Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30truetruetruefalsetruefalsetruemajor public and commercial projects in the UK, Middle East and internationally across residential, educational, retail and mixed use sectors.2023-05-0195101truefalse 03540940 2023-05-01 2024-04-30 03540940 2022-05-01 2023-04-30 03540940 2024-04-30 03540940 2023-04-30 03540940 2022-05-01 03540940 5 2023-05-01 2024-04-30 03540940 5 2022-05-01 2023-04-30 03540940 d:Director1 2023-05-01 2024-04-30 03540940 d:Director3 2023-05-01 2024-04-30 03540940 d:Director4 2023-05-01 2024-04-30 03540940 d:Director4 2024-04-30 03540940 d:Director5 2023-05-01 2024-04-30 03540940 d:Director5 2024-04-30 03540940 d:Director6 2023-05-01 2024-04-30 03540940 d:Director7 2023-05-01 2024-04-30 03540940 d:RegisteredOffice 2023-05-01 2024-04-30 03540940 d:Agent1 2023-05-01 2024-04-30 03540940 e:Buildings e:ShortLeaseholdAssets 2023-05-01 2024-04-30 03540940 e:Buildings e:ShortLeaseholdAssets 2024-04-30 03540940 e:Buildings e:ShortLeaseholdAssets 2023-04-30 03540940 e:FurnitureFittings 2023-05-01 2024-04-30 03540940 e:FurnitureFittings 2024-04-30 03540940 e:FurnitureFittings 2023-04-30 03540940 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03540940 e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03540940 e:ComputerSoftware 2024-04-30 03540940 e:ComputerSoftware 2023-04-30 03540940 e:CurrentFinancialInstruments 2024-04-30 03540940 e:CurrentFinancialInstruments 2023-04-30 03540940 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 03540940 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 03540940 f:UnitedKingdom 2023-05-01 2024-04-30 03540940 f:UnitedKingdom 2022-05-01 2023-04-30 03540940 f:RestEuropeOutsideUK 2023-05-01 2024-04-30 03540940 f:RestEuropeOutsideUK 2022-05-01 2023-04-30 03540940 f:RestWorldOutsideUK 2023-05-01 2024-04-30 03540940 f:RestWorldOutsideUK 2022-05-01 2023-04-30 03540940 e:UKTax 2023-05-01 2024-04-30 03540940 e:UKTax 2022-05-01 2023-04-30 03540940 e:ShareCapital 2023-05-01 2024-04-30 03540940 e:ShareCapital 2024-04-30 03540940 e:ShareCapital 2022-05-01 2023-04-30 03540940 e:ShareCapital 2023-04-30 03540940 e:ShareCapital 2022-05-01 03540940 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 03540940 e:RetainedEarningsAccumulatedLosses 2024-04-30 03540940 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 03540940 e:RetainedEarningsAccumulatedLosses 2023-04-30 03540940 e:RetainedEarningsAccumulatedLosses 2022-05-01 03540940 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-05-01 2024-04-30 03540940 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-04-30 03540940 d:OrdinaryShareClass1 2023-05-01 2024-04-30 03540940 d:OrdinaryShareClass1 2024-04-30 03540940 d:OrdinaryShareClass1 2023-04-30 03540940 d:FRS102 2023-05-01 2024-04-30 03540940 d:Audited 2023-05-01 2024-04-30 03540940 d:FullAccounts 2023-05-01 2024-04-30 03540940 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03540940 e:WithinOneYear 2024-04-30 03540940 e:WithinOneYear 2023-04-30 03540940 e:BetweenOneFiveYears 2024-04-30 03540940 e:BetweenOneFiveYears 2023-04-30 03540940 2 2023-05-01 2024-04-30 03540940 6 2023-05-01 2024-04-30 03540940 g:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 03540940







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024


BROADWAY MALYAN LIMITED






































img1b6d.png                        

 


BROADWAY MALYAN LIMITED
 


 
COMPANY INFORMATION


Directors
I Apsley 
H C M Fitzgerald 
P P Stone 
J Witchell 




Registered number
03540940



Registered office
Holmes House
4 Pear Place

London

England

SE1 8BT




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT




Bankers
HSBC
2-4 St Ann's Square

Manchester

M2 7HD





 


BROADWAY MALYAN LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 5
Independent Auditors' Report
6 - 9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 26


 


BROADWAY MALYAN LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their Annual Report and financial statements for the year ended 30 April 2024. 
This report has been prepared by the directors in accordance with the requirements of section 414 of the Companies Act 2006. The Company’s independent auditor is required by law to report on whether the information given in the Strategic Report is consistent with the financial statements. The auditor’s report is set out further in the document. 

