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REGISTERED NUMBER: SC278348 (Scotland)
















Report of the Directors and

Unaudited Consolidated Financial Statements for the Year Ended 31 October 2023

for

3DReid Limited

3DReid Limited (Registered number: SC278348)






Contents of the Consolidated Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Report of the Directors 2

Consolidated Statement of Comprehensive Income 3

Consolidated Balance Sheet 4

Company Balance Sheet 6

Consolidated Statement of Changes in Equity 8

Company Statement of Changes in Equity 9

Notes to the Consolidated Financial Statements 10


3DReid Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: G Hickson-Smith
D Llewellyn
N Speakes
M Bedey





REGISTERED OFFICE: 45 West Nile Street
Glasgow
G1 2PT





REGISTERED NUMBER: SC278348 (Scotland)





ACCOUNTANTS: McLay McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

3DReid Limited (Registered number: SC278348)

Report of the Directors
for the Year Ended 31 October 2023

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

REVIEW OF BUSINESS
The business generated fee income of £8,936,464 (2022: £8,405,204), which resulted in an operating profit for the year of £51,087 (2022: £244,157).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

G Hickson-Smith
D Llewellyn
N Speakes

Other changes in directors holding office are as follows:

M Bedey - appointed 6 December 2022

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





N Speakes - Director


30 July 2024

3DReid Limited (Registered number: SC278348)

Consolidated Statement of Comprehensive Income
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

TURNOVER 8,918,464 8,405,204

Administrative expenses (8,867,377 ) (8,188,561 )
51,087 216,643

Other operating income - 27,514
OPERATING PROFIT 4 51,087 244,157

Interest receivable and similar income 27,441 3,150
78,528 247,307

Interest payable and similar expenses (86,647 ) (47,857 )
(LOSS)/PROFIT BEFORE TAXATION (8,119 ) 199,450

Tax on (loss)/profit 5 5,735 325,612
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(2,384

)

525,062

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(2,384

)

525,062

(Loss)/profit attributable to:
Owners of the parent (2,384 ) 525,062

Total comprehensive income attributable to:
Owners of the parent (2,384 ) 525,062

3DReid Limited (Registered number: SC278348)

Consolidated Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 106,205 169,699
Investments 9 - -
106,205 169,699

CURRENT ASSETS
Stocks 448,931 587,971
Debtors 10 3,619,576 3,816,178
Cash at bank and in hand 819,415 889,871
4,887,922 5,294,020
CREDITORS
Amounts falling due within one year 11 (1,827,855 ) (2,087,596 )
NET CURRENT ASSETS 3,060,067 3,206,424
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,166,272

3,376,123

CREDITORS
Amounts falling due after more than one
year

12

(264,872

)

(463,039

)

PROVISIONS FOR LIABILITIES (9,000 ) (18,300 )
NET ASSETS 2,892,400 2,894,784

CAPITAL AND RESERVES
Called up share capital 945,000 945,000
Share premium 487,200 487,200
Retained earnings 1,460,200 1,462,584
SHAREHOLDERS' FUNDS 2,892,400 2,894,784

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

3DReid Limited (Registered number: SC278348)

Consolidated Balance Sheet - continued
31 October 2023


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

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





N Speakes - Director


3DReid Limited (Registered number: SC278348)

Company Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 90,032 141,090
Investments 9 320 320
90,352 141,410

CURRENT ASSETS
Debtors 10 3,165,908 3,419,320
Cash at bank 776,727 842,935
3,942,635 4,262,255
CREDITORS
Amounts falling due within one year 11 (1,104,126 ) (1,250,679 )
NET CURRENT ASSETS 2,838,509 3,011,576
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,928,861

3,152,986

CREDITORS
Amounts falling due after more than one
year

12

(264,872

)

(463,039

)

PROVISIONS FOR LIABILITIES (9,000 ) (18,300 )
NET ASSETS 2,654,989 2,671,647

CAPITAL AND RESERVES
Called up share capital 945,000 945,000
Share premium 487,200 487,200
Retained earnings 1,222,789 1,239,447
SHAREHOLDERS' FUNDS 2,654,989 2,671,647

