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REGISTERED NUMBER: 14139915 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 November 2024

for

Merrigan & Doherty Holdings Limited

Merrigan & Doherty Holdings Limited (Registered number: 14139915)






Contents of the Consolidated Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Merrigan & Doherty Holdings Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: D M Doherty
M C Merrigan





REGISTERED OFFICE: Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW





BUSINESS ADDRESS: 1 Gypsum Close
Leicester
Leicestershire
LE4 9AB





REGISTERED NUMBER: 14139915 (England and Wales)





AUDITORS: Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

Group Strategic Report
for the Year Ended 30 November 2024

The directors present their strategic report of the company and the group for the year ended 30 November 2024.

Merrigan & Doherty Holdings Limited Group is a civil engineering group.

REVIEW OF BUSINESS
Turnover increased from £16,833,651 to £17,774,853 in the year with operating profit decreasing from
£3,313,250 to £2,548,317. The 5% increase in turnover is an improvement on the 16% decrease in turnover
seen the previous year. Large increases in interest rates and inflation have detrimentally affected the housing market as consumer confidence in the market dropped. However, since interest rates and inflation have stabilized, demand for new build properties has started to increase and the directors are confident that the prospects for the future of the business are healthy.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's operations expose it to a variety of financial risks, outlined in more detail below. The group has several risk management strategies in place that aim to reduce the adverse effects on the financial performance of the group by monitoring levels of a number of financial costs.

Price Risk
The group can be exposed to increases in material and supplier costs as tenders can be sent up to six months before a project contract is awarded. The group aims to ensure that tenders take any anticipated price increases into account.

Credit Risk
The group continues to monitor and review policies surrounding credit checks on both new and existing customers when looking at offering credit limits and reviewing payment terms. The group had no bad debts during the year and has a good relationship with all its customers which ensures prompt payment.

Interest Rate Risk
The group finances its operations primarily through retained profits, and also has access to bank borrowings if required.

Other Risks
As a contractor, the group is dependent on retaining the loyalty of both its customers and its suppliers. For customers this is addressed by maintaining a constant focus on customer service and quality. Supplier risk is managed via our relationship with our suppliers. Communication and liaison takes place on a regular basis to ensure that these relationships remain strong.

KEY PERFORMANCE INDICATORS
The directors use a number of performance indicators to evaluate the group's performance, the key ones being turnover, gross profit and profit before tax. These numbers are detailed on page 8. Gross profit and overhead percentage are tracked on a quarterly basis and compared to annual budgets and prior year. Project margins are tracked on a monthly basis ensuring that each project is profitable.

FUTURE DEVELOPMENTS
The future prospects of the group remain healthy. The directors are pleased with the group's performance and expect its results for the next financial year to be satisfactory.

ON BEHALF OF THE BOARD:





D M Doherty - Director


11 June 2025

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

Report of the Directors
for the Year Ended 30 November 2024

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

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2024 will be £782,278.

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

D M Doherty
M C Merrigan

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

ON BEHALF OF THE BOARD:





D M Doherty - Director


11 June 2025

Report of the Independent Auditors to the Members of
Merrigan & Doherty Holdings Limited

Opinion
We have audited the financial statements of Merrigan & Doherty Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Merrigan & Doherty Holdings Limited


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

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

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Merrigan & Doherty Holdings Limited


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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:

- Understanding the nature of the industry and sector, control environment and business performance;
- Consideration of the results of our enquiries of management and those charged with governance
about their own identification and assessment of the risks of irregularities;
- Understanding the company's policies and procedures on compliance with laws and regulations and
management of fraud risk, including documentation of instances of non-compliance of laws and
regulations and instances of actual, suspected or alleged fraud;
- Consideration of matters discussed among the audit engagement team regarding how and where
fraud might occur in the financial statements and any potential indicators of fraud;
- Understanding the legal and regulatory frameworks that the company operates in through enquiry of
management and those charged with governance and understanding the company's industry and
sector. The key laws and regulations that were considered to have an effect on material amounts and
disclosures in the financial statements included the Companies Act and tax legislation.

