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ARTELIA Projects UK Limited

Registered number: 03913368
Annual report
For the year ended 31 December 2023

 
ARTELIA PROJECTS UK LIMITED
 
 
COMPANY INFORMATION


Directors
M C N Chevereau 
G K Sahotay 
A Pigot 
T Naughton 
M B Day 
D S Rose 
C N Wood 




Company secretary
N Foley



Registered number
03913368



Registered office
High Holborn House
52-54 High Holborn

London

England

WC1V 6RL




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

30 Old Bailey

London

EC4M 7AU





 
ARTELIA PROJECTS UK LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 7
Independent auditor's report
 
8 - 11
Statement of comprehensive income
 
12
Statement of financial position
 
13
Statement of changes in equity
 
14
Notes to the financial statements
 
15 - 33

 
ARTELIA PROJECTS UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Strategic report

Introduction
The directors present their Strategic report for the year ended 31 December 2023.
Business review
The directors have been pleased to achieve another successful year, with a steady 6% revenue growth and a strong order pipeline into 2024.
2023 has seen the business showcase project leadership, digital innovation, and corporate social responsibility with significant achievements and recognitions across various projects and initiatives.
Our management of a six-year, transformative scheme to restore, conserve and enhance accessibility of the UNESCO World Heritage site, Canterbury Cathedral, was recognised on the global stage at the prestigious Museums + Heritage awards. This underscores Artelia UK's expertise in managing projects that respect historical heritage and are funded through the National Lottery Heritage Fund.
Another heritage project, Gainsborough's House, and an innovative scheme to provide affordable rented housing for creatives in Barking, 'A House for Artists,' have both been nominated for Civic Trust Awards. Staying on the creative front, Greenwich Design District, an eclectic collection of 16 commercial spaces that has become a thriving hub for creative businesses in London, has been submitted for a British Council for Offices (BCO) Award.
Digital innovation at Artelia is enhancing every aspect of our business from our project, cost and asset management services to data analysis, reporting, operational efficiency, communication, and sustainability. Our in-house Digital Team was therefore delighted to be shortlisted for Building Magazine’s Digital Innovation Award for DigiProject, the new tool developed to significantly improve project management and quantity surveying across all RIBA stages. The app enhances project governance and expedites operational processes, allowing our teams more time to focus on risk and value management, thereby driving better project outcomes and enhanced client satisfaction.
In alignment with our CSR objectives, the business introduced a new position of CSR Coordinator to drive forward social value initiatives both at corporate and project level. This has been demonstrated with the launch of the inaugural Eco Warriors competition for primary schools in Hertfordshire, inspired by the company's refurbishment and decarbonisation projects with the Council. This initiative, which has resulted in some highly imaginative ideas for sustainable schools, is promoting and supporting environmental stewardship from an early age and forms part of Artelia's broader strategy to extend its CSR efforts in 2024.
The leadership team strengthened during May 2023 with the appointment of two new board directors: David Rose and Colin Wood.
David is responsible for the sustainable growth of Artelia UK’s service and market offering and for nurturing client relationships. Colin Wood spearheads Artelia UK’s growth in private sector property and construction, bringing more than two decades’ experience of London and European markets. 
 

- 1 -

 
ARTELIA PROJECTS UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future Development
 
The Group considers the UK as a key strategic hub and continues to support and invest in viable opportunities.  The growth strategy for the UK, as set out in our five-year plan to the end of 2025 (Project Horizon) focuses on revenue and headcount growth, through a blend of organic development and external acquisition.  To date, the Directors remain confident that the objectives set in Project Horizon can be achieved by the end of 2025.  The Directors and their management teams have developed a strategy that focuses on forging closer relationships with key clients, whilst developing into new markets that align with Group’s objectives.

Key Financial highlights

The company's key peformance indicators are: 

Revenue
Operating profit
      £'000
      £'000
         2023

16,101

669
 
         2022

15,212

236
 
         2021

12,331

408
 

The business reviews liquidity and working capital as other key performance indicators and is pleased that it has no loans or bank overdrafts.

Principal Risks and Uncertainties
Notable risks to the business include attracting and retaining key personnel as the business continues its growth journey.
Rising business and construction costs also remain a key focus point and client projects remaining feasible remains a risk. Within the industry, several main contractors face financial pressures due to lack of liquidity and rising material costs post covid; the potential impact of failed organisations on current Artelia projects remains at the forefront of the company’s focus.
Changes to the government and their associated policies can impact client projects, particularly within the healthcare sector.
The board remains committed to working through these challenges and ensures that business continuity plans are regularly reviewed with the aim to safeguard the business against any risks whilst remaining committed to growth.

