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Company No: 03899734 (England and Wales)

DAVID CHIPPERFIELD ARCHITECTS LIMITED.

Annual Report and Financial Statements
For the financial year ended 31 December 2023

DAVID CHIPPERFIELD ARCHITECTS LIMITED.

Annual Report and Financial Statements

For the financial year ended 31 December 2023

Contents

DAVID CHIPPERFIELD ARCHITECTS LIMITED.

COMPANY INFORMATION

For the financial year ended 31 December 2023
DAVID CHIPPERFIELD ARCHITECTS LIMITED.

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Benito Blanco Avellano
David Alan Chipperfield
Alasdair Ross Graham
Harriet Ellen Miller (Resigned 16 August 2023)
William Francis Patrick Prendergast
REGISTERED OFFICE C/O Praxis
1 Poultry
London
EC2R 8EJ
England
United Kingdom
BUSINESS ADDRESS 9 Dallington Street
London
EC1V 0LN
COMPANY NUMBER 03899734 (England and Wales)
AUDITOR Praxis
1 Poultry
London
EC2R 8EJ
DAVID CHIPPERFIELD ARCHITECTS LIMITED.

STRATEGIC REPORT

For the financial year ended 31 December 2023
DAVID CHIPPERFIELD ARCHITECTS LIMITED.

STRATEGIC REPORT (continued)

For the financial year ended 31 December 2023

The directors present their Strategic Report for the financial year ended 31 December 2023.

PRINCIPLE ACTIVITIES, TRADING REVIEW AND FUTURE DEVELOPMENTS

The principal activity of the Company is that of architecture and design.

2023 proved successful not only commercially but also through the personal success of our principal, Sir David Chipperfield, who was named as the 2023 Laurette of the Pritzker Architecture Prize. This prize, widely regarded as the highest honour an architect can receive, marks a significant milestone in the history of the practice.

In 2023 the company increased revenue by 30%, after having successfully won the architectural competition for the Parliamentary Precinct Block 2 in Ottawa in 2022. The Company began working on the project in 2023 whilst also adding a substantial direct commission in the United States for a private client. Both of these projects, together with the continuation of existing projects globally of varying scale and scope, has ensured a return to profitability.

The economic risks in the UK and the world economy remain a concern, staff retention is a risk as the international staff base is impacted by the increased cost of living in London and the UK.

In 2023 total staff numbers stood at an average of 121 (2022: 109). Average architectural staff numbers increased to 81 (2022: 76), reflecting our investment in staff and building a robust structure focused on the quality of design.

The value under contract for 2024 remains strong and we continue to monitor opportunities around the globe.

The first half of 2024 will see the move into our new office premises and enjoy the increase in productivity born from the long-term investments in our staff and technology to support the design process.

KEY PERFORMANCE INDICATORS

The key performance indicators are gross profit margin and fees per architect head.
Gross profit margin 54% (2022: 45%)
Fees per architect head £198,468 (2022: £162,286)

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider these to be as follows:

Geopolitics
Heightened geopolitical tensions, alongside other factors can have a significant impact on the business with little warning. We continue to monitor factors and any potential impact on the business.

Input costs
We monitor all our costs regularly and factor in inflation when modelling within our financial forecasts.

Fluctuations in contracts and workload
The practice needs to navigate continuously evolving project programmes while maintaining an excellent workforce ready for new projects and often with increasing scope. It is challenging to resource each project correctly and to react to downturns promptly, without compromising efficiency in the final stages of projects. In order to manage this risk, and the risk it poses on liquidity and cash flow, resource planning is considered on a weekly basis looking forward 12 months.

Architectural staff
The objectives of the practice can only be met by maintaining a strong, competent and DCA-experienced staff so staff retention and appropriate remuneration packages are essential, supplemented by CPDs and other benefits.

Claims
As a provider of design services the Company is at risk of professional negligence claims and we have a duty to inform our Professional Indemnity Insurers when such claims, or threat of claims, exist. The directors, our insurers and their legal teams will vigorously defend such claims. The directors will take all the known facts of each such case into consideration and will come to a decision, supported by professional advice obtained, on the likely outcome. If liability is considered probable a provision to the extent we are liable, which is the excess value of the insurance policy will be made in the financial statements.

Competitions
Competitions are costly and will not always be successful. The directors are diligent in only embarking on competitions selected on the basis of clear criteria and only a limited number per year, subject to the availability of resource.

