|
Registered number: 16041168
J P Dunn Construction Holdings Limited
Annual report and financial statements
For the period ended 30 September 2025
|
|
J P Dunn Construction Holdings Limited
Company Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
168 Shoreditch High Street
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
J P Dunn Construction Holdings Limited
Contents
|
|
|
|
|
|
|
|
|
Independent auditors' report
|
|
Consolidated statement of comprehensive income
|
|
Consolidated balance sheet
|
|
|
|
|
Consolidated statement of changes in equity
|
|
Company statement of changes in equity
|
|
Consolidated statement of cash flows
|
|
Notes to the financial statements
|
|
|
|
J P Dunn Construction Holdings Limited
Group strategic report
For the period ended 30 September 2025
The directors present their strategic report for the period ended 30 September 2025.
The purpose of the Strategic Report is to inform shareholders and help them to assess how the directors have performed their duties to promote the success of the Group. The report, together with the further information in the Directors' Report provides a fair and balanced review of the Group's business including:
i) The development and performance of the business during the period;
ii) The position of the Company at the end of the period; and
iii) A description of the principal risks and uncertainties facing the Company.
The principal activity of the Group during the period was that of a specialist sub-contractor in the construction industry carrying out groundworks, RC frames, and external works.
During the period the Group turnover was £28,818,632. Turnover remained depressed due to a combination of factors including jobs being deferred to the Building Safety Act, and the radical slowdown in the London residential market.
An operating profit was made in the period of £3,357,161. A healthy gross margin was made across the projects.
The Group has a strong net assets in the balance sheet of £4,366,886. This reflects the full impact of the management buyout on the 29th October 2024. The fixed assets are valued at £6,168,078 and a very strong period-end cash position at £7,243,822.
The Group remains focused on delivering complex jobs safely, to the quality required, and on time. The bulk of on-going work remains with repeat customers including Knight Harwood, Bowmer and Kirkland, Kier, Wates, Kingerlee, McAlpine, Morgan Sindall, and Galliford Try. Key to the business success is a collaborative approach with customers from the pre-contract phase through to project completion.
The Group has no significant legacy disputes.
Over the last two years, the subsidiary has made a significant investment in both the infrastructure and management team at the plant yard in Woking.
The HQ has moved to Teddington which has provided an enhanced professional environment.
The senior management team has been strengthened by the appointment of Jerry Fahy as Operations Director.
With a strong liquidity, a high ownership of specialist equipment, a wide client base, and a healthy pipeline of secured work the Group is well positioned to move forward positively in the year ahead.
The financial position of the Group at the period-end was a pre-tax profit for the period of £3,240,914.
The Group has no bank borrowings and limited outstanding hire purchase agreements (see notes 20-23).
Page 1
|
|
J P Dunn Construction Holdings Limited
Group strategic report (continued)
For the period ended 30 September 2025
Principal risks and uncertainties
|
The directors continually monitor the key risks facing the Group together with assessing the controls used for managing these risks. The principal risks and uncertainties facing the Group are as follows:
Liquidity risk
The Group manages its cash requirements to ensure that the Group has sufficient resources to meet the operating needs of the business.
Interest rate risk
Borrowings are capped at £1m via HP agreements and rates for these are fixed so there is no exposure to interest rate fluctuations.
Credit risk
The nature of the activities means that individual client balances can sometimes be significant. The Group's clients are monitored on an ongoing basis to determine the exposure to bad debts and the timing and size of contract entered in to is managed to limit this risk to an acceptable level.
In addition, the Group has put in place credit insurance to cover bad debts due to the uncertainties of the market.
Financial key performance indicators
|
The Group monitors the business performance through a number of key performance indicators, mainly those noted above. Given the straightforward nature of the business the directors are of the opinion that further analysis using non-financial KPI's is not necessary for the understanding of the development, performance or position of the business.
The Group has very limited exposure to financial instruments in respect of its own assets which comprise principally of cash in liquid resources, trade debtors, trade creditors and finance leases that arise directly from its operations.
Research and development
During the financial period the Group incurred research and development (R&D) expenses relating to a company's efforts to develop, design, and enhance its products, and services, and processes. R&D offers a way to improve what we offer customers in terms of Contractors Design Packages, and temporary works design.
Future developments
The directors expect growth in turnover in 2025/26, and a stable profit.
Going forward all secured work has been priced to reflect all inflationary factors. The Group has protected itself from future inflationary pressures to materials through a combination of inserting cost-plus clauses with customers and securing back-to-back agreements with suppliers to fix rates for contract durations. Wage increases have flattened, and the Group continues to invest in its apprentice scheme to mitigate against the impact of an aging workforce in the UK construction sector. The company owns 70% of the plant that it utilises which further eases any inflationary pressures.
