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Registered number: 01711056












PASCALL + WATSON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

PASCALL + WATSON LIMITED

CONTENTS



Page
Company information
1
Strategic report
2 - 6
Directors' report
7
Directors' responsibilities statement
8
Independent auditor's report
9 - 12
Profit and loss account
13
Statement of comprehensive income
14
Balance sheet
15
Statement of changes in equity
16
Notes to the financial statements
17 - 35


 

PASCALL + WATSON LIMITED
 
COMPANY INFORMATION


Directors
S P S Bancil 
M Brady 
T W Burton 
M W Butters 
J Carlson 
T F Cotterell 
D Cunliffe 
N D Naidoo 
M A Neilan 
L S Patel 
J H Rogers 
A H Yomi-Adeleke 




Registered number
01711056



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

PASCALL + WATSON LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The company directors present their strategic report for the year ended 31 December 2024.

Business review
 
Pascall+Watson is an Architecture company with comprehensive experience of providing services internationally at all design stages and is a recognised expert in designing and executing complex buildings.
In 2024, the company has continued to enjoy a pipeline of architectural design activities and opportunities across an array of sector types, design stages, client bodies, consultants, contractors, and project partners. Pascall+Watson has cultivated and maintains long standing relationships and frameworks across all its sectors.
The company’s head office is based in London in the UK, with branch offices in Limerick and Dublin in Ireland, and Abu Dhabi in the UAE.
In addition to the primary Architecture offering, the company has recognised expertise in Airport Planning, Design Management, and Interior Design. Furthermore, the company collaborates with a range of partners and specialist sub consultants to provide best value and offer for Clients and coordinated design outcomes. 
Pascall+Watson is renowned as a creative and reliable project partner; the company listens to its clients, interprets their ideas and designs buildings and outcomes that embody project aspirations and requirements. Similarly, at the latter stages of design, there is significant expertise in technical design, construction information, support on site, and handover. Pascall+Watson seeks to 
Understand; Transform; and Achieve.
The company strengthened its pipeline of significant architectural projects throughout the year. In 2024, the Company revenues rose to £33.0m (2023: £31.9m).
Revenue performance was improved due to:
Sustained growth and project footprint enlargement at the UAE office. The ability to service and be competitive at larger commercial, leisure and hospitality projects has been enhanced by a mature and robust BIM outsourcing regime. 
A strong UK aviation portfolio in conjunction with an ever-growing international aviation workload. The aviation industry growth trajectory means Pascall+Watson has been able to engage with a high number of projects at airport enhancement, transformation and expansion programmes.
An increase in Rail workload and Ports design capabilities.
Stability and growth generally in the markets in which the Company operates.
Continued and enlarged involvement in Frameworks opportunities.
Notable starts on significant scale projects.

The company achieved a pre-tax profit of £2.0m (2023: profit of £0.5m). 
Pascall+Watson is ARB Registered and an RIBA Chartered Practice. The company holds ISO9001 (Quality Management), ISO14001 (Environmental Management), ISO45001 (Operational Health and Safety), ISO19650 (BIM Management) certifications and PAS2060 (Carbon Neutrality) verification. 
The company continues to operate an integrated management system and policies to ensure a high-quality level of service and continual improvement.
The market sectors where the company has significant portions of work includes Aviation, Rail and Ports, Workplace, Commercial, Education and Leisure and Hospitality. The diverse portfolio of projects worked on by the firm in 2024 are grouped by sector below.
 
Page 2

 

