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REGISTERED NUMBER: SC132484 (Scotland)















Strategic Report, Report of the Directors and

Financial Statements For The Year Ended 30 June 2024

for

Hulley And Kirkwood Consulting Engineers
Limited

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)






Contents of the Financial Statements
For The Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Hulley And Kirkwood Consulting Engineers
Limited

Company Information
For The Year Ended 30 June 2024







DIRECTORS: C J Lindsay
J G McInnes
S McKinlay
M O'Donnell
A O'Rourke
N Yemm





REGISTERED OFFICE: Head Office Watermark Business Park
Govan Road
Glasgow
G51 2SE





REGISTERED NUMBER: SC132484 (Scotland)





INDEPENDENT AUDITORS: Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Strategic Report
For The Year Ended 30 June 2024

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

REVIEW OF BUSINESS
The financial results for the year ended 30th June 2024 reflected the continued difficulties faced by the company due to local and national government changes and funding decisions impacting the whole of the country.

The economic and political landscapes remain uncertain, and the company continues to operate in a fluctuating market, seeking to function effectively and efficiently in spite of continued change and disruption. The company continued to complete new and existing contracts, delivering award winning projects and exceeding customer expectations.

The Directors continue to monitor the situation on a daily basis, to ensure the business is protected in terms of resources, workflow, profitability and cashflow, as the commercial environment evolves.

The Directors continually review the business performance using industry standard KPI's and internal management reporting, and are committed to pursue opportunities to develop the business in existing sectors and locations, while exploring new prospects afforded by the changing political and economic environment.

The Directors are satisfied in the performance of the company and confident that the business will maximise its potential operations within the market in the year ahead.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have taken steps to ensure that day to day risks are managed comprehensively by the company by ensuring it has appropriate contracts in place which are further supported by appropriate insurance cover. Comprehensive management reports are prepared on a monthly and quarterly basis; these reports are used to inform the Board on the financial and trading performance of the company and facilitate cash management. Primarily the business is exposed to the following risks and uncertainties:

Liquidity risk
The company aims to mitigate liquidity risk by managing cash flow generation from its operations. Investment is carefully controlled, and forecasts and budgets are prepared and reviewed on a regular basis. The directors are satisfied that the company has adequate resources to enable them to meet their liabilities as they fall due for the foreseeable future.

Operational risk
As a company we work to comply with all relevant legislation including health & safety and employment law. We have processes in place to ensure compliance across the business with regular reporting on these matters. There are also regular internal quality checks to ensure quality management processes are adhered to and all professional standards are met.

Market and competition risk
The market in which we operate is highly competitive. We face direct competition from businesses of a similar size as well as larger players in the market. Some competitors have differing cost structures which offers a variant pricing strategy that we need to be mindful of. We continue to address this risk by reviewing fee structures on an ongoing basis.

The Directors remain confident that the business can maximise the opportunities that present themselves in the next twelve months and provide a strong financial performance over this period


Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Strategic Report
For The Year Ended 30 June 2024

KEY FINANCIAL PERFORMANCE INDICATORS
The directors have identified the following key financial performance indicators :

2024 2023
Turnover £10,920,944 £10,495,676
Net Profit % 5.85% 9.37%
Net assets £2,846,811 £2,670,924

ON BEHALF OF THE BOARD:





J G McInnes - Director


2 March 2025

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Report of the Directors
For The Year Ended 30 June 2024

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

DIVIDENDS
An interim dividend of £1.7325 per share was paid on . The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 June 2024 will be £ 297,100 .

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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

C J Lindsay
J G McInnes
S McKinlay
M O'Donnell
A O'Rourke
N Yemm

Other changes in directors holding office are as follows:

J Lees - resigned 25 March 2024

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). 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.

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Report of the Directors
For The Year Ended 30 June 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J G McInnes - Director


2 March 2025

Report of the Independent Auditors to the Members of
Hulley And Kirkwood Consulting Engineers
Limited

Opinion
We have audited the financial statements of Hulley And Kirkwood Consulting Engineers Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, 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 June 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.

