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Company Registration Number:  07415767



















CAREYJONES CHAPMANTOLCHER (STUDIO SOUTH) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
 31 DECEMBER 2023


















img0111.png

 
CAREYJONES CHAPMANTOLCHER (STUDIO SOUTH) LIMITED
REGISTERED NUMBER: 07415767

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
66,295
69,554

  
66,295
69,554

Current assets
  

Debtors: amounts falling due within one year
 6 
906,305
1,745,778

Cash at bank and in hand
 7 
1,824,455
860,035

  
2,730,760
2,605,813

Creditors: amounts falling due within one year
 8 
(864,450)
(1,134,057)

Net current assets
  
 
 
1,866,310
 
 
1,471,756

Total assets less current liabilities
  
1,932,605
1,541,310

  

Net assets
  
1,932,605
1,541,310


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
1,931,605
1,540,310

  
1,932,605
1,541,310


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
T R N Tolcher
Director

Date: 18 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 1

 
CAREYJONES CHAPMANTOLCHER (STUDIO SOUTH) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1,000
1,204,451
1,205,451


Comprehensive income for the year

Profit for the year
-
535,859
535,859
Total comprehensive income for the year
-
535,859
535,859


Contributions by and distributions to owners

Dividends: Equity capital
-
(200,000)
(200,000)


Total transactions with owners
-
(200,000)
(200,000)



At 1 January 2023
1,000
1,540,310
1,541,310


Comprehensive income for the year

Profit for the year
-
391,295
391,295
Total comprehensive income for the year
-
391,295
391,295


At 31 December 2023
1,000
1,931,605
1,932,605


The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
CAREYJONES CHAPMANTOLCHER (STUDIO SOUTH) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Careyjones Chapmantolcher (Studio South) Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. The address of its principal place of business is Studio 104, 338-346 Goswell Road, London, England, EC1V 7LQ. The companies house registered number is 07415767.
The principal activity of the Company continues to be that of architects and interior designers.
The Company is a wholly owned subsidiary of Careyjones Chapmantolcher Limited, a Company registered in England and Wales, which is the immediate parent company. The ultimate parent company is CJCT Group Limited, a company registered in England and Wales. 
These financial statements have been presented in pound sterling which is the functional currency of the Company, and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company's forecasts, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within its current working capital facilities. In common with other businesses in the architectural profession, the Company's forecasts include a certain amount of fee income that is not secured at the date of approval of these financial statements, however based on historic and current trading, the directors expect the Company to be able to achieve those projected fees.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements. The directors have considered a period in excess of twelve months from the date of the approval of these financial statements in making their assessment.

Page 3

 
CAREYJONES CHAPMANTOLCHER (STUDIO SOUTH) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

  
2.6

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
CAREYJONES CHAPMANTOLCHER (STUDIO SOUTH) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in the statement of comprehensive income except that a charge attributable to an item of income and 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 in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

The estimated useful lives range as follows:

Leasehold improvements
-
34% straight line
Computer equipment
-
40% straight line
Other fixed assets
-
15% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
CAREYJONES CHAPMANTOLCHER (STUDIO SOUTH) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument 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 related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.13

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.

Page 6

 
CAREYJONES CHAPMANTOLCHER (STUDIO SOUTH) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The critical judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairment identified during the current financial year.
Key sources of estimation uncertainty
(i) Determining the stage of completion of ongoing projects at the year end
In assessing the level of completion of architectural design projects ongoing at the year end, the directors have considered the time costs of employees working on those projects, as well as the amounts billed in fees in relation to each project up to the year end. The directors believe, based upon their knowledge and experience of similar projects over the years that the correct amount of profit has been recognised and the amounts recognised as billed in advance are appropriate.


4.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 23).

Page 7

 
CAREYJONES CHAPMANTOLCHER (STUDIO SOUTH) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Leasehold improvements
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
15,528
90,147
115,800
221,475


Additions
-
3,600
65,000
68,600


Disposals
-
(26,133)
(115,800)
(141,933)



At 31 December 2023

15,528
67,614
65,000
148,142



Depreciation


At 1 January 2023
13,319
86,474
52,128
151,921


Charge for the year on owned assets
2,209
3,548
2,430
8,187


Disposals
-
(26,133)
(52,128)
(78,261)



At 31 December 2023

15,528
63,889
2,430
81,847



Net book value



At 31 December 2023
-
3,725
62,570
66,295



At 31 December 2022
2,209
3,673
63,672
69,554


6.


Debtors

2023
2022
£
£


Trade debtors
606,039
1,006,597

Other debtors
149,613
659,613

Prepayments and accrued income
150,653
79,568

906,305
1,745,778



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,824,455
860,035

1,824,455
860,035


Page 8

 
CAREYJONES CHAPMANTOLCHER (STUDIO SOUTH) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
186,328
251,325

Amounts owed to group undertakings
12,810
76,269

Corporation tax
125,500
135,500

Other taxation and social security
117,354
163,066

Accruals and deferred income
422,458
507,897

864,450
1,134,057


A debenture is in place dated 14 July 2011 to Lloyds bank plc secured over all assets of the company.
Amounts owed to group undertakings are unsecured, interest free and repayable on demand. 


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



10.


Reserves

Profit and loss account

 This reserve represents cumulative profits and losses less dividends declared.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £47,600 (2022 - £41,420). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the reporting date and are included in creditors.

Page 9

 
CAREYJONES CHAPMANTOLCHER (STUDIO SOUTH) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Related party transactions

During the year, the Company was charged £53,450 (2022: £47,455) for administrative salaries by CJCT (Studio North) Limited, a fellow subsidiary undertaking.
In addition, Careyjones Chapmantolcher (Studio South) Limited charged £144,936 (2022: £141,666) for services provided to CJCT (Studio North) Limited.
Other transactions during the year with CJCT (Studio North) Limited included sales of £58,539 (2022: £43,960) and purchases of £216,451 (2022: £253,936).
Dividends of £Nil were paid during the year (2022: £200,000) to its parent company, Careyjones Chapmantolcher Limited.
Key management personnel are considered to be the directors who received total compensation of £402,972, (2022: £385,217) during the year.
Director's loan of £115,000 (2022: £625,000) was issued during the year. The loan is interest free and repayable on demand. 
Balances due from / (to) related parties described above as at 31 December 2023 were as follows:


2023
2022
£
£

CJCT (Studio North) Limited
(12,810)
(206,151)
Director's loan account balances
115,000
625,000


13.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


14.


Controlling party

The immediate parent company is Careyjones Chapmantolcher Limited, a company registered in England and Wales which owns 100% of the issued share capital of the Company. Careyjones Chapmantolcher Limited also owns 100% of the issued share capital of CJCT (Studio North) Limited, its fellow subsidiary.
The ultimate parent company is CJCT Group Limited, a company registered in England and Wales.
The ultimate controlling party in the year was Mr T R N Tolcher, a director of the company, due to his shareholding in CJCT Group Limited. On 28 June 2024, the ultimate controlling party became CJCT Trustees Limited.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 18 September 2024 by Steven Williams (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.


Page 10