Company registration number 04877539 (England and Wales)
SCOTT BROWNRIGG GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
SCOTT BROWNRIGG GROUP LIMITED
COMPANY INFORMATION
Directors
D E Comber
A M Olliff
R J McCarthy
I Williamson
Secretary
I Williamson
Company number
04877539
Registered office
77 Endell Street
London
WC2H 9DZ
Auditor
Forvis Mazars LLP
30 Old Bailey
London
EC4M 7AU
SCOTT BROWNRIGG GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The directors submit the strategic report and the group financial statements for the year ended 31 January 2024.

Business Overview

We are a global design leader ranked within the Global Top 100 and within the UK Top 20 of architectural practices. We have the vision to be recognised for transforming the industry and enriching lives through the built environment to create a better world.

 

We provide architecture, interior design, master planning and urbanism, design strategy and delivery, design management and safety, digital technology, conservation, and technical advice across all major sectors. We have a strong presence in advanced technologies, aviation, business space, defence & security, hospitality, digital culture media & sport, education, health, rail, and residential and mixed-use schemes.

 

Our studios are positioned to place us at the forefront of service delivery across the UK in London, Guildford, Cardiff, and Edinburgh, and international studios in New York, Singapore, Amsterdam, and the Kingdom of Saudi Arabia. These together with strategic alliances in the Middle East, Turkey, and Vietnam enable us to serve our growing international client and project base.

 

We are 100% employee-owned and transitioned into an Employee Ownership Trust in November 2021. Our design excellence is not transient but is underpinned by critical analysis, rigorous research, and commercial intelligence enabling us to have created inspirational environments for over 114 years. Through collaboration across all our services, sectors, and studios, we aim to ensure that each project makes a positive and lasting impact. We strive for opportunities to achieve a more diverse, sustainable, and culturally richer world and push ourselves, creatively, in business and as one global team.

 

Strategic Initiatives

We are continuously building upon our 5-Year Plan that will not only transform the practice, but will also ensure that we build a sustainable design focussed business with embedded resilience for the future.

 

All staff are empowered to drive the future of the company and share in its successes through the EOT structure, ensuring continuity of the Scott Brownrigg brand.

 

We continue to invest in our international strategy, diversifying our portfolio and minimising exposure to geo-political risks. Our international studios continue to deliver key infrastructure projects. Design Management Unit (DMU) together with our other services like Design Delivery Unit (DDU), Safety Design Unit (SDU) and Digital Twin Unit (DTU) places the company in a unique client service offering. This expertise positions us well as the UK industry transitions to accommodate the requirements of the new Building Safety Act.

 

Our specific sector expertise, market-leading technical knowledge and our Design Research Unit (DRU) supports and influences all the leading architecture research across the group.

We continue to invest into the applied and fundamental research topics, incorporating sustainability and also work partnership with the RIBA, to disseminate knowledge, utilising various communication platforms.

 

Sustainable design continues to be a central business objective. In the past year we have reflected on our work to date to improve against numerous sustainability metrics, and have set targets for the next 5 years through our 2024 Sustainability Strategy. We are signatories to the RIBA 2030 Climate Challenge and Architects Declare and the only UK architecture practice signed up to the UN Global Compact - demonstrating our commitment to take action on human rights, labour, environment and anti-corruption. We lead by example and use our position on projects as an opportunity to positively influence other built environment professionals and the supply chain. We collaborated with the RIBA to launch the RIBA Scott Brownrigg Award for Sustainable Development, and will continue to do so in the next year, reinforcing our commitment in this area.

 

 

SCOTT BROWNRIGG GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Significant Achievements

The company has continued to adapt to take advantage of hybrid working, driving efficiencies in delivering global projects and ensuring collaboration across each service, sector and studio. We continued to drive a diverse portfolio of projects, broadened our service offer, and grew our international presence.

 

We have a longstanding history of advising on technical and safety design and have become the ‘go-to architect on matters relating to the Building Safety Act – legislation that will continue to impact and shape the profession for many years to come.

 

With numerous live projects across the Oxford–Cambridge Arc, and the redevelopment of retail and office buildings into laboratories in both Cambridge and London underway, our work and reputation within the Life Sciences Sector continues to grow.

 

This year our Education Sector celebrated the completion of Epping Wellness Centre; a glulam timber-framed building that provides New City College and the wider community with state-of-the-art facilities for sport, fitness and wellbeing, and acts as a gateway to a new residential development and public park in Essex.

 

We have seen a range of UK and international projects celebrated on the global stage again this year, including 1-21 Cambridge Science Park which reached finalist stage at the BCO Regional Awards, and CABI Headquarters which reached finalist stage at the BCO National Awards.

 

Milltimber School in Scotland was a finalist at the Scottish Design Awards, highly commended at the Learning Places Scotland Awards, and was awarded an Aberdeen Society of Architects (ASA) Education Design Award which celebrates high-quality design and creates a showcase for the profession.

 

Istanbul Airport continues to be recognised within the industry, this year winning ‘The Accessible Airport’ Award at the Airport Honour Awards. These awards are a recognition of our commitment to design quality, innovation, and people, and demonstrate the

breadth of expertise across our studios and practice as a whole.

 

Our Interior Design service celebrates its 25th Anniversary in 2024, looking back on an impressive portfolio of award-winning workplace, residential and hospitality interior design projects developed over the years.

 

As the only AJ Top 20 RIBA industry mentors, we collaborate with universities to clear a path for the next generation of designers. We have supported Blueprint for All (formerly known as the Stephen Lawrence Charitable Trust), since 2010 and through this relationship have offered paid internships to assist young people from disadvantaged and minority backgrounds to follow a career in architecture.

 

As part of our commitment to inclusion and encouraging wider access to the profession, we continue to build on our ‘Future Talent Programme’ which brings together initiatives intended to reach a diverse range of people, particularly those from disadvantaged backgrounds or under-represented in architecture.