Principal activities
 
Broadway Malyan Limited is a company incorporated in England and Wales and is a wholly owned subsidiary of Broadway Malyan Holdings Limited. The company’s financial results include its branch operations in the United Arab Emirates. 
 
The principal focus of our business is the design of major public and commercial projects both within the UK and internationally across the mixed use, residential, workplace, retail, education, and hospitality sectors. We have an established expertise in tall building design, in urban planning and masterplanning internationally.

Principal risks and uncertainties
 
The principal risks associated with the execution of the company's strategy relate to:
 
The impact of the economies and competition in the markets in which the company operates.
The exposure to fluctuations in foreign exchange rates arising from the translation of results and monetary assets and liabilities denominated in foreign currencies into sterling.
The financial position of our clients and their continued ability to obtain funding.
The ability of the business to attract and retain suitable qualified staff to meet client needs.

Financial key performance indicators
 
The key financial performance indicators during the year were as follows: 

2024
2023
Change
      £'000s
      £'000s
Turnover


19,016

17,083
 
11.3%
 
Gross profit


6,286

4,537
 
38.6%
 
Profit before tax


127

5,365
 
(97.6%)
 
Cash & cash equivalents


1,006

46
 
2,087.0%
 

Turnover for the company increased by 11.3% year on year with total revenue at £19.0m (2023: £17.1m). This was a welcome improvement as the company continued to recover post-pandemic. 
During the prior year, as part of a streamlining of company processes, the company hived up its international subsidiaries to its immediate parent company, Broadway Malyan Holdings Ltd, for a consideration of £6.3m, which resulted in a profit on disposal of £6.0m, which impacts the 2023 profit before tax figure in the above table.
The first half of the year delivered a flat performance. However, the second half year delivered growth as most of our geographies and sectors performed well with a real strength in master planning work coming from the Middle East. As a result of this and the conclusion of a number of historically loss making architecture projects, profitability improved. 
Cash has also been tightly controlled which, coupled with improved trading, has resulted in a year end position of £1,006,000 (2023: £46,000). 

Page 1

 


BROADWAY MALYAN LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Future outlook
 
Financial recovery has been a key focus for the directors over the financial year. However, as an employee-owned business, we continue to drive forward initiatives that will improve the working agenda for all our colleagues and clients. 
Sustainability and ESG initiatives are high priorities, both internally as a responsible business, and also for our clients in the design work we deliver. Improvement in business performance means the Company is also able to make strategic investments in the year ahead with a focus on IT, Marketing and Communications and Operating and Finance systems. 
The Company has taken huge steps to become more agile as both an international and sector diverse business, and this work is continuing to ensure that it remains able to respond to the requirements of our clients and to mitigate against market risk.


This report was approved by the board and signed on its behalf.



I Apsley
Director
Date: 11 October 2024

Page 2

 


BROADWAY MALYAN LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The Directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

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 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £122,354 (2023 - profit £5,627,293).

Dividends were declared and paid in the year of £4,000,000 (2023 - £Nil). 

Directors

The Directors who served during the year were:

I Apsley 
H C M Fitzgerald 
A Howard (resigned 29 September 2023)
J A Nottage (resigned 11 August 2023)
P P Stone 
J Witchell 

Future developments

Our aim is to provide the practice with a stable management and ownership structure, and a robust business platform that can respond to market changes and deliver future innovation, growth and profitability. We have come to accept that economic uncertainty has become the norm and that the markets in which we operate will be in a constant state of change. It is important that we continue to build a resilient and agile business that can respond to potential opportunities and unexpected challenges. Investment in our people, technology and studios is imperative to our future success, so maintaining financial sustainability and a proactive approach to cost management are also key to long-term plans.

