STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

DRAGONFLY MANAGEMENT (BOLSOVER) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

Ms A Clarke

G Galloway

Ms E J Stevenson

Mrs J Tait

Mrs D S Watson

Ms C A Wood

REGISTERED OFFICE:

The Arc

High Street

Clown

Chesterfield

Derbyshire

S43 4JY

REGISTERED NUMBER:

14767220 (England and Wales)

AUDITORS:

Hewitt Card Limited

Statutory Auditors

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

The company delivers a comprehensive business growth and property management service to support Council ambitions and is set up to support Dragonfly Development Ltd commercial activities.

PRINCIPAL RISKS AND UNCERTAINTIES

Property management, development and business growth management come with a variety of risks an discrepancies that can impact timelines, budgets and performance.

Project Delays

Delays can occur due to various reasons, such as weather conditions, supply chain disruptions, or unforeseen site conditions. These delays can extend project timelines and increase costs.

Cost Overruns

Budget overruns are common in construction projects due to inaccurate cost estimates, changes in project scope, or unexpected expenses.

Safety Issues

Construction sites are inherently hazardous. Accidents and injuries can lead to project delays, increased costs, and legal liabilities.

Quality Control

Ensuring that construction meets the required standards and specifications can be challenging. Poor quality control can result in rework, delays, and additional costs.

Regulatory and Compliance Risks

Construction projects must comply with various regulations and standards. Non-compliance can lead to fines, legal issues, and project delays.

Environmental Risks

Environmental factors, such as natural disasters or site contamination, can disrupt construction activities and pose significant risks.

Labour Shortages

A shortage of skilled labour can delay projects and increase labour costs.

Communication Issues

Poor communication among stakeholders can lead to misunderstandings, errors, and delays.

To mitigate these risks, the company has a robust risk management plan in place. This includes:

Regular Risk Assessments

Continuously identify and evaluate potential risks throughout the project lifecycle.

Contingency Planning

Develop contingency plans to address potential delays and unexpected issues.

Effective Communication

Ensure clear and consistent communication among all project stakeholders.

Quality Assurance

Implement strict quality control measures to maintain high standards.

Compliance Monitoring

Stay updated with regulatory requirements and ensure compliance.

By proactively managing these risks, construction projects can be completed more efficiently and with fewer disruptions.

KEY PERFORMANCE INDICATORS

Schedule Variance

Measures the difference between the planned progress and the actual progress of the project. It helps in identifying delays and taking corrective actions.

Cost Performance Review

Evaluates the cost efficiency of a project by comparing the budgeted cost of work performed to the actual costs.

Quality Review

Tracks the number of defects or rework required. High-quality standards are crucial for maintaining the integrity and safety of the construction.

Safety Review

Monitors on-site incidents, near-misses, and compliance with safety regulations. Ensuring a safe working environment is vital for the well-being of workers and the smooth progress of the project.

Profit Margins

Includes gross profit margin and net profit margin. These help in understanding the financial health of the project and the overall profitability.

Cash Flow

Tracks the inflow and outflow of cash to ensure the project has sufficient funds to continue operations without interruptions.

Labour Productivity

Measures the amount of work completed by the labour force within a specific time frame. High productivity indicates efficient use of labour resources.

Client Satisfaction

Gauges the satisfaction level of the client with the project's progress and final outcome.

Environmental Impact

Assesses the project's adherence to environmental regulations and its overall impact on the environment, sustainable practices are increasingly important in modern construction.

By regularly monitoring these KPIs, the company can ensure their projects stay on track, within budget, and meet quality and safety standards.

Management regularly review KPIs project by project to ensure funds are efficiently spent given the group is part funded by public funds.

ON BEHALF OF THE BOARD:

G Galloway - Director

26 November 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of The principal activity of the company is to provide property, repairs and maintenance, business growth and economic development services on behalf of Bolsover District Council.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

G Galloway has held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

Ms A Clarke - appointed 14 November 2024

Ms E J Stevenson - appointed 15 April 2024

Mrs J Tait - appointed 15 April 2024

Mrs D S Watson - appointed 15 April 2024

Ms C A Wood - appointed 15 April 2024

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G Galloway - Director

26 November 2025

Opinion

We have audited the financial statements of Dragonfly Management (Bolsover) Limited (the 'company') for the year ended 31 March 2025 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 31 March 2025 and of its loss 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.

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:

We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in.

This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion.

To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control.

To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk.

- We have enquired of management and the company's solicitors around actual and potential litigation and claims.

- Review of company minutes of meetings of those charged with governance.

- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations

- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions.

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.

Mr James Timothy Card FCCA (Senior Statutory Auditor)

for and on behalf of Hewitt Card Limited

Statutory Auditors

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

26 November 2025

TURNOVER

3

18,242,926

16,386,775

Cost of sales

11,923,839

9,833,013

GROSS PROFIT

6,319,087

6,553,762

Administrative expenses

6,383,519

6,379,245

(64,432

)

174,517

Other operating income

504

-

OPERATING (LOSS)/PROFIT

5

(63,928

)

174,517

Other finance costs

12

261,000

161,000

(LOSS)/PROFIT BEFORE TAXATION

(324,928

)

13,517

Tax on (loss)/profit

6

-

-

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(324,928

)

13,517

(LOSS)/PROFIT FOR THE YEAR

(324,928

)

13,517

OTHER COMPREHENSIVE INCOME

Actuarial Gains & Losses

2,368,900

(2,089,000

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

2,368,900

(2,089,000

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,043,972

(2,075,483

)

CURRENT ASSETS

Stocks

7

101,153

-

-

Debtors

8

1,240,420

13,617

-

1,341,573

13,617

-

CREDITORS

Amounts falling due within one year

9

(1,372,984

)