b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations described as having a direct effect on the financial
statement;
- Enquiring of management, those charged with governance and, where applicable, the company's
solicitors concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risks of material misstatement due to fraud;
- Reviewing minutes of meetings of those charged with governance and, where applicable,
correspondence with regulators;
- Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness and evaluating the business rationale of significant
transactions outside the normal course of business;
- Communication of potential fraud risks to all engagement team members and remaining alert to any
indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Report of the Independent Auditors to the Members of
Merrigan & Doherty Holdings Limited


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

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




Peter Morris FCA (Senior Statutory Auditor)
for and on behalf of Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

11 June 2025

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

Consolidated
Income Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   

TURNOVER 3 17,774,853 16,833,651

Cost of sales (13,386,989 ) (11,868,265 )
GROSS PROFIT 4,387,864 4,965,386

Administrative expenses (1,845,844 ) (1,682,771 )
2,542,020 3,282,615

Other operating income 6,297 30,635
OPERATING PROFIT 5 2,548,317 3,313,250

Interest receivable and similar income 378,122 224,922
2,926,439 3,538,172

Interest payable and similar expenses 6 (61,559 ) (43,025 )
PROFIT BEFORE TAXATION 2,864,880 3,495,147

Tax on profit 7 (722,312 ) (832,183 )
PROFIT FOR THE FINANCIAL YEAR 2,142,568 2,662,964
Profit attributable to:
Owners of the parent 2,142,568 2,662,964

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

Consolidated
Other Comprehensive Income
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   

PROFIT FOR THE YEAR 2,142,568 2,662,964


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,142,568

2,662,964

Total comprehensive income attributable to:
Owners of the parent 2,142,568 2,662,964

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

Consolidated Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £   
FIXED ASSETS
Tangible assets 10 5,017,606 4,475,700
Investments 11 - -
Investment property 12 - -
5,017,606 4,475,700

CURRENT ASSETS
Stocks 13 10,000 10,000
Debtors 14 5,548,738 4,125,137
Cash at bank 8,443,161 7,822,837
14,001,899 11,957,974
CREDITORS
Amounts falling due within one year 15 (2,681,101 ) (1,608,349 )
NET CURRENT ASSETS 11,320,798 10,349,625
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,338,404

14,825,325

CREDITORS
Amounts falling due after more than one
year

16

(441,552

)

(429,016

)

PROVISIONS FOR LIABILITIES 19 (913,277 ) (773,024 )
NET ASSETS 14,983,575 13,623,285

CAPITAL AND RESERVES
Called up share capital 20 132 132
Revaluation reserve 21 85,760 85,760
Capital redemption reserve 21 112 112
Retained earnings 21 14,897,571 13,537,281
SHAREHOLDERS' FUNDS 14,983,575 13,623,285

The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2025 and were signed on its behalf by:




M C Merrigan - Director



D M Doherty - Director


Merrigan & Doherty Holdings Limited (Registered number: 14139915)

Company Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 132 132
Investment property 12 1,400,000 1,400,000
1,400,132 1,400,132

CURRENT ASSETS
Debtors 14 257,734 454,177
Cash at bank 2,070,265 1,870,078
2,327,999 2,324,255
CREDITORS
Amounts falling due within one year 15 (1,044,637 ) (1,823,898 )
NET CURRENT ASSETS 1,283,362 500,357
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,683,494

1,900,489

CAPITAL AND RESERVES
Called up share capital 20 132 132
Retained earnings 21 2,683,362 1,900,357
SHAREHOLDERS' FUNDS 2,683,494 1,900,489

Company's profit for the financial year 1,565,283 1,165,683

The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2025 and were signed on its behalf by:




M C Merrigan - Director



D M Doherty - Director


Merrigan & Doherty Holdings Limited (Registered number: 14139915)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 December 2022 132 11,446,237 85,760 112 11,532,241

Changes in equity
Dividends - (571,920 ) - - (571,920 )
Total comprehensive income - 2,662,964 - - 2,662,964
Balance at 30 November 2023 132 13,537,281 85,760 112 13,623,285

Changes in equity
Dividends - (782,278 ) - - (782,278 )
Total comprehensive income - 2,142,568 - - 2,142,568
Balance at 30 November 2024 132 14,897,571 85,760 112 14,983,575

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

Company Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2022 132 1,306,594 1,306,726

Changes in equity
Dividends - (571,920 ) (571,920 )
Total comprehensive income - 1,165,683 1,165,683
Balance at 30 November 2023 132 1,900,357 1,900,489

