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COMPANY REGISTRATION NUMBER: 07850398
On Architecture Limited
Filleted Unaudited Financial Statements
31 March 2024
On Architecture Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
On Architecture Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
894,459
1,066,339
Tangible assets
6
13,236
24,389
---------
------------
907,695
1,090,728
Current assets
Debtors
7
558,651
478,802
Cash at bank and in hand
89
91,363
---------
---------
558,740
570,165
Creditors: amounts falling due within one year
8
438,461
467,155
---------
---------
Net current assets
120,279
103,010
------------
------------
Total assets less current liabilities
1,027,974
1,193,738
Creditors: amounts falling due after more than one year
9
253,349
272,115
------------
------------
Net assets
774,625
921,623
------------
------------
Capital and reserves
Called up share capital
22
22
Profit and loss account
774,603
921,601
---------
---------
Shareholders funds
774,625
921,623
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
On Architecture Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
Mr L Harrison
Director
Company registration number: 07850398
On Architecture Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Logan House, St. Andrews Close, Canterbury, CT1 2RP, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
10% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
20% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2023: 34 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,718,797
------------
Amortisation
At 1 April 2023
652,458
Charge for the year
171,880
------------
At 31 March 2024
824,338
------------
Carrying amount
At 31 March 2024
894,459
------------
At 31 March 2023
1,066,339
------------
6. Tangible assets
Short leasehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
13,180
23,428
2,503
16,593
55,704
Additions
504
504
--------
--------
-------
--------
--------
At 31 March 2024
13,180
23,932
2,503
16,593
56,208
--------
--------
-------
--------
--------
Depreciation
At 1 April 2023
6,590
15,579
894
8,252
31,315
Charge for the year
1,318
4,825
501
5,013
11,657
--------
--------
-------
--------
--------
At 31 March 2024
7,908
20,404
1,395
13,265
42,972
--------
--------
-------
--------
--------
Carrying amount
At 31 March 2024
5,272
3,528
1,108
3,328
13,236
--------
--------
-------
--------
--------
At 31 March 2023
6,590
7,849
1,609
8,341
24,389
--------
--------
-------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
303,168
261,488
Other debtors
255,483
217,314
---------
---------
558,651
478,802
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
95,297
140,641
Trade creditors
17,006
8,387
Corporation tax
231,990
179,000
Social security and other taxes
89,473
134,361
Other creditors
4,695
4,766
---------
---------
438,461
467,155
---------
---------
Bank loans and overdrafts are secured by a way of a fixed and floating charge over the company's assets and undertakings.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
253,349
272,115
---------
---------
Bank loans and overdrafts are secured by a way of a fixed and floating charge over the company's assets and undertakings.
10. Directors' advances, credits and guarantees
At the year end the company was owed £311,722 (2023: £246,834) by the directors. During the year interest of 2% was charged on overdrawn balances.
11. Related party transactions
During the year dividends of £238,730 (2023: £297,810) were paid to the directors. At the year end the company owed £83,771 (2023: £65,771) to companies associated by common control.