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Registration number: 02011069

P. J. Duffy & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

P. J. Duffy & Son Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

P. J. Duffy & Son Limited

Company Information

Directors

Mr P J Duffy

Mrs K M Duffy

Miss R K Duffy

Mr M Dobney

Company secretary

Mr P J Duffy

Registered office

Lynway Nurseries
Main Road
Algarkirk, Boston
Lincolnshire
PE20 2BE

Accountants

Cannon Williamson
Chartered Certified AccountantsAlbion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

P. J. Duffy & Son Limited

(Registration number: 02011069)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

508,492

486,695

Current assets

 

Stocks

5

2,008

2,008

Debtors

6

2,184,259

1,996,355

Cash at bank and in hand

 

792,453

835,544

 

2,978,720

2,833,907

Creditors: Amounts falling due within one year

7

(289,043)

(334,709)

Net current assets

 

2,689,677

2,499,198

Total assets less current liabilities

 

3,198,169

2,985,893

Provisions for liabilities

(73,729)

(67,640)

Net assets

 

3,124,440

2,918,253

Capital and Reserves

 

Called up share capital

8

30,100

30,100

Retained Earnings

3,094,340

2,888,153

Shareholders' funds

 

3,124,440

2,918,253

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 July 2025 and signed on its behalf by:
 

.........................................
Mr P J Duffy
Company secretary and director

 

P. J. Duffy & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

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

The address of its registered office is:
Lynway Nurseries
Main Road
Algarkirk, Boston
Lincolnshire
PE20 2BE

These financial statements were authorised for issue by the Board on 4 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Revenue recognition

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

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

Tax

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

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

 

P. J. Duffy & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible Assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Land, Buildings and Greenhouses

0% & 5% straight line

Plant and machinery

10% and 25% straight line

Motor vehicles

20% straight line

Office equipment

33% straight line

Furniture and fittings

33% straight line

Cash and cash equivalents

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

Trade Debtors

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

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

P. J. Duffy & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Trade Creditors

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

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

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

Dividends

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

Defined contribution pension obligation

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

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 7).

 

P. J. Duffy & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

1,094,710

20,481

54,457

1,645,481

2,815,129

Additions

-

51,600

13,909

9,942

75,451

At 31 October 2024

1,094,710

72,081

68,366

1,655,423

2,890,580

Depreciation

At 1 November 2023

927,875

15,045

51,169

1,334,345

2,328,434

Charge for the year

4,340

9,522

3,099

36,693

53,654

At 31 October 2024

932,215

24,567

54,268

1,371,038

2,382,088

Carrying amount

At 31 October 2024

162,495

47,514

14,098

284,385

508,492

At 31 October 2023

166,835

5,436

3,288

311,136

486,695

Included within the net book value of land and buildings above is £162,495 (2023 - £166,835) in respect of freehold land and buildings.
 

 

P. J. Duffy & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

5

Stocks

2024
£

2023
£

Other inventories

2,008

2,008

6

Debtors

Current

Note

2024
£

2023
£

Trade Debtors

 

706,426

516,048

Amounts owed by related parties

10

1,447,567

1,447,567

Prepayments

 

6,655

6,154

Other debtors

 

23,611

26,586

   

2,184,259

1,996,355

 

P. J. Duffy & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade Creditors

 

145,855

152,527

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

-

26,094

Taxation and social security

 

60,276

63,133

Accruals and deferred income

 

16,008

13,478

Other creditors

 

66,904

79,477

 

289,043

334,709

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

30,000

30,000

30,000

30,000

Ordinary B shares of £1 each

100

100

100

100

30,100

30,100

30,100

30,100

 

P. J. Duffy & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

9

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £Nil) per ordinary share

-

-

Interim dividend of £Nil (2023 - £Nil) per ordinary share

10,000

-

10,000

-

 

 

10

Related party transactions

 

P. J. Duffy & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

10

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

39,430

25,000

Contributions paid to money purchase schemes

8,000

8,000

47,430

33,000