Page 3

 


BROADWAY MALYAN LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Risks

Financial instrument risks - the company has established a risk and financial management framework whose primary objective is to protect the company from events that hinder the achievement of the company's performance objectives. The objectives aim to limit undue exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level.
Foreign currency risks - the company routinely contracts in currencies other than sterling. Liabilities relating to such contracts are denominated in the same currencies to minimise the company's net exposure.
Credit risk - all new clients are subject to appropriate credit checks before substantive work commences. Further checks are made as appropriate as work progresses. The frequency and depth of credit checks has been increased to ensure the risk of payment default or delay due to coronavirus is identified at an early stage.
Liquidity risk - the company maintains appropriate levels of working capital and long term finance to ensure that it has sufficient funds available for its operations and short-term investment plans.

Going concern

The Company’s business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives, details of its financial instruments and exposures to financial risk are described above.  Note 2.3 also describes the going concern position of the Company.
The Company has appropriate financial resources, together with long-term contracts with customers across different geographical areas and industry sectors.  As a consequence, the directors believe that the Company is well placed to manage its business risks successfully.

Research and development activities

Broadway Maylan undertake a range of research and development projects including technical materials and specifications, sustainability, and IT infrastructure research. R&D activities are also undertaken across the design studios in the context of the projects being delivered.

Matters covered in the Strategic Report

The Company has chosen in accordance with Section 414C(II) of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 to set out within the Company’s Strategic Report, the information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the Directors' Report and details of the principal risks and uncertainties.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

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 auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4

 


BROADWAY MALYAN LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

This report was approved by the board and signed on its behalf.
 



I Apsley
Director
Date: 11 October 2024

Page 5

 


BROADWAY MALYAN LIMITED
 

img59d7.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROADWAY MALYAN LIMITED

Opinion


We have audited the financial statements of Broadway Malyan Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Auditors' 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.


Conclusions relating to going concern


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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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.


Page 6

 


BROADWAY MALYAN LIMITED


img2e89.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROADWAY MALYAN LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 


BROADWAY MALYAN LIMITED


img6550.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROADWAY MALYAN LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

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 Auditors' 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:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:

The Companies Act 2006;
Financial Reporting Standard 102;
General Data Protection Regulations; and
UK tax legislation.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the measures management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and 
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

The use of management override of controls to manipulate results, or to cause the Companyt  to enter into transactions not in its best interests; or
Posting of unusual journals and complex transactions.


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 Auditors' Report.


Page 8

 


BROADWAY MALYAN LIMITED


img3458.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROADWAY MALYAN LIMITED (CONTINUED)

Use of our 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 2006Our 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 Auditors' 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.





Ralph Mitchison FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Lynton House
7-12 Tavistock Square
London
WC1H 9LT

11 October 2024
Page 9

 


BROADWAY MALYAN LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
19,016,366
17,082,550

Cost of sales
  
(12,730,331)
(12,545,657)

Gross profit
  
6,286,035
4,536,893

Administrative expenses
  
(6,125,844)
(5,438,494)

Operating profit/(loss)
 5 
160,191
(901,601)

Income from shares in group undertakings
  
-
5,970,983

Dividends received
  
-
293,231

Interest receivable and similar income
 9 
1,621
1,913

Interest payable and similar expenses
 10 
(34,505)
(5)

Profit before tax
  
127,307
5,364,521

Tax on profit
 11 
(249,661)
262,772

(Loss)/profit for the financial year
  
(122,354)
5,627,293

  

Currency translation differences
  
14,136
(19,152)

Total other comprehensive income for the year
  
14,136
(19,152)

Total comprehensive income for the year
  
(108,218)
5,608,141

The notes on pages 13 to 26 form part of these financial statements.

