REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
CLIFFORD DEVLIN LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
CLIFFORD DEVLIN LIMITED |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
CLIFFORD DEVLIN LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
7 St John's Road |
Harrow |
Middlesex |
HA1 2EY |
BANKERS: |
One Southhampton Row |
London |
United Kingdom |
WC1B 5HA |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their strategic report for the period ended 30 September 2024. This report is only part of the company's annual accounts and reports. |
Business review |
Turnover for the year was recorded at £13,123,229 (2023: 12,876,152) which is a approx 2% increase from the previous accounting period. |
The company achieved a gross margin of £2.26 million for the year, reflecting a margin of 17%, compared to £2.11 million and a margin of 16% in the prior year. Trading profit before tax increased to £460,015, up from £292,246 in 2023, demonstrating continued improvement in operational performance and profitability. |
Fixed assets as at the year end were recorded at £915,243 (2023: £903,483). Current assets at the year end were recorded at £4,477,125 (2023: £3,356,471). Stock and Work in Progress levels were £1,699,261 (2023: £1,444,998). Cash balances remain healthy at £850,126. |
Current liabilities (creditors: amounts falling due within one year) as at the year end were recorded at £2,469,591 (2023: £1,903,175). |
Capital and reserves as at the year end were recorded at £2,459,509 (2023: £2,101,226). |
Considering the difficult trading conditions continuing to be in the construction sector, the Directors are satisfied that the results reflect a satisfactory operational performance. |
Key performance indicators |
The directors consider that beyond the financial information included in the Business Review no further KPI's are necessary for the users of the financial statements to establish the financial performance of the company during the period. |
Principal risks and uncertainties |
The company operates in a highly competitive market and is subject to the regularly fluctuating cycles experienced in the construction sector. |
The company is also exposed to a number of different regulatory environments and, in order to maintain a competitive edge and to protect its interests the company has robust and regularly reviewed policies on areas such as Corporate Social Responsibility, Customer care, Environmental, Equality and Diversity, Ethical Trading, Health & Safety, Quality and Training. |
The company is reliant on a relatively small number of key employees to maintain its operations in a profitable manner. |
Financial risk management objectives and policies |
The directors have identified the financial risk management objectives as minimising any threats to the continued financial well-being and stability of the company. The directors seek to minimise financial risk through the maintenance of a system of internal controls, sourcing products and services at the most competitive prices and maintaining close relationships with customers. |
The directors are responsible for the company's system of internal control and for evaluating its effectiveness. Such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. |
Key elements of the company's system of internal controls include management accounts including comparison with prior periods and ad-hoc reports produced for the directors when deemed necessary by senior management. Reliance is placed on senior management to ensure effective control. |
The Report of the Independent Auditors is unqualified and the Auditors Statement on the consistency of the Directors' Report and Strategic Report with the Financial Statements is also unqualified. |
ON BEHALF OF THE BOARD: |
Director |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
26 June 2025 |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of demolition contracting, building and asbestos removal. |
DIVIDENDS |
The directors do not recommend payment of a dividend during the current period (2023: £nil). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
During the year company has made donations of £6,962 (2023: £14,181) during the year which are not related to political donations. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CLIFFORD DEVLIN LIMITED |
Opinion |
We have audited the financial statements of Clifford Devlin Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CLIFFORD DEVLIN LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; |
- results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
These matters were discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. |
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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
7 St John's Road |
Harrow |
Middlesex |
HA1 2EY |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
97,486 | 301,223 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
BALANCE SHEET |
30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 September 2024 |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Proceeds from sale of equipment |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) |
Amount introduced by directors | 200,000 | - |
Net cash from financing activities |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 689,062 |
Cash and cash equivalents at end of year | 2 | 850,126 | 188,584 |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.9.24 | 30.9.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Other movements | - | (406,440 | ) |
Finance costs | 13,906 | 11,396 |
653,534 | 58,566 |
Increase in stocks | ( |
) | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
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 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 850,126 | 188,584 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 188,584 | 689,062 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank | 188,584 | 661,542 | 850,126 |
188,584 | 850,126 |
Debt |
Debts falling due within 1 year | (148,627 | ) | 71,432 | (77,195 | ) |
(148,627 | ) | 71,432 | (77,195 | ) |
Total | 39,957 | 732,974 | 772,931 |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Clifford Devlin Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements are prepared on a going concern basis. |
Subsequent events |
There are no subsequent event to report after balance sheet date. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes. |
The company's revenues in asbestos removal, building and debilitation work arise from contracts with private company and local government (e.g. councils and NHS trusts). The company will agree a contract price for the work undertaken, with an agreed % retention to be paid at a later date. The contract will acknowledge phases or performance milestones within the contract. |
When a company raises an invoice to a client it will have received a certified value of the work done from a third-party quantity surveyor. This will represent the value of the work done the company is entitled to recognise less retention. An invoice will then be issued at the value of work certified, less work invoiced and retention. |
