REGISTERED NUMBER: 02522093 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Audited Consolidated Financial Statements |
for the Year Ended 31 July 2024 |
for |
Eric Parry Architects Ltd |
REGISTERED NUMBER: 02522093 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Audited Consolidated Financial Statements |
for the Year Ended 31 July 2024 |
for |
Eric Parry Architects Ltd |
Eric Parry Architects Ltd (Registered number: 02522093) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 JULY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 7 |
Report of the Independent Auditors | 9 |
Consolidated Profit and Loss | 13 |
Consolidated Statement of Comprehensive Income | 14 |
Consolidated Balance Sheet | 15 |
Company Balance Sheet | 16 |
Consolidated Statement of Changes in Equity | 17 |
Company Statement of Changes in Equity | 18 |
Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 20 |
Eric Parry Architects Ltd |
Company Information |
for the Year Ended 31 JULY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Faustino Franco |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
Suite 2A, 7th Floor - PF |
City Reach |
5 Greenwich View Place |
London |
E14 9NN |
Eric Parry Architects Ltd (Registered number: 02522093) |
Group Strategic Report |
for the Year Ended 31 JULY 2024 |
The directors present their strategic report of the group for the year ended 31 July 2024. |
PRINCIPAL ACTIVITIES, AIMS AND OBJECTIVES |
Our principal aim remains to continually improve the quality of our designs, delivering excellent buildings within budget, programme and environmental performance. We aim to create settings for social engagement at a broad range of scales of making. |
PRINCIPAL DEVELOPMENTS DURING THE YEAR |
In the reporting period to July 2024 our project teams supported the continued construction of three major London projects: Salisbury Square Development on Fleet Street; 1 Liverpool Street; and 50 Fenchurch Street, the latter through archaeological recording and deconstruction. |
Projects completed in the year included 11 Belgrave Road which has already received industry awards for its sustainable design and carbon reduction initiatives. This is the latest in a series of repurposing and replacement workspace buildings with Seal House and 40 Holborn Viaduct progressing through design stages to site. All these projects now focus on the user experience, workplace amenities and health and wellbeing and all incorporate urban roof gardens and external terraces. |
After nine years the residents moved into 7 Mulberry Square, the first of the three residential buildings in Phase 4 of Chelsea Barracks. We continue with the fit-out of the remaining buildings for the estate together with the completion of the public landscaped gardens of Five Fields Square. |
Achievements for completed and future projects were acknowledged with WAFX RE-use winner for 40 Holborn Viaduct, and many accolades for St John's Waterloo including RIBA, AJ Retrofit, and UK Church Architect President's Award. |
In June 2024 the Corporation of London celebrated the 'Bottoming Out' of the deep basement of our Salisbury Square Development, with school children burying a time capsule. The design of civic spaces in the Fleet Street New Court Building and Police HQ are for public service and complement cultural interiors for the Clothworkers' Company and new galleries at the Holburne Museum in Bath, which is now in construction. |
In Oxford the Warneford Park Masterplan, after several years of gestation, has been developed to allow public consultation and progress to an application in spring 2025. Within the historic landscapes of the listed buildings the campus will provide a new mental health hospital, a research building and a graduate medical college. This project builds on our masterplanning and life science buildings at Granta Park in South Cambridgeshire. |
Internationally, projects in Japan include a commission for a prestigious apartment building on a site adjacent to the British Embassy, and the Kyobashi Tower near Ginza which has progressed for the client group. Our design for the Ambassador's residence as part of the new British Embassy in Beijing has also progressed. We have our first commission in India for a food research building in Ahmedabad, which has completed concept design and is in construction. All these projects are responsive to their setting and regional climate, delivering the most sustainable proposals within their construction and development frameworks. These have also led to another hotel and leisure project in the region. |
Many other projects were in planning stages through the year including a residential development in Belgravia, and workplace buildings of vastly different scales - from the 6-storey 31-37 Central Street in Islington, with its the load bearing stone façade, to the 74- storey 1 Undershaft, the tallest office tower in the City cluster, which was consented at committee at the end of 2024. |
Eric Parry Architects Ltd (Registered number: 02522093) |
Group Strategic Report |
for the Year Ended 31 JULY 2024 |
REVIEW OF BUSINESS |
EPA's ongoing work on significant developments along with smaller commissions has allowed managed growth in the practice. Our total turnover for the year increased by 17% to £14.6m. |