Company's (loss)/profit for the financial year (16,658 ) 367,259

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

3DReid Limited (Registered number: SC278348)

Company Balance Sheet - continued
31 October 2023


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

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





N Speakes - Director


3DReid Limited (Registered number: SC278348)

Consolidated Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 November 2021 945,000 937,522 487,200 2,369,722

Changes in equity
Total comprehensive income - 525,062 - 525,062
Balance at 31 October 2022 945,000 1,462,584 487,200 2,894,784

Changes in equity
Total comprehensive income - (2,384 ) - (2,384 )
Balance at 31 October 2023 945,000 1,460,200 487,200 2,892,400

3DReid Limited (Registered number: SC278348)

Company Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 November 2021 945,000 872,188 487,200 2,304,388

Changes in equity
Total comprehensive income - 367,259 - 367,259
Balance at 31 October 2022 945,000 1,239,447 487,200 2,671,647

Changes in equity
Total comprehensive income - (16,658 ) - (16,658 )
Balance at 31 October 2023 945,000 1,222,789 487,200 2,654,989

3DReid Limited (Registered number: SC278348)

Notes to the Consolidated Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

3DReid Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Group finances its activities through the use of long term bank loans.

Given the information presented, the Directors continue to adopt a going concern basis in preparing the financial statements.

Basis of consolidation
The group financial statements incorporate 3DReid Limited and its subsidiaries made up to 31 October 2023.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and estimates
The preparation of these financial statements requires the directors to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are discussed below:

Work in progress
Work in progress is valued at cost of all direct expenditure plus attributable fixed and variable overheads less any provision for foreseeable losses.

Revenue recognition
Revenue is recognised to the extent that it is probable that the financial benefits will flow to the Practice and the revenue can be readily measured. Turnover from the fees for architectural services is recognised by reference to stage payments. The stage of where a contract is at is determined either by reference to the estimate of the fee drawdown, evaluation of the proportion of fees in relation to milestones and the proportion of WIP valued, depending on the nature of the underlying contract.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, was amortised evenly over its estimated useful life and was fully written off at 31 October 2020.

3DReid Limited (Registered number: SC278348)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - over the term of the lease
Fixtures and fittings - 33% on cost, 25% on cost and over the term of the lease
Computer equipment - 33% on cost and 25% on cost

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Financial instruments
Debtors
Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand.

Creditors
Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3DReid Limited (Registered number: SC278348)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Fixed asset investments are stated at cost less provision for diminution in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 14 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 111 (2022 - 107 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

31.10.23 31.10.22
£    £   
Depreciation - owned assets 15,771 40,620
Depreciation - assets on hire purchase contracts 66,458 91,319

5. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
31.10.23 31.10.22
£    £   
Current tax:
UK corporation tax 3,565 -
R&D tax credit - (343,912 )
Total current tax 3,565 (343,912 )

Deferred tax (9,300 ) 18,300
Tax on (loss)/profit (5,735 ) (325,612 )

6. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


3DReid Limited (Registered number: SC278348)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

7. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 2,771,065
AMORTISATION
At 1 November 2022
and 31 October 2023 2,771,065
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

Company
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 2,771,065
AMORTISATION
At 1 November 2022
and 31 October 2023 2,771,065
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

3DReid Limited (Registered number: SC278348)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

8. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 November 2022 25,261 1,065,757 1,262,525 2,353,543
Additions - 1,426 17,309 18,735
At 31 October 2023 25,261 1,067,183 1,279,834 2,372,278
DEPRECIATION
At 1 November 2022 10,691 1,053,725 1,119,428 2,183,844
Charge for year 7,175 7,658 67,396 82,229
At 31 October 2023 17,866 1,061,383 1,186,824 2,266,073
NET BOOK VALUE
At 31 October 2023 7,395 5,800 93,010 106,205
At 31 October 2022 14,570 12,032 143,097 169,699

Included within the net book value above are assets held under hire purchase agreements of £90,032 (2022: £141,053).

