Hawkins Brown Design Limited Company accounts

HAWKINS BROWN DESIGN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09427730

Hawkins Brown Design Limited

Financial Statements

31 March 2023

Hawkins Brown Design Limited

Financial Statements

Year ended 31 March 2023

Contents	Page

Strategic report	1

Directors' report	2

Directors' responsibilities statement	4

Independent auditor's report to the members	5

Statement of comprehensive income	10

Statement of financial position	11

Statement of changes in equity	12

Notes to the financial statements	13

Hawkins Brown Design Limited

Strategic Report

Year ended 31 March 2023

The directors consider that the key financial performance indicators (KPIs) are those that communicate the financial performance and strength of the company as a whole to the members. These KPIs comprise turnover, operating profit and shareholders' funds. Business Review The company has continued to grow in terms of turnover and profit throughout the year, the focus being on increasing the customer base. Turnover has increased by 36% from £18,882,112 (2022) to £25,636,557 (2022). Operating profit increased by 331% to £2,901,107 (2022: £673,677). Shareholders' funds increased by 43% to £8,553,189 from £5,980,716 (2021). Shareholders' funds reflect accumulated profits brought forward of £5,980,704 together with the profit for the year of £2,572,473. Principal Risks & Uncertainties The directors believe that the principal risks and uncertainties facing the company in the coming year are as follows:- Potential downturn in the construction industry as a result of ongoing increases in raw material costs and uncertainty surrounding economic growth. Bad debt risk as a result of client cashflow tightening if construction industry activity slows.

This report was approved by the board of directors on 13 December 2023 and signed on behalf of the board by:

R A Hawkins

Director

Registered office:

Eastcastle House

27/28 Eastcastle Street

London

W1W 8DH

Hawkins Brown Design Limited

Directors' Report

Year ended 31 March 2023

The directors present their report and the financial statements of the company for the year ended 31 March 2023 .

Directors

The directors who served the company during the year were as follows:

R A Hawkins
O Milton
H J York
Mr A C Roberts

Dividends

The directors do not recommend the payment of a dividend.

Future developments

The company has established itself in the architectural market place and will continue making developments in this area.

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.

This report was approved by the board of directors on 13 December 2023 and signed on behalf of the board by:

R A Hawkins

Director

Registered office:

Eastcastle House

27/28 Eastcastle Street

London

W1W 8DH

Hawkins Brown Design Limited

Directors' Responsibilities Statement

Year ended 31 March 2023

The directors are responsible for preparing the strategic report, 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.

Hawkins Brown Design Limited

Independent Auditor's Report to the Members of Hawkins Brown Design Limited

Year ended 31 March 2023

Opinion

We have audited the financial statements of Hawkins Brown Design Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, statement of financial position, 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 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 31 March 2023 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 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.

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 strategic report or 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.

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

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 auditor’s 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 extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material mistatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - 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 directors and other management, and from our commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operation of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation; - we assessed the extent of non-compliance with the laws and regulations indentified above through making enquiries of management and inspecting legal correspondence We assess the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding 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 alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and - understanding the design of the company's remuneration policies. To address the risk of fraud through management bias and override of controls, we: - performed analytical review procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions In repsonse to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing the financial disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual or potential litigation and claims;and - reviewing correspondence with HMRC and the company's legal advsiors. 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 is available on the Financial Reporting Council's website at: www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidanc e-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Mattei

(Senior Statutory Auditor)

For and on behalf of

Leaman Mattei

Chartered Accountants & Statutory Auditors

Suite 1, First floor

1 Duchess Street

London

W1W 6AN

13 December 2023

Hawkins Brown Design Limited

Statement of Comprehensive Income

Year ended 31 March 2023

		2023	2022
Note		£	£
Turnover	4	25,636,557	18,882,112

Cost of sales	13,259,744	11,841,234
	-------------	-------------
Gross profit	12,376,813	7,040,878

Administrative expenses		9,475,423	6,372,398
Other operating income	5	717	5,197
		-------------	------------
Operating profit	6	2,902,107	673,677

Interest payable and similar expenses	7	928	1,316
		-------------	------------
Profit before taxation		2,901,179	672,361

Tax on profit	8	328,706	( 671,941)
		------------	------------
Profit for the financial year and total comprehensive income		2,572,473	1,344,302
		------------	------------

All the activities of the company are from continuing operations.