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.

Report of the Independent Auditors to the Members of
Hulley And Kirkwood Consulting Engineers
Limited


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
Hulley And Kirkwood Consulting Engineers
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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our wider knowledge and experience;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and FRS 102.
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Reading the minutes of meetings of those charged with governance;
- Enquiring of management as to actual and potential litigation and claims; and
- Requesting correspondence with HMRC, Companies House and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Report of the Independent Auditors to the Members of
Hulley And Kirkwood Consulting Engineers
Limited


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.




Graham Cantlay CA (Senior Statutory Auditor)
for and on behalf of Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

3 March 2025

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Statement of Comprehensive
Income
For The Year Ended 30 June 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 10,920,944 10,495,676

Distribution costs 16,405 19,246
Administrative expenses 10,493,296 9,637,593
10,509,701 9,656,839
411,243 838,837

Other operating income 222,131 191,406
OPERATING PROFIT 6 633,374 1,030,243

Interest receivable and similar income 110,748 7,806
744,122 1,038,049

Interest payable and similar expenses 8 104,851 54,563
PROFIT BEFORE TAXATION 639,271 983,486

Tax on profit 9 166,284 (11,648 )
PROFIT FOR THE FINANCIAL YEAR 472,987 995,134

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

472,987

995,134

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Statement of Financial Position
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 107,327 102,765

CURRENT ASSETS
Debtors 12 5,171,234 5,394,673
Cash at bank 1,831,517 1,913,496
7,002,751 7,308,169
CREDITORS
Amounts falling due within one year 13 3,835,675 4,356,928
NET CURRENT ASSETS 3,167,076 2,951,241
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,274,403

3,054,006

CREDITORS
Amounts falling due after more than one year 14 (263,513 ) (341,764 )

PROVISIONS FOR LIABILITIES 17 (164,079 ) (41,318 )
NET ASSETS 2,846,811 2,670,924

CAPITAL AND RESERVES
Called up share capital 18 171,487 171,487
Share premium 19 189,296 189,296
Other reserves 19 38,900 38,900
Retained earnings 19 2,447,128 2,271,241
SHAREHOLDERS' FUNDS 2,846,811 2,670,924

The financial statements were approved by the Board of Directors and authorised for issue on 2 March 2025 and were signed on its behalf by:





J G McInnes - Director


Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Statement of Changes in Equity
For The Year Ended 30 June 2024

Called up
share Retained Share Other Total
capital earnings premium reserves equity
£    £    £    £    £   
Balance at 1 July 2022 171,487 1,749,575 189,296 38,900 2,149,258

Changes in equity
Dividends - (473,468 ) - - (473,468 )
Total comprehensive income - 995,134 - - 995,134
Balance at 30 June 2023 171,487 2,271,241 189,296 38,900 2,670,924

Changes in equity
Dividends - (297,100 ) - - (297,100 )
Total comprehensive income - 472,987 - - 472,987
Balance at 30 June 2024 171,487 2,447,128 189,296 38,900 2,846,811

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Notes to the Financial Statements
For The Year Ended 30 June 2024

1. STATUTORY INFORMATION

Hulley And Kirkwood Consulting Engineers Limited is a private company, limited by shares , registered in Scotland. 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. ACCOUNTING POLICIES

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

1. Section 7 'Statement of Cash Flows' - presentation of a statement of cash flow and related notes and disclosures;

2. Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income / expense and net gains / losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedge, hedging of fair value changes recognised in profit or loss and in other comprehensive income;

3. Section 33 'Related Party Disclosures' - Compensation for key management personnel. This information is included in the consolidated financial statements of Hulley & Kirkwood Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.