- 2 -

 
ARTELIA PROJECTS UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Human Capital Management
 
Artelia’s dedication to project excellence, sustainability, innovation, and community engagement is fuelled by the passion, expertise, and collaborative spirit of our people.
Our personnel are key to achieving success, hence the company’s continuation to support professional growth of its employees across the business remains a high priority. The Artelia Young Professional's Forum (YPF) has continued to go from strength to strength, supporting and encouraging members through their professional development programmes to Chartership, creating a talent pipeline and most of all, enjoying being part of a dynamic industry.
Artelia's Diversity, Inclusion, Community, and Equality (DICE) committee has been instrumental in cultivating a strong company culture centred around CSR, fun, sport, learning, and charitable giving. Highlights include the first Artelia Charity 20km walk, whilst taking in our project sites across London, and participation in the My Little Planet Challenge.  
The Investors in People accreditation is recognised around the world. During the year, we are proud to have achieved a Gold accreditation, up from our silver accreditation three years prior.

Health, Safety, Security and Environment
 
Health and safety remains at the forefront of our operations and we strive to uphold best standards wherever possible. All new employees are provided with a health and safety induction on day one of joining the business, whilst regular safety notices are shared with the business throughout the year.
The celebration of Wellbeing Week and Safety Week further underscores Artelia's commitment to the health and wellbeing of staff, ensuring a supportive and healthy work environment.


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



M B Day
Director

Date: 18 October 2024
- 3 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the audited financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company is that of construction consultancy nationwide in the UK, including project management, cost management and programme management.

Directors

The directors who served during the year and to the date of this report were: 

M C N Chevereau 
G K Sahotay 
A Pigot 
T Naughton 
M B Day 
D S Rose (appointed 18 May 2023)
C N Wood (appointed 18 May 2023)

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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

- 4 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Results and dividends

The profit for the year, after taxation, amounted to £514,887 (2022: profit of £141,145).

A dividend of £100,000 (2022: £300,000) were paid in respect of the year ended 31 December 2023. 
A dividend of £100,000 was paid is respect of the year ended 31 December 2022.
In October 2024, the Directors have proposed an interim dividend of £585,000 in respect of the year ended 31 December 2023.

Charitable donations

During the year, the company has made a charitabe donation of £3,216 (2022: £200).

Going Concern

The directors, having considered the financial position, forecast sales, estimated cash inflows and known and estimated cash outflows of the company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the company to continue as a going concern.
Accordingly the directors have a reasonable expectation that the company will continue in operational existence and continues to adopt the going concern basis of accounting in preparing the financial statements.
Economic impact of global events
UK business is facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
The company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Qualifying third party indemnity provisions

The Directors have indemnity insurance in place as at the date of this report and for the year ended 31 December 2023.

Matters covered in the Strategic report

The company has chosen in accordance with Companies Act 2006, s414C(11) to set out in the company's Strategic report information required by Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. Certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report.

- 5 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Provision of information to auditor

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

the directors have 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.

Post balance sheet events

In October 2024, the Directors have proposed an interim dividend of £585,000 in respect of the year ended 31 December 2023.
- 6 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Auditor

The auditor, Forvis Mazars LLPwill 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 by: 
 




M B Day
Director

Date: 18 October 2024
- 7 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARTELIA PROJECTS UK LIMITED
 

Opinion

We have audited the financial statements of ARTELIA Projects UK Limited (the ‘company’) for the year ended 31 December 2023 which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and notes to the financial statements, 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 FRS 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 31 December 2023 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 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 UK, including the FRC’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 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.
- 8 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARTELIA PROJECTS UK LIMITED
 

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.

Opinions 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 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 4, 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 intend either to liquidate the company or to cease operations, or have no realistic alternative but to do so.
 
- 9 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARTELIA PROJECTS UK LIMITED
 

Auditor's 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 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.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, building safety regulation, anti-money laundering regulation, anti-bribery regulation, and general data protection regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, and the Companies Act 2006. 
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to valuation of goodwill, revenue recognition (which we pinpointed to the occurrence and cut-off assertions), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

- 10 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARTELIA PROJECTS UK LIMITED
 

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.