Fee proposals/timelines
Experienced staff and the directors work on the agreement of fees and timelines with prospective clients and also for new work or amendments to current projects. These fees and timelines are entered into the project management system for close monitoring during the course of the projects. Without the experience, skills and continual review at a senior management level our project performance could be significantly affected.

Exchange rates
The directors manage the risks of fluctuations in exchange rates when fees are in foreign currency with advice from experts and the practice's bankers. Active management of exchange and credit rate risk through a foreign exchange risk management strategy has continued through 2023 and 2024 as the currency mix of our fees continues to evolve.

Approved by the Board of Directors and signed on its behalf by:

Benito Blanco Avellano
Director
C/O Praxis
1 Poultry
London
EC2R 8EJ
England
United Kingdom

24 April 2024

DAVID CHIPPERFIELD ARCHITECTS LIMITED.

DIRECTORS' REPORT

For the financial year ended 31 December 2023
DAVID CHIPPERFIELD ARCHITECTS LIMITED.

DIRECTORS' REPORT (continued)

For the financial year ended 31 December 2023

The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 31 December 2023.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year was architecture and design.

GOING CONCERN

The Board considers the impact of changes in the economic climate through several stress tests to assess the ability of the Company to continue as a going concern. The Directors have prepared cash flow forecasts projecting into 2025 which are reviewed on an ongoing basis as the needs of the business are monitored closely by management.

These forecasts reflect an assessment of current and future market conditions and their impact on future cash flow performance. There is currently a strong value under contract, with 2024 expected to show consistency along with cash growth, putting the Company in a stronger position while also continuing to monitor costs.

Work under contract and prospective projects are reviewed regularly against resourcing levels. In addition, a comprehensive review of project performance is carried out monthly. Prospective projects are reviewed and tracked regularly through new project meetings.

The Directors have formed a judgement at the time of approving the financial statements that there is a reasonable expectation that the Company has adequate resources to meet its obligations and continue in operational existence for the foreseeable future. For these reasons, the Directors continue to adopt the going concern basis in preparing the Directors' report and financial statements.

REVIEW OF THE BUSINESS

Turnover for the financial year amounted to £16,075,941 (2022: £12,333,740). The Company earned a profit after taxation totalling £2,125,214 (2022: (£258,197)).

The net current asset position of the Company as at the financial year end amounted to £3,817,034 (2022: £1,886,452).

The net asset position of the Company as at the financial year end amounted to £4,230,626 (2022: £2,105,412).

DIVIDENDS

The directors do not recommend payment of a dividend (2022: £Nil).

EVENTS AFTER THE BALANCE SHEET DATE

There were no material post balance sheet events.

RESEARCH AND DEVELOPMENT

The Company continues to engage in research and development activities when required by an individual project. The intellectual property remains vested in the practice and can then be carried over to other projects.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Benito Blanco Avellano
David Alan Chipperfield
Alasdair Ross Graham
Harriet Ellen Miller (Resigned 16 August 2023)
William Francis Patrick Prendergast

CHARITABLE DONATIONS

During the year the Company made charitable donations of £23,651 (2022: £21,300)

MATTERS COVERED IN THE STRATEGIC REPORT

Certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report on pages 3 - 5. These matters relate to the principal activity and financial risk.

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.


This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.


A resolution to reappoint Praxis as auditors will be proposed at the forthcoming Annual General Meeting.



Approved by the Board of Directors and signed on its behalf by:

Benito Blanco Avellano
Director
C/O Praxis
1 Poultry
London
EC2R 8EJ
England
United Kingdom

24 April 2024

DAVID CHIPPERFIELD ARCHITECTS LIMITED.

DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial year ended 31 December 2023
DAVID CHIPPERFIELD ARCHITECTS LIMITED.

DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

For the financial year ended 31 December 2023

The directors are responsible for preparing the annual 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), including FRS 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 financial period.

In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* 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. The directors 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.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAVID CHIPPERFIELD ARCHITECTS LIMITED.

For the financial year ended 31 December 2023

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAVID CHIPPERFIELD ARCHITECTS LIMITED. (continued)

For the financial year ended 31 December 2023

Report on the audit of the financial statements

Opinion

In our opinion the financial statements of David Chipperfield Architects Limited. (the 'Company'):
* Give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements which comprise:
* The Profit and Loss Account;
* The Balance Sheet;
* The Statement of Changes in Equity; and
* The related notes 1 to 22.