PASCALL + WATSON LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Aviation
Pascall+Watson has an unrivalled track record in aviation with a large past and current portfolio of domestic and international aviation projects. It is currently completing design work for the UK major airports – Heathrow, Gatwick, Manchester, Stansted, London City and Bournemouth. In addition, there is design activity internationally – Dublin airport in Ireland and airports in the Middle East. Also, increased aviation prospect and bid activity has been marked in 2024; we expect that some of these opportunities will become live in 2025.
Rail and Ports
The company has sustained a portfolio of rail projects primarily in the UK and Ireland. Network Rail and TfL frameworks have been maintained. The company maintains a strong relationship with Irish Rail. Albeit variety in UK national Rail project opportunities have been restricted in previous years, we continue to track and pursue all opportunities.
The company maintains workload at the Port of Dover and is seeking workload growth opportunities. The company considers that there are design approach and philosophy correlations with other sectors in that the solution types are related due to complex people and vehicle processes alongside security considerations and operational environment drivers.
Education, Workplace and Commercial
Pascall+Watson has a healthy reputation for design delivery in the Higher Education sector and continues to grow a portfolio of opportunities and projects. It has maintained a consistent workload in recent years and the company is currently on university frameworks and preferred supplier lists. Areas of focus in period have been retrofit and decarbonisation. This has been concentrated on multiple projects across Kingston University London, Thanet District Council and Queen Mary University of London where we have recently completed the “Green Energy Hub”.
Furthermore, the Company’s appointment on to the GLA Zero Carbon Accelerator Framework provides a platform to define how Clients meet their Net Zero goals.
Leisure, Cultural and Hospitality
The company has increased its current and forecasted workload on significant projects, thereby capitalising on sector investment and a reputation for providing services at delivery stage. Pascall+Watson has ongoing projects at hotel and villa projects, sport leisure schemes and at cultural building projects. The company currently continues to support onsite design delivery across multiple schemes in the UAE.
Healthcare
Pascall+Watson has specialist knowledge and expertise in small and medium sized Healthcare projects, especially in Ireland. The company has achieved a successful track record in providing creative design solutions for staff and patient focused facilities.

In addition to project activities in 2024, Pascall+Watson has developed and actioned enhancements in the following areas:
Design competition activity and early-stage design and digital explorations. In year, the company has invested in an increased number of speculative design competitions, pursuits and creative developments.
BIM and digital technology knowledge, skillsets, capabilities and awareness. ISO19650 BIM Management certification has been achieved in year and is demonstration of the company’s commitment to quality in digital workflows. 
AI adoption. Pascall+Watson’s goal is to enable the strategic adoption of AI to optimize workflows and foster innovation while safeguarding the integrity, privacy, and security of the company, our work, and our clients’ information. The company ensures that responsible, ethical, and compliant use of AI technology is utilised for all projects.
Page 3

 

PASCALL + WATSON LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Continued focus on Sustainability credentials and capabilities. Further to the company’s Carbon Neutral status, it strives to assess, design and realise Net Zero buildings; it’s investing in its capability to support the urgent need to decarbonise the industry and achieve global environmental targets.
Development of integrated marketing and communications strategies intended to strengthen company presence. In 2024, the company has amplified its brand content, design identity, digital coverage and expects future benefit from this.
People. The number of employees has increased in year, enabling the company to secure new talent and skills for ongoing and future projects. The company has cultivated a creativity mindset that thrives in flexible, collaborative and enjoyable working environments.   

Corporate Social Responsibility:
Pascall+Watson recognizes that businesses have a fundamental responsibility to operate ethically, sustainably, and with a commitment to social impact. The company is dedicated to fostering a culture of accountability, transparency, and continuous improvement, ensuring that business decisions benefit its employees, shareholders, suppliers, clients and the communities in which it operates.
Pascall+Watson is committed to embedding responsible business practices into its corporate culture and operations by focusing on:
 
Ethical Business Conduct and Economic responsibilities: Upholding the highest standards of integrity, anti-corruption, and transparency fair treatment of staff, stakeholders and customers in its operational and project activities. 
Ensuring the Board reviews its financial decisions carefully to maintain positive impacts on the environment, people and society.
Labour & Human Rights: Ensuring fair treatment, equal opportunities, and safe working conditions.
Environmental responsibility: Minimising environmental footprint and promoting sustainable practices.
Community Engagement and Philanthropic responsibilities: Supporting social causes and initiatives that enhance the well-being of communities. The Company continues to operate a programme of charitable support.
Diversity, Equity and Inclusion: Creation of a workplace culture that values and respects differences.
Supply Chain responsibility: Ensuring our suppliers and partners adhere to ethical and sustainable standards.