Our workforce has increased over the period to 115. As the projects size have grown in size and complexity, we have recruited more experienced architects and support staff to maintain the quality of our services. We continued to invest in staff training and supported them in gaining the necessary skills and knowledge. |
With a growing workforce and projects, we have more demand for workspace, meeting rooms, and social space for staff. For this reason in July 2024, we leased an extra floor space of 500m2 in the same building as the existing office. This gives us the flexibility and scope to expand. A considerable sum was spent on fixtures and fittings, and IT equipment for this expansion to provide a comfortable working environment for our staff. After integrating our new two-floor operation, we found that the additional workspace and improved environmental conditions have enhanced staff morale. |
We had several major projects at their key stages during this period, with many expected to continue into the coming financial years. With the recent planning committee approval of 1 Undershaft, we expect to start Stage 3 work in the second half of 2025. The planning stage for Warneford Park, Oxford started in January 2024 and is expected to be completed in the second quarter of 2025. Salisbury Square Development has continued its construction phase during this period and will continue for the next two financial years. The planning work for a major Belgravia residential development is expected to be submitted in Q2 2025. |
Despite the industry's less than positive outlook for the coming year, we expect a similar turnover for the next financial year based on our forecast. We are grateful for the support of our existing and previous clients with their new commissions. Our creative team will continue to work with them to deliver the very best-designed buildings, interiors and urban spaces. |
We have recently invested in our marketing team, actively seeking work in new sectors, and have participated in several international competitions. |
Our balance sheet remains strong, with a healthy cash reserve. The company has no long-term loans and can meet all its financial commitments. |
Sustainability and Carbon Footprint |
We are committed to creating socially and environmentally responsible architecture to the highest environmental standards to help to reduce the effect of global warming for future generations. We aim to provide our clients with exemplary quality of service and deliver designs that match their ambitions and requirements. As part of our quality control, we have an internal sustainability audit for all projects, which includes the RIBA sustainability checklist. |
We hold ISO14001 certification, a framework through which we can measure and continually improve our environmental performance and commitment. |
We are a member of the UN Race to Zero, RIBA 2030 challenge, and Architecture Declare; we are fully committed to sustainability and zero carbon. Our task force is actively working on this challenge and encourages our staff to learn from seminars and conferences and to attend courses. |
Research and Development |
We prioritize research and development of materials, techniques, and construction methods for all our designs to ensure our clients receive the best products and designs and benefit from innovation. We have invested substantial time and effort in this activity during the year. Based on our recent R&D claims history, we are pleased to confirm that we are one of the industry's frontrunners and pioneers. |
Equality, Diversity, and Inclusion |
We are committed to fostering an inclusive and diverse workplace that values and respects all individuals' unique perspectives, talents, and contributions. We promote a culture that ensures fairness and encourages every individual's full participation and contribution, regardless of gender, race, ethnicity, age, religion, disability, sexual orientation, and other protected characteristics. We continue to create an environment where all employees, clients, and stakeholders feel valued, respected, and empowered. We believe that a diverse workforce enhances creativity and innovation. |
Eric Parry Architects Ltd (Registered number: 02522093) |
Group Strategic Report |
for the Year Ended 31 JULY 2024 |
Quality Assurance and Security |
We are very pleased to have been accredited in December 2024 with ISO19650 certification, an internationally recognized standard for managing information across the entire lifecycle of a built asset using building information modelling (BIM). Our BIM team is fully committed to delivering quality information on time and within budget for all projects. This is achieved by understanding the client's brief and project requirements early in the project. The BIM team works with the architects and design teams to produce a quality plan for targets and deadlines. On request, our BIM team can provide additional services to assist clients by managing information in a shared data environment (CDE), managing all information produced, and sharing access to data with the right teams. |
