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REGISTERED NUMBER: 09877061 (England and Wales)



STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

ELLIOTT WOOD PARTNERSHIP LIMITED

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


ELLIOTT WOOD PARTNERSHIP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr G J Elliott
Mr D N Morgan
Mr A J Downey
Mrs L Drake
Mr G Georgiou
Mr M Goodbrand
Ms P J Millar
Mr S Read



REGISTERED OFFICE: 241 The Broadway
Wimbledon
SW19 1SD



REGISTERED NUMBER: 09877061 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Simon Medcalf FCA



INDEPENDENT AUDITORS: Xeinadin Audit Limited
Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
In the year to April 2024, Elliott Wood Partnership delivered another strong performance, culminating in a fourth year of consecutive growth. The results for the year to April 2024 are shown on P10.

The directors are pleased to report an increase in profit before tax of 36% rising to £1,788,438 (2023: £1,318,906), on income of £15,134,945 (2023: £14,887,956). The Society Building once again made a valuable contribution to this result, exceeding its individual profit target by 21%.

Profits before tax have now increased by over 50% over the last 3 years (374% over 4 years), with revenue increasing over the same period by 26% (66% over 4 years).

Further improvements in productivity and tighter control of overhead expenditure, including year-on-year savings on wages and directors' salaries, were contributing factors to profit performance, with staff numbers reducing from an average of 146 to 138 over the course of the financial year. Investment increased across targeted future growth areas, including technological advancement, sustainability, adaptive re-use, development infrastructure and heritage buildings.

As at 30th April 2024, the company had a healthy balance sheet, with a 28% increase in Shareholders' Funds to £4,811,724 (2023: £3,742,233).

The directors consider the results for the year to be encouraging.

PRINCIPAL RISKS AND UNCERTAINTIES
The business environment remains unsettled, although the directors acknowledge that this situation is unlikely to change in the foreseeable future.

The expectation that interest rates would fall to 4% or possibly as low as 3% by the end of 2025, now looks less certain, and the increase in Employers’ NI and changes to employment regulations will have a financial impact.

Geopolitical events, such as continuing volatility in the Middle East, the prolonged war between Ukraine and Russia, ongoing tensions with China, and the impending change of administration in the USA, affect business confidence and impact investment. Clearly, these events risk spikes in energy costs and supply prices.

Artificial Intelligence (AI) has already transformed many aspects of our lives and will continue to dominate the conversation. It offers tangible benefits in the form of increased productivity and improved service delivery, whilst at the same time heightening concerns over cybersecurity and the likely supplanting of certain job functions.

To mitigate these risks, Elliott Wood closely monitors its pipeline status and cost base. Quarterly budgetary reviews ensure the Board can react and adapt to both challenges and opportunities in a timely fashion. The directors maintain a close watch on working capital, and Key Performance Indicators (KPI's) are monitored monthly.

The company's cash position at the end of April 2024 net of bank loans increased to £1,819,638 (2023: £1,251,551).

Careful management of these metrics provides strong liquidity and greater balance sheet resilience.


ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

KEY PERFORMANCE INDICATORS
Key Performance Indicators monitored by the Board are net fee per fee earner, debtor days and cash reserves. Close management of these metrics ensures strong liquidity and provides flexibility in managing the business to meet its short to medium term obligations.

BUSINESS PLAN
The outlook for the 12 months to April 2025 is positive, with profitability and net assets expected to increase.

The business will continue to adapt to the changing expectations of its clients, employees and community, and to double down on its dedication to societal and environmental excellence and shaping the voice and vision of Elliott Wood.

Key objectives are reinforcing UK market leadership in adaptive re-use and regenerative design; developing strategic advisory services; and accelerating the use of technology to drive operational and project efficiency. Sales emphasis will remain on securing high value, high fee projects which align with the company's purpose and where it can bring about better outcomes.

The company will continue to strengthen its already excellent team, whilst ensuring salaries and benefits track above industry average. It will hold true to its defining ETHICS principles (Education, Technology, Health, Infrastructure, Culture and Sustainability) and ongoing resolve to Engineer a Better Society.

The directors will continue to assess and mitigate potential risks and, where necessary, adjust the business plan to underpin the resilience and robustness of the business.

ON BEHALF OF THE BOARD:





Mr D N Morgan - Director


16 January 2025

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the supply of consulting, structural and civil engineering services.