Use of the audit 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.
 


Sameena Fonseca (Senior statutory auditor) 
for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
30 Old Bailey
London
EC4M 7AU

18 October 2024
- 11 -

 
ARTELIA PROJECTS UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
16,101,213
15,211,612

Cost of sales
  
(9,412,491)
(9,675,722)

Gross profit
  
6,688,722
5,535,890

Administrative expenses
  
(6,059,697)
(5,421,171)

Other operating income
 5 
-
37,604

Operating profit
 6 
629,025
152,323

Interest receivable and similar income
 10 
14,421
8,116

Profit before tax
  
643,446
160,439

Tax on profit
 11 
(128,559)
(19,294)

Profit for the financial year
  
514,887
141,145

Other comprehensive income
  
-
-

Total comprehensive income for the year
  
514,887
141,145

The Statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 15 to 33 form part of these financial statements.
- 12 -

 
ARTELIA PROJECTS UK LIMITED
REGISTERED NUMBER: 03913368

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
415,502
656,658

Tangible assets
 14 
37,300
50,044

Investments
 15 
413,025
413,025

  
865,827
1,119,727

Current assets
  

Debtors: amounts falling due within one year
 16 
4,958,594
4,416,146

Cash at bank and in hand
 17 
5,734,604
6,096,658

  
10,693,198
10,512,804

Creditors: amounts falling due within one year
 18 
(8,176,874)
(8,692,883)

Net current assets
  
 
 
2,516,324
 
 
1,819,921

Total assets less current liabilities
  
3,382,151
2,939,648

Provisions for liabilities
  

Other provisions
 20 
(150,581)
(122,965)

  
 
 
(150,581)
 
 
(122,965)

Net assets
  
3,231,570
2,816,683


Capital and reserves
  

Called up share capital 
 21 
30,000
30,000

Other reserves
 22 
2,552,806
2,552,806

Profit and loss account
 22 
648,764
233,877

Total equity
  
3,231,570
2,816,683


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



M B Day
Director

Date: 18 October 2024

The notes on pages 15 to 33 form part of these financial statements.
- 13 -

 
ARTELIA PROJECTS UK LIMITED
 

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


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
30,000
2,552,806
392,732
2,975,538


Comprehensive income for the year

Profit for the year
-
-
141,145
141,145


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
141,145
141,145

Dividends: Equity capital
-
-
(300,000)
(300,000)


Total transactions with owners
-
-
(300,000)
(300,000)


At 1 January 2023
30,000
2,552,806
233,877
2,816,683


Comprehensive income for the year

Profit for the year
-
-
514,887
514,887


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
514,887
514,887

Dividends: Equity capital
-
-
(100,000)
(100,000)


Total transactions with owners
-
-
(100,000)
(100,000)


At 31 December 2023
30,000
2,552,806
648,764
3,231,570


The notes on pages 15 to 33 form part of these financial statements.
- 14 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

ARTELIA Projects UK Limited is a private company limited by shares incorporated in England and Wales. The company's registration number is 03913368. The address of its registered office is High Holborn House, 52-54 High Holborn, London, England, WC1V 6RL.
The principal activity of the company is that of construction consultancy nationwide in the UK, including project management, cost management and programme management.

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 financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound. 

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 Artelia Holding SAS as at 31 December 2023 and these financial statements may be obtained from 2 Avenue Lacassagne, 69003 Lyon, France.

- 15 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The directors, having considered the financial position, forecast sales, estimated cash inflows and known and estimated cash outflows of the company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the company to continue as a going concern. 
Accordingly the directors have a reasonable expectation that the company will continue in operational existence and continues to adopt the going concern basis of accounting in preparing the financial statements. 

 
2.4

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

 
2.5

Foreign currency translation

Functional and presentation currency

The company's functional and presentation 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.

All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.

- 16 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Turnover

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

Rendering of services

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

For time and materials contracts, turnover is recognised based on the actual service provided to the end of the reporting period as a promotion of the total services to be provided. This is determined based on the actual invoices received from suppliers and subcontractors and actual labour hours spent.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other 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.

 Amortisation is provided on the following bases:

Software
-
33% straight line
Goodwill
-
5-7% straight line

- 17 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Fixtures and fittings
-
20-25% straight line
Computer equipments
-
33% straight line

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

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

  
2.9

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. When there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. 