-

-

NET CURRENT (LIABILITIES)/ASSETS

(31,411

)

13,617

-

TOTAL ASSETS LESS CURRENT LIABILITIES

(31,411

)

13,617

-

PENSION LIABILITY

12

-

(2,089,000

)

-

NET LIABILITIES

(31,411

)

(2,075,383

)

-

CAPITAL AND RESERVES

Called up share capital

10

100

100

-

Retained earnings

11

(31,511

)

(2,075,483

)

-

SHAREHOLDERS' FUNDS

(31,411

)

(2,075,383

)

-

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2025 and were signed on its behalf by:

G Galloway - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Profit for the period

-

13,517

13,517

Other comprehensive income

-

(2,089,000

)

(2,089,000

)

Total comprehensive income

-

(2,075,483

)

(2,075,483

)

Issue of share capital

100

-

100

Balance at 31 March 2024

100

(2,075,483

)

(2,075,383

)

Changes in equity

Deficit for the year

-

(324,928

)

(324,928

)

Other comprehensive income

-

2,368,900

2,368,900

Total comprehensive income

-

2,043,972

2,043,972

Balance at 31 March 2025

100

(31,511

)

(31,411

)

Cash flows from operating activities

Cash generated from operations

1

1,199,857

161,000

Interest paid

-

(161,000

)

Net cash from operating activities

1,199,857

-

Cash flows from investing activities

Interest received

19,000

-

Net cash from investing activities

19,000

-

Cash flows from financing activities

Amounts to/ from related parties

(1,218,857

)

-

Net cash from financing activities

(1,218,857

)

-

Increase in cash and cash equivalents

-

-

Cash and cash equivalents at beginning of year

-

-

Cash and cash equivalents at end of year

-

-

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

29.3.23

Year Ended

to

31.3.25

31.3.24

£

£

(Loss)/profit before taxation

(324,928

)

13,517

Finance costs

261,000

161,000

(63,928

)

174,517

Increase in stocks

(101,153

)

(13,517

)

Increase in trade and other debtors

(8,046

)

-

Increase in trade and other creditors

1,372,984

-

Cash generated from operations

1,199,857

161,000

1.	STATUTORY INFORMATION

Dragonfly Management (Bolsover) 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 Company 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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 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.

Hire purchase and leasing commitments

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 company operates a Local Government Pension Scheme (LGPS) defined benefit plan for the benefit of its employees. A liability for the company's obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis using the projected unit method. Valuations under FRS102 are obtained annually. Actuarial valuations are obtained at least triennially and are updated at each balance sheet date.

3.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period

29.3.23

Year Ended

to

31.3.25

31.3.24

£

£

Project management

18,242,926

16,386,775

18,242,926

16,386,775

4.	EMPLOYEES AND DIRECTORS

Period

29.3.23

Year Ended

to

31.3.25

31.3.24

£

£

Wages and salaries

3,690,579

3,341,081

Social security costs

359,265

324,446

Other pension costs

811,984

801,655

4,861,828

4,467,182

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

Period

29.3.23

Year Ended

to

31.3.25

31.3.24

106

110

Period

29.3.23

Year Ended

to

31.3.25

31.3.24

£

£

Directors' remuneration

110,188

-

Directors' pension contributions to money purchase schemes

22,810

-

5.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging:

Period

29.3.23

Year Ended

to

31.3.25

31.3.24

£

£

Other operating leases

3,470

242

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 March 2025 nor for the period ended 31 March 2024.

Tax effects relating to effects of other comprehensive income

31.3.25

Gross

Tax

Net

£

£

£

Actuarial Gains & Losses

2,368,900

-

2,368,900

29.3.23 to 31.3.24

Gross

Tax

Net

£

£

£

Actuarial Gains & Losses

(2,089,000

)

-

(2,089,000

)

7.

STOCKS

31.3.25

31.3.24

£

£

Finished goods

101,153

-

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

1,490

-

Amounts owed by group undertakings

1,232,374

13,517

Called up share capital not paid

-

100

Prepayments

6,556

-

1,240,420

13,617

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

2,269

-

VAT

237,720

-

Other creditors

84,935

-

Other Payables

218,253

-

Accrued expenses

829,807

-

1,372,984

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

100

Ordinary

1

100

100

11.

RESERVES

Retained

earnings

£

At 1 April 2024

(2,075,483

)

Deficit for the year

(324,928

)

Actuarial Gains & Losses

2,368,900

At 31 March 2025

(31,511

)

12.	EMPLOYEE BENEFIT OBLIGATIONS

Defined benefit scheme

The scheme is a Local Government Pension Scheme (LGPS). And is funded by Bolsover District Council.

Adoption of the FRS102 valuation at March 2025 has resulted in recognition of a surplus of NIL due to net asset of £1,131,000 being restricted by asset ceiling. Valuation of the scheme under the assumptions contained in FRS102 at 31 March 2024 was £2,089,000 in deficit, an effective increase in asset and increase in surplus between 2024 and 2025 of £3,220,000. The scheme was transferred from Bolsover District Council to the company on incorporation on 29 March 2023.

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at March 2025 by Hymans Robertson, Fellow of the Institute of Actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

The scheme is not dependent on Dragonfly Management (Bolsover)Ltd for funding and is not therefore considered to have a material impact on the application of Going Concern basis.

The amounts recognised in profit or loss are as follows:

Defined benefit

pension plans

31.3.25

31.3.24

£

£

Current service cost

701,000

750,000

Net interest from net defined benefit asset/liability

100,000

161,000

Past service cost

-

-

801,000

911,000

Actual return on plan assets

-

-

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit

pension plans

31.3.25

31.3.24

£

£

Opening defined benefit obligation

-

2,089,000

-

2,089,000