 

In 2023 we celebrated the first of our apprentices, who were among the first in the country, to qualify as architects through the architectural apprenticeship route after joining our pilot apprenticeship programme in 2018.

 

Our Scott Brownrigg Alumni Network, launched during the year, continues to grow; allowing for the exchange of ideas, experiences, and knowledge within our network and across the company.

 

As an Employee Ownership Trust, there is a greater opportunity for all staff to participate in the success of the Group whilst also creating effective channels of communication that ensure all employees have a voice to contribute to our future.

 

 

SCOTT BROWNRIGG GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Principal Risks and Uncertainties

The risks facing the company continue to be managed at group level through our Strategic Board and Operations Board. The principal risks and uncertainties can be summarised as follows:

 

Economic Uncertainty

Several economic factors continue to impact the company, including the cost of living increases, inflation and interest rate rises. These differ in each of our regional locations in which we operate. We continue to diversify our business across territories, markets and sectors to reduce volatility.

 

The change to the operating model, which has been in effect for the last 2 financial years, effectively enables teams to work on projects not constrained to their physical location. This has allowed for improved collaboration, global engagement and sector utilisation of our staff and ensuring optimal profit generation.

 

Cash flow management and late payments

Liquidity and funding risk is managed by maintaining appropriate levels of working capital and finance (short and long term) to ensure the company has sufficient funds available for its operations and short-term investment plans, with cash flow projections reviewed by management monthly.

 

Credit risk

Additional safeguarding measures have been put in place to ensure the credit health of all existing clients are reviewed monthly and full credit and compliance checks are performed on all new and potential clients, to mitigate any exposure to defaults on contracted terms. Any long outstanding debt is flagged for management review and action monthly.

 

Technology systems, sensitive data and cyber risk

We continue to invest in our technology infrastructure and have introduced several advanced virtual interfaces during the year that continue to ensure our systems and data are secure from external threats.

 

Foreign exchange volatility

There has been a degree of currency fluctuation particularly as the impact of rising costs of living and political uncertainties unfolded during the half of the financial year. We manage currency risk by matching revenue and expenditure to minimise the company’s net exposure. Any other significant

transactions are hedged if revenue and expenditure cannot be matched.

 

Continuing to attract and retain highly skilled international staff

As a global design focussed business we are reliant on the skills and diversity that international staff bring to all of our studios. We are monitoring the changes in UK immigration rules closely and are encouraged that our profession has been recognised and is included on the Shortage Occupation List. We also work hard to provide opportunities for staff to gain experience working in each of our international studios.

 

Downward price pressure on fees

We are constantly evaluating our cost base to ensure this is in line with forecasted income levels and are investing in technologies that improve the quality and efficiency of our work. We monitor fee proposals and agreements carefully to ensure we offer the appropriate level of service requested by our clients.

 

Business interruption and infrastructure

We have robust Business Continuity Plans for each of our studios and a Disaster Recovery Plan that outlines how our digital systems are backed up. These plans are reviewed and revised regularly.

 

We manage all these risks through a process of policies and controls which are set by the Strategic Board and implemented and managed by the Operations Board. All risks are assigned to owners and are reviewed regularly to further assess the extent and effectiveness of the controls.

 

The company seeks to diversify risks wherever possible, particularly through developing work in new business sectors and geographical areas. This is especially important for the coming years given the continued uncertainty over the UK economy.

SCOTT BROWNRIGG GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
Financial Performance

The group's performance against key performance indicators (“KPI’s) during the year ended 31 January 2024 can be summarised as follows:

Total comprehensive income for the year was £3,022,812 (2023: £2,605,071).

 

UK and International markets were impacted by rising costs of living, inflation, rising construction costs as well as the continued political uncertainty currently being faced by Europe and Gaza. The impact resulted in decreased pipeline activity during the second and third quarters of 2023, not dissimilar to the prior year in which projects were delayed and restarted in the new financial year. Project conversion at the start of the 2024 financial year has been strong. The company continues to invest in its international strategy with important hubs established in the USA, Singapore, Amsterdam and the Kingdom of Saudi Arabia, with the aim of business development within these regions. We continue to see growth in the Middle East and Far East markets.

 

Through control efficiencies and a collaborative approach, cross-practice to on-boarding of new projects, debtor days and cash collection targets remained robust throughout the year, and the risk of long outstanding debt and disputes well mitigated. This has enabled the company to build a strong Net Asset Value, along with bank loans secured in 2020.

 

Employee Relations

We are 100% employee-owned and in November 2021, transitioned from an Employee Benefit Trust to an Employee Ownership Trust. This transition not only allows for all staff to share in the success of the group, but also enables effective succession planning. We have several channels through which we communicate with staff. These include regular communications from the CEO, monthly Townhall meetings in each Studio, the Employee Ownership Committee, internal roadshows, and our company intranet. Our Annual Business Plan is shared with all staff, and discussion on all aspects of the business’s performance is encouraged.

 

Our people are our business and it is essential to ensure equality of pay and opportunity to all within an inclusive and supportive environment. Our gender pay gap is improving each year, with the mean decreasing from 21% to 17%.

 

We measure the levels of staff engagement through regular staff surveys and results have shown an increase in engagement across several key metrics.

 

As an industry mentor and the only major Architectural practice to be nominated as one of the 9

Industry mentors by the RIBA, we collaborate with universities to clear a path for the next generation of designers. Raw talent and fresh perspectives are what keep design relevant.

SCOTT BROWNRIGG GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
Future Outlook

We remain positive about the future, underpinned with a strong financial base that remains stable, despite the cost of living crisis as well as the political uncertainty Europe still faces. We continue to focus on providing excellence in design and technical service to our clients and those who interact with the buildings and environments we create.