Changes in equity
Dividends - (782,278 ) (782,278 )
Total comprehensive income - 1,565,283 1,565,283
Balance at 30 November 2024 132 2,683,362 2,683,494

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,533,062 4,502,075
Interest paid (1,109 ) -
Tax paid (608,691 ) (646,103 )
Net cash from operating activities 1,923,262 3,855,972

Cash flows from investing activities
Purchase of tangible fixed assets (1,612,448 ) (1,730,644 )
Sale of tangible fixed assets 356,995 253,354
Amount withdrawn by directors - (371,788 )
Amounts introduced by directors 346,100 16,600
Interest received 378,122 224,922
Net cash from investing activities (531,231 ) (1,607,556 )

Cash flows from financing activities
New hire purchase loans in year 531,340 816,311
Capital repayments in year (460,319 ) (586,999 )
Interest element of hire purchase (60,450 ) (43,025 )
Equity dividends paid (782,278 ) (571,920 )
Net cash from financing activities (771,707 ) (385,633 )

Increase in cash and cash equivalents 620,324 1,862,783
Cash and cash equivalents at
beginning of year

2

7,822,837

5,960,054

Cash and cash equivalents at end of
year

2

8,443,161

7,822,837

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 November 2024

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

30.11.24 30.11.23
£    £   
Profit before taxation 2,864,880 3,495,147
Depreciation charges 715,538 617,924
Profit on disposal of fixed assets (1,991 ) (111,156 )
Finance costs 61,559 43,025
Finance income (378,122 ) (224,922 )
3,261,864 3,820,018
(Increase)/decrease in trade and other debtors (1,787,836 ) 1,849,809
Increase/(decrease) in trade and other creditors 1,059,034 (1,167,752 )
Cash generated from operations 2,533,062 4,502,075

2. CASH AND CASH EQUIVALENTS

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

Year ended 30 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 8,443,161 7,822,837
Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 7,822,837 5,960,054


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.23 Cash flow At 30.11.24
£    £    £   
Net cash
Cash at bank 7,822,837 620,324 8,443,161
7,822,837 620,324 8,443,161
Debt
Finance leases (892,907 ) (71,021 ) (963,928 )
(892,907 ) (71,021 ) (963,928 )
Total 6,929,930 549,303 7,479,233

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Merrigan & Doherty Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements present the results of the company and its subsidiary undertakings (the 'group') as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

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

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements requires the group's directors to make judgements, assumptions and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on a regular basis.

The group does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Notwithstanding this, the group's activities are undertaken through construction contracts and the company is required to make estimates in accounting for revenue and margin. These estimates may depend upon the outcome of future events and may need to be revised as circumstances change.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Construction contracts
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to surveys of work performed.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Freehold land- not depreciated
Freehold buildings- 2% on cost
Plant and machinery- 16.67% on cost
Fixtures and fittings- 16.67% on cost
Motor vehicles- 16.67% on cost

The expected useful lives of assets are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Revaluation of tangible fixed assets
The group has adopted the revaluation model for freehold land and buildings which are held at fair value less any subsequent depreciation or impairment. Fair value is assessed as the estimated market value at the reporting date, Revaluation gains and losses are recognised in Other Comprehensive Income and accumulate in the Revaluation Reserve.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Assets obtained under the hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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

Government grants
Government grants receivable in relation to expenditure is recognised when the expenditure is charged to profit or loss.

3. TURNOVER

The group's revenue for the year from continuing operations is as follows:
30.11.24 30.11.23
£ £
Rendering of services 17,774,853 16,833,651

CONSTRUCTION CONTRACTS
30.11.24 30.11.23
£ £
Gross amount due from customers for construction work 3,871,397 2,277,493
Gross amount due to customers for construction work - -

Contract revenue recognised as revenue during the year 17,774,853 16,833,651

4. EMPLOYEES AND DIRECTORS
30.11.24 30.11.23
£    £   
Wages and salaries 1,548,909 1,529,589
Social security costs 171,652 172,288
Other pension costs 333,324 337,462
2,053,885 2,039,339

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

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

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.11.24 30.11.23

Directors 2 2
Operations and administration 32 32
34 34

30.11.24 30.11.23
£    £   
Directors' remuneration 46,555 42,216
Directors' pension contributions to money purchase schemes 120,000 120,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING PROFIT