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

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

 
2.12

Cash and cash equivalents

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

- 18 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Creditors

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

 
2.14

Research and development tax credit

Research and development tax credits are accounted under the accruals model. Tax credits are recognised in the Statement of comprehensive income within taxation.

 
2.15

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.

 
2.16

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.

 
2.17

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 other creditors as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.18

Interest income

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

- 19 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.
- 20 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.21

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.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.

- 21 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.21
Financial instruments (continued)

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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

- 22 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
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
Assessing indicators of impairment
In assessing intangible assets for impairment, including goodwill, management makes certain estimates about the future and mainly volumes of services and prices. 
Regarding goodwill, management has reviewed internal and external sources of information and concluded that the indicators of impairment did not provide proof that the asset should be assessed for impairment.
Key sources of estimation
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities with the next financial year are discussed below.
Determining useful economic lives of tangible and intangible fixed assets
The company depreciates tangible and intangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on variety of factors, including technological innovation, product life cycles and maintenance programmes.
Revenue recognition
The company uses the percentage of completion method to recognise project revenue for fixed-price contracts. This method requires the project directors to estimate the level of services performed at each reporting date as a proportion of the total services to be performed to complete the contact. This is done using the estimated costs to complete the contract and the actual costs incurred. Variations to estimates could result in the over or under recognition of revenue. 
Provision
Provisions are made for loss making contacts and a claim against the company. This requires management's best estimate of the expenditure that will be incurred based on the contractual requirements. In addition, the timing of the cash flows and the discount rates used to establish net present value of the obligations require management's judgement. Refer to note 20.

- 23 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Consultancy
16,101,213
15,211,612


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
16,101,213
14,814,198

Rest of Europe
-
397,414

16,101,213
15,211,612



5.


Other operating income

2023
2022
£
£

Insurance claims receivable
-
37,604

-
37,604



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
21,566
23,093

Amortisation of intangible assets, including goodwill
241,156
241,151

Exchange differences
1,156
36,794

Defined contribution pension cost
502,826
430,819

- 24 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditor's remuneration

During the year, the company obtained the following services from the company's auditor:


2023
2022
£
£

Audit fees
30,000
26,000

Year end accounts preparation fees
6,460
4,600

Taxation fees
8,450
5,800



8.


Employees

Staff costs, including the directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
6,874,221
7,689,889

Social security costs
902,440
833,450

Cost of defined contribution scheme
502,826
430,819

8,279,487
8,954,158


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


        2023
        2022
            No.
            No.







126
121

- 25 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
709,432
642,608

Company contributions to defined contribution pension schemes
66,046
64,427

775,478
707,035


During the year retirement benefits were accruing to 5 directors (2022: 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £226,704 (2022: £179,934).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £20,062 (2022: £16,338).

The company considers the directors to be the key management personnel. 
Some of the directors are paid by the ultimate parent company.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
14,421
8,116


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
130,352
8,805

Adjustments in respect of previous periods
(12,252)
6,243


Total current tax
118,100
15,048

Deferred tax


Origination and reversal of timing differences
10,459
4,173

Prior year adjustments
-
73

Total deferred tax
10,459
4,246


Taxation on profit on ordinary activities
128,559
19,294
- 26 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 23.52% (2022:19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
643,446
160,439


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022: 19%)
160,751
46,321

Effects of:


Fixed asset differences
57,131
43,803

Expenses not deductible for tax purposes
2,011
1,494

Income not taxable for tax purposes
(9,408)
-

Remeasurement of deferred tax for changes in tax rate
620
1,002

R&D expenditure credits
(10,747)
(79,642)

Adjustments to tax in respect of previous periods
(12,252)
6,243

Adjustments to tax in respect of previous periods - deferred tax
-
73

Group relief surrendered/(claimed)
(59,547)
-

Total tax charge for the year
128,559
19,294


Factors that may affect future tax charges

The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom has increased from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.


12.