Page 10

 


BROADWAY MALYAN LIMITED
REGISTERED NUMBER:03540940



STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
-

Property, plant and equipment
 14 
20,518
28,032

  
20,518
28,032

Current assets
  

Debtors: amounts falling due within one year
 15 
8,191,642
9,717,224

Cash at bank and in hand
 16 
1,006,341
46,416

  
9,197,983
9,763,640

Creditors: amounts falling due within one year
 17 
(5,701,573)
(4,611,526)

Net current assets
  
 
 
3,496,410
 
 
5,152,114

Total assets less current liabilities
  
3,516,928
5,180,146

Provisions for liabilities
  

Other provisions
  
(2,445,000)
-

Total provisions
  
 
 
(2,445,000)
 
 
-

Net assets
  
1,071,928
5,180,146


Capital and reserves
  

Called up share capital 
 19 
500,500
500,500

Profit And Loss Account
 20 
571,428
4,679,646

  
1,071,928
5,180,146


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




I Apsley
Director
Date: 11 October 2024

The notes on pages 13 to 26 form part of these financial statements.

Page 11

 


BROADWAY MALYAN LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
500,500
(928,495)
(427,995)



Profit for the year
-
5,627,293
5,627,293

Currency translation differences
-
(19,152)
(19,152)
Total comprehensive income for the year
-
5,608,141
5,608,141



At 1 May 2023
500,500
4,679,646
5,180,146



Loss for the year
-
(122,354)
(122,354)

Currency translation differences
-
14,136
14,136
Total comprehensive income for the year
-
(108,218)
(108,218)


Contributions by and distributions to owners

Dividends: Equity capital
-
(4,000,000)
(4,000,000)


At 30 April 2024
500,500
571,428
1,071,928


The notes on pages 13 to 26 form part of these financial statements.

Page 12

 


BROADWAY MALYAN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Broadway Malyan Limited is a private limited liability company incorporated in England and Wales. The registered office is Holmes House, 4 Pear Place, London, SE1 8BT. 
The nature of the company's operating activities and its principal activities are set out in the Strategic Report. 
The financial statements are presented in Pounds Sterling 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 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:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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 Broadway Malyan Holdings Limited as at 30 April 2024 and these financial statements may be obtained from Companies House.

Page 13

 


BROADWAY MALYAN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Going concern

Following the Grenfell Tower tragedy, the insurance market has tightened with reduced cover for fire and cladding related claims. Broadway Malyan is subject to possible claims (note 21) which it is defending. The directors have reviewed scenarios resulting from material claims being brought, which may result in provision and payment of insurance excess or payment of legal defence costs for each of the claims. The directors have also considered scenarios where multiple claims are brought which have limited or no insurance cover due to their fire-related nature, and where the claims are of an intermediate size and the possible liability is shared. If these scenarios were to occur, the company’s finances could come under pressure in the short and medium-term but would expect to remain within the terms and conditions of its banking facilities.
The directors have also considered circumstances where a greater portion of the liability could be attributed to the Company; even though the probability of such outcome is small and unlikely to crystallise within the subsequent reporting year (if at all) given the prolonged nature of the legal process. In the event of such worsened circumstances, however, Broadway Malyan expects to have sufficient time and notice to take action to try to mitigate the impact of a large claim on the company’s finances by, for example, conserving cash and negotiating a realistic payment plan with stakeholders, ensuring the Company continues to operate within the terms and conditions of its financing facilities.
The directors therefore conclude by making informed judgements from the data compiled, that the Company is a going concern as at the date of approval of these financial statements and looking 12 months forward and continue to adopt a going concern basis in preparing the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

The results of overseas branches are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 14

 


BROADWAY MALYAN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

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. 
Rendering of services
Revenue for consultancy and other services is recognised by reference to the stage of completion.  Stage of completion is measured by reference to labour hours and related costs incurred to date as a percentage of total estimated labour hours and other related costs for each contract.  Where the contract outcome cannot be measured reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Where contracts are expected to have outturn losses, the losses are recognised in full immediately as onerous contracts.

 
2.6

Operating leases: the Company as lessee

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.

 
2.7

Research and development

Research and development expenditure is written off in the period in which it is incurred.

 
2.8

Interest income

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

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.10

Pensions

Defined contribution pension plan

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 profit or loss 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 15

 


BROADWAY MALYAN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.11

Taxation

Tax is recognised in profit or loss 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.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

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, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
lease term
Fixtures and fittings
-
3-5 years 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.