Our architects are BIM-trained and are proficient with this software. We continue to improve their skills with ongoing support and reinforce this with CPD sessions to ensure their skills are up to date. |
Our Quality Management System (QMS) is ISO 9001:2015 certified, ensuring that all our work follows clear procedures and is meticulously documented and recorded in an accessible system. The quality team oversees the implementation, review, and continual improvement of the QMS, while every staff member bears responsibility for its implementation and the quality of their work. This is facilitated through clear communication and the provision of appropriate training. |
We are committed to continually improving the effectiveness of our QMS and ensuring that quality objectives are met by monitoring, measuring, and improving our quality and procedural systems. This quality policy undergoes regular internal reviews to ensure its ongoing relevance and effectiveness. |
We continue to provide a secure IT system for all our data and project information. We hold a Cyber Essential Plus certification to maintain our security provision standard. |
Staff Training |
As an ongoing commitment, we continue to review and update the internal controls for 'Building Information Modelling,' the suitability of templates, and standardized training processes for architectural staff. We also support and encourage staff of all levels to update their knowledge and skills by attending lectures and seminars and recording attendance annually. |
Eric Parry Architects Ltd (Registered number: 02522093) |
Group Strategic Report |
for the Year Ended 31 JULY 2024 |
PRINCIPAL RISKS |
Construction Inflation |
Despite the inflationary pressures in construction and other sectors having levelled off recently, with a forecast of a longer-term average of between 2 to 3 % pa, we still face many uncertainties as a company. Geopolitical wars and political influence over trade agreements may disrupt product supply and demand. We continue to progress projects from design to construction stages by working closely with our clients and consultant teams with a commitment to building quality within viable development parameters. |
Building Safety Act 2022 |
Under the new Building Safety Act 2022, design architects must assume and be responsible for the Principal Designer roles. This requirement impacts architects' responsibility and role in managing their project processes and procedures, as well as their ability to demonstrate compliance and an appetite for innovation in construction. We continues to adapt to these new requirements and make the necessary provisions and arrangements for training to ensure all architects fully understand their responsibilities and roles. |
Resourcing and Skills |
With larger architectural teams, it is more critical to forecast projects' resources and the timing of their requirement and outputs for the delivery at every stage. An accurate resource forecast provides our management team with the key information for their decision-making, allowing them to take the appropriate action. With demanding clients and tight deadlines, each project team leader has tasks to coordinate, and we provide careful and flexible management of resources. We always consider each architect's skill level and experience when allocating resources. Architects with good knowledge and Revit skills are more in demand across all projects. Hence, our focus on continuity of training and support. |
With the new government imposing a higher rate for Employer National Insurance all companies need to achieve improved productivity and for our practice, this requires the most efficient working processes with our skilled team. |
FUTURE DEVELOPMENTS |
We have had a busy and successful year for YE 31 July 2024, and we expect another busy year ahead as major projects will be at key stages. |
The company continues to seek interesting, sustainable, and high-quality projects in broader sectors in the UK and overseas. We focus on delivering innovative design, improving efficiency, and promoting R&D for all our projects. |
We continue to invest in IT technology, skills, and knowledge. With our committed studio-based team, we are confident we can deliver high-quality, complex projects. |
We continue our seminar series, all of which are available on our website and our most recent Urban Continuities in collaboration with the Museum of London Archaeology (MOLA) have been an inspiring means to collectively understand to richness of the past in the present and their resonance in the future environments we are creating. |
DONATIONS |
During the year the company made the following contributions: |
2024 | 2023 |
£ | £ |
Charitable Donation | 26,830 | 11,668 |
Included in the charitable donations above, the company makes donations to the Architects Foundation which assists young architects. |
Eric Parry Architects Ltd (Registered number: 02522093) |
Group Strategic Report |
for the Year Ended 31 JULY 2024 |
KEY PERFORMANCE INDICATORS |
Group | Group | Company | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Turnover | 14,831,890 | 12,441,387 | 14,831,890 | 12,441,387 |
Gross Profit | 8,280,336 | 7,580,125 | 8,280,336 | 7,423,567 |
Gross Profit Margin | 56% | 61% | 56% | 60% |
Operating Profit/(Loss) | 1,566,385 | 2,519,660 | 1,566,105 | 2,174,771 |