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).

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 Financial Reporting Council's (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 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.

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.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We considered the nature of the Company’s industry and its control environment, and reviewed the Company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework(s) that the Company operates in, and identified the key laws and regulations that:
* had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK GAAP and the Companies Act 2006; and
* do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
* reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
* performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
* enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

Report on other legal and regulatory requirements

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.

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 any material misstatements in the Strategic Report or the Directors’ Report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters 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.

We have nothing to report in respect of these matters.

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.

Nikinder Baller (Senior Statutory Auditor)
For and on behalf of
Praxis
Statutory Auditor

1 Poultry
London
EC2R 8EJ

24 April 2024

DAVID CHIPPERFIELD ARCHITECTS LIMITED.

PROFIT AND LOSS ACCOUNT

For the financial year ended 31 December 2023
DAVID CHIPPERFIELD ARCHITECTS LIMITED.

PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 31 December 2023
Note 2023 2022
£ £
Turnover 3 16,075,941 12,333,740
Cost of sales ( 7,369,709) ( 6,743,901)
Gross profit 8,706,232 5,589,839
Administrative expenses ( 6,590,238) ( 5,816,472)
Operating profit/(loss) 2,115,994 ( 226,633)
Interest payable and similar expenses 4 ( 84,116) ( 47,701)
Profit/(loss) before taxation 5 2,031,878 ( 274,334)
Tax on profit/(loss) 9 93,336 16,137
Profit/(loss) for the financial year 2,125,214 ( 258,197)

All amounts relate to continuing operations.

There were no items of other comprehensive income or losses for the current or prior year other than those included in the Profit and Loss Account, accordingly no Statement of Comprehensive Income is presented.

DAVID CHIPPERFIELD ARCHITECTS LIMITED.

BALANCE SHEET

As at 31 December 2023
DAVID CHIPPERFIELD ARCHITECTS LIMITED.

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 11 737,101 946,181
Investments 12 100 100
737,201 946,281
Current assets
Debtors 13 6,309,031 4,374,689
Cash at bank and in hand 2,411,739 1,098,050
8,720,770 5,472,739
Creditors: amounts falling due within one year 14 ( 4,903,736) ( 3,586,287)
Net current assets 3,817,034 1,886,452
Total assets less current liabilities 4,554,235 2,832,733
Creditors: amounts falling due after more than one year 15 ( 323,609) ( 727,321)
Net assets 4,230,626 2,105,412
Capital and reserves 18
Called-up share capital 43,635 43,635
Profit and loss account 4,186,991 2,061,777
Total shareholder's funds 4,230,626 2,105,412

The financial statements of David Chipperfield Architects Limited. (registered number: 03899734) were approved and authorised for issue by the Board of Directors on 24 April 2024. They were signed on its behalf by:

Benito Blanco Avellano
Director
DAVID CHIPPERFIELD ARCHITECTS LIMITED.

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 December 2023
DAVID CHIPPERFIELD ARCHITECTS LIMITED.

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 December 2023
Called-up share capital Profit and loss account Total
£ £ £
At 01 January 2022 43,635 2,319,974 2,363,609
Loss for the financial year 0 ( 258,197) ( 258,197)
Total comprehensive loss 0 ( 258,197) ( 258,197)
At 31 December 2022 43,635 2,061,777 2,105,412
At 01 January 2023 43,635 2,061,777 2,105,412
Profit for the financial year 0 2,125,214 2,125,214
Total comprehensive income 0 2,125,214 2,125,214
At 31 December 2023 43,635 4,186,991 4,230,626
DAVID CHIPPERFIELD ARCHITECTS LIMITED.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
DAVID CHIPPERFIELD ARCHITECTS LIMITED.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

David Chipperfield Architects Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Praxis, 1 Poultry, London, EC2R 8EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

David Chipperfield Architects Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it. Exemptions have been taken in relation to share-based payments, financial instruments, presentation of a Cash Flow Statement and remuneration of key management personnel.

Going concern

The Board considers the impact of changes in the economic climate through several stress tests to assess the ability of the Company to continue as a going concern. The Directors have prepared cash flow forecasts projecting into 2025 which are reviewed on an ongoing basis as the needs of the business are monitored closely by management.