Going concern

The directors ordinarily review and update cash flow and trading forecasts to ensure the company has sufficient resources to enable it to meet its liabilities as they fall due for a period of at least twelve months from the date signing of the financial statements. The directors have considered a number of potential scenarios over the coming twelve months, including a sensitised forecast on the back of the current global uncertainty shows that the company has adequate working capital to continue trading over this period.

The directors believe that the company has a strong pipeline of sales opportunities, and together with projects that are already confirmed, further sales will be generated which will create further cash inflows for the business. The directors are satisfied based on discussions with customers regarding specific projects, that demand is still there for Hulley & Kirkwood’s services. The company has shown its ability to grow during the 2024 financial year and the directors are satisfied that the company will remain cash generating and profit making

Thus, with a healthy cash balance, the ability of the team to operate and work remotely, good customer relationships and forecasted trading expectations, the directors are satisfied that the company will have adequate resources to continue as a going concern for the foreseeable future.

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

1. The amount of turnover can be measured reliably;

2. It is probable that the Company will receive the consideration due under the contract;

3. The stage of completion of the contract at the end of the reporting period can be measured
reliably; and

4. The costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33.33% on cost

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Functional and presentation currency
The Company's functional and presentational currency is GBP.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Operating leases: the Company as lessor
Rentals income from operating leases is credited to the Statement of Comprehensive Income on a straight line basis over the term of the relevant lease.

Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

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.

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities reported at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements.

Depreciation

The estimates and assumptions used to determine the depreciation charge requires judgements to be made as regards asset useful lives and residual values. The useful lives and residual values of the company's fixed assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets. Historically, changes in useful lives have not resulted in material changes to the company's depreciation charge.

Revenue Recognition

Revenue on long term contracts for services is recognised according to the stage of completion reached on the contract by measuring a proportion of costs incurred for work performed to total estimated costs.Estimating the costs to completion and therefore the total contract costs is a key judgement in respect of revenue recognition on these contracts. Management bases their judgements of revenue and the assessment of the expected outcome of each contract on the latest information available. This includes contract valuations, and forecast costs to complete. The estimates of the contract positions and the profit or loss earned to date is updated regularly and the impact of any change in the accounting estimates are reflected in the financial statements. See notes 15 and 17 for amounts recoverable on contracts and payments received on account.

Provisions

Liabilities are recognised where the Company has an obligation at the Statement of Financial Position date as a result of a past event and it is probable that a transfer of economic benefit will be required in settlement with the amount of the settlement able to be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advance payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

The whole of the turnover is attributable to the Company's principal activity of consulting engineering.

All turnover arose within the United Kingdom.

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,070,697 5,504,095
Social security costs 790,489 676,908
Other pension costs 492,029 564,979
7,353,215 6,745,982

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

Directors 6 7
Engineers 100 99
Administration 18 17
124 123

2024 2023
£    £   
Directors' remuneration 841,321 962,877
Directors' pension contributions to money purchase schemes 74,200 89,550

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 129,697 139,645
Pension contributions to money purchase schemes 12,000 9,000

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 149,697 142,278
Other operating leases 662,273 638,458
Depreciation - owned assets 48,023 91,698

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

12,500

12,000

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 31,721 19,877
Other loan interest payable 73,130 34,686
104,851 54,563

9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 153,377 (11,648 )

Deferred tax 12,907 -
Tax on profit 166,284 (11,648 )

UK corporation tax has been charged at 25% (2023 - 20.50%).

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

2024 2023
£    £   
Profit before tax 639,271 983,486
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.500%)

159,818

201,615

Effects of:
Expenses not deductible for tax purposes 36,439 5,862
Capital allowances in excess of depreciation (3,387 ) -
Depreciation in excess of capital allowances - 5,611
Adjustments to tax charge in respect of previous periods (18,071 ) (224,736 )
Other timing differences (9,941 ) -
Tax effect of group relief (11,491 ) -
Deferred tax 12,917 -
Total tax charge/(credit) 166,284 (11,648 )