Net Current Assets | 6,098,756 | 4,978,361 | 6,100,071 | 4,979.956 |
Staff Numbers | 114 | 89 | 114 | 88 |
ON BEHALF OF THE BOARD: |
24 April 2025 |
Eric Parry Architects Ltd (Registered number: 02522093) |
Report of the Directors |
for the Year Ended 31 JULY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of architecture and design services |
DIVIDENDS |
No dividends will be distributed for the year ended 31 July 2024. |
The directors do not recommend the payment of a dividend. The profit for the financial year of £1,431,382 will therefore be taken to reserves. |
RESEARCH AND DEVELOPMENT |
The company commits to research and development into innovative techniques, processes and materials across its projects and has been successful in achieving best solutions in design requirements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
The group's principal financial instruments include cash, trade debtors and trade creditors arising directly from operations. |
Liquidity risk: |
The Group manages its cash requirements in order to maximise interest income whilst the group has sufficient liquid resources to meet the operating needs of the business. |
Foreign currency risk: |
The group's principal foreign currency exposures arise from trading with overseas companies. The group currently does not enter into any formal hedging arrangements. |
Credit risk: |
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. |
Cashflow risk: |
The group prepares cash flow forecasts to ensure there are adequate funds to meet the group's future liabilities as they fall due. |
SHARE OPTIONS |
The board of directors of Eric Parry Architects Ltd have agreed to grant share option to its shareholders, in accordance with the trust deeds and shareholders' agreement. |
A total of 5,000 share options were granted on the 26th April 2021. These shares options became exercisable after the 24th April 2024 and 2,500 shares were exercised in September 2024. |
On July 30, 2024, a total of 4,998 share options were granted. These options will become exercisable on or after April 24, 2027. |
STRATEGIC REPORT |
The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Schedule 7 Regulations 2008 to be contained in the directors' report. It has done so in respect of future development and principal activity. |
Eric Parry Architects Ltd (Registered number: 02522093) |
Report of the Directors |
for the Year Ended 31 JULY 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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 group'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 group's auditors are aware of that information. |
AUDITORS |
The auditors, Perlin Franco, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Eric Parry Architects Ltd |
Opinion |
We have audited the financial statements of Eric Parry Architects Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Profit and Loss, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement 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 group's and of the parent company affairs as at 31 July 2024 and of the group's 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 group 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 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 |
Eric Parry Architects Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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 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. |
Report of the Independent Auditors to the Members of |
Eric Parry Architects Ltd |
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: |
We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which they operate. |
We focused on specific laws and regulations which we considered may have a direct impact material effect on the financial statements, or the operations of the company which included the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; |
- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
- Understanding how those charged with governance considered and addressed the potential for override of controls; |
- Challenging assumptions and judgments made by management in its significant accounting estimates; |
- Assessing the extent of compliance with the relevant laws and regulations. |
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management. |
To address the risk of fraud in relation to revenue recognition, we: |
- Performed detailed substantive testing to address completeness and accuracy of sales; |
- Assessed the appropriateness and application of the accounting policy concerning income recognition; and |
- Performed detailed cut-off testing either side of the balance sheet date. |
To address the risk of fraud through management bias and override of controls, we: |
-Performed analytical procedures to identify any unusual or unexpected relationships; |
-Identifying and testing journal entries, in particular those with unusual account combinations, unusual words or unusual users |
-Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; |
-Investigated the rationale behind significant or unusual transactions. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 |
Eric Parry Architects Ltd |
