New London Architecture Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02924619 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2022

for

New London Architecture Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N P McKeogh

P M McKeogh

Mrs G Syed

M J Cassidy

P G S Murray

REGISTERED OFFICE:

16 Beaufort Court

Admirals Way

Docklands

London

E14 9XL

REGISTERED NUMBER:

02924619 (England and Wales)

ACCOUNTANTS:

RBS Accountants Limited

16 Beaufort Court

Admirals Way

London

Docklands

London

E14 9XL

FIXED ASSETS

Intangible assets

4

128,970

140,823

Tangible assets

5

2,377,687

2,679,778

2,506,657

2,820,601

CURRENT ASSETS

Debtors

6

522,761

533,515

Cash at bank and in hand

145,402

178,353

668,163

711,868

CREDITORS

Amounts falling due within one year

7

1,460,154

1,203,544

NET CURRENT LIABILITIES

(791,991

)

(491,676

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,714,666

2,328,925

CREDITORS

Amounts falling due after more than one year

8

(440,000

)

(600,000

)

PROVISIONS FOR LIABILITIES

11

(440,625

)

(499,015

)

NET ASSETS

834,041

1,229,910

CAPITAL AND RESERVES

Called up share capital

12

1,000

1,000

Non distributable reserve

13

1,514,177

1,782,456

Retained earnings

13

(681,136

)

(553,546

)

SHAREHOLDERS' FUNDS

834,041

1,229,910

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Board of Directors and authorised for issue on 15 June 2023 and were signed on its behalf by:

N P McKeogh - Director

1.	STATUTORY INFORMATION

New London Architecture 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax. Income is recognised as services are performed and as the events take place. Income invoiced in the year for services and events that take place after the year end has been deferred.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Models

-

at varying rates on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on 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.

Pension costs

The company contributes to individual employee's workplace personal pension plans. Contributions payable are charged to the income statement in the period to which they relate to. The assets of the plan are held separately from those of the company in independently administered funds.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2021 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Development

Goodwill

costs

Totals

£

£

£

COST

At 1 October 2021

36,895

207,071

243,966

Additions

-

46,175

46,175

At 30 September 2022

36,895

253,246

290,141

AMORTISATION

At 1 October 2021

14,758

88,385

103,143

Amortisation for year

7,379

50,649

58,028

At 30 September 2022

22,137

139,034

161,171

NET BOOK VALUE

At 30 September 2022

14,758

114,212

128,970

At 30 September 2021

22,137

118,686

140,823

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

Models

fittings

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 October 2021

3,487,951

73,079

236,417

3,797,447

Additions

-

-

17,572

17,572

At 30 September 2022

3,487,951

73,079

253,989

3,815,019

DEPRECIATION

At 1 October 2021

836,088

59,052

222,529

1,117,669

Charge for year

300,251

4,496

14,916

319,663

At 30 September 2022

1,136,339

63,548

237,445

1,437,332

NET BOOK VALUE

At 30 September 2022

2,351,612

9,531

16,544

2,377,687

At 30 September 2021

2,651,863

14,027

13,888

2,679,778

Cost or valuation at 30 September 2022 is represented by:

Fixtures

and

Computer

Models

fittings

equipment

Totals

£

£

£

£

Valuation in 2019

1,973,418

-

-

1,973,418

Valuation in 2021

709,371

-

-

709,371

Cost

805,162

73,079

253,989

1,132,230

3,487,951

73,079

253,989

3,815,019

If Models had not been revalued they would have been included at the following historical cost:

30.9.22

30.9.21

£

£

Cost

805,162

805,162

Models were valued on market value basis on 30 September 2021 by directors valuation .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Trade debtors

266,560

279,628

Amounts owed by group undertakings

38,603

87,177

Other debtors

63,250

69,886

Directors' current accounts

14,709

-

Accrued income

57,818

53,023

Prepayments

81,821

43,801

522,761

533,515

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Bank loans and overdrafts (see note 9)

160,000

160,000

Trade creditors

175,864

149,416

Social security and other taxes

76,492

24,589

VAT

106,517

124,215

Other creditors

16,427

15,185

Deferred income

867,775

639,417

Directors' current accounts

-

12,775

Accrued expenses

57,079

77,947

1,460,154

1,203,544

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.22

30.9.21

£

£

Bank loans (see note 9)

440,000

600,000

The term of the loan is for 6 years and the Interest payable is 2.34% above the base rate.

9.

LOANS

An analysis of the maturity of loans is given below:

30.9.22

30.9.21

£

£

Amounts falling due within one year or on demand:

Bank loans

160,000

160,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

440,000

600,000

The Corona virus interruption business Loan CBILS is over a 6 year term and repayable over 5 year from July 2021. The interest rate on this is 2.34% per annum.

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.22

30.9.21

£

£

Bank loans

600,000

760,000

The Corona Virus Interruption Business Loan (CIBLS) is secured with a fixed plus floating charge by Natwest Bank covering all the property and undertakings of the company.

11.	PROVISIONS FOR LIABILITIES

30.9.22

30.9.21

£

£

Deferred tax

440,625

499,015

Deferred

tax

£

Balance at 1 October 2021

499,015

Provided during year

(58,390

)

Balance at 30 September 2022

440,625

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.22

30.9.21

value:

£

£

1,000

Ordinary

1

1,000

1,000

13.

RESERVES

Non

Retained

distributable

earnings

reserve

Totals

£

£

£

At 1 October 2021

(553,546

)

1,782,456

1,228,910

Deficit for the year

(127,590

)

(127,590

)

Non distributable reserve

-

(268,279

)

(268,279

)

At 30 September 2022

(681,136

)

1,514,177

833,041

14.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.