The Group ownership altered to provide shares to senior management from the end of October 2024.
This change does not impact on the management structure of the business with Jonathan Dunn remaining as the Managing Director. This change is viewed as a strengthening of the business and demonstrates the commitment of senior management to the long-term success of the business.
Page 2
|
|
J P Dunn Construction Holdings Limited
Group strategic report (continued)
For the period ended 30 September 2025
This report was approved by the board and signed on its behalf.
Page 3
|
|
J P Dunn Construction Holdings Limited
Directors' report
For the period ended 30 September 2025
The directors present their report and the financial statements for the period ended 30 September 2025.
The principal activity of the Group in the year under review was that of a specialist sub-contractor in the construction industry carrying out groundworks and RC frames.
The profit for the period, after taxation, amounted to £2,866,286.
There were no ordinary dividends paid during the period. The directors do not recommend payment of a final dividend.
The directors who served during the period were:
J P Dunn (appointed 29 October 2024)
|
J Galloway (appointed 28 November 2024)
|
N Jacks (appointed 25 October 2024)
|
Y Uruci (appointed 25 October 2024)
|
Directors' responsibilities statement
|
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 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 for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Matters covered in the Group strategic report
|
The Group strategic report includes information on the Group’s business model, strategy, principal risks and uncertainties, and an analysis of its development, performance and position during the period. It also includes details of research and developement and future developments, which are required by the Companies Act 2006 to be disclosed in the Directors’ Report but have been included in the Group strategic report to avoid unnecessary duplication.
Page 4
|
|
J P Dunn Construction Holdings Limited
Directors' report (continued)
For the period ended 30 September 2025
Disclosure of information to auditors
|
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
The auditors, Kreston Reeves LLP, were appointed on 19 August 2025. The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. As a result, Kreston Reeves LLP resigned as auditors on 6 October 2025 and Kreston Reeves Audit LLP were formally appointed as auditors to the company on 6 October 2025. Kreston Reeves Audit LLP and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 5
|
|
J P Dunn Construction Holdings Limited
Independent auditors' report to the members of J P Dunn Construction Holdings Limited
We have audited the financial statements of J P Dunn Construction Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 30 September 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 30 September 2025 and of the Group's profit for the period 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.
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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 or 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 6
|
|
J P Dunn Construction Holdings Limited
Independent auditors' report to the members of J P Dunn Construction Holdings Limited (continued)
Opinion 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 Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report 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 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 Directors' report.
We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 4, 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 is 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.
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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Page 7
|
|
J P Dunn Construction Holdings Limited
Independent auditors' report to the members of J P Dunn Construction Holdings Limited (continued)
Auditors' responsibilities for the audit of the financial statements (continued)
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the group and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, and employment law. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Health and Safety Act 1974, Construction Industry Scheme (CIS) building regulations, Companies Act 2006, pension and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as revenue and margin recognition on long-term contracts, recoverability of debtors and valuation of tangible fixed assets, investments and goodwill. Audit procedures performed by the engagement team included:
∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud;and
∙Assessment of identified fraud risk factors; and
∙Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and
∙Challenging assumptions and judgements made by management in its significant accounting estimates;
∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; and
∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
∙Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
∙Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
∙Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities; and
∙Identifying and testing journal entries, in particular any manual entries made at the period-end for financial statement preparation.
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.
Page 8
|
|
J P Dunn Construction Holdings Limited
Independent auditors' report to the members of J P Dunn Construction Holdings Limited (continued)
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' 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 Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Anne Dwyer BSc (Hons) FCA (Senior statutory auditor)
for and on behalf of
Kreston Reeves Audit LLP
Statutory Auditor
London
19 December 2025
Page 9
|
|
J P Dunn Construction Holdings Limited
Consolidated statement of comprehensive income
For the period ended 30 September 2025
|
|
11 months ending 30 September 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest receivable and similar income
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
Profit for the financial period
|
|
|
Profit for the period attributable to:
|
|
|
Owners of the parent company
|
|
|
There was no other comprehensive income for 2025.
|
The notes on pages 16 to 35 form part of these financial statements.
|
Page 10
|
|
J P Dunn Construction Holdings Limited
Registered number: 16041168
Consolidated balance sheet
As at 30 September 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 December 2025.
The notes on pages 16 to 35 form part of these financial statements.
Page 11
|
|
J P Dunn Construction Holdings Limited
Registered number: 16041168
Company balance sheet
As at 30 September 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
Net current (liabilities)/assets
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 December 2025.
The notes on pages 16 to 35 form part of these financial statements.
