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Registered number:
For the year ended
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P.N.Daly Limited
Company Information
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P.N.Daly Limited
Contents
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P.N.Daly Limited
Strategic Report
For the year ended 30 September 2024
The directors present the Strategic Report for the year ended 30 September 2024.
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).
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.
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P.N.Daly Limited
Strategic Report (continued)
For the year ended 30 September 2024
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.
The business continues to focus on providing innovative solutions and a first class service to its customer base.
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.
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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.
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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.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the 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 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.
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).
The directors who served during the year were:
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P.N.Daly Limited
Directors' Report (continued)
For the year ended 30 September 2024
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.
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.
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.
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P.N.Daly Limited
Directors' Report (continued)
For the year ended 30 September 2024
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.
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P.N.Daly Limited
Independent Auditors' Report to the Members of P.N.Daly Limited
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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P.N.Daly Limited
Independent Auditors' Report to the Members of P.N.Daly Limited (continued)
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.
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.
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:
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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.
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P.N.Daly Limited
Independent Auditors' Report to the Members of P.N.Daly Limited (continued)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG
15 May 2025
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P.N.Daly Limited
Statement of Comprehensive Income
For the year ended 30 September 2024
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P.N.Daly Limited
Registered number: 00871763
Statement of Financial Position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 30 form part of these financial statements.
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P.N.Daly Limited
Statement of Changes in Equity
For the year ended 30 September 2024
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P.N.Daly Limited
Statement of Cash Flows
For the year ended 30 September 2024
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P.N.Daly Limited
Analysis of Net Debt
For the year ended 30 September 2024
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
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
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:
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
2.Accounting policies (continued)
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.
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:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
2.Accounting policies (continued)
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.
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
2.Accounting policies (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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
2.Accounting policies (continued)
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
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).
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 26
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 27
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 28
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Capital redemption reserve
Profit and loss account
Page 29
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P.N.Daly Limited
Notes to the Financial Statements
For the year ended 30 September 2024
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.
The company's ultimate controlling party is P N Daly, a director of the company.
Page 30
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