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. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
Suite 2A, 7th Floor - PF |
City Reach |
5 Greenwich View Place |
London |
E14 9NN |
Eric Parry Architects Ltd (Registered number: 02522093) |
Consolidated Profit and Loss |
for the Year Ended 31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
REVENUE | 14,831,890 | 12,441,387 |
Cost of sales | (6,551,554 | ) | (4,861,262 | ) |
GROSS PROFIT | 8,280,336 | 7,580,125 |
Administrative expenses | (6,713,121 | ) | (5,074,281 | ) |
1,567,215 | 2,505,844 |
Other operating income | 3 | (830 | ) | 13,816 |
OPERATING PROFIT | 5 | 1,566,385 | 2,519,660 |
Interest receivable and similar income | 150,547 | 30,022 |
PROFIT BEFORE TAXATION | 1,716,932 | 2,549,682 |
Tax on profit | 6 | (399,801 | ) | (285,926 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,321,447 | 2,280,175 |
Non-controlling interests | (4,316 | ) | (16,419 | ) |
1,317,131 | 2,263,756 |
Eric Parry Architects Ltd (Registered number: 02522093) |
Consolidated Statement of Comprehensive Income |
for the Year Ended 31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,317,131 | 2,263,756 |
OTHER COMPREHENSIVE INCOME |
Foreign currency transaction adjustment | 830 | 13,817 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
830 |
13,817 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,317,961 |
2,277,573 |
Total comprehensive income attributable to: |
Owners of the parent | 1,322,277 | 2,293,992 |
Non-controlling interests | (4,316 | ) | (16,419 | ) |
1,317,961 | 2,277,573 |
Eric Parry Architects Ltd (Registered number: 02522093) |
Consolidated Balance Sheet |
31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 8 | 379,899 | 380,959 |
Investments | 9 | - | - |
379,899 | 380,959 |
CURRENT ASSETS |
Debtors | 10 | 2,803,588 | 2,845,095 |
Cash at bank and in hand | 5,278,675 | 3,893,191 |
8,082,263 | 6,738,286 |
CREDITORS |
Amounts falling due within one year | 11 | (1,983,507 | ) | (1,759,925 | ) |
NET CURRENT ASSETS | 6,098,756 | 4,978,361 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,478,655 |
5,359,320 |
PROVISIONS FOR LIABILITIES | 14 | (87,226 | ) | (86,542 | ) |
NET ASSETS | 6,391,429 | 5,272,778 |
CAPITAL AND RESERVES |
Called up share capital | 15 | 100,000 | 100,000 |
Other reserves | 16 | (1,670,992 | ) | (1,032,512 | ) |
Share option reserves | 16 | 597,200 | 157,200 |
Retained earnings | 16 | 7,524,094 | 6,202,647 |
SHAREHOLDERS' FUNDS | 6,550,302 | 5,427,335 |
NON-CONTROLLING INTERESTS | 17 | (158,873 | ) | (154,557 | ) |
TOTAL EQUITY | 6,391,429 | 5,272,778 |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 24 April 2025 and were signed on its behalf by: |
Mr E O Parry - Director |
Eric Parry Architects Ltd (Registered number: 02522093) |
Company Balance Sheet |
31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Other reserves | 16 | ( |
) | ( |
) |
Share option reserves | 16 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,316,851 | 1,984,328 |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
Eric Parry Architects Ltd (Registered number: 02522093) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 JULY 2024 |
Called up |
share | Retained | Other |
capital | earnings | reserves |
£ | £ | £ |
Balance at 1 August 2022 | 100,000 | 3,922,472 | (843,872 | ) |
Changes in equity |
Total comprehensive income | - | 2,280,175 | (188,640 | ) |
Balance at 31 July 2023 | 100,000 | 6,202,647 | (1,032,512 | ) |
Changes in equity |
Total comprehensive income | - | 1,321,447 | (638,480 | ) |
Balance at 31 July 2024 | 100,000 | 7,524,094 | (1,670,992 | ) |
Share |
option | Non-controlling | Total |
reserves | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 August 2022 | - | 3,178,600 | (138,138 | ) | 3,040,462 |
Changes in equity |
Total comprehensive income | 157,200 | 2,248,735 | (16,419 | ) | 2,232,316 |
Balance at 31 July 2023 | 157,200 | 5,427,335 | (154,557 | ) | 5,272,778 |
Changes in equity |
Total comprehensive income | 440,000 | 1,122,967 | (4,316 | ) | 1,118,651 |
Balance at 31 July 2024 | 597,200 | 6,550,302 | (158,873 | ) | 6,391,429 |
Eric Parry Architects Ltd (Registered number: 02522093) |
Company Statement of Changes in Equity |
for the Year Ended 31 JULY 2024 |
Called up | Share |
share | Retained | Other | option | Total |
capital | earnings | reserves | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 August 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) |
Balance at 31 July 2023 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) |
Balance at 31 July 2024 | ( |
) |
Eric Parry Architects Ltd (Registered number: 02522093) |
Consolidated Cash Flow Statement |
for the Year Ended 31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 20 | 3,027,220 | 3,529,865 |
Tax paid | (671,497 | ) | - |
Net cash from operating activities | 2,355,723 | 3,529,865 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (182,319 | ) | (216,169 | ) |
Interest received | 150,547 | 30,022 |
Net cash from investing activities | (31,772 | ) | (186,147 | ) |
Cash flows from financing activities |
New loans in year | - | 423,680 |
Loan repayments in year | (285,600 | ) | (418,415 | ) |
Amount introduced by directors | 1,018 | 36,640 |
Amount withdrawn by directors | (15,405 | ) | (181,917 | ) |