Page 12
|
|
J P Dunn Construction Holdings Limited
Consolidated statement of changes in equity
For the period ended 30 September 2025
|
|
|
|
|
Total equity attributable to owners of the Parent Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
Shares issued during the period
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
Page 13
|
|
J P Dunn Construction Holdings Limited
Company statement of changes in equity
For the period ended 30 September 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
Shares issued during the period
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
Page 14
|
|
J P Dunn Construction Holdings Limited
Consolidated statement of cash flows
For the period ended 30 September 2025
Cash flows from operating activities
|
|
Profit for the financial period
|
|
|
|
|
|
|
|
Depreciation of tangible assets
|
|
Loss on disposal of tangible assets
|
|
|
|
|
|
|
|
|
|
|
(Increase)/decrease in stocks
|
|
(Increase)/decrease in debtors
|
|
Increase/(decrease) in creditors
|
|
Corporation tax received/(paid)
|
|
Net cash generated from operating activities
|
|
|
|
|
Cash flows from investing activities
|
|
Goodwill on acquisition of subsidiary
|
|
Purchase of tangible fixed assets
|
|
Sale of tangible fixed assets
|
|
Additions in tangible fixed assets from business combinations
|
|
|
|
|
Additions in deferred tax from business combinations
|
|
Net cash from investing activities
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
Repayment of/new finance leases
|
|
|
|
|
Net cash used in financing activities
|
|
Net increase in cash and cash equivalents
|
|
Cash and cash equivalents at the end of period
|
|
|
|
|
Cash and cash equivalents at the end of period comprise:
|
|
|
|
|
|
|
|
|
|
|
Page 15
|
|
J P Dunn Construction Holdings Limited
Notes to the financial statements
For the period ended 30 September 2025
J P Dunn Construction Holdings Limited is a private company, limited by shares, and is incorporated in England and Wales with the registration number 16041168. The address of the registered office and principal place of business is 1st Floor, Harlequin House, 7 High Street, Teddington, United Kingdom, TW11 8EE.
The principal acitivity of the Company in the period under review was that of a specialist sub-contractor in the construction industry carrying out groundworks and RC frames.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
Parent Company disclosure exemptions
In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:
∙No Statement of cash flows has been presented for the parent Company;
The following principal accounting policies have been applied:
|
|
|
Financial Reporting Standard 102 - reduced disclosure exemptions
|
The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of J P Dunn Construction Holdings Limited as at 30 September 2025 and these financial statements may be obtained from 1st Floor, Harlequin House, 7 High Street, Teddington, TW11 8EE.
Page 16
|
|
J P Dunn Construction Holdings Limited
Notes to the financial statements
For the period ended 30 September 2025
2.Accounting policies (continued)
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The company's revenue is primarily derived from construction contracts, with payments applied based on the percentage of project completion and agreed-upon milestones.
Revenue is recognised based on the measured amount of work completed. Each month, the surveying department assesses progress and compares it with the costs incurred during the period and to date. The client’s certification often differs from the internal valuation, as the client typically certifies work only once an agreed stage of completion has been reached.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
|
|
|
Operating leases: the Group as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Page 17
|
|
J P Dunn Construction Holdings Limited
Notes to the financial statements
For the period ended 30 September 2025
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
|
|
|
Current and deferred taxation
|
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 18
|
|
J P Dunn Construction Holdings Limited
Notes to the financial statements
For the period ended 30 September 2025
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.
Amortisation is provided on the following bases:
|
|
|
|
|
|
|
|
years in line with realisation of
non-monetary assets
|
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|
|
|
|
|
Formworks (included in plant & machinery)
|
|
|
|
|
|
|
|
|
Mechanical plant and machinery
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Over the life of the lease
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Page 19
|
|
J P Dunn Construction Holdings Limited
Notes to the financial statements
For the period ended 30 September 2025
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
|
|
Provisions for liabilities
|
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
Page 20
|
|
J P Dunn Construction Holdings Limited
Notes to the financial statements
For the period ended 30 September 2025
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
|
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Critical judgements in applying the Company's accounting policies
The critical judgement that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below:
(i) Assessing impairment of assets
In assessing whether there has been any indication of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial period.
(ii) Valuation of fixed asset investment
Investments in subsidiary undertakings are initially measured at cost and subsequently an annual impairment review is undertaken to assess if there are any indicators of a reduction in value. The valuation of the investment is undertaken by the directors based upon an assessment of net asset value. The carrying value of investments are shown in Note 16 'Fixed asset investments' to these financial statements.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below:
Page 21
|
|
J P Dunn Construction Holdings Limited
Notes to the financial statements
For the period ended 30 September 2025
3.Judgments in applying accounting policies (continued)
(i) Income recognition
Turnover is recognised on contracts as contract activity progresses. Therefore determining the stage of progress inherently carries some subjectivity. Deferred income and accrued income is recognised when the total sales invoices do not equal the percentage of the contract value multiplied by costs incurred over the total costs to complete the project. As costs to complete are considered to be a key source of estimation uncertainty, so is the calculation of deferred income and accrued income. At the balance sheet date, accrued income totalled £618,439 and deferred income totalled £327,969. Accrued income is included within 'Trade debtors' within Note 18 Debtors and deferred income is included within 'Accruals and deferred income' within Note 20 Creditors: Amounts falling due within one year of these financial statements.
