ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
Company registration number:
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2021
Duffy Construction Limited is a well-established Company in the construction industry that has been trading successfully for almost half a century, working in the private and public sector for main developers and private clients. The Company’s main activities are groundworks, reinforced concrete frames, external works and structural alterations.
The business has continued with its reputation of providing safe, quality work, customer service and transparent tendering to consistently win contracts. The Company’s overall objective is to deliver shareholder value, through profitable contract work whilst managing risk carefully through prudent management of all aspects of the business (building, environmental, health & safety, legal and financial, etc). The Company’s policy is to be selective when tendering to enable risk to be mitigated on projects rather than carrying out unprofitable work by chasing turnover. This has allowed margins to be improved in the year under review and is part of the overall risk management strategy of the Company. The business occupies a strong position in its market by employing skilled and experienced professionals and subcontractors and remains focused on maintaining a healthy relationship throughout its supply chain. Our team ethos enables us to deliver professional, timely and cost-effective solutions to our clients’ needs resulting in repeat orders and enhanced market reputation. Duffy Construction Limited operates in a competitive market. We are not dependent on a narrow product and work is carried out for a diverse range of clients. No supplier, customer or technical developments will render any product obsolete. The Company is not experiencing any fundamental market or technology changes to which it may be unable to adapt. Neither is it subject normally to any externally forced reduction in operations as a consequence of law or regulation, albeit health & safety, quality and environmental issues provide a continuing challenge.
The Company’s results are set out on page 10. In the year to 30 April 2021, the Company recorded a profit before tax for the financial year of £401,212.
The main KPI’s used are Turnover and Gross Profit. Turnover was £11.3 million for the year ended 30 April 2021 compared to £10.1 million in 2020. Gross Profit was £1.95m (17.2%) compared to £2.2m (21.9%) in 2020.
Following Brexit and with the end of the Covid-19 pandemic in sight, the construction industry is recovering and expected to grow in the financial year to 30 April 2022.
The Company order book has continued to improve and shows a strong recovery from 2021/2022 onwards with several repeat, blue-chip clients. The directors are focussed on protecting margins in pursuit of sustainable growth in turnover and profits by:
∙Providing a high-quality end to end service to our clients from initial tender to project completion;
∙Winning new and repeat business with sustainable margins;
∙Investing in IT, plant, and equipment to benefit from cost savings and efficiencies along with training and developing our existing team; and
∙Protecting liquidity through prudent risk management to facilitate growth.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
Our Accident Frequency Rate underlines the Company's commitment to providing safe places and safe systems of work for employees and contractors and the high quality of our health and safety training. The directors consider this area extremely important, and the business has continued to invest in this area.
The Company continues to strive to improve its safety, health and environmental standards and performance. These are monitored regularly throughout the year and reviewed in response to performance, changes in legislation and evolving industry best practice. The Company recognises the importance of managing and promoting health and safety in the workplace to ensure robust controls are in place to control risk, instruction and training are provided to all staff and leadership and commitment are shown at senior management level. The Company has achieved accreditations from or is a member of the following:
∙The Contractors Health & Safety Assessment Scheme (CHAS) -accredited contractor (Premium Plus)
∙Constructionline – Gold Member
∙Fleet Operator Recognition Scheme (FORS) -Fleet Operator Recognition Scheme
∙Members of CONSTRUCT – The Concrete Structures Group
∙The Concrete Society - members
∙Premium member of the Builders Profile
∙Members of ROSPA
∙Members of the RHA
∙Goods vehicle operator's licence
∙Certificate of registration under the waste regulations 2011- upper tier waste carrier/dealer
The process of risk acceptance and risk management is addressed through a framework of policies, procedures, and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with regulation, legal and ethical standards is a priority for the Company.
Tenders are reviewed prior to acceptance to identify risk and ensure it is at an acceptable level or can be managed to an acceptable level. We have built up solid relationships with our existing clients. The Company looks to spread its risks by actively engaging with new and existing clients together with the entire supply chain and indeed new suppliers.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
Risk Management
Market Risk Market risk arises due to economic downturn. The Board maintains a policy of ensuring that the work we do win is carefully selected and managed through the implementation of financial and operational controls. Safety, Health, Environmental and Quality (SHEQ) SHEQ is at the forefront of our thinking in running the businesses, both on site and in the office. Our SHEQ team keep risks in this area under constant review and ongoing investment in this area has helped to ensure that risks are minimised and controlled.