Share buyback - Treasury Shares | (638,480 | ) | (188,640 | ) |
Net cash from financing activities | (938,467 | ) | (328,652 | ) |
Increase in cash and cash equivalents | 1,385,484 | 3,015,066 |
Cash and cash equivalents at beginning of year |
21 |
3,893,191 |
878,125 |
Cash and cash equivalents at end of year | 21 | 5,278,675 | 3,893,191 |
Eric Parry Architects Ltd (Registered number: 02522093) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 JULY 2024 |
1. | STATUTORY INFORMATION |
Eric Parry Architects Ltd is a private company, limited by shares, incorporated in England and Wales. |
The company's registration number 02522093. The registered office is 28-42 Banner Street, London, |
EC1Y 8QE. |
The financial statements are presented in Pound Sterling (£) and the level of rounding is the nearest Pound Sterling ( £1) |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have carefully considered the impact of inflation, regulatory changes, skills market, and resourcing on the group's financial position, liquidity, and future performance. As set out in the strategic report, the group has continued to trade strongly throughout the year, and the directors believe that it is experiencing good levels of income growth and profitability. Therefore, the directors believe that the group is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. |
Basis of consolidation |
The consolidated financial statements are prepared in accordance with the Group's accounting principles and include the accounts of the Parent Company and its Group Company. |
Group company is consolidated from the date the Group exercises control or influence over the company. |
The consolidated financial statements are prepared in accordance with the purchase method. |
Non-controlling interest |
Non-controlling interests are recognised as a separate item in the Group equity. |
Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are reviewed on an on-going basis and are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and assumptions are not expected to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Turnover |
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. |
In respect of long term contracts and contracts for on-going services: |
Turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised to the stage of completion as determined by each contract. |
Eric Parry Architects Ltd (Registered number: 02522093) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss, 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 balance sheet date. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
Exchange differences arising from the translation of the financial statements of foreign operations are recognised in other comprehensive income and classified in a separate component of equity, 'other reserve', on the Balance Sheet. |
Operating leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of lease. |
Eric Parry Architects Ltd (Registered number: 02522093) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
Presentation currency |
The Parent Company’s functional currency is Pound Sterling (£), which is also the reporting currency of the Parent Company. |
Accordingly, the financial statements are presented in Pound Sterling (£) and the level of rounding is the nearest Pound Sterling ( £1) |
Pension costs and other post-retirement benefits |
The group contributes to a defined contribution pension scheme. Contributions are payable into a pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
The Group only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Debtors: |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents: |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions. |
Creditors: |
Basic financial liabilities, including trade and other creditors, loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
3. | OTHER OPERATING INCOME |
31.7.24 | 31.7.23 |
£ | £ |
Exchange gains | (830 | ) | 13,816 |
4. | EMPLOYEES AND DIRECTORS |
31.7.24 | 31.7.23 |
£ | £ |
Wages and salaries | 8,070,624 | 5,692,162 |
Social security costs | 814,736 | 582,959 |
Other pension costs | 355,060 | 273,754 |
9,240,420 | 6,548,875 |
The average number of employees during the year was as follows: |
31.7.24 | 31.7.23 |
Professional Staff | 78 | 55 |
Support Staff | 19 | 20 |
Management Staff | 17 | 14 |
Eric Parry Architects Ltd (Registered number: 02522093) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 JULY 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
31.7.24 | 31.7.23 |
£ | £ |
Directors' remuneration | 2,237,328 | 1,298,071 |
Directors' pension contributions to money purchase schemes | 55,473 | 32,836 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 6 | 6 |
Information regarding the highest paid director is as follows: |
31.7.24 | 31.7.23 |
£ | £ |
Emoluments etc | 537,823 | 318,300 |
Pension contributions to money purchase schemes | - | 11,176 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.7.24 | 31.7.23 |
£ | £ |
Other operating leases | 381,306 | 380,535 |
Depreciation - owned assets | 183,379 | 140,072 |
Loss on disposal of fixed assets | - | 2,824 |
Foreign exchange differences | 830 | (13,816 | ) |
Auditors Remuneration - Audit Services | 20,000 | 20,000 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.7.24 | 31.7.23 |
