Company Registration Number: 01051852
31 MAY 2025
PETER DUFFY LIMITED
COMPANY INFORMATION
PETER DUFFY LIMITED
CONTENTS
PETER DUFFY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors have pleasure in presenting their report and the financial statements of the company for the year ended 31 May 2025.
The principal activity of the company for the year under review was that of civil engineering and utility services operating from their trading office located at Connaught House, Park View, Lofthouse Gate, Wakefield, West Yorkshire, WF3 3HA.
The company is a wholly owned subsidiary of Peter Duffy Holdings Limited, a company registered in England and Wales. During the year, Peter Duffy Holdings Limited was acquired by UI Central Holdings Limited on 16th May 2025. UI Central Holdings Limited, in England and Wales, is regarded by the directors of the company as the immediate parent company and UL TopCo Limited, incorporated in Jersey, is regarded as the ultimate parent company as at 31 May 2025.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and the company's position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.
The company is a wholly owned subsidiary of Peter Duffy Holdings Limited, a company registered in England and Wales. During the year, Peter Duffy Holdings Limited was acquired by UI Central Holdings Limited on 16th May 2025. UI Central Holdings Limited, in England and Wales, is regarded by the directors of the company as the immediate parent company and UL TopCo Limited, incorporated in Jersey, is regarded as the ultimate parent company as at 31 May 2025.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and the company's position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.
In common with all construction related businesses, the company is affected by numerous risk factors many of which are beyond the company's control and the precise effect of which cannot be accurately predicted. These factors would include general economic and political activities.
The principal risks arise from:
• increased competition and margin pressures
• incorrect estimating/costing on contracts
• environmental, health and safety laws and regulations
• adequacy of insurance cover
• loss of IT systems
The directors consider that all risks are assessed and mitigated as appropriate.
Financial risks
The company's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company. The company does not use derivate financial instruments to manage interest rate costs.
Credit risk
The company has implemented policies that require appropriate credit checks on corporate customers before sales are made.
Liquidity risk
The directors believe that the company has sufficient funds available to support its activities in the future.
The principal risks arise from:
• increased competition and margin pressures
• incorrect estimating/costing on contracts
• environmental, health and safety laws and regulations
• adequacy of insurance cover
• loss of IT systems
The directors consider that all risks are assessed and mitigated as appropriate.
Financial risks
The company's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company. The company does not use derivate financial instruments to manage interest rate costs.
Credit risk
The company has implemented policies that require appropriate credit checks on corporate customers before sales are made.
Liquidity risk
The directors believe that the company has sufficient funds available to support its activities in the future.
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PETER DUFFY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
The key financial performance indicators are those that communicate the financial peformance and strength of the company as a whole. These being turnover, gross margin and net assets.
Turnover increased from £22.4m to £32.4m in the year. This positive performance was a result of the strategic review taken during the year which has proved beneficial.
These indicators are closely monitored on a monthly basis with reports indicating our current year will see continued improvement. Workload has also been secured beyond 2026.
Gross profit margin increased from 17.4% to 23.6%. Net assets have increased from £18.5m to £21.8m.
Turnover increased from £22.4m to £32.4m in the year. This positive performance was a result of the strategic review taken during the year which has proved beneficial.
These indicators are closely monitored on a monthly basis with reports indicating our current year will see continued improvement. Workload has also been secured beyond 2026.
Gross profit margin increased from 17.4% to 23.6%. Net assets have increased from £18.5m to £21.8m.
This report was approved by the board and signed on its behalf.
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PETER DUFFY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present their report and the financial statements for the year ended 31 May 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £3,467,648 (2024 - £610,389).
During the current accounting year the directors paid a dividend of £200,000.
The directors who served during the year were:
M F Duffy and K J Duffy retire by rotation and, being eligible, offer themselves for re-election.
The directors are not expecting to make any significant changes in the nature of the business in the near future.
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PETER DUFFY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
Information is not shown in the directors' report because it is shown in the strategic report instead under S414C (11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators.
There have been no significant events affecting the company since the year end.
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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PETER DUFFY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETER DUFFY LIMITED
We have audited the financial statements of Peter Duffy Limited (the 'Company') for the year ended 31 May 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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).
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 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.
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.
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.