Company
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 November 2022 924,972 1,250,235 2,175,207
Additions - 15,400 15,400
At 31 October 2023 924,972 1,265,635 2,190,607
DEPRECIATION
At 1 November 2022 924,972 1,109,145 2,034,117
Charge for year - 66,458 66,458
At 31 October 2023 924,972 1,175,603 2,100,575
NET BOOK VALUE
At 31 October 2023 - 90,032 90,032
At 31 October 2022 - 141,090 141,090

Included within the net book value above are assets held under hire purchase agreements of £90,032 (2022: £141,053).

3DReid Limited (Registered number: SC278348)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

9. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 November 2022
and 31 October 2023 320
NET BOOK VALUE
At 31 October 2023 320
At 31 October 2022 320

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries


3DReid Scotland Limited
Registered office: 36 North Castle Street, Edinburgh, United Kingdom, EH2 3BN
Nature of business: Architects
%
Class of shares: holding
Ordinary 100.00

3DReid London Limited
Registered office: 1 Hills Place, London, England, W1F 7SA
Nature of business: Architects
%
Class of shares: holding
Ordinary 100.00

3DReid Birmingham Limited
Registered office: 12 Caroline Street, Birmingham, United Kingdom, B3 1TR
Nature of business: Architects
%
Class of shares: holding
Ordinary 100.00

3DReid Manchester Limited
Registered office: 26 Cross Street, Manchester, United Kingdom, M2 7AQ
Nature of business: Architects
%
Class of shares: holding
Ordinary 100.00


3DReid Limited (Registered number: SC278348)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Trade debtors 1,767,348 1,770,430 366,223 12,600
Amounts owed by group undertakings 1,275,650 1,115,350 2,413,125 3,053,038
Other debtors 576,578 930,398 386,560 353,682
3,619,576 3,816,178 3,165,908 3,419,320

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Bank loans and overdrafts 178,750 178,750 178,750 178,750
Hire purchase contracts (see note 13) 33,534 81,027 33,534 81,027
Trade creditors 830,277 881,085 371,838 409,044
Tax 3,565 - - -
Social security and other taxes 121,565 125,956 121,565 125,956
VAT 252,995 268,725 298,449 363,733
Other creditors 43,627 37,541 43,627 37,541
Accrued expenses 363,542 514,512 56,363 54,628
1,827,855 2,087,596 1,104,126 1,250,679

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Bank loans - 1-2 years 178,750 178,750 178,750 178,750
Bank loans - 2-5 years 81,354 260,104 81,354 260,104
Hire purchase contracts (see note 13) 4,768 24,185 4,768 24,185
264,872 463,039 264,872 463,039

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.10.23 31.10.22
£    £   
Net obligations repayable:
Within one year 33,534 81,027
Between one and five years 4,768 24,185
38,302 105,212

3DReid Limited (Registered number: SC278348)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

13. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
31.10.23 31.10.22
£    £   
Net obligations repayable:
Within one year 33,534 81,027
Between one and five years 4,768 24,185
38,302 105,212

Group
Non-cancellable operating leases
31.10.23 31.10.22
£    £   
Within one year 430,479 580,222
Between one and five years 321,786 471,409
In more than five years 337,500 -
1,089,765 1,051,631

Company
Non-cancellable operating leases
31.10.23 31.10.22
£    £   
Within one year 10,460 -
Between one and five years 10,460 -
In more than five years 4,359 -
25,279 -

14. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Bank loans 438,854 617,604 438,854 617,604
Hire purchase contracts 38,302 105,212 38,302 105,212
477,156 722,816 477,156 722,816

The bank loans and pension scheme loan are secured by a bond and floating charge over the company's assets. The hire purchase contracts are secured over the assets to which they relate.

15. ULTIMATE PARENT COMPANY

The ultimate parent company is HF8 Limited.