 

Management continues to focus on the future, completing existing projects and seeking new opportunities in new markets, mitigating exposure in the regions in which we operate.

 

We are very focussed on the urgent need to decarbonise and work towards a carbon-neutral environment. We have signed up to a number of climate pledges and are determined to make a difference through reducing embodied carbon and ongoing energy requirements in all of our projects.

 

We are also determined to make a difference in construction Health and Safety and using our international footprint we aim to raise awareness of this issue to ensure that all projects we are involved in are designed, constructed and maintained safely.

 

Finally, we continue to invest heavily in technology across all aspects of our business. This ranges from embracing virtual interfaces and cloud-based technology – allowing for a truly global collaborative environment across disciplines and teams, and enhancing the quality and speed of our state-of-the-art software that allows our clients to better experience and interact with the design process at a very early stage. We are continuously striving to automate systems and processes, thereby improving our accuracy and efficiency and allowing us to dedicate more time to being creative.

 

On behalf of the board

D E Comber
Director
1 August 2024
SCOTT BROWNRIGG GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the group is to provide architectural, planning, interior design, project management and property development consultancy services.

Results and dividends

During the financial year ended 31 January 2024 the company paid a contribution to the EOT amounting to £2.25m (2023: £185k).

Post year-end a contribution to the EOT amounting to £2.5m was made.

 

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D E Comber
A M Olliff
R J McCarthy
I Williamson
N L McOmish
(Resigned 7 February 2023)
Matters of strategic importance

Exposure to risks, financial risk management and future developments; this information is disclosed within the Strategic Report under the section “Strategic management and future developments” in accordance with section 414C(11) of the Companies Act 2006.

Directors' insurance

Qualifying third-party indemnity provision is in place for the benefit of all directors of the company.

Employment of disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Going Concern

The directors consider that the going concern basis for the preparation of the group's financial statements remains appropriate, see accounting policy laid out on page 21.

Statement of disclosure to auditor

The directors who were in office on the date of approval of these financial statements have confirmed that, as far as they are aware, there is no relevant audit information of which the auditor is unaware. The directors have confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

Auditor
The auditor, Forvis Mazars LLP, has indicated its willingness to continue.

SCOTT BROWNRIGG GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
On behalf of the board
D E Comber
Director
1 August 2024
SCOTT BROWNRIGG GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SCOTT BROWNRIGG GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SCOTT BROWNRIGG GROUP LIMITED
- 9 -
Opinion

We have audited the financial statements of Scott Brownrigg Group Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 January 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, Consolidated Statement of Cash Flows 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:

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 group and the parent 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 director's 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 and 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.

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.

 

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.

SCOTT BROWNRIGG GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCOTT BROWNRIGG GROUP LIMITED
- 10 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in 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:

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 2, 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 group’s and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

SCOTT BROWNRIGG GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCOTT BROWNRIGG GROUP LIMITED
- 11 -
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 the 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 group and the parent company and their 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, anti-money laundering 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:

 

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, 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 management override of controls, and determined that the principal risks 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 revenue recognition (which we pinpointed to the cut off assertion) and significant one-off or unusual transactions.

 

Our audit procedures in relation to fraud included but were not limited to:

 

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.

SCOTT BROWNRIGG GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCOTT BROWNRIGG GROUP LIMITED
- 12 -

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.

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 our report

This report is made solely to the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 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.

Gareth Jones (Senior Statutory Auditor)
For and on behalf of Forvis Mazars LLP
1 August 2024
Chartered Accountants
Statutory Auditor
30 Old Bailey
London
EC4M 7AU
SCOTT BROWNRIGG GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
2024
2023
Notes
£
£
Turnover
3
21,667,606
21,270,738
Other operating income - rent receivable
313,093
299,027
Other operating income - government grants
-
27,193
Other operating income - royalties
-
20,530
Staff costs
8
(11,833,646)
(11,359,189)
Depreciation of fixed assets
6
(244,291)
(193,402)
Amortisation of intangible assets
12
(60,692)
(67,753)
Other operating charges - administrative expenses
(6,685,364)
(6,403,992)
Operating profit
6
3,156,706
3,593,152
Interest receivable and similar income
4
30,409
7,021
Interest payable and similar charges
5
(206,982)
(259,198)
Profit for the financial period
2,980,133
3,340,975
Taxation
10
(156,567)
(414,423)
Profit on ordinary activities after taxation
2,823,566
2,926,552
Other comprehensive income net of taxation
Actuarial (loss)/gain on defined benefit pension schemes
(15,000)
133,000
Currency translation differences
210,496
(371,231)
Defined benefit pension scheme surplus
-
0
(50,000)
Tax relating to other comprehensive income
3,750
(33,250)
Total comprehensive income for the period
3,022,812
2,605,071

The results of 2024 are derived solely from continuing operations.

The notes on pages 20 to 44 form part of these financial statements.