(ii) Determining residual values and useful economic lives of property, plant and equipment
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives is based on historical performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. The carrying values of fixed assets are shown in Note 15 to these financial statements.
(iii) Valuation of goodwill
The carrying amount of goodwill is tested annually for impairment. The valuation involves significant estimation, particularly in determining future cash flows, discount rates and growth assumptions for the cash-generating units to which goodwill is allocated. These estimates are based on management’s expectations of future performance and market conditions, which are inherently uncertain. Changes in these assumptions could result in material adjustments to the carrying amount of goodwill. This is shown in Note 14 to these financial statements. The carrying values of fixed asset investments are shown in Note 16 of these financial statements.
|
|
|
|
|
|
|
|
|
Group
11 months ending 30 September 2025
|
|
|
|
|
|
|
|
|
|
All turnover arose within the United Kingdom.
|
Page 22
|
|
J P Dunn Construction Holdings Limited
Notes to the financial statements
For the period ended 30 September 2025
|
|
|
|
|
|
|
|
|
Group
11 months ending 30 September 2025
|
|
|
|
|
|
|
|
|
|
Grants and other sales income
|
|
|
|
|
|
|
|
|
|
|
The operating profit is stated after charging:
|
|
|
|
|
|
|
Group
11 months ending 30 September 2025
|
|
|
|
|
|
|
|
|
|
Research & development charged as an expense
|
|
|
|
|
|
|
|
Other operating lease rentals
|
|
|
|
Hire of plant and machinery
|
|
|
|
|
|
|
During the period, the Group obtained the following services from the Company's auditors:
|
|
|
|
|
|
|
11 months ending 30 September 2025
|
|
|
|
|
|
|
|
|
|
Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
|
|
Page 23
|
|
J P Dunn Construction Holdings Limited
Notes to the financial statements
For the period ended 30 September 2025
|
|
|
|
|
Staff costs, including directors' remuneration, were as follows:
|
|
|
|
|
|
|
|
11 months ending 30 September 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of defined contribution scheme
|
|
|
|
|
|
|
|
|
|
|
|
The average monthly number of employees, including the directors, during the period was as follows:
|
|
|
|
|
Group
11 months ending 30 September 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 24
|
|
J P Dunn Construction Holdings Limited
Notes to the financial statements
For the period ended 30 September 2025
|
|
|
|
|
|
|
|
|
Group
11 months ending 30 September 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group contributions to defined contribution pension schemes
|
|
|
|
|
|
|
|
|
|
|
|
During the period retirement benefits were accruing to 3 directors in respect of defined contribution pension schemes.
|
|
|
The highest paid director received remuneration of £119,167.
|
|
|
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,735.
|
|
|
|
|
|
|
|
|
|
Group
11 months ending 30 September 2025
|
|
|
|
|
|
|
|
|
|
Other interest receivable
|
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
Group
11 months ending 30 September 2025
|
|
|
|
|
|
|
|
Page 25
|
|
J P Dunn Construction Holdings Limited
Notes to the financial statements
For the period ended 30 September 2025
|
|
|
|
|
|
|
|
|
|
|
|
Group
11 months ending 30 September 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments in respect of previous periods
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and reversal of timing differences
|
|
|
|
|
|
|
|
Factors affecting tax charge for the period
|
|
|
The tax assessed for the period is lower than the standard rate of corporation tax in the UK of 25%. The differences are explained below:
|
|
|
|
|
|
|
Group
11 months ending 30 September 2025
|
|
|
|
|
|
|
|
|
|
Profit on ordinary activities before tax
|
|
|
|
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
|
|
|
|
|
|
|
|
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
|
|
|
|
Capital allowances for period in excess of depreciation
|
|
|
|
Utilisation of tax losses
|
|
|
|
Adjustments to tax charge in respect of prior periods
|
|
|
|
Book profit on chargeable assets
|
|
|
|
Unrelieved tax losses carried forward
|
|
|
|
|
|
|
|
Other differences leading to an increase (decrease) in the tax charge
|
|
|
|
Total tax charge for the period
|
|
Page 26
|
|
J P Dunn Construction Holdings Limited
Notes to the financial statements
For the period ended 30 September 2025
12.Taxation (continued)
|
|
Factors that may affect future tax charges
|
There are no factors that may affect future tax charges.
|
|
Parent company profit for the period
|
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the period was £740,000.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the period on owned assets
|
|
|
|
|
|
|
|
|
|
|
Page 27
|