Registration number:
Tibbalds Planning and Urban Design Limited
|
Brebners
|
Tibbalds Planning and Urban Design Limited
Contents
Company Information |
|
Directors' Report |
|
Statement of Financial Position |
|
Notes to the Financial Statements |
Tibbalds Planning and Urban Design Limited
Company Information
Directors |
H A Satchwell K N Stille E N Le Mare |
Registered office |
|
Auditor |
|
Tibbalds Planning and Urban Design Limited
Directors' Report for the Year Ended 31 March 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors of the company
The directors who held office during the year were as follows:
Fair review of the business
Tibbalds Planning and Urban Design is a planning and urban design consultancy based in London mainly conducting business in the United Kingdom. The company is majority owned by an Employee Ownership Trust.
Company performance and development
Trading remained reasonably strong during the financial year and the directors continue to work towards the delivery of a five-year business vision agreed early in 2022. Business strategy targets are reviewed, set and implemented annually.
The company returned a profit in line with set targets as forecast in last year’s financial statements. Turnover continued at similar levels with average staff levels remaining consistent with the prior year.
Orders remained steady through the year even in the light of ongoing external economic circumstances and industry wide challenges. We have continued to carefully manage costs and project efficiency, and to work with the updated management structure. We have also invested in new systems to support project and financial efficiency.
Tendering has remained competitive and we have successfully secured future framework and project opportunities.
Key performance indicators
Gross profit for the year ended 31 March 2024 (turnover less cost of sales) increased by 12.9% on the prior year with costs remaining very similar leading to a profit of £157,668 over the reporting period. Our profit after tax margin was 5.3% overall with our profit margin excluding sub-consultants being 7.6%.
Working capital at 31 March 2024 was £688,765 with a current ratio of 1.78. Taking business type, operational cycle, growth plans and overhead levels into account, working capital reliably meets the operational needs of the company.
The company meets its day to day working capital requirements through a combination of existing resources and normal trading terms without relying on support from external borrowings or overdraft facilities.
Tibbalds Planning and Urban Design Limited
Directors' Report for the Year Ended 31 March 2024
Future outlook
The company has a steady stream of tendering opportunities and direct appointments and the company has continued to win a number of projects across varied sectors and client types as well as extending existing commissions. Costs continue to be tightly managed whilst continuing to invest in the business to enable our strategic objectives.
The directors have prepared forecasts and budgets based on minimum maintainable targets for the year ending 31 March 2025 and considering the financial position of the company for a period of at least 12 months from the approval of the financial statements.
The directors are comfortable that the company will continue to be profitability for the year ending 31 March 2025 as demonstrated with the first quarter results.
Directors' indemnities
As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
H A Satchwell
Director
Tibbalds Planning and Urban Design Limited
Statement of Financial Position as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
- |
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
28,227 |
28,227 |
|
Share premium reserve |
93,734 |
93,734 |
|
Treasury shares |
(27,850) |
(27,850) |
|
Retained earnings |
624,329 |
466,661 |
|
Shareholders' funds |
718,440 |
560,772 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
.........................................
H A Satchwell
Director
Company registration number: 04877097
Tibbalds Planning and Urban Design Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of planning and urban design services.
Audit Report |
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The statement of financial position at 31 March 2024 showed net assets of £718,440, including cash at bank of £717,530.
The company has appropriate financial resources together with a broad range of contracts with customers across industry sectors. As a consequence, the directors believe that the company is well placed to manage its business risks successfully, despite the current uncertainties in the wider economic outlook.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Tibbalds Planning and Urban Design Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current 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 is also recognised directly in other comprehensive income.
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 in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
3 years straight line |
Office furniture and equipment |
1 - 5 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Finance leases and hire purchase
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Tibbalds Planning and Urban Design Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
The Tibbalds Employee Ownership Trust (EOT) holds 85% of the company's share capital in trust for the benefit of the employees of Tibbalds (present and future). To date the EOT has waived all rights to dividends to fund an employee bonus distribution. What would have been their share of any dividend is therefore recognised in the income statement as an expense within the period in which it is paid out to eligible employees in the form of bonuses.
Dividend distribution to the company's remaining shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities. Amounts recoverable under contracts are recognised based on the stage of completion of the contract at the end of the reporting period. Amounts calculated by reference to time spent are recognised as incurred.
Staff numbers |
The average number of persons employed by the company during the year, was
Tibbalds Planning and Urban Design Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Intangible assets |
Software development |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
- |
- |
Additions acquired separately |
|
|
At 31 March 2024 |
|
|
Carrying amount |
||
At 31 March 2024 |
|
|
At 31 March 2023 |
- |
- |
Tangible assets |
Computer equipment |
Office furniture and equipment |
Total |
|
Cost or valuation |
|||
At 1 April 2023 |
|
|
|
Additions |
|
- |
|
Disposals |
- |
( |
( |
At 31 March 2024 |
|
|
|
Depreciation |
|||
At 1 April 2023 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
- |
( |
( |
At 31 March 2024 |
|
|
|
Carrying amount |
|||
At 31 March 2024 |
|
|
|
At 31 March 2023 |
|
|
|
Tibbalds Planning and Urban Design Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the statement of financial position is £65,392 (2023 - £143,605).
Related party transactions |
The Tibbalds Employee Ownership Trust (EOT) was incorporated in March 2013 for the purpose of acquiring shares in Tibbalds. All shares acquired by the Tibbalds EOT are held on trust for the benefit of the employees of Tibbalds (present and future). At 31 March 2024 the EOT held 85% of the share capital of the company.
Transactions with directors |
At 31 March 2024 an amount of £1,551 (2023: £3,099) was due from the directors. During the year there were repayments of £1,578 and interest of £30 (2023: £56) has been charged. Repayment terms have been agreed over five years from the initial advance and interest is payable annually at the HMRC official rate.