Page 16

 


BROADWAY MALYAN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

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 Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

 
2.17

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 17

 


BROADWAY MALYAN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reports in revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those judgements.
Accrued and deferred income
Revenue recognition includes calculations that are susceptible to management's estimation of the costs to complete, any additional fees and the stage of completion of each project.
Onerous contracts
Where the unavoidable costs of a contract substantially exceed the expected economic benefit derived from it, the contract will be treated as onerous. Estimation of the necessary provision is susceptible to management's estimation of the cost to complete, any additional fees and the stage of completion of the job.
Impairment of trade receivables
The company endeavours to undertake work only for clients who have the financial strength to complete projects. Problems with financing can on occasion unfortunately lead to clients being unable to pay their debts either on a temporary or more permanent basis.
The company monitors receipts from clients closely and undertakes a range of actions if there are indications a client is experiencing funding problems. The company makes impairment allowances if it is considered there is a significant risk of non-payment. The factors assessed when considering an impairment allowance include the general financial strength of the client and the length of time likely to be necessary to resolve the funding problems.
Professional indemnity claims
In common with comparable professional service practices, the Company is involved in a number of disputes in the ordinary course of business which may give rise to claims. The Company defends such claims where appropriate and such claims are provided for in the financial statements where and to the extent that any liability is likely to arise and they meet the criteria specified in the provision for liabilities accounting policy.  For such provisions the Company recognises the expected full claim value within provisions and expected reimbursements from professional indemnity insurance within debtors with any insurance excess taken through the P&L.  Amounts provided for are based on management's assessment of the specific circumstances in each case based on information known at the time of signing the accounts.

4.


Turnover

Turnover represents the amounts derived from the provision of goods and services which fall within the company's ordinary activities, stated net of value added tax. All income was derived from the principal activity of architecture and design, and arose in the following geographic markets:

2024
2023
£
£

Geographic turnover

United Kingdom
5,938,703
7,000,632

Rest of Europe
166,260
204,880

Middle East and Asia
12,051,170
9,870,528

Rest of World
860,233
6,510

19,016,366
17,082,550


Page 18

 


BROADWAY MALYAN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Research & development charged as an expense
-
900,000

Exchange differences
(11,690)
107,917

Other operating lease rentals
258,977
199,765


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
11,500
11,000


7.


Staff costs including directors

2024
2023
£
£

Wages and salaries
5,427,170
5,385,772

Social security costs
386,660
451,955

Other pension costs
191,542
232,028

6,005,372
6,069,755


The company operates a stakeholder defined contribution pension scheme for the benefit of employees and directors. The assets of the scheme are administered by an independent pensions provider. Contributions outstanding at the year end amounted to £31,876 (2023: £37,663) and were included in creditors.

The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Client facing
91
96



Support
4
5

95
101

Page 19

 


BROADWAY MALYAN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
716,792
876,192

Company contributions to defined contribution pension schemes
60,288
74,612

777,080
950,804


During the year retirement benefits were accruing to 6 Directors (2023 - 7) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £183,994 (2023 - £193,692).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £14,041 (2023 - £13,497).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
1,621
1,913

1,621
1,913


10.


Interest payable and similar expenses

2024
2023
£
£


Loans from group undertakings
30,997
-

Other interest payable
3,508
5

34,505
5


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
(300,150)

Adjustments in respect of previous periods
249,661
37,378


249,661
(262,772)


Total current tax
249,661
(262,772)
Page 20

 


BROADWAY MALYAN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
127,307
5,364,521


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
31,827
1,019,259

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
8,879
849

Capital allowances for year in excess of depreciation
(9,304)
(10,508)

Adjustments to tax charge in respect of prior periods
249,661
37,378

Non-taxable income
-
(1,190,201)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(129,150)

Unrelieved tax losses carried forward / (Utilisation of losses)
164,789
73,272

Difference in overseas tax rates
(196,191)
(92,923)

Group relief
-
29,252

Total tax charge for the year
249,661
(262,772)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid
4,000,000
-

4,000,000
-

Page 21

 


BROADWAY MALYAN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Intangible assets




Computer software

£



Cost


At 1 May 2023
59,073



At 30 April 2024

59,073



Amortisation


At 1 May 2023
59,073



At 30 April 2024

59,073



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 22

 


