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Registration number: 04877097









 

Tibbalds Planning and Urban Design Limited

Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Tibbalds Planning and Urban Design Limited

Contents

Company Information

1

Directors' Report

2 to 3

Statement of Financial Position

4

Notes to the Financial Statements

5 to 9

 

Tibbalds Planning and Urban Design Limited

Company Information

Directors

H A Satchwell

K N Stille

E N Le Mare

Registered office

30 King's Bench Street
London
SE1 0QX

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

 

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:

H A Satchwell

K N Stille

H L Button (resigned 1 June 2023)

E N Le Mare

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 22 August 2024 and signed on its behalf by:




 

.........................................
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

5

14,108

-

Tangible assets

6

19,629

30,338

 

33,737

30,338

Current assets

 

Debtors

7

854,561

857,028

Cash at bank and in hand

 

717,530

415,088

 

1,572,091

1,272,116

Creditors: Amounts falling due within one year

8

(883,326)

(734,694)

Net current assets

 

688,765

537,422

Total assets less current liabilities

 

722,502

567,760

Provisions for liabilities

(4,062)

(6,988)

Net assets

 

718,440

560,772

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 Board on 22 August 2024 and signed on its behalf by:
 

.........................................

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
30 King's Bench Street
London
SE1 0QX

The principal activity of the company is that of planning and urban design services.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 August 2024 was Martin Widdowson, who signed for and on behalf of Brebners.

3

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

4

Staff numbers

The average number of persons employed by the company during the year, was 26 (2023 - 26).

 

Tibbalds Planning and Urban Design Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Intangible assets

Software development
 £

Total
£

Cost or valuation

At 1 April 2023

-

-

Additions acquired separately

14,108

14,108

At 31 March 2024

14,108

14,108

Carrying amount

At 31 March 2024

14,108

14,108

At 31 March 2023

-

-

6

Tangible assets

Computer equipment
£

Office furniture and equipment
£

Total
£

Cost or valuation

At 1 April 2023

131,550

22,606

154,156

Additions

7,067

-

7,067

Disposals

-

(1,354)

(1,354)

At 31 March 2024

138,617

21,252

159,869

Depreciation

At 1 April 2023

103,243

20,576

123,819

Charge for the year

17,105

670

17,775

Eliminated on disposal

-

(1,354)

(1,354)

At 31 March 2024

120,348

19,892

140,240

Carrying amount

At 31 March 2024

18,269

1,360

19,629

At 31 March 2023

28,308

2,030

30,338


 

 

Tibbalds Planning and Urban Design Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Debtors

2024
£

2023
£

Trade debtors

597,380

461,728

Other debtors

257,181

395,300

854,561

857,028

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

258,688

260,576

Taxation and social security

169,383

100,126

Accruals and deferred income

251,238

241,219

Other creditors

204,017

132,773

883,326

734,694

9

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).

10

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.

11

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.