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

10. DIVIDENDS
2024 2023
£    £   
Allotted, called up and fully paid shares of £1 each
Interim 297,100 473,468

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

11. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 July 2023 683,381 1,362,631 2,046,012
Additions 1,460 51,125 52,585
At 30 June 2024 684,841 1,413,756 2,098,597
DEPRECIATION
At 1 July 2023 648,965 1,294,282 1,943,247
Charge for year 6,139 41,884 48,023
At 30 June 2024 655,104 1,336,166 1,991,270
NET BOOK VALUE
At 30 June 2024 29,737 77,590 107,327
At 30 June 2023 34,416 68,349 102,765

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,419,243 3,267,103
Amounts recoverable on contract 238,092 402,024
Other debtors 773,379 826,916
Amounts owed by group undertakings 623,750 694,050
Deferred tax - 9,445
Tax - 62,702
Prepayments 116,770 132,433
5,171,234 5,394,673

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 89,125 100,000
Payments received on account 434,842 492,903
Trade creditors 383,480 108,758
Tax 116,682 -
Social security and other taxes 179,970 170,969
VAT 1,097,260 1,034,057
Other creditors 1,229,467 2,070,156
Accrued expenses 304,849 380,085
3,835,675 4,356,928

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) 263,513 341,764

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 89,125 100,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 89,125 100,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 174,388 241,764

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 243,473 236,934
Between one and five years 306,806 300,034
In more than five years 66,825 93,555
617,104 630,523

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 3,462 -
Dilapidation provision 160,617 41,318
164,079 41,318

Deferred Other
tax provisions
£    £   
Balance at 1 July 2023 - 41,318
Provided during year 3,462 119,299
Balance at 30 June 2024 3,462 160,617

Full provision has been made for the company's obligation to pay annuities to certain employees, former employees and their dependants in accordance with accounting standards and has been discounted. The provision has been fully utilised during 2022.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
171,487 Allotted, called up and fully
paid £1 171,487 171,487

19. RESERVES

Share premium account
This reserve recoded the amount above the nominal value received for shares sold, less transaction costs.

Other reserves
This reserve is a capital redemption reserve when the company purchases some of its own shares.

Profit and loss account
The profit and loss account represents the accumulated profit and losses of the Company less distributions made to shareholders.

20. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets if the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents the contributions payable by the company to the fund and amounted to £492,029 (2023 - £552,029).

Hulley And Kirkwood Consulting Engineers
Limited (Registered number: SC132484)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

21. CONTINGENT LIABILITIES

The company has granted a guarantee for £1,398,309 (2023 - £1,503,693) to The Royal Bank of Scotland plc in relation to loans provided to a related company, Hulley Property Company Limited.

The Group has also granted a cross corporate guarantee for £nil (2023 - £207,543) in favour of the Security Trustee in relation to Loan Notes issued in Hulley and Kirkwood Limited.

22. RELATED PARTY DISCLOSURES

The Company has taken the exemption in section 33.1A not to disclose transactions with other wholly owned group companies. Balance with group companies are disclosed in notes 12 and 13.

During the year, directors advanced £287,520 (2023 - £922,500), accrued interest net of tax of £95,670 (2023 - £27,648) and withdrew £871,920 (2023 - £1,056,394). The balance due to the directors at 30 June 2024 is £542,480 (2023 - £1,032,724).

During the year, rent of £28,467 (2023 - £24,400) and management charges of £193,664 (2023 - £167,006) were raised to other related parties.

Included in debtors is £332,570 due from (2023 - £547,793) Hulley and Kirkwood Employee Trust, a trust whose trustees are directors of the company. All intercompany balances are repayable on demand.

23. ULTIMATE CONTROLLING PARTY

The ultimate parent company of Hulley and Kirkwood Consulting Engineers Limited is Hulley and Kirkwood Limited, a company registered in Scotland.

In the opinion of the directors, there is no ultimate controlling party of Hulley & Kirkwood Limited.