DIVIDENDS
During the year interim dividends of £3,625 per share were declared and paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

Mr G J Elliott
Mr D N Morgan
Mr A J Downey
Mrs L Drake
Mr G Georgiou
Mr M Goodbrand
Ms P J Millar
Mr S Read

DONATIONS
Charitable donations totalling £7,617 (2023: £4,358) were made during the year. No benefiting organisation received donations of £2,000 or more during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr D N Morgan - Director


16 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELLIOTT WOOD PARTNERSHIP LIMITED

Opinion
We have audited the financial statements of Elliott Wood Partnership Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELLIOTT WOOD PARTNERSHIP LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELLIOTT WOOD PARTNERSHIP LIMITED


Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to irregularities, including fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit, to obtain audit evidence regarding compliance with provisions of applicable laws and regulations, and to respond appropriately to any non-compliance identified. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations our approach was to consider the following:

- the nature of the industry or sector, the control environment and business performance;
- the results of enquiries of management about their own identification and assessment of the risks of irregularities;
- matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, tax legislation and health and safety.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We assessed the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud to be in respect of the recognition of income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ELLIOTT WOOD PARTNERSHIP LIMITED


Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation;
- enquiring of management concerning actual and potential litigation and claims;
- reviewing material legal costs in the period;
- performing analytical procedures to identify unusual or unexpected relationships;
- reviewing correspondence with HMRC;

-
testing the appropriateness of judgements made in making accounting estimates, journal entries and other adjustments made by management for indications of potential bias;

-
evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and
- testing a sample of projects worked on during the period and the associated revenue that has been recongised.

The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 Report of the Auditors.

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 a Report of the Auditors 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.




Simon Medcalf FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

16 January 2025

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 15,134,945 14,887,956

Administrative expenses 13,405,438 13,606,742
1,729,507 1,281,214

Other operating income 2,945 31,406
OPERATING PROFIT 5 1,732,452 1,312,620

Interest receivable and similar income 63,172 19,901
1,795,624 1,332,521

Interest payable and similar expenses 7 7,186 13,615
PROFIT BEFORE TAXATION 1,788,438 1,318,906

Tax on profit 8 (6,053 ) (31,537 )
PROFIT FOR THE FINANCIAL YEAR 1,794,491 1,350,443

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,794,491 1,350,443


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,794,491

1,350,443

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - 13,055
Tangible assets 11 492,780 710,910
Investments 12 127,000 77,000
619,780 800,965

CURRENT ASSETS
Debtors 13 5,527,933 4,956,773
Cash at bank and in hand 2,109,119 1,647,205
7,637,052 6,603,978
CREDITORS
Amounts falling due within one year 14 3,179,492 3,290,922
NET CURRENT ASSETS 4,457,560 3,313,056
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,077,340

4,114,021

CREDITORS
Amounts falling due after more than
one year

15

(184,223

)

(290,395

)

PROVISIONS FOR LIABILITIES 19 (81,393 ) (81,393 )
NET ASSETS 4,811,724 3,742,233

CAPITAL AND RESERVES
Called up share capital 20 200 200
Share premium 21 1,258,125 1,258,125
Retained earnings 21 3,553,399 2,483,908
SHAREHOLDERS' FUNDS 4,811,724 3,742,233

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





Mr D N Morgan - Director


ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 May 2022 200 1,533,465 1,258,125 2,791,790

Changes in equity
Dividends - (400,000 ) - (400,000 )
Total comprehensive income - 1,350,443 - 1,350,443
Balance at 30 April 2023 200 2,483,908 1,258,125 3,742,233

Changes in equity
Dividends - (725,000 ) - (725,000 )
Total comprehensive income - 1,794,491 - 1,794,491
Balance at 30 April 2024 200 3,553,399 1,258,125 4,811,724

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Elliott Wood Partnership Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Elliott Wood Partnership Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Elliott Wood Holdings Limited, 241 The Broadway, Wimbledon, United Kingdom, SW19 1SD.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
Revenue is recognised on a time basis throughout the course of individual contracts. This involves an assessment of the stage of completion and the likely future outcome of each project. Estimates and judgments are an inherent part of this assessment, however the actual future outcome may deviate from the estimated outcome.

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Turnover
Turnover represents amounts recoverable from clients for professional services provided during the period, net of value added tax. Revenue is recognised when the company is entitled to receive payment for the work performed to date, the amount can be reliably measured and it is probable that future economic benefits will flow to the company.

Unbilled revenue on individual client assignments is included as unbilled amounts for client work within trade and other receivables.