SCOTT BROWNRIGG GROUP LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2024
31 January 2024
- 14 -
2024
2023
Notes
£
£
Fixed assets
Intangible assets
12
35,817
96,509
Tangible assets
13
7,901,406
7,854,042
Investment property
14
4,691,412
4,691,412
12,628,635
12,641,963
Current assets
Debtors
18
5,596,178
6,251,580
Cash at bank and in hand
5,607,805
6,564,024
11,203,983
12,815,604
Creditors: amounts falling due within one year
19
(5,060,885)
(6,759,329)
Net current assets
6,143,098
6,056,275
Total assets less current liabilities
18,771,733
18,698,238
Creditors: amounts falling due after more than one year
20
(3,092,263)
(3,763,792)
Provisions for liabilities
Provisions
23
(40,055)
(39,297)
Deferred tax liability
24
(2,202,772)
(2,231,908)
Defined benefit pension liability
25
(5,000)
-
0
(2,247,827)
(2,271,205)
Net assets
13,431,643
12,663,241
Capital and reserves
Called up share capital
26
6,500
6,500
Share premium account
1,486,949
1,486,949
Revaluation reserve
1,230,707
1,230,707
Translation reserve
416,713
206,217
Capital redemption reserve
2,954,901
2,954,901
Other reserves
(2,644,676)
(2,640,266)
Profit and loss reserves
9,980,549
9,418,233
Total equity
13,431,643
12,663,241
The financial statements were approved by the board of directors and authorised for issue on
1 August 2024
01 August 2024
and are signed on its behalf by:
D E Comber
Director
Company registration number 04877539 (England and Wales)
SCOTT BROWNRIGG GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2024
31 January 2024
- 15 -
2024
2023
Notes
£
£
Fixed assets
Investments
15
7,470,104
7,470,104
7,470,104
7,470,104
Current assets
Debtors falling due within one year
18
1,532
1,532
Cash at bank and in hand
607
607
2,139
2,139
Creditors: amounts falling due within one year
19
(3,936,444)
(3,936,444)
Net current liabilities
(3,934,305)
(3,934,305)
Net assets
3,535,799
3,535,799
Capital and reserves
Called up share capital
26
6,500
6,500
Share premium account
1,486,949
1,486,949
Capital redemption reserve
2,954,901
2,954,901
Profit and loss reserves
(912,551)
(912,551)
Total equity
3,535,799
3,535,799

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,250,000 (2023 - £nil)

The financial statements were approved by the board of directors and authorised for issue on
1 August 2024
01 August 2024
and are signed on its behalf by:
D E Comber
Director
Company registration number 04877539 (England and Wales)
SCOTT BROWNRIGG GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 16 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Other reserves
Currency translation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
£
Balance at 1 February 2022
6,500
1,486,949
1,230,707
2,954,901
(2,640,266)
577,450
6,626,800
10,243,041
Year ended 31 January 2023:
Profit for the year
-
-
-
-
-
-
2,926,552
2,926,552
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
-
-
133,000
133,000
Currency translation differences
-
-
-
-
-
(371,233)
-
(371,233)
Defined benefit pension scheme surplus
-
-
-
-
-
-
(50,000)
(50,000)
Tax relating to other comprehensive income
-
-
-
-
-
-
(33,250)
(33,250)
Total comprehensive income
-
-
-
-
-
(371,233)
2,976,302
2,605,069
EOT distribution to staff
11
-
-
-
-
-
-
(157,774)
(157,774)
Contribution to EOT
-
-
-
-
-
-
(27,095)
(27,095)
Balance at 31 January 2023
6,500
1,486,949
1,230,707
2,954,901
(2,640,266)
206,217
9,418,233
12,663,241
SCOTT BROWNRIGG GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Other reserves
Currency translation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
£
- 17 -
Balance at 31 January 2023
6,500
1,486,949
1,230,707
2,954,901
(2,640,266)
206,217
9,418,233
12,663,241
Year ended 31 January 2024:
Profit for the year
-
-
-
-
-
-
2,823,566
2,823,566
Other comprehensive income:
Actuarial loss on defined benefit plans
-
-
-
-
-
-
(15,000)
(15,000)
Currency translation differences
-
-
-
-
-
210,496
-
210,496
Tax relating to other comprehensive income
-
-
-
-
-
-
3,750
3,750
Total comprehensive income
-
-
-
-
-
210,496
2,812,316
3,022,812
Contributions to EOT
11
-
-
-
-
-
-
(2,250,000)
(2,250,000)
Restructure Reserve
-
-
-
-
(4,410)
-
-
(4,410)
Balance at 31 January 2024
6,500
1,486,949
1,230,707
2,954,901
(2,644,676)
416,713
9,980,549
13,431,643
SCOTT BROWNRIGG GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 18 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
6,500
1,486,949
2,954,901
(912,551)
3,535,799
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
-
-
-
Balance at 31 January 2023
6,500
1,486,949
2,954,901
(912,551)
3,535,799
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
-
2,250,000
2,250,000
Contributions to EOT
11
-
-
-
(2,250,000)
(2,250,000)
Balance at 31 January 2024
6,500
1,486,949
2,954,901
(912,551)
3,535,799
SCOTT BROWNRIGG GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 19 -
2024
2023
Notes
£
£
Cash flows from operating activities
Cash generated from operations
32
2,936,803
4,678,093
Interest paid
(206,982)
(259,198)
Income taxes paid
(729,649)
(1,501)
Net cash inflow from operating activities
2,000,172
4,417,394
Investing activities
Purchase of intangible assets
-
(24,665)
Purchase of tangible fixed assets
(306,826)
(120,970)
Interest received
30,409
7,021
Net cash used in investing activities
(276,417)
(138,614)
Financing activities
Proceeds from closure of EBT bank account
(4,410)
-
Repayment of borrowings
(603,291)
(575,013)
Payment of finance leases obligations
(34,003)
(63,416)
Contributions to EOT
(2,250,000)
-
Dividends paid
-
(184,869)
Net cash used in financing activities
(2,891,704)
(823,298)
Net (decrease)/increase in cash and cash equivalents
(1,167,949)
3,455,482
Cash and cash equivalents at beginning of year
6,564,024
3,482,578
Effect of foreign exchange rates
211,730
(374,036)
Cash and cash equivalents at end of year
5,607,805
6,564,024
SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
1
Accounting policies
General information
Scott Brownrigg Group Limited is a private company limited by shares and incorporated and domiciled in England and Wales. The registered office and principal place of business is 77 Endell Street, London, WC2H 9DZ.

The principal activity of the group is to provide architectural, planning, interior design, project management and property development consultancy services. The principal activity of the company is that of a holding company.
1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”)and the requirements of the Companies Act 2006, including the provisions of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

The financial statements are prepared in sterling, which is the functional currency of the group.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.