£ | £ |
Current tax: |
UK corporation tax | 399,117 | 235,740 |
Deferred tax | 684 | 50,186 |
Tax on profit | 399,801 | 285,926 |
Eric Parry Architects Ltd (Registered number: 02522093) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 JULY 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge 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: |
31.7.24 | 31.7.23 |
£ | £ |
Profit before tax | 1,716,932 | 2,549,682 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
429,233 |
484,440 |
Effects of: |
Expenses not deductible for tax purposes | 133,328 | 36,987 |
Capital allowances in excess of depreciation | (517 | ) | (17,084 | ) |
Utilisation of tax losses | - | (98,181 | ) |
Intercompany write off | 4,339 | 50,424 |
Withholding tax from foreign subsidiary | 13,426 | (27,361 | ) |
R & D Claim | (186,271 | ) | (167,513 | ) |
Adjustment for marginal relief | 6,092 | (25,972 | ) |
Deferred tax | 171 | 50,186 |
Total tax charge | 399,801 | 285,926 |
Tax effects relating to effects of other comprehensive income |
31.7.24 |
Gross | Tax | Net |
£ | £ | £ |
Foreign currency transaction adjustment | 830 | - | 830 |
31.7.23 |
Gross | Tax | Net |
£ | £ | £ |
Foreign currency transaction adjustment | 13,817 | - | 13,817 |
7. | INDIVIDUAL PROFIT AND LOSS |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Eric Parry Architects Ltd (Registered number: 02522093) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 JULY 2024 |
8. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Fixtures |
Long | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2023 | 338,880 | 67,927 | 141,713 | 564,274 | 1,112,794 |
Additions | - | 6,884 | 72,893 | 102,542 | 182,319 |
Disposals | - | (10,282 | ) | (15,900 | ) | (66,021 | ) | (92,203 | ) |
At 31 July 2024 | 338,880 | 64,529 | 198,706 | 600,795 | 1,202,910 |
DEPRECIATION |
At 1 August 2023 | 216,836 | 41,075 | 93,366 | 380,558 | 731,835 |
Charge for year | 38,462 | 8,991 | 34,581 | 101,345 | 183,379 |
Eliminated on disposal | - | (10,282 | ) | (15,900 | ) | (66,021 | ) | (92,203 | ) |
At 31 July 2024 | 255,298 | 39,784 | 112,047 | 415,882 | 823,011 |
NET BOOK VALUE |
At 31 July 2024 | 83,582 | 24,745 | 86,659 | 184,913 | 379,899 |
At 31 July 2023 | 122,044 | 26,852 | 48,347 | 183,716 | 380,959 |
Company |
Fixtures |
Long | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Eric Parry Architects Ltd (Registered number: 02522093) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 JULY 2024 |
8. | PROPERTY, PLANT AND EQUIPMENT - continued |
Company |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account. |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
The company's investments at the Balance sheet date in the share capital of the following companies : |
Eric Parry Studio PTE.Ltd |
The Fixed Asset investment relates to the acquisition of 80% shares in Eric Parry Studio PTE.Ltd on the 30th September 2015. |
Eric Parry Studio PTE.Ltd is a business Incorporated in Singapore. This subsidiary is included in the Consolidation accounts. |
Eric Parry Architects Trustees Limited |
Registered office: 28-42 Banner Street, London, EC1Y 8QE |
% |
Class of shares: holding |
Ordinary 100% |
2024 |
Aggregate capital and reserves 1 |
Profit for the year Nil |
The company was incorporated on 8 June 2021. |
Eric Parry Architects Ltd (Registered number: 02522093) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 JULY 2024 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Trade debtors | 2,141,826 | 2,169,325 |
Amounts owed by group undertakings | - | - |
Other debtors | 58,332 | 168,109 |
Directors' current accounts | 5,735 | - | 5,735 | - |
Prepayments | 597,695 | 507,661 |
2,803,588 | 2,845,095 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 12) | - | 285,600 |
Trade creditors | 129,169 | 367,802 |
Tax | (36,640 | ) | 235,740 | ( |
) |
Social security and other taxes | 187,931 | 158,654 |
VAT | 549,219 | 510,913 | 549,219 | 510,913 |
Other creditors | 6,644 | 7,122 |
Mastercard | 2,036 | 19,895 | 2,036 | 19,895 |
Directors' current accounts | 325 | 8,977 | - | 8,650 |
Accruals and deferred income | 1,144,823 | 165,222 |
1,983,507 | 1,759,925 |
12. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | - | 285,600 |
13. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
31.7.24 | 31.7.23 |
£ | £ |
Within one year | 294,568 | 314,701 |
Between one and five years | 1,232,496 | 209,800 |
In more than five years | 169,536 | - |
1,696,600 | 524,501 |
Eric Parry Architects Ltd (Registered number: 02522093) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 JULY 2024 |
13. | LEASING AGREEMENTS - continued |
Company |
Non-cancellable operating | leases |
31.7.24 | 31.7.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
14. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Deferred tax | 87,226 | 86,542 | 87,226 | 86,542 |
Group |
Deferred |
tax |
£ |
Balance at 1 August 2023 | 86,542 |
Provided during year | 684 |
Taxable losses |
Balance at 31 July 2024 | 87,226 |
Company |
Deferred |
tax |
£ |
Balance at 1 August 2023 |
Provided during year |
Balance at 31 July 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.24 | 31.7.23 |
value: | £ | £ |
Ordinary Shares | £1 | 100,000 | 100,000 |