Retention revenues are recognised when the company becomes entitled to receive per the terms of the contract. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
No provision is made for depreciation of the buildings since the amount of depreciation that would potentially be charged is not considered to be material. The land and buildings are revalued with sufficient regularity such that the carrying amount on the balance sheet does not differ materially from the fair value at the balance sheet date. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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 items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Stocks held within the company at balance sheet date represent materials/items to be utilised in future revenue generating projects. |
These items are held at the lower of cost or net realisable value in accordance with the requirements of Financial Reporting Standards (FRS102) Section 13 Inventories. |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company's cash management. |
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. |
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The judgements, estimates and assumptions are evaluated at each reporting date and are based on historical experience as adjusted for current market conditions and other factors. Management makes estimates and assumptions concerning the future in preparing the financial statements and the actual results will not always reflect the accounting estimates made. The estimates and assumptions that had a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities of the Company are outlined below. |
Valuation of work in progress |
At year end the company will have contracts in progress which are not yet at completion. Under FRS 102 the company is required to recognise accrued revenue for work done but not invoiced and accrue for services received |
The company values work in progress by considering the most recent certification, which will be performed by an independent quantity surveyor who will determine the total value of the work done. The total of the work done that has been certified less: amounts invoiced, surveyors adjustments and any timing adjustments to calculate the value of the unbilled work. |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
3. | EMPLOYEES AND DIRECTORS |
30.9.24 | 30.9.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.9.24 | 30.9.23 |
Executive directors | 6 | 6 |
Other staff | 43 | 39 |
30.9.24 | 30.9.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director is as follows: |
30.9.24 | 30.9.23 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.9.24 | 30.9.23 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
5. | AUDITORS' REMUNERATION |
30.9.24 | 30.9.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
30,000 |
28,000 |
Included within auditors' remuneration is £ 30,000 being the estimated value of benefits in kind. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.9.24 | 30.9.23 |
£ | £ |
Bank loan interest |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.9.24 | 30.9.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.9.24 | 30.9.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) |
Deferred tax | 7,715 | 2,099 |
Total tax charge | 101,732 | 2,099 |
8. | PENSION COSTS |
The company operates a defined contribution pension scheme in respect of some of the directors and employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £12,150 (2023: £12,150). |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
9. | TANGIBLE FIXED ASSETS |
Improvements |
to | Fixtures |
leasehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
11. | STOCKS |
30.9.24 | 30.9.23 |
£ | £ |
Stocks |
Work-in-progress |
Valuation of stock/consumables |
At the year end, the company undertakes a physical walkthrough and inspection of stock held both on-site and at the company’s premises. This process is led by project managers who estimate the quantity of consumables remaining. |
Given the nature of the stock comprising low-value, high-volume consumable items—it is not practical to perform an item-by-item count. Instead, the company relies on the experienced judgment of site managers, who are familiar with the usage patterns and typical consumption rates of these materials. These consumables are generally not perishable and are typically utilised within three months of purchase. |
As such, the directors consider the estimation method to be reasonable and reflective of the actual stock position at the balance sheet date. |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Trade debtors |
Purchase ledger debit balance | 14,974 | - |
Other debtors |
Clifford Devlin EOT | 368,000 | 368,000 |
VAT |
Prepayments |
The Clifford Devlin Employee Ownership Trustees Limited is the ultimate controlling party of the company. The funds were advanced to the Trust by the company during its set up in August 2020, the balance is unsecured, interest free and repayable on demand. |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Other loans (see note 15) |
Trade creditors |
Sales ledger credit balance | 71,221 | - |
Corporation Tax payable |
Social security and other taxes |
VAT | 67,311 | - |
Net Wages, Council Tax Ded etc | ( |
) |
Shareholders loan account | - | 45,465 |
Other creditors & deposits | 109,750 | 420,367 |
Director's current account | - | 56,710 |
Accrued expenses |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Amounts owed to group undertakings |
Directors' loan accounts | 200,000 | - |
15. | LOANS |
An analysis of the maturity of loans is given below: |
30.9.24 | 30.9.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.9.24 | 30.9.23 |
£ | £ |
Within one year |
Between one and five years |
The operating lease commitments represent the non-cancellable obligations in respect of the company's new premises. |
17. | PROVISIONS FOR LIABILITIES |
30.9.24 | 30.9.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other provisions | 20,000 | 20,000 |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during year |
Accelerated capital allowances |
Utilised |
Reclassfied to other creditors |
Balance at 30 September 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
value: | £ | £ |
Ordinary £1 | £1 | 5,000 | 5,000 |
CLIFFORD DEVLIN LIMITED (REGISTERED NUMBER: 00719719) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
18. | CALLED UP SHARE CAPITAL - continued |
The shares issued have full rights with regard to participating, voting & dividends. |
19. | ULTIMATE PARENT COMPANY |
The ultimate controlling party is Clifford Devlin Employee Ownership Trustees Limited, a company incorporated in the United Kingdom. |
20. | RELATED PARTY DISCLOSURES |
The company had as at 30 September 2024 the following amounts receivable from/payable to related parties. |
Clifford Devlin Limited had £5,009 (2023: £5,009) payable to Clifford Devlin Environmental Limited which is a long term liability. |
Clifford Devlin Limited had £368,000 (2023: £368,000) receivable from Clifford Devlin Employee Ownership Trustees Limited which shown within debtors. |
Clifford Devlin Limited had £200,000 (2023: Nil) payable to directors Mr T Clifford and Mr L Rose which is shown within creditors. |