Company registration number:
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their Annual Report and financial statements for the year ended 30 April 2024.
Broadway Malyan Employee Ownership Trustees Limited was formed in September 2016 as a corporate trustee for the Broadway Malyan Employee Ownership Trust. The Trust acquired a majority ownership of Broadway Malyan Holdings Limited and its subsidiary companies on 30 November 2016. The beneficiaries of the trust are all of the employees of the Broadway Malyan group of companies. 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.
The Trustees fulfil the role of majority shareholder on behalf of the beneficiaries of the Broadway Malyan Employee Ownership Trust.
The Broadway Malyan group is at the forefront of international architecture, urbanism and design. The company was formed in 1958 and employed 324 people at 30 April 2024 across twelve studios in the UK, Europe, Middle East and Asia. The principal focus of our business is 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.
The principal risks associated with the execution of the group's strategy relate to:
∙The impact of the economies and competition in the markets in which the group 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 suitably qualified staff to meet client needs.
The key financial performance indicators during the year were as follows:
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Turnover for the group increased by 7.3% year on year with total revenue at £40.3m (2023: £37.6m). This was a welcome improvement as the Group continued to recover post-pandemic.
The first half of the year delivered a flat performance across the Group. 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. Turnover from UK projects located in the UK was flat year on year. The UK team did however undertake significant projects contracted via our Middle East operations. The UK was profitable (prior year loss of £0.5m) as a result of international projects, completion of historical loss making architecture jobs and the addition of Will + Partners. Profit margins were weaker comparative to other territories, however, due to the continued inflationary impacts to wages and overheads. Our European operations continued to deliver a strong performance throughout the year, and turnover from projects in Europe increased by 11.2% to £9.9m (2023: £8.9m). As a proportion of the Group, fees from European projects now account for 24.3% of the Group’s turnover, consistent with prior year. Middle East and Asia turnover grew by 15.6% year on year to £17.4m. Performance from the Group’s operations in the Middle East and India was strong throughout the financial year, with continuing demand for the Group’s services, particularly in master planning. Strong growth was achieved in Singapore as a result of delivering master planning work won in the Middle East. China has been impacted by the country’s covid policy and then the economic downturn with market uncertainty adversely impacting on business performance during FY24. After making distributions and contingencies the Group delivered a profit before tax of £835k which was a material improvement on the previous year. Through this year the Trustee directors have continued to challenge the leadership of the business to respond substantively and significantly to drive improved business performance and ensure business resilience in the face an external trading environment that continues to be highly challenging. Trustee directors have welcomed actions the business has taken through the year to remain constantly agile and strategically responsive to forecast and unforeseen challenges in different territories. Trustee directors have continued to seek reassurance that risks are being effectively managed, and that the Board of Broadway Malyan Holdings Ltd ensures the voice of colleagues is routinely heard, considered and responded to in business decisions, and the motivation, morale and wellbeing of colleagues remains a consistent priority.
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 Group 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 Group has taken huge steps to become more agile as an international and geographically diverse business, and this work is continuing to ensure that it remains able to respond to the requirements of our clients and also to mitigate market risk.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
This report was approved by the board and signed on its behalf.
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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.
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £233,844 (2023 - loss £22,575).
No dividends have been proposed or recommended in the current or prior year.
The Directors who served during the year were:
Our aim is to provide the practice with a stable management and ownership structure, and a robust business platform that can respond to the market changes and deliver future innovation, growth and profitability. Our Business Strategy which sets out core aims around design leadership, value-add, efficiency, investment in people and new territories is imperative to our future success, so maintaining financial sustainability and a proactive approach to cost management giving us the continued ability to invest at this point in the practice's cycle are also key to long-term plans.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Financial instrument risks - the Group has established a risk and financial management framework whose primary objective is to protect the group from events that hinder the achievement of the group'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.
The Group’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 2.4 also describes the going concern position of the Group.
The Group 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 Group is well placed to manage its business risks successfully, despite the current uncertain economic outlook.
Broadway Malyan undertakes a range of research and development projects including technical materials and specifications, sustainability, and IT infrastructure research. Subsidiaries of the group also undertake R&D activities in the context of the projects they are delivering.
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 business review and details of the principal risks and uncertainties.
There are no post balance sheet events to report.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The auditors, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROADWAY MALYAN EMPLOYEE OWNERSHIP TRUSTEES LIMITED
We have audited the financial statements of Broadway Malyan Employee Ownership Trustees Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the parent 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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROADWAY MALYAN EMPLOYEE OWNERSHIP TRUSTEES LIMITED (CONTINUED)
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 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROADWAY MALYAN EMPLOYEE OWNERSHIP TRUSTEES 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 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 Group 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 Group 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 Group 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 Group 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 judgments 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 Group 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROADWAY MALYAN EMPLOYEE OWNERSHIP TRUSTEES LIMITED (CONTINUED)
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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Lynton House
7-12 Tavistock Square
London
WC1H 9LT
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CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 41 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 41 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Broadway Malyan Employee Ownership Trustees Limited is a private company limited by guarantee, incorporated in England and Wales. The Registered Office is Holmes House, 4 Pear Place, London SE1 8BT.
The nature of the group's operations and its principal activities are set out 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases.
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 11.41(b), 11.41(c), 11.41(e), 11.41(f), 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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 26) 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 group’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 group; 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 group’s finances by, for example, conserving cash and negotiating a realistic payment plan with stakeholders, ensuring the group 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 group 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.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability. Rentals payable under operating leases are charged to the income statement on a straight-line basis over the lease term. Lease incentives are recognised over the lease term on a straight-line basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
Amortisation is provided on the following basis:
Goodwill - 3 years straight line Software - 3 years straight line
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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.
The Group 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 Group's Statement of Financial Position when the Group 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.
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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Accrued and deferred income Revenue recognition includes estimations that are susceptible to management's estimations of the cost to complete, any additional fees and the stage of completion of the job. Impairment of trade receivables The Group 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 Group monitors receipts from clients closely and undertakes a range of actions if there are indications a client is experiencing funding problems. The Group 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. 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. Professional indemnity claims In common with comparable professional service practices, the Group is involved in a number of disputes in the ordinary course of business which may give rise to claims. The Group 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 Group 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Turnover represents the amounts derived from the provision of goods and services which fall within the group's ordinary activities.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Reserves for own shares
Profit and loss account
The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The Group 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 claims are being robustly defended.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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