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Company No: 03883463 (England and Wales)

STEPHEN DAVY PETER SMITH ARCHITECTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

STEPHEN DAVY PETER SMITH ARCHITECTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

STEPHEN DAVY PETER SMITH ARCHITECTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
STEPHEN DAVY PETER SMITH ARCHITECTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 15,198 20,265
15,198 20,265
Current assets
Debtors 4 393,928 492,282
Cash at bank and in hand 42,907 92,525
436,835 584,807
Creditors: amounts falling due within one year 5 ( 269,577) ( 246,276)
Net current assets 167,258 338,531
Total assets less current liabilities 182,456 358,796
Provision for liabilities 6 ( 97,826) ( 169,223)
Net assets 84,630 189,573
Capital and reserves
Called-up share capital 7 300 300
Profit and loss account 84,330 189,273
Total shareholder's funds 84,630 189,573

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Stephen Davy Peter Smith Architects Limited (registered number: 03883463) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S P Davy
Director

02 August 2024

STEPHEN DAVY PETER SMITH ARCHITECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
STEPHEN DAVY PETER SMITH ARCHITECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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

Stephen Davy Peter Smith 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 Fanshaw House, Fanshaw Street, London, N1 6HX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

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 Statement of Income and Retained Earnings 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 Statement of Financial Position 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 15 17

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 August 2022 92,903 121,863 214,766
At 31 July 2023 92,903 121,863 214,766
Accumulated depreciation
At 01 August 2022 90,480 104,021 194,501
Charge for the financial year 606 4,461 5,067
At 31 July 2023 91,086 108,482 199,568
Net book value
At 31 July 2023 1,817 13,381 15,198
At 31 July 2022 2,423 17,842 20,265

4. Debtors

2023 2022
£ £
Trade debtors 129,981 150,190
Amounts recoverable on contracts 128,915 303,205
Prepayments 36,152 31,437
Other debtors 98,880 7,450
393,928 492,282

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 1,517 1,328
Trade creditors 64,658 73,683
Amounts owed to parent undertakings 0 9,059
Corporation tax 9,999 34,620
Other taxation and social security 64,075 81,489
Other creditors 129,328 46,097
269,577 246,276

6. Provision for liabilities

2023 2022
£ £
Other provisions 97,826 169,223

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
100 Ordinary A shares of £ 1.00 each 100 100
100 Ordinary B shares of £ 1.00 each 100 100
300 300

8. Financial commitments

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,150 2,307
Other pensions commitments not shown in the Balance Sheet 63,404 22,705
65,554 25,012

9. Related party transactions

Included within other debtors is a balance of £98,880 (2022: £7,450) due from a company with common directors. The balance is unsecured and interest free, with no fixed repayment terms.

10. Ultimate controlling party

The ultimate parent undertaking as at the year end was SDPSA (Arch Holdings) Ltd. The ultimate controlling parties are the directors.