Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
COMPANY INFORMATION
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
CONTENTS
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company operates as a service company providing specialised professional services in connection with engineering, urban development, town and regional planning, architecture and economic studies to other Dar Group companies who serve clients in the emerging market territories of the Middle East, Africa and Asia. The future activities and workload of the Company, therefore, depends mostly on work fed through the Dar Group from other group companies who market the group's services and contract directly with the client for the services provided by the Company.
Turnover for the year was £14,146,063 (2022 - £15,556,486). The directors expect a similar level of activity for the forthcoming year. Turnover is calculated in line with the transfer pricing agreement, at a 6.5% uplift on costs. The profit for the year amounted to £1,132,679 (2022 - £994,442). The directors do not recommend a final dividend (2022 - £nil). The directors are confident that the current contracted backlog and business development activities and strategies of its fellow group undertakings, operating in the emerging markets in which the Company is experienced and specialises, are sufficient to sustain the on-going operation of the Company.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Business risk: The principal risks and uncertainties for the Company are its ability to attract and retain quality employees and perform work on contracts in accordance with the requirements of its clients. The Company focuses strongly on retaining its employees. To ensure quality delivery of projects, the group monitors progress on a regular basis and invests in technical and personal training and development of its employees, with regular reviews of each individuals training requirements.
Financial risks management objectives and policies Credit risk: The Company is exposed to credit risk in relation to its debtors including from other Dar Group companies. Management monitors the intercompany balances periodically and mitigates this through a letter of support.. Foreign exchange risk: The Company is exposed to foreign currency risks on transactions denominated in a currency other than the functional currency. The major currency giving rise to currency risk is the US Dollar (USD) on intercompany billing to Bahrain. Fluctuations in foreign exchange rates can significantly impact on the profit or loss. Management monitors the foreign exchange rates periodically. Liquidity risk: The Company's main financial instruments include receivables and payables from and to other group companies, other debtors, prepayments and trade payables. The Company's ability to meet its financial obligations is dependent on the financial commitment of the ultimate parent undertaking, Dar Al-Handasah Consultants Shair & Partners Holdings Limited.
Financial key performance indicators
2023 2022 £ £ (Loss)/profit before tax 1,446,405 1,143,410 Current Assets 34,109,308 33,495,945 Current Liabilities (24,187,473) (23,881,437) Non-current Liabilities (208,472) (68,267) The profit before tax for the year amounted to £1,446,405 (2022 - £1,143,410). The increase in profit before tax has arisen following a reduction in rent costs in the year by £506,662 which is partly offset by an increase in depreciation costs by £153,586. Current assets at the year end have increased from £33,495,945 in the prior year to £34,109,308 in the current year. This was driven by a £1,486,364 increase in amounts owed by group undertakings. Current liabilities increased from £23,881,437 in the prior year to £24,187,473 in the current year. This movement is in line with expectations. The majority of this balance is made up of amounts owed to group undertakings. Non-current liabilities comprise finance leases. Further details, including the timing of liabilities, are provided in note 15.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board and signed on its behalf.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors who served during the year were:
The Directors are considering to transfer some revenue making contracts out of the Company in future to Dar Plus Limited, a wholly owned subsidiary of Dar Al-Handasah Consultants Shair & Partners Holdings Limited (a company registered in Jersey). However, the services provided by the Company to other Companies within the Group will remain.
Certain matters required by regulation to be dealt with in the annual report have been dealt with in the Strategic Report, rather than in the Directors' Report.
Financial risks management objectives and policies Details of financial risks management objectives and policies can be found in the Strategic Report on page 2. Dividends Details of dividends can be found in the Strategic Report on page 1.
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
∙The confirmations are given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board and signed on its behalf.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
We have audited the financial statements of Dar Al-Handasah Consultants (Shair & Partners) (U.K.) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙enquiry of management around actual and potential litigation claims;
∙enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
∙performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED (CONTINUED)
for and on behalf of
Statutory Auditor
Maidstone United Kingdom MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
REGISTERED NUMBER: 01209014
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 30 form part of these financial statements.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Dar Al-Handasah Consultants (Shair & Partners) (U.K.) Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 150 Holborn, London, EC1N 2NS.
The financial statements are presented in GBP which is the functional currency of the Company and rounded to the nearest £1. The principal activities of the Company are disclosed in the Strategic Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Dar Al-Handasah (UK) Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.
The Company has total net assets of £10,621,061 and a profit before tax of £1,446,405. The ultimate parent undertaking has committed to provide financial support as is required to enable the Company to meet its financial obligations as they fall due for a period of not less than 12 months from the date of approval of these financial statements. As a result, the directors believe it is appropriate to adopt the going concern basis in preparing the financial statements.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Revenue from other Group Companies Revenue receivable from the ultimate parent undertaking represents costs recharged to that entity at an agreed mark-up of 6.5%. Income from fellow subsidiary undertakings, where this is the simple recharge of expenses, is not subject to a mark-up.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Company's accounting policies The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Revenue recognition In recognising revenue from the ultimate parent undertaking on a cost-plus basis, the directors have assumed with the benefit of professional advice that the amount of the mark-up is equivalent to arms-length transactions. The Company also enters into both fixed price and cost plus contracts with a number of external customers and projects are often undertaken over a long period of time. The directors have made critical judgements regarding the stage of completion of fixed price projects at the year end, the future costs to complete, and the recoverability of balances arising on these contracts. Key sources of estimation uncertainty There were no key sources of estimation uncertainty.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.Taxation (continued)
There were no factors that may affect future tax charges.
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Tangible fixed assets (continued)
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
Defined Contribution Pension Scheme
The Company operates a
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DAR AL-HANDASAH CONSULTANTS (SHAIR & PARTNERS) (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The ultimate controlling party and parent undertaking of the largest group for which consolidated financial statements are prepared is
The immediate parent undertaking and also the parent undertaking of the smallest group for which consolidated financial statements are prepared is,
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