These forecasts reflect an assessment of current and future market conditions and their impact on future cash flow performance. There is currently a strong value under contract, with 2024 expected to show consistency along with cash growth, putting the Company in a stronger position while also continuing to monitor costs.

Work under contract and prospective projects are reviewed regularly against resourcing levels. In addition, a comprehensive review of project performance is carried out monthly. Prospective projects are reviewed and tracked regularly through new project meetings.

Group accounts exemption

Group accounts exemption s400
The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

The Company meets the definition of a qualifying entity under FRS102 and has therefore also taken advantage of the disclosure exemption available to it in respect of its separate financial statements and has not presented a cashflow statement.

Change in accounting policies

In the current year, the following new and revised standards and interpretations have been adopted by the company and have had an effect on future periods.

At the date of authorisation of these financial statements, the following standards and interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective:

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in accrued income and payments on account in excess of the relevant amount of revenue are included in deferred income.

Where a contract is deemed to be onerous, a provision is recorded within the financial statements for the loss expected on that contract.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
For defined contribution schemes the amounts charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred taxation is provided at appropriate rates on all material timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future. Deferred tax assets and liabilities are not discounted.

Intangible assets

Trademarks, patents and licences 10 years straight line
Tangible fixed assets

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:

Land and buildings 50 years straight line
Plant and machinery 3 - 6 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Claims

As a provider of design services, the Company is at risk of professional negligence claims and we have a duty to inform our Professional Indemnity Insurers when such claims, or threat of claims, exist. The directors, our insurers and their legal teams will vigorously defend such claims. The directors will take all the known facts of each such case into consideration and will come to a decision, supported by professional advice obtained, on the likely outcome. If liability is considered probable a provision, to the extent we are liable, which is the excess value of the insurance policy, will be made in the financial statements.

Employees

The cost of architects involved in projects is considered as a cost of sale, whereas the cost of administration and support staff are considered as an administrative expense.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that period, or in the financial year of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the Company’s accounting policies

The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Critical judgement - Revenue recognition

The assessment of the stage of completion of projects and therefore the amount of revenue recognised is affected by the assessment of future time costs that each project will incur through to completion. The costing of this time assessment is systematically driven but the estimation is made by project teams under supervision of directors and carries an inherent risk of being misjudged. Where a project is forecast to be loss making, provision is made for the estimated future costs to complete.

Critical judgement - Impairment of debtors

The Company’s policy on recognising an impairment of the trade debtor balance is based on a review of individual debtor balances, their ageing and management's assessment of realisation. This review and assessment is conducted on a continuing basis and any material change in management's assessment of trade debtor impairment is reflected in the carrying value of the asset.

3. Turnover

Breakdown geographical market:

An analysis of the Company's turnover by geographical market is set out below.

2023 2022
£ £
UK 2,933,130 3,470,736
North & South America 7,353,153 2,535,183
Europe & Middle East 4,977,681 4,325,002
Rest of World 811,977 2,002,819
16,075,941 12,333,740

4. Finance costs

2023 2022
£ £
Interest payable and similar expenses 84,116 47,701

5. Profit/(loss) before taxation

Profit/(loss) before taxation is stated after charging/(crediting):

2023 2022
£ £
Depreciation of tangible fixed assets (note 11) 311,132 246,334
Foreign exchange losses/(gains) 3,670 ( 43,305)

6. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

2023 2022
£ £
Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: 31,000 31,000
Total audit fees 31,000 31,000

Fees payable to Praxis and its associates for non-audit services to the Company are not required to be disclosed because the consolidated financial statements are required to disclose such fees on a consolidated basis.

7. Staff number and costs

2023 2022
Number Number
The average monthly number of employees (including directors) was:
Management 13 13
Administration 27 20
Architects 81 76
121 109

Their aggregate remuneration comprised:

2023 2022
£ £
Wages and salaries 6,077,827 5,271,064
Social security costs 757,575 714,716
Other retirement benefit costs 601,193 567,441
7,436,595 6,553,221

8. Directors' remuneration

2023 2022
£ £
Directors' emoluments 802,923 674,850
Amounts receivable (other than shares and share options) under long-term incentive schemes 74,421 62,258
877,344 737,108

Remuneration of the highest paid director

2023 2022
£ £
Director's emoluments 218,813 178,766
Company contributions to money purchase schemes 24,510 13,389
243,323 192,155

The highest paid director did not exercise any share options in the year and had no shares receivable under long-term incentive schemes.