Dividends

2023
2022
£
£


Interim dividends paid
100,000
300,000

- 27 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets




Software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
303,410
3,071,294
3,374,704



At 31 December 2023

303,410
3,071,294
3,374,704



Amortisation


At 1 January 2023
297,991
2,420,055
2,718,046


Charge for the year
2,709
238,447
241,156



At 31 December 2023

300,700
2,658,502
2,959,202



Net book value



At 31 December 2023
2,710
412,792
415,502



At 31 December 2022
5,419
651,239
656,658



- 28 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Computer equipments
Fixtures & fittings
Total

£
£
£



Cost


At 1 January 2023
152,342
94,377
246,719


Additions
8,822
-
8,822


Disposals
(11,431)
-
(11,431)



At 31 December 2023

149,733
94,377
244,110



Depreciation


At 1 January 2023
131,293
65,382
196,675


Charge for the year
12,203
9,363
21,566


Disposals
(11,431)
-
(11,431)



At 31 December 2023

132,065
74,745
206,810



Net book value



At 31 December 2023
17,668
19,632
37,300



At 31 December 2022
21,049
28,995
50,044


15.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 January 2023
413,025



At 31 December 2023
413,025






Net book value



At 31 December 2023
413,025



At 31 December 2022
413,025

- 29 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Principal activity

Class of shares

Holding

Appleyards Limited
High Holborn House,    52-54 High Holborn, Holborn, London, WC1V 6RL
Dormant
Ordinary
100%


16.


Debtors

2023
2022
£
£


Trade debtors
3,545,704
2,933,279

Amounts owed by group undertakings
155,669
62,355

Other debtors
161,518
238,756

Prepayments and accrued income
1,088,162
1,125,656

Tax recoverable
2,148
40,248

Deferred taxation
5,393
15,852

4,958,594
4,416,146


Amounts owed by group undertakings are unsecured, interest free and payable on demand. 
 


17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,734,604
6,096,658

5,734,604
6,096,658


Included in the above balance is an amount of £295,702 (2022: £573,594) held in a quasi-escrow account with customers. 

- 30 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
181,319
466,289

Amounts owed to group undertakings
710,605
610,341

Other taxation and social security
3,813,786
4,896,526

Other creditors
1,845,027
1,076,969

Accruals and deferred income
1,626,137
1,642,758

8,176,874
8,692,883


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.  
Included within the other creditors balance is an amount of £295,702 (2022: £573,594) relating to the balance held in the quasi-escrow account included in cash and cash equivalents.


19.


Deferred taxation




2023
2022


£

£






At beginning of year
15,852
20,098


Credited to profit or loss
(10,459)
(4,246)



At end of year
5,393
15,852

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed assets timing differences
(3,273)
2,629

Short term timing differences
8,666
13,223

5,393
15,852

- 31 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Provisions




Provision for loss making contracts
Other provision
Total

£
£
£





At 1 January 2023
12,098
110,867
122,965


Charged to profit or loss
22,410
50,000
72,410


Utilised in year
-
(44,794)
(44,794)



At 31 December 2023
34,508
116,073
150,581

The other provision relates to a claim against the company. Although uncertain, the amount recognised represents the best estimate of the likely amounts payable.


21.


Called up share capital

2023
2022
£
£
Allotted, called up and fully paid



30,000 (2022: 30,000) ordinary shares of £1 each
30,000
30,000

Each ordinary share has attached to them full voting, dividend and capital distribution rights. 



22.


Reserves

Other reserves

The reserve comprises of a capital contribution received from the parent company.

Profit & loss account

The reserve comprises the cumulative profits and losses of the company, less dividends paid.


23.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £502,826 (2022:  £430,864). Contributions totalling £91,264 (2022: £79,459) were payable to the fund at the reporting date and are included in other creditors.

- 32 -

 
ARTELIA PROJECTS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
493,064
491,535

Later than 1 year and not later than 5 years
150,674
609,173

643,738
1,100,708


25.


Related party transactions

The Company is a wholly owned subsidiary of Artelia Holding SAS, whose ultimate parent company is Artelia Global SAS, and as such has taken advantage of the exemption permitted by Section 33 ‘Related party disclosures’ not to provide disclosures of transactions entered into with other wholly-owned members of the group.


26.


Post balance sheet events

In October 2024, the Directors have proposed an interim dividend of £585,000 in respect of the year ended 31 December 2023.


27.


Controlling party

The immediate parent undertaking is Artelia Holding SAS, a company incorporated in France. Artelia Holding SAS prepares consolidated financial statements and copies can be obtained from 2 Avenue Lacassagne, 69003 Lyon, France.
The ultimate parent undertaking is considered to be Artelia Global SAS, due to its 100% shareholding in Artelia Holding SAS. 

- 33 -