 

The principal accounting policies adopted are set out below.

In accordance with FRS 102, the Company has taken advantage of the exemptions from the

following disclosure requirements in its Company only accounts;

 

SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 21 -
1.2
Basis of consolidation

The consolidated financial statements incorporate those of Scott Brownrigg Group Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 January 2024.

 

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

 

 

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus directly attributable costs.

 

 

The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities is recognised as goodwill.

These financial statements represent the largest and smallest group of which the company is a member for which group accounts are prepared.

Company statement of comprehensive income

As permitted by section 408 Companies Act 2006, the Company has not presented its own statement of comprehensive income. The Company’s profit and total comprehensive income for the period was £2,250,000 (2023: nil).

1.3
Going concern

The directors consider that the going concern basis for the preparation of the group’s financial statements remains appropriate. In arriving at this conclusion, they have taken into consideration the results for the year ended 31 January 202true4, together with current results and cash flow forecasts for 12 months from the date of signing of the financial statements. Post year end the directors have been carefully monitoring cash flow and the cost base of the group, ensuring strict payment terms are adhered to and discretionary spend is contained to the budgets set at the beginning of the new financial year.

 

The continued political uncertainty in Europe and conflict in Gaza at the date of signing, the directors have taken action to protect the business and react to the changing economic and social environment. These actions have included adhering to guidelines directed by local governments and maintaining flexible working practices to ensure staff can remain working in a form as near to business as usual as possible from any location; diversifying project portfolios to mitigate potential exposures in countries impacted by the political uncertainties; as well as providing resilience training to staff.

 

The revenue pipeline is monitored on a weekly basis by management, and no material deviations from the budget set for 2024 are expected.

 

Based on these forecasts and action plans the directors consider it is appropriate for the financial statements to be prepared on the going concern basis. The financial statements do not include any adjustments that would result in the going concern basis of preparation not to be appropriate. In the event that this basis is not appropriate provisions may be required and assets may need to be written down to recoverable amounts.

SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 22 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 to 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website Development
3 years
In-House Development
3 years
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Fair Value
Long leasehold buildings and improvements
Fair Value
Fixtures and fittings
10 years
Office equipment
3 years
SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 23 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 24 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 25 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 26 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 27 -

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.20
Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

 

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

 

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income

SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 28 -
2
Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The group makes estimates and assumptions concerning the future. The resulting accounting

estimates and assumptions will, by definition, seldom equal the related actual results.

 

The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

 

Long term contracts

Estimates are made in respect of establishing the stage of completion of long term contracts. In determining the stage of completion the directors estimate costs to complete, and compare costs incurred as a proportion of total expected costs. The methods of estimation used are discussed in the turnover accounting policy on page 23.

 

Defined benefit pension

The fair value of the defined net benefit pension scheme liability is determined by way of a third party actuarial valuation. The actuarial assumptions used in the calculation of the valuation of the plan assets and liabilities are set out in note 25.

 

Investment properties and freehold land and buildings

Estimates are made in respect of determining the carrying value of the investment property and freehold land and buildings which are stated at fair value. The directors have valued the company’s freehold land and buildings and investment properties having regard to local market conditions and informal advice received from external professional valuers. However, the valuation of the group’s investment property and freehold land and building is inherently subjective as it is made on the basis of valuation assumptions which may in future not prove to be accurate.

Deferred taxation

Deferred tax liabilities are assessed on the basis of assumptions regarding the future, the likelihood that assets will be realised and liabilities will be settled, and estimates as to the timing of those future events and as to the future tax rates that will be applicable.

3
Turnover


An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover by geographical market
United Kingdom
17,646,482
16,681,591
Other European countries
1,584,795
390,011
Rest of World
2,436,329
4,199,136
21,667,606
21,270,738
SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 29 -
4
Interest receivable and similar income
2024
2023
£
£
Bank interest
30,409
7,021
5
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
206,982
176,198
Net interest on net defined benefit pension scheme
-
0
83,000
206,982
259,198
6
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
332,372
(479,412)
Depreciation of tangible fixed assets :
Owned Assets
216,321
155,050
Leased Assets
27,970
38,352
Amortisation of Goodwill
53,156
59,436
Amortisation of in-house development
-
0
673
Amortisation of website
7,536
7,644
Rent receivable
(306,325)
(299,027)
Plant & Machinery
43,338
46,400
Land and Buildings
388,952
351,333
7
Auditor's remuneration
2024
2023
Fees payable to current and previous auditors in respect of both audit and non-audit services
£
£
Audit services
Statutory audit of parent and consolidated accounts
2,930
4,500
Statutory audit of subsidiaries
62,960
71,000
Other services
Taxation compliance services
12,370
19,000
78,260
94,500
SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 30 -
8
Employees and directors
The average monthly number of persons (including directors) employed by the group during the period was:
2024
2023
Number
Number
Technical
160
166
Administration
29
26
Total
189
192
On a Full Time Equivalent basis, the average staff headcount, at 31 January 2024, was 189 which is 3 (1.6%) lower than 2023.

2024
2023
£
£
Staff costs for the above persons:

Wages and salaries
9,853,063
9,485,845
Social security costs
1,041,634
1,067,010
Pension costs
938,949
806,334
11,833,646
11,359,189
There are no staff costs in the parent company in the current or prior period.
9
Directors' remuneration
2024
2023
£
£
Aggregate emoluments
746,880
714,500
Company contributions to money purchase pension schemes
45,240
40,000
792,120
754,500
2024
2023
£
£
Highest paid director:

Aggregate emoluments
208,750
195,000
Company contributions to money purchase pension schemes
10,000
10,000
Retirement benefits are accruing to 4 directors (2023: 4) under money purchase pension schemes.

