Zaha Hadid (Project Management) Limited - Accounts to registrar (filleted) - small 18.2

ZAHA HADID (PROJECT MANAGEMENT) LIMITED

Audited Financial Statements

for the Year Ended 30 April 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

Mr P Schumacher

Registered office:

Studio 9

10 Bowling Green Lane

London

EC1R 0BQ

Registered number:

08505373 (England and Wales)

Auditors:

Haines Watts

Chartered Accountants and Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Investments

4

130

130

Current assets

Debtors

5

190,599

302,479

Cash at bank

159,776

168,618

350,375

471,097

Creditors

Amounts falling due within one year

6

69,962

202,656

Net current assets

280,413

268,441

Total assets less current liabilities

280,543

268,571

Capital and reserves

Called up share capital

7

100

100

Retained earnings

8

280,443

268,471

Shareholders' funds

280,543

268,571

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 April 2021 and were signed by:

Mr P Schumacher - Director

1.	Statutory information

Zaha Hadid (Project Management) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The

Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

Following the emergence and spread of the coronavirus (COVID-19) and its financial effects on businesses

worldwide, the directors have examined the possible effects on the company through forecasting and scenario planning.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of COVID-19, alongside the measures that they can take to mitigate that impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments. There are no further significant judgements or estimates.

Bad debt provision

There is estimation uncertainty in calculating bad debt provisions and a full review of trade debtors is carried

out regularly. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be

uncollectable.

Turnover

Turnover represents amounts receivable for design services provided in the year and is stated net of VAT.

Turnover is recognised when design services have been performed.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	Employees and directors

The average number of employees during the year was NIL (2019 - NIL).

4.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 May 2019

and 30 April 2020

130

Net book value

At 30 April 2020

130

At 30 April 2019

130

The company's investments at the Balance Sheet date in the share capital of companies include the following:

ZH Interiors LLC

Registered office: United States of America

Nature of business: Design

%

Class of shares:

holding

Ordinary

100.00

5.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

23,480

134,648

Other debtors

167,119

167,831

190,599

302,479

6.

Creditors: amounts falling due within one year

2020

2019

£

£

Bank loans and overdrafts

2,575

-

Trade creditors

1,067

5,379

Amounts owed to group undertakings

57,570

183,243

Taxation and social security

-

5,090

Other creditors

8,750

8,944

69,962

202,656

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

8.

Reserves

Retained

earnings

£

At 1 May 2019

268,471

Profit for the year

11,972

At 30 April 2020

280,443

9.	Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Jonathan Moughton (Senior Statutory Auditor)

for and on behalf of Haines Watts

10.	Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11.	Ultimate controlling party

The immediate parent company is Zaha Hadid Limited. The ultimate parent company is Zaha Hadid Holdings Limited, a company registered in England and Wales.

Zaha Hadid Holdings Limited prepares group financial statements and copies can be obtained from Companies House.

The ultimate controlling party is the Estate of Dame Zaha Hadid.