Goodwill
Goodwill, being an amount acquired from Elliott Wood Partnership 2016 LLP, is continuing to be written off over its remaining estimated useful life of eight years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 25% on cost and 10% on cost
Plant and machinery - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax expected to be payable or receivable on the taxable profit or loss for the current year using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Where appropriate this amount is then amended for any adjustments in respect of prior periods.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset. The capital element of lease obligations is recorded as a liability on inception of the
arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease, unless the directors consider that a different basis is representative of the pattern of the benefit that will be derived from the use of the associated asset.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 7,605,854 7,757,452
Social security costs 847,320 729,581
Other pension costs 408,186 421,746
8,861,360 8,908,779

The average number of employees during the year was as follows:
2024 2023

All staff including directors 138 146

2024 2023
£    £   
Directors' remuneration 642,871 675,516
Directors' pension contributions to money purchase schemes 37,531 36,491

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 136,287 135,240
Pension contributions to money purchase schemes 7,281 6,900

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 800,752 802,491
Depreciation - owned assets 231,193 390,862
Profit on disposal of fixed assets (3,008 ) -
Goodwill amortisation 13,055 13,056

6. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

14,725

13,450

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 6,752 9,760
Hire purchase 434 3,855
7,186 13,615

8. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (6,723 ) (12,715 )
Prior year tax 670 (18,822 )

Tax on profit (6,053 ) (31,537 )

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

8. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,788,438 1,318,906
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 19%)

447,110

250,592

Effects of:
Expenses not deductible for tax purposes 36,480 24,974
Depreciation in excess of capital allowances 53,454 44,622
Adjustments to tax charge in respect of previous periods 670 (18,822 )
R&D enhanced deductions (431,982 ) (332,903 )
Group relief (111,785 ) -
Total tax credit (6,053 ) (31,537 )

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 725,000 400,000

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 104,447
AMORTISATION
At 1 May 2023 91,392
Amortisation for year 13,055
At 30 April 2024 104,447
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 13,055

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. TANGIBLE FIXED ASSETS
Long Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 May 2023 566,739 1,635,418 2,202,157
Additions - 13,063 13,063
At 30 April 2024 566,739 1,648,481 2,215,220
DEPRECIATION
At 1 May 2023 236,628 1,254,619 1,491,247
Charge for year 57,483 173,710 231,193
At 30 April 2024 294,111 1,428,329 1,722,440
NET BOOK VALUE
At 30 April 2024 272,628 220,152 492,780
At 30 April 2023 330,111 380,799 710,910

12. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Historic building archives 127,000 77,000

At the balance sheet date the company held 100% of the issued share capital in TBS Workspaces Limited, a dormant subsidiary company.

13. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 3,801,449 3,550,301
Amounts owed by group undertakings 80,580 54,199
Other debtors 128,641 116,363
Tax - 12,715
Prepayments and accrued income 1,175,010 916,741
5,185,680 4,650,319

Amounts falling due after more than one year:
Other debtors 200,000 200,000
Tax 142,253 106,454
342,253 306,454

Aggregate amounts 5,527,933 4,956,773

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16)
105,258

105,258
Hire purchase contracts (see note 17) - 38,725
Trade creditors 978,496 759,280
Amounts owed to group undertakings - 114,800
Tax 29,077 87,631
Social security and other taxes 192,404 204,764
VAT 443,383 639,108
Other creditors 136,494 144,943
Accruals and deferred income 1,294,380 1,196,413
3,179,492 3,290,922

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 16) 184,223 290,395

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 105,258 105,258

Amounts falling due between one and two years:
Bank loans - 1-2 years 105,258 105,258

Amounts falling due between two and five years:
Bank loans - 2-5 years 78,965 185,137

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 38,725

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

17. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 548,554 897,462
Between one and five years 3,155,053 2,908,512
In more than five years 882,924 1,678,019
4,586,531 5,483,993

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 289,481 395,653

The bank borrowings are secured by a debenture over all assets of the company.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 81,393 81,393

Deferred
tax
£   
Balance at 1 May 2023 81,393
Balance at 30 April 2024 81,393

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £1 200 200

ELLIOTT WOOD PARTNERSHIP LIMITED (REGISTERED NUMBER: 09877061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

21. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 May 2023 2,483,908 1,258,125 3,742,033
Profit for the year 1,794,491 - 1,794,491
Dividends (725,000 ) - (725,000 )
At 30 April 2024 3,553,399 1,258,125 4,811,524

22. CONTINGENT LIABILITIES

The company has provided guarantees in respect of bank borrowings of related individuals who hold an interest in the company. At the balance sheet date the value of the outstanding borrowings was £197,000 (2023 - £270,851).

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company was owed £248,232 (2023 - £244,890) in respect of loans that subsisted with directors of group companies.

24. ULTIMATE PARENT COMPANY

The ultimate parent company is Elliott Wood Holdings Limited registered in England and Wales.