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

30.11.24 30.11.23
£    £   
Depreciation - owned assets 326,224 297,748
Depreciation - assets on hire purchase contracts 389,314 320,177
Profit on disposal of fixed assets (1,991 ) (111,156 )
Auditors' remuneration 24,940 23,131
Government grants - revenue in nature (6,297 ) (25,537 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.24 30.11.23
£    £   
Corporation tax interest 1,109 -
Hire purchase interest 60,450 43,025
61,559 43,025

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.24 30.11.23
£    £   
Current tax:
UK corporation tax 582,059 585,453

Deferred tax 140,253 246,730
Tax on profit 722,312 832,183

UK corporation tax has been charged at 25 % (2023 - 23.01 %).

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

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

7. TAXATION - continued

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

30.11.24 30.11.23
£    £   
Profit before tax 2,864,880 3,495,147
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 23.011 %)

716,220

804,268

Effects of:
Expenses not deductible for tax purposes 6,092 8,727
Enhanced capital allowances - (442 )
Change in tax rates - 19,630
Total tax charge 722,312 832,183

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS

30.11.24 30.11.23
£ £
Interim 782,278 571,920

10. TANGIBLE FIXED ASSETS

Group
Freehold Fixtures
land and Plant and and Motor
buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 December 2023 1,400,000 3,807,858 15,502 955,569 6,178,929
Additions - 1,272,525 5,536 334,387 1,612,448
Disposals - (587,485 ) - (110,574 ) (698,059 )
At 30 November 2024 1,400,000 4,492,898 21,038 1,179,382 7,093,318
DEPRECIATION
At 1 December 2023 18,691 1,229,793 9,341 445,404 1,703,229
Charge for year 18,691 551,566 2,419 142,862 715,538
Eliminated on disposal - (250,370 ) - (92,685 ) (343,055 )
At 30 November 2024 37,382 1,530,989 11,760 495,581 2,075,712
NET BOOK VALUE
At 30 November 2024 1,362,618 2,961,909 9,278 683,801 5,017,606
At 30 November 2023 1,381,309 2,578,065 6,161 510,165 4,475,700

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

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

10. TANGIBLE FIXED ASSETS - continued

Group

Included in cost or valuation of land and buildings is freehold land of £465,460 (2023 - £465,460) which is not depreciated.

Cost or valuation at 30 November 2024 is represented by:

Freehold Fixtures
land and Plant and and Motor
buildings machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2019 110,760 - - - 110,760
Valuation in 2020 (75,000 ) - - - (75,000 )
Valuation in 2021 100,000 - - - 100,000
Valuation in 2022 (50,000 ) - - - (50,000 )
Cost 1,314,240 4,492,898 21,038 1,179,382 7,007,558
1,400,000 4,492,898 21,038 1,179,382 7,093,318

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

30.11.24 30.11.23
£    £   
Cost 1,314,240 1,314,240
Aggregate depreciation 317,461 289,461

Value of land in freehold land and buildings 465,460 465,460

Freehold land and buildings were valued on an open market basis basis on 30 November 2024 by the directors .

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

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

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 December 2023 2,539,600
Additions 1,084,635
Disposals (19,995 )
Transfer to ownership (686,685 )
At 30 November 2024 2,917,555
DEPRECIATION
At 1 December 2023 520,001
Charge for year 389,314
Eliminated on disposal (4,730 )
Transfer to ownership (259,585 )
At 30 November 2024 645,000
NET BOOK VALUE
At 30 November 2024 2,272,555
At 30 November 2023 2,019,599

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2023
and 30 November 2024 132
NET BOOK VALUE
At 30 November 2024 132
At 30 November 2023 132

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

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

11. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

DAB Civil Engineering Contractors Limited
Registered office: Park House, 37 Clarence Street, Leicester, LE1 3RW
Nature of business: Civil engineering
%
Class of shares: holding
Ordinary 100.00
30.11.24 30.11.23
£    £   
Aggregate capital and reserves 10,838,131 10,730,454
Profit for the year 107,677 1,147,841

DAB Plant Hire & Sales Limited
Registered office: Park House, 37 Clarence Street, Leicester, LE1 3RW
Nature of business: Plant hire
%
Class of shares: holding
Ordinary 100.00
30.11.24 30.11.23
£    £   
Aggregate capital and reserves 1,499,464 1,011,165
Profit for the year 488,299 368,132


12. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 1 December 2023
and 30 November 2024 1,400,000
NET BOOK VALUE
At 30 November 2024 1,400,000
At 30 November 2023 1,400,000

Valuations of investment property have been made by the directors, on an open market value for existing use basis.