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PETER DUFFY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETER DUFFY LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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PETER DUFFY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETER DUFFY LIMITED (CONTINUED)
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 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulation, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other
management and review of appropriate industry knowledge;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries
of management; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert
to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions; and tested the operating effectiveness of key controls
over purchase cycles on a sample basis.
• reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation; and
• enquiring of management as to actual and potential litigation and claims.
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PETER DUFFY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETER DUFFY LIMITED (CONTINUED)
Due to the inherent limitations of an audit there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations.
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 Auditors' 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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Statutory Auditors
Skipton
Date:19 November 2025
Date:
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PETER DUFFY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
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PETER DUFFY LIMITED
REGISTERED NUMBER: 01051852
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 27 form part of these financial statements.
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PETER DUFFY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
The company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom. The Company's registered office is Building 4 Clearwater Lingley Green Avenue, Great Sankey, Warrington, Cheshire, WA3 3UZ. The Company trades from Connaught House Park View, Lofthouse Gate, Wakefield, West Yorkshire, WF3 3HA.
The principal activity of the company is the provision of civil engineering and utility services.
The company is a limited liability company incorporated and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom and the accounts are prepared in the functional currency which is sterling.
The principal activity of the company is the provision of civil engineering and utility services.
The company is a limited liability company incorporated and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom and the accounts are prepared in the functional currency which is sterling.
2.Accounting policies
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 management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The 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);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of UL TopCo Limited as at 31 March 2026 and these financial statements may be obtained from 5 Esplanade, St. Helier, JE1 1RB, Jersey.
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
In reaching their conclusion, the directors have considered cash flows covering a period of 12 months from the date of sign off, and considered the availability of wider funding to the company both internally and externally, including the wider Group.
After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.
In reaching their conclusion, the directors have considered cash flows covering a period of 12 months from the date of sign off, and considered the availability of wider funding to the company both internally and externally, including the wider Group.
After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or reducing balance basis.
Depreciation is provided on the following basis:
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.
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results.
The directors consider the key accounting estimates to be amounts recoverable on long term contracts, provisions for trade debtors and recoverability of related company loans.
Management estimate the stage of completion of long term contracts by comparing actual costs incurred to forecasts, relying on their past experience and expertise to ensure those estimates are accurate.
Provisions for trade debtors are reviewed by the directors on an ongoing basis who use their specific industry knowledge and experience to ensure the correct judgements.
The recoverability of loans with related companies is assessed on an ongoing basis by the directors who use their knowledge of the related parties to ensure the correct judgements.
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
The whole of the turnover is attributable to the one principal activity of the company.
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
12.Taxation (continued)
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Hire purchase liabilities are secured against the assets to which they relate.
In the previous year, the bank borrowings are secured by way of a legal mortgage over Freehold Property incorporating a fixed and floating charge over all current and future assets of the company.
In the previous year, the bank borrowings are secured by way of a legal mortgage over Freehold Property incorporating a fixed and floating charge over all current and future assets of the company.
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Hire purchase liabilities are secured against the assets to which they relate.
In the previous year, the bank borrowings are secured by way of a legal mortgage over Freehold Property incorporating a fixed and floating charge over all current and future assets of the company.
In the previous year, the bank borrowings are secured by way of a legal mortgage over Freehold Property incorporating a fixed and floating charge over all current and future assets of the company.
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
As part of its normal trading, the company has issued guarantees and performance bonds as at 31 May 2025 amounting to £136,163 (2024 - £211,126 ).
The company operates a defined contribution pension scheme and makes discretionary payments to personal pension plans. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £324,449 (2024 - £417,575 ). Included in other creditors is an amount due to the fund of £25,701 (2024 - £24,370 ).
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PETER DUFFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
The company is a wholly owned subsidiary of Peter Duffy Holdings Limited, a company registered in England and Wales.
During the year, Peter Duffy Holdings Limited was acquired by UI Central Holdings Limited on 16th May 2025.UI Central Holdings Limited , in England and Wales, is regarded by the directors of the company as the immediate parent company and UL TopCo Limited , incorporated in Jersey, is regarded as the ultimate parent company as at 31 May 2025.
The consolidated financial statements of UL TopCo Limited are available to the public and may be obtained from5 Esplanade, St. Helier, JE1 1RB, Jersey .
During the year, Peter Duffy Holdings Limited was acquired by UI Central Holdings Limited on 16th May 2025.
The consolidated financial statements of UL TopCo Limited are available to the public and may be obtained from
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