BROADWAY MALYAN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost


At 1 May 2023
227,947
916,821
1,144,768


Additions
-
1,141
1,141


Exchange adjustments
-
(1,515)
(1,515)



At 30 April 2024

227,947
916,447
1,144,394



Depreciation


At 1 May 2023
211,071
905,665
1,116,736


Charge for the year on owned assets
4,130
4,526
8,656


Exchange adjustments
-
(1,516)
(1,516)



At 30 April 2024

215,201
908,675
1,123,876



Net book value



At 30 April 2024
12,746
7,772
20,518



At 30 April 2023
16,876
11,156
28,032

Page 23

 


BROADWAY MALYAN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Debtors

2024
2023
£
£


Trade debtors
3,277,873
3,634,341

Amounts owed by group undertakings
624,988
3,644,497

Corporation tax recoverable
50,489
909,762

Other debtors
1,682,859
58,518

Prepayments
155,153
188,746

Accrued income
2,400,280
1,281,360

8,191,642
9,717,224


Impairment loss recognised in the income statement for the period in respect of bad and doubtful trade debtors was (£242,325) (2023: £139,558).


16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,006,341
46,416

Less: bank overdrafts
-
(15)

1,006,341
46,401


Broadway Malyan Limited participates in the group banking facilities and arrangements within the Broadway Malyan  group which provide day to day financing throughout the Broadway Malyan Group of companies controlled by Broadway Malyan Employee Ownership Trust Limited, a company incorporated in England and Wales.

Page 24

 


BROADWAY MALYAN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
15

Bank loans
17,384
-

Trade creditors
1,601,825
898,582

Amounts owed to group undertakings
1,527,111
1,544,189

Other taxation and social security
179,392
148,902

Other creditors
407,605
408,340

Accruals
1,307,242
1,564,225

Deferred income
661,014
47,273

5,701,573
4,611,526


Loans and overdrafts are secured by various debentures providing fixed and floating charges over certain assets of the Broadway Malyan group of companies. Banking facilities comprise a committed facility for a six-year term to July 2027. The directors are confident that the facility will be sufficient to meet the working capital and investment requirements of group companies during this period.



18.


Provisions





Provisions

£





Claims provision
2,445,000



At 30 April 2024
2,445,000

The above is the gross provision for claims, of which there is an offsetting amount with in other debtors in note 15,which are amounts due from insurance policies.


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



500,500 (2023 - 500,500) Ordinary shares of £1.00 each
500,500
500,500



20.


Reserves

Profit and loss account

This reserve records retained earnings, accumulated losses and currency translation differences.

Page 25

 


BROADWAY MALYAN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Contingent liabilities

The Company is in receipt of a number of professional indemnity claims which at this point in time the likelihood of the outcome and the amount of any potential settlement cannot be reliably estimated. The directors are of the opinion the claims can be robustly defended.


22.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
208,141
218,407

Later than 1 year and not later than 5 years
412,046
485,717

620,187
704,124


23.


Related party transactions

During the year to 30 April 2024 Broadway Malyan Limited made sales of £76,015 (2023 £65,250) and purchases of £26,521 (2023: £9,473) with a subsidiary not under full control. Broadway Malyan Limited owed the same entity £1,496 (2023: £1,913) in respect of unpaid invoices.
Key management personnel for the company refers to all directors who together have the authority and responsibility for planning, directing and controlling the activities of the company. Total compensation paid to directors for services provided to the company during the year is shown in note 8 of these accounts. 


24.


Controlling parties

The company's immediate parent undertaking is Broadway Malyan Holdings Limited, a company incorporated in England and Wales. Broadway Malyan Holdings Limited controls the company by virtue of its ownership of the entire share capital of the company.  The immediate parent's consolidated accounts are the smallest group to which the Company is included.
The company's ultimate parent undertaking is Broadway Malyan Employee Ownership Trustees Limited which owns 59.8% of the share capital in Broadway Malyan Holdings Limited. Broadway Malyan Employee Ownership Trustees Limited is a company incorporated in England and Wales.  The ultimate parent's consolidated accounts are the largest group to which the Company is included.

 
Page 26