Hawkins Brown Design Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Investments	9	773	773

Current assets

Stocks	10	190,415	137,132
Debtors	11	8,892,435	6,947,592
Cash at bank and in hand		925,669	1,641,633
		-------------	------------
		10,008,519	8,726,357

Creditors: amounts falling due within one year	12	1,456,103	2,746,414
		-------------	------------
Net current assets		8,552,416	5,979,943
		------------	------------
Total assets less current liabilities		8,553,189	5,980,716
		------------	------------

Capital and reserves

Called up share capital	13	12	12
Profit and loss account	14	8,553,177	5,980,704
		------------	------------
Shareholders funds		8,553,189	5,980,716
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 13 December 2023 , and are signed on behalf of the board by:

R A Hawkins

Director

Company registration number: 09427730

Hawkins Brown Design Limited

Statement of Changes in Equity

Year ended 31 March 2023

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 April 2021	2	4,636,402	4,636,404

Profit for the year		1,344,302	1,344,302
	----	------------	------------
Total comprehensive income for the year	–	1,344,302	1,344,302

Issue of shares	10	–	10
	----	------------	------------
Total investments by and distributions to owners	10	–	10

At 31 March 2022	12	5,980,704	5,980,716

Profit for the year		2,572,473	2,572,473
	----	------------	------------
Total comprehensive income for the year	–	2,572,473	2,572,473

	----	------------	------------
At 31 March 2023	12	8,553,177	8,553,189
	----	------------	------------

Hawkins Brown Design Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

Hawkins Brown Design Limited is a private company, limited by shares, registered in England and Wales, company number 09427730 . The registered address is Eastcastle House, 27/28 Eastcastle Street, London, United Kingdom, W1W 8DH. The principal activity of the company during the year was the provision of architectural services.

2. Statement of compliance

These financial statements have been prepared in compliance with 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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Hawkins Brown Architects LLP which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) No disclosure has been given for the aggregate remuneration of key management personnel.

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. (i) Significant judgements No critical accounting judgement was made by management in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the financial statements. (ii) Key sources of estimation uncertainty No critical sources of estimation uncertainty were made by management in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Turnover

Turnover arises from:

	2023	2022
	£	£
Architectural services	25,636,557	18,882,112
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2023	2022
	£	£
Other operating income	717	5,197
	----	-------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2023	2022
	£	£
Impairment of trade debtors	(124,617)	123,421
Operating lease rentals	–	2,510
Foreign exchange differences	( 71,079)	( 19,865)
	---------	---------

7. Interest payable and similar expenses

	2023	2022
	£	£
Interest on banks loans and overdrafts	928	1,316
	----	-------

8. Tax on profit

Major components of tax expense/(income)

	2023	2022
	£	£

Current tax:

UK current tax expense	328,706	147,919
Adjustments in respect of prior periods	–	( 819,860)
	---------	---------
Total current tax	328,706	( 671,941)
	---------	---------
	---------	---------
Tax on profit	328,706	( 671,941)
	---------	---------

Reconciliation of tax expense/(income)

The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).

	2023	2022
	£	£
Profit on ordinary activities before taxation	2,901,179	672,361
	------------	---------
Profit on ordinary activities by rate of tax	551,224	127,749
Adjustment to tax charge in respect of prior periods	( 222,518)	( 819,860)
Other tax adjustment	–	20,170
	------------	---------
Tax on profit	328,706	( 671,941)
	------------	---------

9. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2022 and 31 March 2023	773
	----
Impairment
At 1 April 2022 and 31 March 2023	–
	----

Carrying amount
At 31 March 2023	773
	----
At 31 March 2022	773
	----

Hawkins Brown Design Limited acquired 100% of the ordinary shares in Hawkins Brown USA INC. and Hawkins Brown Ireland Limited on their incorporation. Hawkins Brown USA INC. is a wholly owned subsidiary and is incorporated in Delaware, USA. Hawkins Brown Ireland Limited is a wholly owned subsidiary and is incorporated in the Republic of Ireland.

10. Stocks

	2023	2022
	£	£
Work in progress	190,415	137,132
	---------	---------

11. Debtors

	2023	2022
	£	£
Trade debtors	5,855,509	3,809,626
Amounts owed by group undertakings	3,036,926	3,137,966
	------------	------------
	8,892,435	6,947,592
	------------	------------

12. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	1,701	–
Amounts owed to group undertakings	809,360	2,597,281
Corporation tax	580,236	147,919
Social security and other taxes	64,806	1,214
	------------	------------
	1,456,103	2,746,414
	------------	------------

13. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	12	12	12	12
	----	----	----	----

14. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

15. Related party transactions

The company has taken advantage of the exemption granted by paragraph 33.1(a) of FRS102, Related Party Disclosures, not to disclose transactions with group members, being a wholly owned subsidiary of the group.

16. Controlling party

The parent undertaking, Hawkins Brown Architecture Limited is a company registered in England and Wales.