ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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FOR THE YEAR ENDED 31 MAY 2021
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KENDALL KINGSCOTT LIMITED
COMPANY INFORMATION
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KENDALL KINGSCOTT LIMITED
CONTENTS
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KENDALL KINGSCOTT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2021
The Directors present their strategic report for Kendall Kingscott Limited (the Company or Kendall Kingscott) for the year ended 31 May 2021.
Turnover in the year was £11.6m (2020 £10.13m), an increase of 14.6%. Gross profits increased by 38.6% to £4,845m at a margin of 41.7% compared to 34.5% for the previous year. Operating profits for the year were £1,117k reflecting a margin of 9.6%.
This represents Kendall Kingscott’s best year end trading results to date and the directors are very pleased with the results. Just before the start of the financial year, the COVID-19 pandemic hit and the UK went into lockdown. The directors identified the potential risks from the pandemic early on and implemented a business continuity plan. This plan was successfully executed and Kendall Kingscott’s 5 offices returned to normal trading levels very soon after. The success of this approach enabled the directors to focus on continued growth and investment in Kendall Kingscott. Kendall Kingscott’s trading for the new financial year has continued to see strong levels of tradings. The half year results to 30 November 2021 has recorded sales of £6.5m. There is also a strong order book so the directors remain highly optimistic about the current financial year.
The company’s key risks and uncertainties comprise external market conditions and delays or cancellations of projects. This is undoubtedly mitigated by ensuring there is no dependence upon any particular client, project, geography or discipline. Kendall Kingscott reduces credit risk by monitoring the behaviour of clients and through the operation of credit management procedures in line with normal business practice.
A prudent liquidity and cashflow risk management policy is operated, forecasting short and medium term working capital requirements and maintaining sufficient cash and availability of funding through an adequate amount of committed credit facilities and borrowing if they were required which, to date, they have not been required. We work hard and focus on retaining our wide base of clients within a good spread of sectors. We are continually looking to bring new offerings to client on emerging trends and market intelligence, which ensure we are well positioned to deliver new, long term consultancy advisory work.
Kendall Kingscott continues to monitor performance by a number of measures including monthly accounts and dashboard reports. These include relevant KPIs such as profit and loss accounts (company and departments), cashflow, overheads, gross and operating margins, debtor days, defensive internal, current ratio and acid test ratio and other related statistics, work in progress, orders and prospects.
The Company also monitors non-financial KPIs such as staff engagement, client satisfaction and health and safety matters. The Company also hold regular board and various other formal meetings covering operations, business development, marketing, IT and HR.
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KENDALL KINGSCOTT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
Rethinking the way we work
As a studio based business that relies on teams working collaboratively on design work and extensive use of complex software and data hungry technology to model information, the sudden requirement for all of us to work from home was a big challenge. Our IT team had been progressively developing cyber secure remote working systems during 2019. At the time that the pandemic was declared in March 2020, a solution had been identified and was tested fully and successfully with a complete transition of all circa 140 staff to home working almost overnight. This pattern of working has extensively continued with managed returns to offices of limited numbers of staff in a COVID safe way. This working pattern has continued throughout the 2020-21 trading year and beyond with no negative impact on productivity to date. We are now, following regular staff surveys, exploring ways of providing more flexibility of working hours and locations. Culture, Sustainability & Social Value With the uncertainty in the economy during 2020/21, the challenges for trading and our response through close monitoring of our fee forecast against resource has proved vital in delivering an exceptionally strong year of trading. The Directors’ identification of potential risks from the pandemic early on and implementation of the business continuity plan has allowed the safeguarding of our staffing and undoubtedly contributed to the most successful year of trading. Whilst cost expenditure is closely monitored in all parts of the company, this is done with a view to sharing workload and optimising resource utilisation across the business as a whole. The willingness to share work and resource eased pressure on individuals and saved jobs. Despite the challenges throughout our 2020/21 trading year, we have maintained our top third ranking in UK Construction Consultancies league table of 150 consultants. We continue to work towards an increasingly transparent culture in our business both in terms of widening ownership through shares but also regular employee feedback which contribute to KPI targets for the business. We continue to measure our environmental performance and have now formalised a Kendall Kingsott carbon reduction strategy to move the business to a net zero position by 2030, with an ambition to achieve this by 2025. This includes Greenhouse Gas (GHG) Protocol Scope 1 and 2 emissions across all offices. Kendall Kingscott supports the UK Green Building Council’s framework for net zero carbon buildings which will ensure that our consultancy work will help the UK construction and property industry to transition to becoming net zero carbon by 2050. We continue to support our carbon reduction initiatives through sourcing energy through renewable sources. Workload & Accreditation We maintain a good balance of workload between public and private sector client with a reputation for designing and delivering well considered, sustainable and useful buildings to challenging budgets and programmes. The pipeline of projects in residential, healthcare, schools and retail secured by the practice has grown strongly through 2020 fed by our ongoing success in winning and retaining places on frameworks both within the public and private sectors. Notwithstanding this, our workload in the higher education sector remained suppressed during 2020/21, reflective of uncertainty among UK universities during the BREXIT process and the impact of COVID-19. We expect our workload in this sector to recover as confidence returns to our clients to progress estate planning now new study patterns are being defined. Our healthcare workload has seen an increase in our NHS sourced opportunities along with a consistent level of activity from our private healthcare clients. Both sectors are expected to see increasing levels of activity which we are well placed to capitalise upon.