Management and Employees
The Company employs high calibre staff across all levels of our operation. Many of our staff have been with the business for ten plus years. The risk is managed by ensuring all our knowledge base is shared throughout the Company. All staff are provided with the opportunity for internal and external training. As staff have joined, appropriate inductions, training and reviews ensure the same professionalism is maintained. Covid-19/Pandemic Risk The scale of impact of the Covid-19 pandemic has been enormous in the construction industry. Operations on site and within the offices were reviewed to ensure government guidelines were followed and pandemic risk more generally is now reviewed regularly to minimise adverse effects in the future. Financial Risk Management, Objectives and Policies The Company's operations expose it to various financial risks including credit risk, liquidity risk and interest rate risk. Credit risk New credit customers are approved as part of the tender process. Existing customers are monitored for signs of potential credit risk. Liquidity risk The liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through agreed payment policy. Strict payment terms are negotiated with our clients along with appropriate short-term facilities. As most of our clients are blue chip companies, we do not tend to have an issue with bad debt. Interest rate cash flow risk The Company’s hire purchase facilities are at a fixed rate, our loans with Handelsbanken are at variable rates which are kept under close review to ensure that the Company’s performance is not significantly impacted by interest rate rises.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
Overview
The Company’s long-term aim is to increase shareholder wealth over the long term. The Directors carry this out by delivering profitable projects on time and within budget and careful management of its property portfolio. Maintaining a motivated and well organised and knowledgeable workforce, and working with clients, suppliers and other stakeholders is seen as the key to achieving this aim. Stakeholders The Board actively engages with all relevant stakeholders across all Group activities. The ultimate shareholding is held by Jonathan Duffy who maintains an active role in the management of the business. Our employees who are critical to our success, are kept informed of developments within the business. We continue to invest in training and development of staff and have invested in external training from various providers to enable staff development and appropriate induction for newer team members. We value our supply chain and have developed several long trading relationships with a wide range of suppliers while striving to meet and engage with new ones. We seek to develop links with the local community across our projects. Often this will involve jobs or new suppliers but is often developed through care for the surrounding environment. The Directors also ensure that there is regular contact with lenders and regulatory stakeholders and that a collaborative relationship is maintained.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2021
The directors present their report and the financial statements for the year ended 30 April 2021.
The directors are responsible for preparing the Strategic report, the Directors' report 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 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 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 for the Company'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 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 £329,721 (2020 - £385,034).
The directors who served during the year were:
The Company has chosen in accordance with the Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company's Strategic Report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review, principal risks and uncertainties and future developments sections.
There have been no significant events affecting the Company since the year end.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
Under section 487(2) of the Companies Act 2006, Menzies LLP 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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUFFY CONSTRUCTION LIMITED
We have audited the financial statements of Duffy Construction Limited (the 'Company') for the year ended 30 April 2021, which comprise the Statement of income and retained earnings, the Statement of financial position 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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUFFY CONSTRUCTION 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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUFFY CONSTRUCTION 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:
∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, CITB levy compliance, employment law and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Companys financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions;
°Estimations used in calculating amounts recoverable on long term contracts; and
°Risk of fictitious employees.
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUFFY CONSTRUCTION LIMITED (CONTINUED)
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 Auditor
Centrum House
36 Station Road
Surrey
TW20 9LF
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2021
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STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 22 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
Duffy Construction Limited is a private company limited by shares incorporated and domiciled in England and Wales. The address of its registered office and principal place of business is provided on the company information page.
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 judgment 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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of Duffy Group Holdings Limited as at 30 April 2021 and these financial statements may be obtained from Companies House.
Long-term contracts are assessed on a contract-by-contract basis and are reflected in the profit and loss account by recording turnover and related costs as the contract activity progresses. Revenue is ascertained in a manner appropriate to the stage of completion of the contract.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.Accounting policies (continued)
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:
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.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
Long term contracts valuation and stage of completion The stage of completion and the valuation of the long term contracts are estimated by professional surveyors. WIP as described in the long-term contracts accounting policy could results in a material adjustment to the carrying amount disclosed in debtors. At the year end the balance of WIP included as amounts recoverable on contracts was £2,240,426 (2020: £1,549,171).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
Profit and loss account
Pension commitments outstanding as 30 April 2021 was £16 (2020: £457).
The company has taken advantage of the exemptions conferred by FRS 102 from the requirement to make disclosures regarding transactions with other group companies.
The immediate controlling party is Duffy Group Limited. Copies of their accounts can be obtained from their registered office at Duffy House, 1 Mount Road, Feltham, Middlesex, TW13 6AR or from Companies House. The ultimate controlling party is J B Duffy, shareholder of Duffy Group Holdings Limited, the ultimate parent.
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