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COMPANY REGISTRATION NUMBER: 04323358
Witherford Watson Mann Architects Limited
Unaudited Financial Statements
31 January 2024
Witherford Watson Mann Architects Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
11
Witherford Watson Mann Architects Limited
Directors' Report
Year ended 31 January 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2024 .
Directors
The directors who served the company during the year were as follows:
Mr W Mann
Mr C Watson
Mr S Witherford
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 October 2024 and signed on behalf of the board by:
Mr W Mann
Mr C Watson
Director
Director
Mr S Witherford
Director
Registered office:
1 Coate Street
London
E2 9AG
Witherford Watson Mann Architects Limited
Statement of Income and Retained Earnings
Year ended 31 January 2024
2024
2023
(restated)
Note
£
£
Turnover
969,915
1,514,070
Cost of sales
44,934
74,100
---------
------------
Gross profit
924,981
1,439,970
Administrative expenses
954,007
1,222,482
---------
------------
Operating (loss)/profit
( 29,026)
217,488
Other interest receivable and similar income
1,394
---------
------------
(Loss)/profit before taxation
5
( 27,632)
217,488
Tax on (loss)/profit
( 3,290)
( 21,071)
--------
---------
(Loss)/profit for the financial year and total comprehensive income
( 24,342)
238,559
--------
---------
Dividends paid and payable
( 140,495)
( 233,590)
Retained earnings at the start of the year
230,034
225,065
---------
---------
Retained earnings at the end of the year
65,197
230,034
---------
---------
All the activities of the company are from continuing operations.
Witherford Watson Mann Architects Limited
Statement of Financial Position
31 January 2024
2024
2023
(restated)
Note
£
£
Fixed assets
Tangible assets
6
12,654
21,103
Current assets
Debtors
7
302,563
513,198
Cash at bank and in hand
64,709
171,474
---------
---------
367,272
684,672
Creditors: amounts falling due within one year
8
78,059
276,847
---------
---------
Net current assets
289,213
407,825
---------
---------
Total assets less current liabilities
301,867
428,928
Creditors: amounts falling due after more than one year
9
236,067
198,291
---------
---------
Net assets
65,800
230,637
---------
---------
Capital and reserves
Called up share capital
603
603
Profit and loss account
65,197
230,034
--------
---------
Shareholders funds
65,800
230,637
--------
---------
These financial statements have been prepared 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'.
For the year ending 31 January 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 .
Witherford Watson Mann Architects Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
Mr W Mann
Mr C Watson
Director
Director
Mr S Witherford
Director
Company registration number: 04323358
Witherford Watson Mann Architects Limited
Notes to the Financial Statements
Year ended 31 January 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 1 Coate Street, London, E2 9AG.
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.
Professional indemnity insurance runoff liability
There is a contractual requirement (common to all but the smallest projects) to carry PII cover for the 12 years following the completion of a building. The directors have calculated the cost of this "runoff" cover and a provision is made in the accounts. The liability is shown in Note 9 to the accounts. Since 2020 premiums have been much higher, and are being spread over the number of years left between the current year and 2033. Since this represents a material change from the previous policy, the effect of this change on the previous year has been recorded as a prior year adjustment.
Deferred income
A proportion of the income received in the early stages of larger projects is deferred until later in the project to reflect a more accurate matching between the income earned and the resources expended. 10% of income from RIBA Stages 2-4 is deferred to Stages 5-6 for projects above £10m.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: * PII runoff liability based on insurer's assessment of future premiums in respect of completed projects if no further work were undertaken * Deferred income based on directors' assessment of fees received relating to future work obligations
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold improvements
-
20% straight line
Plant & machinery
-
20% straight line
Equipment
-
33% 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 the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. 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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 19 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
(restated)
£
£
Depreciation of tangible assets
13,463
17,193
--------
--------
6. Tangible assets
Short leasehold property
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 February 2023 (as restated)
36,410
8,701
80,562
125,673
Additions
5,014
5,014
--------
-------
--------
---------
At 31 January 2024
36,410
8,701
85,576
130,687
--------
-------
--------
---------
Depreciation
At 1 February 2023
27,894
6,666
70,010
104,570
Charge for the year
4,443
1,062
7,958
13,463
--------
-------
--------
---------
At 31 January 2024
32,337
7,728
77,968
118,033
--------
-------
--------
---------
Carrying amount
At 31 January 2024
4,073
973
7,608
12,654
--------
-------
--------
---------
At 31 January 2023
8,516
2,035
10,552
21,103
--------
-------
--------
---------
7. Debtors
2024
2023
(restated)
£
£
Trade debtors
194,471
472,720
Other debtors
108,092
40,478
---------
---------
302,563
513,198
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Trade creditors
9,316
900
Social security and other taxes
65,996
160,190
Visa
195
66
Cycle Scheme
(3,576)
(3,738)
Other creditors
6,128
119,429
--------
---------
78,059
276,847
--------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Other creditors
236,067
198,291
---------
---------
10. Controlling party
The company was under the control of Messrs Mann, Watson and Witherford throughout the current and prior year. They are joint managing directors and hold equal shareholdings.
Witherford Watson Mann Architects Limited
Management Information
Year ended 31 January 2024
The following pages do not form part of the financial statements.
Witherford Watson Mann Architects Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Witherford Watson Mann Architects Limited
Year ended 31 January 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 January 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
DON FISHER & CO LTD Chartered accountants
2 Bedford Mews East Finchley London N2 9DF
29 October 2024