9. Tax on profit/(loss)

2023 2022
£ £
Current tax on profit/(loss)
UK corporation tax ( 120,776) ( 105,756)
Total current tax ( 120,776) ( 105,756)
Deferred tax
Origination and reversal of timing differences 27,440 89,619
Total deferred tax 27,440 89,619
Total tax on profit/(loss) ( 93,336) ( 16,137)
Tax reconciliation

The tax assessed for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK:

2023 2022
£ £
Profit/(loss) before taxation 2,031,878 (274,334)
Tax on profit/(loss) at standard UK corporation tax rate of 25.00% (2022: 19.00%) 507,970 ( 52,123)
Effects of:
Group relief surrender claim 63,574 158,382
Payment for group relief (120,776) (105,756)
Deferred tax movement 27,440 0
Expenses not deductible for tax purposes 96,652 23,966
Capital allowances in excess of depreciation (270,475) (41,190)
Other deductions and reliefs (5,914) 584
Utilisation of losses (391,807) 0
Total tax credit for year (93,336) (16,137)

10. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 January 2023 17,250 17,250
At 31 December 2023 17,250 17,250
Accumulated amortisation
At 01 January 2023 17,250 17,250
At 31 December 2023 17,250 17,250
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

11. Tangible assets

Land and
buildings
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2023 294,356 1,295,670 115,929 1,705,955
Additions 0 102,051 0 102,051
Disposals 0 ( 423,215) ( 63,318) ( 486,533)
At 31 December 2023 294,356 974,506 52,611 1,321,473
Accumulated depreciation
At 01 January 2023 51,120 627,069 81,585 759,774
Charge for the financial year 5,887 286,576 18,669 311,132
Disposals 0 ( 423,216) ( 63,318) ( 486,534)
At 31 December 2023 57,007 490,429 36,936 584,372
Net book value
At 31 December 2023 237,349 484,077 15,675 737,101
At 31 December 2022 243,236 668,601 34,344 946,181

Assets held under finance leases

Included in plant and machinery are fixed assets held under finance leases with a net book value of £272,234 (2022: £326,003).

12. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 100
At 31 December 2023 100
Carrying value at 31 December 2023 100
Carrying value at 31 December 2022 100

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
Group DC Limited C/O Praxis, 1 Poultry London, United Kingdom, EC2R 8EJ Service company Ordinary 100.00% 100.00%

13. Debtors

2023 2022
£ £
Trade debtors 4,030,731 1,806,137
Amounts owed by Group undertakings (note 20) 154,376 242,194
Amounts owed by related parties (note 20) 0 12,931
VAT recoverable 126,212 0
Other debtors 162,309 117,092
Prepayments and accrued income 1,835,403 2,196,335
6,309,031 4,374,689

As at 31 December 2023 and 31 December 2022, the Company recognised £116,404 of provision for irrecoverable debts, included in the trade debtors balance. All amounts shown under debtors fall due for payment within one year.

14. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 774,933 41,676
Obligations under finance leases and hire purchase contracts 130,098 110,921
Trade creditors 374,851 556,340
Amounts owed to Group undertakings (note 20) 61,786 30,697
Amounts owed to Parent undertakings (note 20) 292,803 562,467
Deferred tax liability 117,059 89,619
Payroll taxes payable 182,066 171,415
VAT 138,484 24,077
Accruals and deferred income 2,781,388 1,947,458
Other creditors 50,268 51,617
4,903,736 3,586,287

The Company has a debenture deed, in accordance with which the bank can arrange loans and overdrafts secured by fixed and floating charges over the Company and all its present and future property assets.

Included in Trade Creditors at the year end are amounts due to a connected party of £176,785 (2022 - £nil) in relation to architectural consultancy services provided to the business.

15. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans and overdrafts 149,306 187,500
Obligations under finance leases and hire purchase contracts 174,303 259,143
Amounts owed to Parent undertakings (note 20) 0 280,678
323,609 727,321
Bank loans
2023 2022
£ £
Between one and two years 41,667 41,667
Between two and five years 107,639 125,000
After five years 0 20,833
149,306 187,500
On demand or within one year 774,933 41,676
924,239 229,176
Finance leases
2023 2022
£ £
Between one and two years 124,079 108,723
Between two and five years 50,224 150,420
After five years 0 0
174,303 259,143
On demand or within one year 130,098 110,921
304,401 370,064
Total borrowings including finance leases
2023 2022
£ £
Between one and two years 165,746 150,390
Between two and five years 157,863 275,420
After five years 0 20,833
323,609 446,643
On demand or within one year 905,031 152,597
1,228,640 599,240

16. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 89,619) 0
Charged to the Profit and Loss Account ( 27,440) ( 89,619)
At the end of financial year ( 117,059) ( 89,619)

17. Financial instruments

The carrying values of the Company’s financial assets and liabilities are summarised by category below:

2023 2022
£ £
Financial assets
Measured at undiscounted amount receivable
Trade debtors (note 13) 4,030,731 1,806,137
Other debtors (note 13) 162,309 117,092
Amounts owed by Group undertakings (note 13) 154,376 242,194
Amounts owed by related parties (note 13) 0 12,931
4,347,416 2,178,354
Financial liabilities
Measured at amortised cost
Bank loans and other loans ( 924,239) ( 229,176)
Obligations under finance leases ( 304,401) ( 370,064)
Measured at undiscounted amount payable
Trade creditors (note 14) ( 374,851) ( 556,340)
Amounts owed to Group undertakings (note 14) ( 61,786) ( 30,697)
Amounts owed to Parent undertakings (note 14 and note 15) ( 292,803) ( 843,145)
(1,958,080) (2,029,422)

18. Called-up share capital and reserves

2023 2022
£ £
Allotted, called-up and fully-paid
43,635 A ordinary shares of £ 1.00 each 43,635 43,635
Presented as follows:
Called-up share capital presented as equity 43,635 43,635

The Company's other reserves are as follows:

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

19. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 106,500 265,608

20. Related party transactions

The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.

The company borrowed €1,000,000 from DC Studio Limited, the immediate parent entity. The borrowing was under normal market conditions and is repayable in 2024 with 3.5% interest. At the balance sheet date included in creditors is £259,203 owed to DC Studio Limited (2022: £843,145). During the year sales of £8,739 (2022 - £8,331) and purchases of £95,726 (2022 - £80,856) were made in the year to/from DC Studio Limited. Additionally, at the year end and included in debtors is an amount of £154,376 (2022: £231,628) due from DC Studio in respect of tax losses group relieved by the company.

At the balance sheet date, the Company was owed £Nil (2022 - £33) from David Chipperfield Architects srl, a fellow group undertaking.

At the balance sheet date, the Company owed £7,452 (2022 – £15 owed to the Company) to David Chipperfield Architects Gesellschaft von Architekten GmbH, a company in which D A Chipperfield has a controlling interest, for expenses charged. Purchases of £21,587 (2022 - £Nil) were made in the year to David Chipperfield Architects Gesellschaft von Architekten GmbH.

At the balance sheet date, the Company owed £28,050 (2022- £Nil) by Group DC Ltd, a subsidiary undertaking. Sales of £20,346 (2022 - £13,790) and purchases of £130,785 (2022 - £96,222) were made in the year to Group DC Ltd.

At the balance sheet date, the Company owed £23,303 (2022- £30,679) to DCA Santiago de Compostela, a fellow group undertaking. Purchases of £316,880 (2022 - £52,843) were made in the year to DCA Santiago de Compostela.

21. Events after the Balance Sheet date

At the Balance Sheet date, a material provision existed in relation to premises costs for property space previously leased by the Company. After the end of the reporting period, the timeline for which the Company was liable for these costs appears to have passed, which indicates that this provision should be removed. Management has received professional advice confirming the conditions for removal of the provision in the financial year 2024 have been met. In the financial year to 31 December 2024, the financial effect of a removal of the provision will be a reduction in provisions for liabilities of £844,738 and a corresponding credit to the profit and loss account.

There have been no further events after the Balance Sheet date affecting the Company since the financial year.

22. Controlling party

The immediate and ultimate controlling party is DC Studio Limited. The largest and smallest group of undertakings for which consolidated accounts are drawn up and in which the Company is included, is the group headed by DC Studio Limited. Copies of the group financial statements are available from Companies House, Cardiff, CF14 3UZ. The registered office of DC Studio Limited is C/O Praxis, 1 Poultry, London, England, EC2R 8EJ.

D A. Chipperfield, a director of David Chipperfield Architects Limited, has ultimate control of the company by virtue of the ownership of the issued ordinary shares of DC Studio Limited.