Eric Parry Architects Ltd (Registered number: 02522093) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 JULY 2024 |
15. | CALLED UP SHARE CAPITAL - continued |
Voting , Dividend and Repayment Rights: |
All Ordinary Shares have full rights to vote, receive dividends and in the event of a liquidation or winding up after the company has discharged all its debts, obligations and liabilities the Ordinary Shares shall carry the right to repayment at their par value. |
Treasury Shares: |
Type of share | Date | Number of shares purchased |
Ordinary £ 1 share | 04 April 2019 | 13,865 |
Ordinary £ 1 share | 10 July 2020 | 2,045 |
Ordinary £ 1 share | 13 July 2020 | 4,000 |
Ordinary £ 1 share | 30 June 2021 | 2,045 |
Ordinary £ 1 share | 11 July 2022 | 2,045 |
Ordinary £ 1 share | 1 November 2022 | 4,000 |
Ordinary £ 1 share | 1 November 2023 | 4,000 |
Ordinary £ 1 share | 31 July 2024 | 3,000 |
On 6 September 2022 Eric Parry Architects Ltd gifted 24,000 ordinary shares held as Treasury shares, valued at nominal value to the Employee Benefit Trust. |
16. | RESERVES |
Group |
Share |
Retained | Other | option |
earnings | reserves | reserves | Totals |
£ | £ | £ | £ |
At 1 August 2023 | 6,202,647 | (1,032,512 | ) | 157,200 | 5,327,335 |
Profit for the year | 1,321,447 | 1,321,447 |
Share option reserve | - | - | 440,000 | 440,000 |
Treasury Share Reserves | - | (638,480 | ) | - | (638,480 | ) |
At 31 July 2024 | 7,524,094 | (1,670,992 | ) | 597,200 | 6,450,302 |
Company |
Share |
Retained | Other | option |
earnings | reserves | reserves | Totals |
£ | £ | £ | £ |
At 1 August 2023 | ( |
) | 5,174,374 |
Profit for the year |
Share option reserve | - | - | 440,000 | 440,000 |
Treasury Share Reserves | - | (638,480 | ) | - | (638,480 | ) |
At 31 July 2024 | ( |
) | 6,292,745 |
Eric Parry Architects Ltd (Registered number: 02522093) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 JULY 2024 |
16. | RESERVES - continued |
GROUP: Total Other Reserves £1,670,992 |
The Other Reserves of £1,670,992 is made up as follows: |
£19,573 relates to Foreign Exchange on consolidation. |
£430,000 relates to payment made by the company from its distributable reserves to buy back shares and hold them as Treasury Shares. |
There was a payment of £267,433 made by the company from its distributable reserves to buy back shares and hold them as Treasury Shares in the year to 31 July 2020. |
There was a payment of £63,433 made by the company from its distributable reserves to buy back shares and hold them as Treasury Shares in the year to 31 July 2021. |
There was a payment of £63,433 made by the company from its distributable reserves to buy back shares and hold them as Treasury Shares in the year to 31 July 2022. |
There was a payment of £188,640 made by the company from its distributable reserves to buy back shares as Treasury Shares. These share are held by Eric Parry Architects Trustees Ltd on behalf of the Employee Benefit Trust. |
In the year ending 31 July 2024, the company made a payment of £638,480 from its distributable reserves to buy back shares as Treasury Shares in the year to 31 July 2024. These shares are held by Eric Parry Architects Trustees Ltd on behalf of the Employee Benefit Trust. |
Retained earnings: |
Retained earnings include all current and prior period retained profits and losses. |
17. | NON-CONTROLLING INTERESTS |
The Parent Company acquired 80% of the Subsidiary on the 30 September 2015. |
The Non-Controlling interest represents 20% of the of the Balance Sheet of the subsidiary as at 31 July 2024. |
18. | RELATED PARTY DISCLOSURES |
As of 31 July 2024, E. Parry (Director) owed the company £5,735. In 2023, the company owed £8,650 to E. Parry |
19. | ULTIMATE CONTROLLING PARTY |
The company was under the control of Mr E O Parry throughout the current and previous year. Mr E O Parry is the majority shareholder. |
Eric Parry Architects Ltd (Registered number: 02522093) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 JULY 2024 |
20. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.7.24 | 31.7.23 |
£ | £ |
Profit before taxation | 1,716,932 | 2,549,682 |
Depreciation charges | 183,380 | 140,072 |
Loss on disposal of fixed assets | - | 2,824 |
Share options charge | 440,000 | 157,200 |
Finance income | (150,547 | ) | (30,022 | ) |
2,189,765 | 2,819,756 |
Decrease in trade and other debtors | 29,889 | 649,284 |
Increase in trade and other creditors | 807,566 | 60,825 |
Cash generated from operations | 3,027,220 | 3,529,865 |
21. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 July 2024 |
31.7.24 | 1.8.23 |
£ | £ |
Cash and cash equivalents | 5,278,675 | 3,893,191 |
Year ended 31 July 2023 |
31.7.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 3,893,191 | 878,125 |
22. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.8.23 | Cash flow | At 31.7.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,893,191 | 1,385,484 | 5,278,675 |
3,893,191 | 1,385,484 | 5,278,675 |
Debt |
Debts falling due within 1 year | (285,600 | ) | 285,600 | - |
(285,600 | ) | 285,600 | - |
Total | 3,607,591 | 1,671,084 | 5,278,675 |
23. | EMPLOYERS PENSION SCHEME |
The company is contributing to a defined contribution scheme. During the year the company contributed £355,061 (2023: £273,754) |