposals
(158,881)
-
(119,451)
-
(278,332)



At 30 September 2024

1,575,359
139,150
962,263
148,434
2,825,206



Net book value



At 30 September 2024
473,746
8,202
549,536
27,551
1,059,035



At 30 September 2023
416,648
9,804
668,782
25,645
1,120,879


14.


Stocks

2024
2023
£
£

Raw materials
57,000
48,000


Page 26

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

15.


Debtors

2024
2023
£
£


Trade debtors
10,685,974
10,228,433

Other debtors
210,889
286,461

Prepayments and accrued income
1,017,226
984,404

Amounts recoverable on long term contracts
2,258,261
3,386,983

Deferred taxation
70,428
-

14,242,778
14,886,281


An impairment loss of £358,833 (2023 - impairment gain of £278,723) was recognised against trade debtors.


16.


Current asset investments

2024
2023
£
£

Bank deposits
12,000,000
14,222,770


Current asset investments comprise fixed rate deposits with UK clearing banks available with varying degrees of notice.


17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
7,235,310
4,364,424


Page 27

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Payments received on account
3,677,059
2,303,651

Trade creditors
4,689,829
4,902,395

Corporation tax
749,131
418,401

Other taxation and social security
798,026
1,497,234

Other creditors
172,798
2,991,660

Accruals and deferred income
6,999,735
7,446,369

17,086,578
19,559,710


Included in other creditors are directors loans of £161,480 (2023: £225,842) which are secured by way of debenture on the assets of the company. These loans bear interest at 3% above the base rate of National Westminster Bank plc.


19.


Deferred taxation




2024
2023


£

£






At beginning of year
(115,777)
(77,024)


Charged to profit or loss
186,205
(38,753)



At 30 September 2024
70,428
(115,777)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(156,481)
(139,992)

Other timing differences
226,909
24,215

70,428
(115,777)

Page 28

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

20.


Provisions




Contract provisions

£





At 1 October 2023
103,000



At 30 September 2024
103,000

The contract provisions noted above comprise estimated costs in respect of contractual commitments at the balance sheet date. The expected timing of any resulting payment is uncertain.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



610 (2023 - 610) Ordinary shares of £1.00 each
610
610
61 (2023 - 61) Deferred ordinary shares of £1.00 each
61
61

671

671

Deferred ordinary shares carry no voting rights. The shares are entitled to an annual dividend at the discretion of the directors, subject to a maximum of 0.5% of the amount paid up on each share. Otherwise, the shares carry no additional rights in the company's profits or assets.



22.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own shares. 

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. 
Page 29

 
P.N.Daly Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024


23.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,865,020 (2023: £744,805). Contributions totalling £907,636 (2023: £96,859) were payable to the fund at the balance sheet date and are included in creditors.


24.


Commitments under operating leases

At 30 September 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
87,500
62,500


25.


Related party transactions

During the year, the company paid rent for properties owned by two directors of the company amounting to £87,500 (2023: £62,500).  
The company paid interest at a rate of 3% above bank base rate of £18,513 
(2023: £17,470) on the balance of a secured loan made to the company by a director. At 30 September 2024, the company owed that director £161,480 (2023: £225,842)
At 30 September 2024, included in other debtors is an amount owing to the company by a director of £16,850 
(2023: £18,650). Amounts advanced during the year were £Nil (2023: £18,650) and amounts repaid totalled £1,800 (2023: £Nil).
Additionally, the company owed a company with common directors an amount of £11,318
 (2023: £11,318).
Key management personnel compensation totalled £2,528,930 
(2023: £1,356,409)


26.


Controlling party

The company's ultimate controlling party is P N Daly, a director of the company.  

Page 30