Rolfe Judd Architecture Limited Company accounts

Rolfe Judd Architecture Limited Company accounts

ROLFE JUDD ARCHITECTURE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01439773
Rolfe Judd Architecture Limited
Financial Statements
For the year ended
30 September 2022
Rolfe Judd Architecture Limited
Financial Statements
Year ended 30 September 2022
Contents
Pages
Officers and professional advisers
1
Directors' report
2 to 3
Independent auditor's report to the member
4 to 7
Statement of income and retained earnings
8
Statement of financial position
9
Notes to the financial statements
10 to 13
Rolfe Judd Architecture Limited
Officers and Professional Advisers
The board of directors
C A Graham
S Harvey
E D D Macgillivray
J Rudolph
A Long
G M Harris
Company secretary
N Dhevarajah
Registered office
Old Church Court
Claylands Road
London
SW8 1NZ
Auditor
Mackenzie Field
Chartered Accountants & statutory auditor
Hyde House
The Hyde
Edgware Road
London
NW9 6LA
Rolfe Judd Architecture Limited
Directors' Report
Year ended 30 September 2022
The directors present their report and the financial statements of the company for the year ended 30 September 2022 .
Directors
The directors who served the company during the year were as follows:
I Greves
C A Graham
S Harvey
E D D Macgillivray
J Rudolph
A Long
J C Carter
(Resigned 10 December 2021)
Directors' responsibilities statement
The directors are responsible for preparing 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 July 2023 and signed on behalf of the board by:
S Harvey
Director
Registered office:
Old Church Court
Claylands Road
London
SW8 1NZ
Rolfe Judd Architecture Limited
Independent Auditor's Report to the Member of Rolfe Judd Architecture Limited
Year ended 30 September 2022
Opinion
We have audited the financial statements of Rolfe Judd Architecture Limited (the 'company') for the year ended 30 September 2022 which comprise the statement of income and retained earnings, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 September 2022 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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 auditor's 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 UK, including the FRC’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.
Conclusions relating to going concern
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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Irregularities, including fraud, are instances 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 details below:
- 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;
- We identified the laws and regulations applicable to the company through discussions with the directors and other management, and from our knowledge and experience;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instance of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an undertaking 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 alleger 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 to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgement and assumptions made in determining the accounting estimates were indicative of potential bias; and
- Investigated the rationale behind significant transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which include, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Reading the minutes of meetings of those charged with governance; and
- Enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at https:/www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
D M Andrews FCA
(Senior Statutory Auditor)
For and on behalf of
Mackenzie Field
Chartered Accountants & statutory auditor
Hyde House
The Hyde
Edgware Road
London
NW9 6LA
27 July 2023
Rolfe Judd Architecture Limited
Statement of Income and Retained Earnings
Year ended 30 September 2022
2022
2021
Note
£
£
Turnover
5,530,173
5,625,224
Cost of sales
119,127
132,898
------------
------------
Gross profit
5,411,046
5,492,326
Administrative expenses
5,240,260
5,044,469
------------
------------
Operating profit
170,786
447,857
Other interest receivable and similar income
47
334
------------
------------
Profit before taxation
5
170,833
448,191
Tax on profit
( 58,693)
79,972
---------
---------
Profit for the financial year and total comprehensive income
229,526
368,219
---------
---------
Dividends paid and payable
( 150,000)
–
Retained earnings at the start of the year
2,115,559
1,747,340
------------
------------
Retained earnings at the end of the year
2,195,085
2,115,559
------------
------------
All the activities of the company are from continuing operations.
Rolfe Judd Architecture Limited
Statement of Financial Position
30 September 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
6
196,825
130,488
Current assets
Debtors
7
2,044,547
2,306,097
Cash at bank and in hand
878,286
1,326,333
------------
------------
2,922,833
3,632,430
Creditors: amounts falling due within one year
8
889,477
1,624,243
------------
------------
Net current assets
2,033,356
2,008,187
------------
------------
Total assets less current liabilities
2,230,181
2,138,675
Provisions
Taxation including deferred tax
34,996
23,016
------------
------------
Net assets
2,195,185
2,115,659
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,195,085
2,115,559
------------
------------
Shareholder funds
2,195,185
2,115,659
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 27 July 2023 , and are signed on behalf of the board by:
S Harvey
Director
Company registration number: 01439773
Rolfe Judd Architecture Limited
Notes to the Financial Statements
Year ended 30 September 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Old Church Court, Claylands Road, London, SW8 1NZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the effect of the Covid-19 outbreak. The directors consider that the outbreak has not caused a significant disruption to the company. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, plus unbilled work in progress.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Improvements
-
25% straight line
Fixtures & Fittings
-
15% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 73 (2021: 88 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2022
2021
£
£
Depreciation of tangible assets
54,549
81,797
Fees payable for the audit of the financial statements
34,897
15,300
--------
--------
6. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 October 2021
45,470
559,715
1,778,609
2,383,794
Additions
–
–
120,886
120,886
--------
---------
------------
------------
At 30 September 2022
45,470
559,715
1,899,495
2,504,680
--------
---------
------------
------------
Depreciation
At 1 October 2021
45,470
532,411
1,675,425
2,253,306
Charge for the year
–
2,919
51,630
54,549
--------
---------
------------
------------
At 30 September 2022
45,470
535,330
1,727,055
2,307,855
--------
---------
------------
------------
Carrying amount
At 30 September 2022
–
24,385
172,440
196,825
--------
---------
------------
------------
At 30 September 2021
–
27,304
103,184
130,488
--------
---------
------------
------------
7. Debtors
2022
2021
£
£
Trade debtors
1,793,744
2,041,974
Amounts owed by group undertakings and undertakings in which the company has a participating interest
179,769
149,399
Other debtors
71,034
114,724
------------
------------
2,044,547
2,306,097
------------
------------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
–
1,966
Corporation tax
5,465
76,138
Social security and other taxes
315,796
354,556
Other creditors
568,216
1,191,583
---------
------------
889,477
1,624,243
---------
------------
9. Related party transactions
At the balance sheet date the company was owed by Rolfe Judd Holdings Limited £179,769 (2021: £149,399).