The directors remuneration disclosed above represents the total remuneration of the group's key management personnel (excluding employers' National Insurance contributions).
SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 31 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax
500,803
499,546
Adjustments for prior periods
(319,342)
(141,658)
Interest received for prior year payments
(250)
-
Total current tax
181,211
357,888
Origination and reversal of timing differences
16,811
19,142
Effect of change in tax rate
-
6,046
Adjustment for prior periods
(41,455)
31,347
Total deferred tax
(24,644)
56,535
Total tax charge
156,567
414,423
The tax charge for the period is lower than the standard rate of corporation tax in the UK.  The differences are explained below.

The charge for the period can be reconciled to the profit per the income statement as follows:
2024
2023
£
£
Profit on ordinary activities before taxation
2,980,133
3,340,975
Profit on ordinary activities multiplied by the effective rate of Corporation tax in the UK of 24% (2023:19%)
716,126
634,785


Effects of:

Non-deductible transactions
81,460
60,386
Adjustments for previous periods
(319,592)
(141,658)
Adjustments for previous periods - deferred tax
(41,283)
31,347
Adjustments for overseas tax
43,120
(2,952)
Change in tax rate
480
6,046
Other permanent differences
(323,744)
(173,531)
Total charge for the period
156,567
414,423
SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 32 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Contributions to EOT
2,250,000
27,095
EOT distribution to staff
-
157,774
2,250,000
184,869
12
Intangible fixed assets
Group
Goodwill
Website Development
In-House Development
Total
£
£
£
£
Cost
At 1 February 2023 and 31 January 2024
3,437,348
161,312
24,665
3,623,325
Amortisation and impairment
At 1 February 2023
3,373,722
152,421
673
3,526,816
Amortisation charged for the year
53,156
7,536
-
0
60,692
At 31 January 2024
3,426,878
159,957
673
3,587,508
Carrying amount
At 31 January 2024
10,470
1,355
23,992
35,817
At 31 January 2023
63,626
8,891
23,992
96,509
The company had no intangible fixed assets at 31 January 2024 or 31 January 2023.
SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 33 -
13
Tangible fixed assets
Group
Freehold land and buildings
Long leasehold buildings and improvements
Fixtures and fittings
Office equipment
Total
£
£
£
£
£
Cost
At 1 February 2023
2,100,000
5,308,588
1,080,726
1,250,462
9,739,776
Additions
-
-
28,737
278,089
306,826
Disposals
-
-
(61,620)
(243,608)
(305,228)
Exchange adjustments
-
-
(129)
-
(129)
At 31 January 2024
2,100,000
5,308,588
1,047,714
1,284,943
9,741,245
Depreciation and impairment
At 1 February 2023
-
-
856,773
1,028,961
1,885,734
Depreciation charged in the year
-
-
51,392
192,899
244,291
Eliminated in respect of disposals
-
-
(57,192)
(234,094)
(291,286)
Exchange adjustments
-
-
1,337
(237)
1,100
At 31 January 2024
-
-
852,310
987,529
1,839,839
Carrying amount
At 31 January 2024
2,100,000
5,308,588
195,404
297,414
7,901,406
At 31 January 2023
2,100,000
5,308,588
223,953
221,501
7,854,042
The directors have valued the freehold land and buildings and long leasehold buildings and
improvements based on an open market valuation as at 31 January 2024.
Movements in the period:
Freehold
Land and
buildings
£
Fair value at 1 February 2023 and 31 January 2024
2,100,000
The historic cost of freehold land and buildings was £1,827,463 (2023: £1,827,463) which includes
land with a cost of £990,258 (2023: £990,258). Freehold land and buildings are stated at fair value
which is not depreciated.
The historic cost of long leasehold buildings and improvements was £1,193,496 (2023: £1,193,496)
The long leasehold buildings and improvements are stated at fair value (see note 13) which is not
depreciated.
The group has pledged its freehold and long leasehold land and buildings as security over certain
borrowings within the group. The Company does not hold any tangible fixed assets.
The net book value of office equipment includes £17,312 (2023: £52,416) in respect of assets held
under finance leases
SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 34 -
14
Investment property
Group
Company
2024
2023
£
£
Fair value
At 1 February 2023 and 31 January 2024
4,691,412
4,691,412

The investment property represents the proportion of the long leasehold interest in a commercial office building in Covent Garden, London that is rented to third party tenants. The remainder of the building is included above in long leasehold land and buildings and improvements.

 

The fair value of the company’s investment property at 31 January 2024 has been arrived at by the directors having regard to informal valuation advice provided by a third party commercial property expert on an open market value basis. The valuation was determined by reference to rental yields and market evidence of transaction prices for similar properties in London’s West End. The directors note their current intention to hold the property for the medium to long term.

 

The historic cost of the investment property was £1,054,771 (2023: £1,054,771).

 

The group has pledged its investment property as security over certain borrowings within the group. The company does not hold any investment properties.

 

15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
-
7,470,104
7,470,104

 

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 and 31 January 2024
7,470,104
Carrying amount
At 31 January 2024
7,470,104
At 31 January 2023
7,470,104
16
Subsidiaries

Details of the company's subsidiaries during the year and at 31 January 2024 are as follows:

SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
16
Subsidiaries
(Continued)
- 35 -
Name of undertaking
Country of incorporation
Ord. Shares Held
Nature of business
%
Scott Brownrigg Limited
England and Wales
100
Architects
Claremorris Properties Limited*
England and Wales
100
Property Investments
Digital Twin Unit Limited
England and Wales
100
Architects
Scott Brownrigg Trustees Limited*
England and Wales
100
Dormant
Design Delivery Unit Limited
England and Wales
100
Dormant
Design Club Unit Limited
England and Wales
100
Dormant
Design Strategy Unit Limited
England and Wales
100
Dormant
Design Strategy Unit Limited
England and Wales
100
Dormant
Scott Brownrigg (Chiswick) Limited
England and Wales
100
Dormant
Scott Brownrigg Planning Unit Limited
England and Wales
100
Dissolved (10/10/2023)
Productive Architecture Limited
England and Wales
100
Dissolved (10/10/2023)
Digital Technology Limited
England and Wales
100
Dissolved (17/10/2023)
GMW Architects International Limited*
England and Wales
100
Dissolved (17/10/2023)
Scott Brownrigg Arabia Engineering Consultants
Kingdom of Saudi Arabia
100
Architects
GMW Architects International W.L.L.*
Qatar
90
Dormant
Scott Brownrigg South East Asia Limited
Singapore
100
Architects
Scott Brownrigg Singapore Pte Limited*
Singapore
100
Architects
Scott Brownrigg Inc.*
USA
100
Interior Designers

 

* Owned indirectly through other Group companies

 

The registered address for the above subsidiaries are:
England and Wales - 77 Endell Street, London, WC2H 9DZ
KSA - Al Ihsa Commercial Center, Second Floor, Al Ihsa Street, 6299 Al Ihsa, Riyadh 12815 3190
Qatar -  Level 15, Commercial Bank Plaza, West Bay, Doha, Qatar
Singapore - 150 Beach Road, #20-03/04 Gateway West, Singapore 189720
USA - 100 Park Avenue, 15th Floor, New York, NY 10017
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Measured at amortised cost
9,978,961
11,727,569
-
-
Carrying amount of financial liabilities
Measured at amortised cost
5,283,727
6,154,813
-
-
SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 36 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,104,878
4,468,430
-
0
-
0
Amounts recoverable on contracts
1,176,311
562,294
-
0
-
0
Corporation tax recoverable
191,306
-
0
-
0
-
0
Other debtors
89,983
132,821
1,532
1,532
Prepayments and accrued income
1,033,700
1,088,035
-
0
-
0
5,596,178
6,251,580
1,532
1,532

Management have made a provision of £121,006 (2023: £187,805) against trade debtors, which were overdue and there was uncertainty over their recovery, however continue to pursue these debts and expect to fully recover them

19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
608,172
552,841
-
-
Obligations under finance leases
22
11,604
32,700
-
-
Payments received on account
2,320,442
3,121,646
-
-
Trade creditors
767,709
888,440
-
-
Amounts owed to group undertakings
-
-
3,936,444
3,936,444
Corporation tax payable
-
0
356,387
-
-
Other taxation and social security
548,979
890,275
-
-
Other creditors
54,772
312,900
-
-
Accruals and deferred income
749,207
604,140
-
-
5,060,885
6,759,329
3,936,444
3,936,444

Amounts due from to group undertakings are non-interest bearing and are shown as falling due within one year as there are no formal agreements in place to defer payment. However, it is not anticipated that these balances will be called unless sufficient funds are available in the relevant group undertakings to enable repayment to be made

 

The bank loan comprises a loan which is secured by a fixed and floating charge on all the assets of the UK companies in the group including the freehold and long leasehold land and buildings and investment property. In February 2022, the bank loan was refinanced as a £3.2m 5 year term loan.

SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 37 -
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
3,092,263
3,750,885
-
-
Obligations under finance leases
22
-
0
12,907
-
-
3,092,263
3,763,792
-
-
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
3,700,435
4,303,726
-
-
The bank loan is made up as follows:
Payable within one year
608,172
552,841
-
-
Payable after one year
3,092,263
3,750,885
-
-
3,700,435
4,303,726
-
-

The bank loan comprises a loan which is secured by a fixed and floating charge on all the assets of the company and the UK group including the property and assets of its trading UK subsidiary companies.

 

Interest is payable on the loan at 2.45% over Base Rate. The loan is repayable by equal monthly instalments with a final instalment due in March 2025, estimated at £2.5m.

 

22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
11,604
32,700
-
-
In two to five years
-
0
12,907
-
-
11,604
45,607
-
-

Finance lease payments represent rentals payable by the Group for certain items of plant and

machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years (2023: 4 years). All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

The Group’s obligations under finance leases are secured by the lessor’s charge over the leased assets. The net book value of secured assets is disclosed in note 13.

SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 38 -
23
Provisions for liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Claims
40,055
39,297
-
-
Deferred tax liabilities
24
2,202,772
2,231,908
-
-
2,242,827
2,271,205
-
-
Movements on provisions apart from deferred tax liabilities:
Group
£
At 1 February 2023 and 31 January 2024
39,297
Additional provisions in the year
758
At 31 January 2024
40,055

The company has received claims in the normal course of business. It is not possible to predict the timing of future payments in settlement of the claims that have been provided in these financial statements.

24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company at 25% (2023: 25%), and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
187,552
77,337
Assets measured at fair value
2,094,286
2,154,571
Tax losses
(79,066)
-
2,202,772
2,231,908
SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
24
Deferred taxation
(Continued)
- 39 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
2,231,908
-
Credit to profit or loss
(25,386)
-
Credit to other comprehensive income
(3,750)
-
Liability at 31 January 2024
2,202,772
-

 

25
Retirement benefit schemes
Defined contribution schemes

The Group operates a defined contribution pension scheme for all qualifying employees in the United Kingdom. The assets of the scheme are held separately from those of the company in an independently administered fund. The contributions payable by the company charged to profit or loss amounted to £875,266 (2023: £740,316). Included in accruals are amounts for pension contributions outstanding of £nil (2023: £64,198).

Defined benefit schemes

The group operates a closed defined benefit plan for qualifying employees. The scheme is a fully funded scheme. The most recent comprehensive actuarial valuation of the plan assets and the present value of the defined benefit obligation was carried out at 31 July 2023.