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KENDALL KINGSCOTT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
The residential sectors, both private and public clients, remains busy, with a significant increase in our capability to deliver larger scale projects which is enhancing and widening our ability to secure new opportunities. We have widened our retail client base with winning a framework for the delivery of Employer’s Agent, Project Management, Cost Management and Architectural services for a high profile client. This, allied with two other major retail frameworks has seen a timely involvement in substantial roll-out programme for all three retailers. Our wider involvement in public sector and ex-public sector clients sees activity continuing with blue light and postal delivery clients. We maintained our accreditation in ISO 9001 (Quality Management) and ISO 14001 (Environmental Management) through 2020/21 as well as Constructionline, Green Accord and CHAS. We have maintained our Cyber Essentials accreditation and continue to explore ways of keeping our systems safe from continually evolving means of cyber attacks, particularly during the extended period of working remotely that much of our workforce has had to do.
This report was approved by the board on 28 February 2022 and signed on its behalf.
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KENDALL KINGSCOTT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2021
The directors present their report and the financial statements for the year ended 31 May 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 £776,724 (2020: £174,488).
The directors who served during the year were:
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KENDALL KINGSCOTT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
The Directors remain fully committed to build on the continuing successful growth of the practice over the last 12 months. The strong balance sheet, cash positive position, robust ongoing pipeline allied with accurate financial projections and modelling provides the confidence to continue progression with the 5/10 year business plan for the practice.
Our trading position has allowed the acknowledgement of staff effort with ongoing payment of bonus, dividends for shareholders and regular salary reviews for all staff. We see this as an important part of retaining our staff cohort and has been financially planned and budgeted for in our future cashflow, balance sheet and profit and loss projections.
There have been no significant events affecting the company since the year end.
The auditors, Bishop Fleming LLP, 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.
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KENDALL KINGSCOTT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF KENDALL KINGSCOTT LIMITED
We have audited the financial statements of Kendall Kingscott Limited (the 'company') for the year ended 31 May 2021, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, 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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KENDALL KINGSCOTT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF KENDALL KINGSCOTT 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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KENDALL KINGSCOTT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF KENDALL KINGSCOTT 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 nature of the industry and sector, control environment and business performance;
∙ Results of our enquires of management and directors in relation to their own identification and assessment
of the risks of irregularities within the Company; and
∙any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they
were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in accounting for revenue relating to long term contracts. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation. In additions we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Company’s ability to operate or avoid a material penalty. These included building regulation laws, health and safety legislation, environmental legislation and employment legislation.
Our audit procedures performed to respond to the risks identified included, but were not limited to:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the
recognition of revenue;
∙Challenging assumptions and judgements made by management in their significant accounting estimates;
∙Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that
represented a risk of material misstatement due to fraud.
∙Discussions with management, including consideration of known or suspected instances of non-compliance
with laws and regulation and fraud;and
∙Review of board meeting minutes
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit Our audit procedures were designed to respond to risks of material misstatement in the financial statements,
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KENDALL KINGSCOTT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF KENDALL KINGSCOTT LIMITED (CONTINUED)
recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not
detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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.
The comparative figures within these financial statements have not been audited, as the company took advantage of the exemption under s477 of the Companies Act 2006.
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
10 Temple Back
BS1 6FL
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KENDALL KINGSCOTT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2021
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KENDALL KINGSCOTT LIMITED
REGISTERED NUMBER:04605743
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 26 form part of these financial statements.
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KENDALL KINGSCOTT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2021
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2020
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KENDALL KINGSCOTT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2021
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KENDALL KINGSCOTT LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2021
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KENDALL KINGSCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
Kendall Kingscott Limited is a private limited company, limited by shares, incorporated within the United Kingdom and registered within England and Wales. The Company's registered office is Glentworth Court, Lime Kiln Close, Stoke Gifford, Bristol, BS34 8SR and its registered number is 04605743.
The functional currency of Kendall Kingscott Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
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 following principal accounting policies have been applied:
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Director’s report. The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 on trading performance, show that the company should be able to operate within the level of its current facilities. Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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KENDALL KINGSCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 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 following methods.
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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KENDALL KINGSCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
2.ACCOUNTING POLICIES (continued)
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KENDALL KINGSCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
2.ACCOUNTING POLICIES (continued)
DEFINED CONTRIBUTION PENSION PLAN
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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KENDALL KINGSCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
Amounts recoverable on contracts are recognised on the proportion of work completed to date on the project. The attributable profit is recognised once the outcome of the project can be assessed with reasonable certainity.
The whole of the turnover is attributable to the principal activity of the company.
Analysis of turnover by country of destination:
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KENDALL KINGSCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
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KENDALL KINGSCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
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KENDALL KINGSCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
10.TAXATION (CONTINUED)
The UK corporation tax rate will rise from 19% to 25% in 2023 and this was substantively enacted on 24 May 2021. Accordingly, this rate will be used to measure any deferred tax assets and liabilities in future reporting periods.
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KENDALL KINGSCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
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KENDALL KINGSCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
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KENDALL KINGSCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
Share premium account
Capital redemption reserve
Profit and loss account
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KENDALL KINGSCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
Pension commitments:
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £522,220 (2020: £582,952). Contributions totalling £43,014 (2020: £69,174) were payable to the fund at the reporting date. This amount is included within other creditors due within one year.
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