Fair value at 30 November 2024 is represented by:
£   
Valuation in 2024 1,400,000

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

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

13. STOCKS

Group
30.11.24 30.11.23
£    £   
Stocks 10,000 10,000

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Trade debtors 3,573,756 1,618,448 - -
Amounts recoverable on contracts 105,964 385,428 - -
Other debtors 230,676 315,993 - -
Directors' current accounts 565,490 911,590 159,088 355,189
Corporation tax 279,854 297,989 97,399 97,399
VAT 567,368 338,876 - -
Prepayments 225,630 256,813 1,247 1,589
5,548,738 4,125,137 257,734 454,177

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Hire purchase contracts (see note 17) 522,376 463,891 - -
Trade creditors 1,657,062 774,012 721 -
Amounts owed to group undertakings - - 1,000,000 1,700,000
Corporation tax 172,464 217,231 37,184 117,658
Social security and other taxes 55,223 38,215 - -
Other creditors 15,432 23,667 - -
Accruals and deferred income 258,544 91,333 6,732 6,240
2,681,101 1,608,349 1,044,637 1,823,898

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
30.11.24 30.11.23
£    £   
Hire purchase contracts (see note 17) 441,552 429,016

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

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

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.11.24 30.11.23
£    £   
Net obligations repayable:
Within one year 522,376 463,891
Between one and five years 441,552 429,016
963,928 892,907

Group
Non-cancellable operating leases
30.11.24 30.11.23
£    £   
Within one year 2,040 9,728
Between one and five years - 2,056
2,040 11,784

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.11.24 30.11.23
£    £   
Hire purchase contracts 963,928 892,907

Hire purchase liabilities are repayable monthly over 36 months at interest rates of 3-7% per annum and are secured on the assets so acquired.

19. PROVISIONS FOR LIABILITIES

Group
30.11.24 30.11.23
£    £   
Deferred tax
Accelerated capital allowances 913,277 773,024

Group
Deferred
tax
£   
Balance at 1 December 2023 773,024
Charge to Income Statement during year 140,253
Balance at 30 November 2024 913,277

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

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

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Nominal 30.11.23 30.11.22
Number: Class: value: £ £
14 Ordinary 'A' £1 14 14
14 Ordinary 'B' £1 14 14
70 Ordinary 'C' £1 70 70
34 Ordinary 'D' £1 34 34
132 132

All share classes carry full voting rights with no restrictions and have no restrictions on the repayment of capital. The directors are entitled to vote an individual dividend on one class of share without the same dividend being voted to any other type of share.

21. RESERVES

Called up share capital
This represents the nominal value of shares that have been issued.

Revaluation reserve
The includes all unrealised gains on revaluation of tangible fixed assets.

Fair value reserve
The includes all unrealised gains on revaluation of investment property.

Capital redemption reserve
This represents the nominal value of shares that have been redeemed by the company.

Retained earnings
This includes all current and prior period retained profits and losses.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2024 and 30 November 2023:

30.11.24 30.11.23
£    £   
M C Merrigan
Balance outstanding at start of year 455,388 278,201
Amounts advanced - 193,787
Amounts repaid (248,059 ) (16,600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 207,329 455,388

D M Doherty
Balance outstanding at start of year 456,202 278,201
Amounts advanced - 178,001
Amounts repaid (98,041 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 358,161 456,202

The loans are repayable on demand and interest has been charged at the official HMRC rate.

Merrigan & Doherty Holdings Limited (Registered number: 14139915)

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

23. RELATED PARTY DISCLOSURES

Key management personnel of the entity
30.11.24 30.11.23
£    £   
Remuneration 166,555 142,667
Dividends 362,683 437,155
Amount due from related party 565,490 911,590

Key management personnel are the directors of the group and subsidiary companies.

Other related parties
30.11.24 30.11.23
£    £   
Dividends 419,593 134,765

Other related parties are relatives of the directors of the group.