2024
2023
Key assumptions
%
%
Discount rate
4.41
4.12
Expected rate of increase of pensions in payment
2.13
2.03
Pension increase during deferment
2.97
2.82
Expected pension increases during deferment
2.37
2.82
SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
25
Retirement benefit schemes
(Continued)
- 40 -
Mortality assumptions
2024
2023

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
26
26
- Females
29
28
Retiring in 20 years
- Males
28
28
- Females
29
29

The amounts included in the balance sheet arising from obligations in respect of defined benefit plans are as follows:

2024
2023
Group
£
£
Present value of defined benefit obligations
(466,000)
(487,000)
Fair value of plan assets
461,000
609,000
(Deficit)/ Surplus in Scheme
(5,000)
122,000
Other amounts recognised on the statement of financial position
-
(122,000)
Total liability recognised
5,000
-
The company had no post employment benefits at 31 January 2024 or 1 February 2023.
2024
2023

Movements in the present value of defined benefit obligations

£
£
Liabilities at 1 February
487,000
663,000
Benefits paid
(55,000)
(56,000)
Actuarial gains and losses
15,000
(133,000)
Interest cost
19,000
13,000
At 31 January
466,000
487,000
SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
25
Retirement benefit schemes
(Continued)
- 41 -
2024
2023

Movements in the fair value of plan assets

£
£
Fair value of assets at 1 February
609,000
735,000
Interest income
24,000
15,000
Return on plan assets (excluding amounts included in net interest)
(116,000)
(85,000)
Benefits paid
(56,000)
(56,000)
At 31 January
461,000
609,000

Fair value of plan assets at the reporting period end

Group
2024
2023
%
%
Gilts and Bonds
-
90
Cash
1
10
Buy-in Insurance policy
99
-
100
100
26
Share capital
2024
2023
2024
2023
Ordinary Shares
Number
Number
£
£
Issued and fully paid
of 1.25p each
520,000
520,000
6,500
6,500
SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
26
Share capital
(Continued)
- 42 -

Ordinary share rights

The company’s ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company

 

Reserves

Reserves of the Company represent the following:

 

Profit and loss account

Cumulative profit and loss net of distributions to owners.

 

Translation reserve

The translation reserve represents foreign exchange gains and losses on the retranslation of the

results and net assets of the Company’s foreign subsidiaries.

 

Revaluation reserve

The cumulative revaluation gains and losses in respect of land and buildings and long leasehold property, except revaluation gains and losses recognised in profit and loss.

 

Share premium account

Consideration received for shares issued above their nominal value, net of transaction costs.

 

Capital redemption reserve

The nominal value of shares repurchased

 

Other reserves

The investment value of EBT shares transferred to the EOT

27
Financial commitments, guarantees and contingent liabilities

The group has received claims in the normal course of business but do not consider any further provisions are required above those already included in these financial statements.

The group is subject to a cross guarantee in respect of the bank loan of certain other group companies. The total amounts outstanding in respect of the loan at 31 January 2024 is £3,700,435 (2023: £4,273,726).

28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Amounts Due
Within one year
447,443
512,589
-
-
Between two and five years
1,122,097
1,394,232
-
-
In over five years
14,175,000
14,465,465
-
-
15,744,540
16,372,286
-
-
SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
28
Operating lease commitments
(Continued)
- 43 -
Lessor

At the reporting end date, the group had contracted with tenants, under non-cancellable operating leases, for the following future minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
307,174
291,166
-
-
Between two and five years
60,761
283,366
-
-
367,935
574,532
-
-
29
Events after the reporting date

Post year-end, there is continuing political uncertainty in Europe and Gaza. Whilst the full economic impact may not be known, the business has mitigated its exposure to countries where there is ongoing conflict. The situation is monitored by management to ensure that any further impacts are understood and contingent plans can be implemented to minimise any potential losses.

 

Post year-end, a contribution of £2.5m was made to the Employee Ownership Trust.

30
Related party transactions

The group and company has taken advantage of the exemptions provided by Section 33 of FRS 102 ‘Related Party Disclosures’ and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.true

 

Dividends of £nil (2023: £nil) were paid to directors of the company during the period.

 

31
Controlling party

The Company’s ultimate parent is Scott Brownrigg EOT Trustee Limited, a company incorporated in England and Wales. Copies of the parent company’s accounts can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. Scott Brownrigg Group Limited, is the smallest and largest group of undertakings for which consolidated accounts are prepared. The company has no overall controlling party.

SCOTT BROWNRIGG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 44 -
32
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,823,566
2,926,552
Adjustments for:
Taxation charged
156,567
414,423
Interest payable and similar charges
206,982
259,198
Interest receivable and similar income
(30,409)
(7,021)
Loss on disposal of tangible fixed assets
13,941
2,554
Amortisation and impairment of intangible assets
60,692
67,753
Depreciation and impairment of tangible fixed assets
244,291
193,402
Pension scheme non-cash movement
(15,000)
83,000
Increase in provisions
758
-
Movements in working capital:
Decrease/(increase) in debtors
846,708
(134,670)
(Decrease)/increase in creditors
(1,371,293)
872,902
Cash generated from operations
2,936,803
4,678,093
33
Analysis of changes in net debt - group
1 February 2023
Cash flows
Other non-cash changes
31 January 2024
£
£
£
£
Cash and Cash Equivalents
Cash at bank and in hand
6,564,024
(956,219)
-
5,607,805
6,564,024
(956,219)
-
5,607,805
Borrowings
Debt due within one year
(552,841)
603,291
(658,622)
(608,172)
Debt due after one year
(3,750,885)
-
658,622
(3,092,263)
Obligations under finance leases
(45,607)
34,003
-
(11,604)
(4,349,333)
637,294
-
(3,712,039)
Net Debt
2,214,691
(318,925)
-
1,895,766
2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2023.100D E ComberA M OlliffR J McCarthyI WilliamsonI 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