Sustainability
 
Pascall+Watson recognises that the built environment has a significant impact on the climate and the natural world. The company is committed to improving the sustainability of the built environment and achieving the global goal of Net Zero Carbon by 2050. The company is a signatory of the RIBA Climate Challenge initiative and have published it’s Carbon Reduction Plan aligned with UK Government’s Procurement Policy Note 06/21. 
Environmental responsibility and sustainability are at the core of the practice. The company strives to deliver design with net-zero solutions. It champions Modern Methods of Construction, retrofit and circular economy methodologies. Pascall+Watson looks to pioneer innovative sustainability approaches and design methodologies for the benefit of all project outcomes.
The Company operates as a Carbon Neutral company (PAS 2060 verified) and progressively reduce emissions year on year. It is committed to a carbon reduction of 46% reduction by 2030 (from a 2019 base year) and a 90% reduction by 2040, with an aim to be fully Net Zero without the need for offsetting by 2050. Pascall+Watson’s targets are verified by the Science Based Target Initiative (SBTi).
 
Page 4

 

PASCALL + WATSON LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
Local and Global economic volatility and uncertainty
The company is wary of the compound effects of inflation, current economic volatility, climate shock and uncertainties around new US economic policies. However, there continues to be growth activity and buoyant investment in the market sectors in which the firm operates. It is therefore reasonable to be confident about the short to medium term outlook for the company.
Recruitment and retention of skilled staff is a major factor in the success of Pascall+Watson. The company continues to invest in students, new talent and the strength of its workforce. 
Financial risk
The treasury function is managed centrally to support the company's operating activities. Its primary role is to ensure that adequate resources are available to meet the funding requirements on a day-to-day basis and that financial risk arising from underlying operations is effectively identified and managed.
Credit risk
The directors assess the company's exposure to credit risk by considering the credit rating of any new client and by monitoring the accumulated trading balances with existing clients. The credit risk associated with our trade debtors balance is considered to be moderate as our clients are mainly companies who we have been trading with for many years and with high credit ratings.
Liquidity risk
The directors monitor the company's ability to meet its liabilities as they fall due on at least a monthly basis by reviewing budgets and cash flow forecasts. Steps are taken as appropriate to accelerate asset recoveries and manage outstanding commitments where possible so that any risk is minimised.
 

Future developments
 
In 2025, there appears to be sufficient evidence to be optimistic about workload and pipeline of future projects.  Workload is increasing across the business, and it continues to actively recruit in all offices.
Pascall+Watson’s analysis and forecasting indicates that there is headroom for growth and opportunity in all its market sectors. The continued trajectory of the aviation market is particularly exciting. As always, the Company explores realistic opportunities for diversification - both from a sector and geographic perspective. 
Looking ahead and to maintain strength and market competitiveness for future revenue, Pascall+Watson is focused upon the Objective categories:
Securing new opportunities:
Pascall+Watson has a strong workload and is committed to delivering a high-quality service for clients. It continues to be actively focused on securing new clients and projects. The company plans further grow the core sectors by servicing them in more locations and with a broader range of services. Furthermore, the company is optimistic about securing significant sized projects that would present opportunity for marked growth in company size and revenue.
Prioritising design and sustainability:
The Company is passionate about great architecture being at the core of the business. It’s sustainability agenda and pathway are a major priority. Pascall+Watson intends to complement its Carbon Neutral status with a sustainable and creative design reputation. The company values uniqueness and know that every project and place require specific solutions.
 
Page 5

 

PASCALL + WATSON LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Evolving our people and workplace:
Because we fully appreciate that staff abilities and fulfilment is key to delivering successful projects, Pascall+Watson seeks to improve staff member’s skillsets and their satisfaction in its workplaces, whilst attracting new talent and skill types. The company is committed to developing an enjoyable and vibrant workplace; it continues to monitor office utilisations, suitable updates and adjustment for the benefit its employees.
Progressing the practice: 
The Company continues to operate and seeks to improve efficient and effective business practices to maintain financial resilience, effectiveness and profitability. Pascall+Watson has remained resilient and continues to plan for growth whilst seeking to ensure robust operations and an overall ability to deliver projects in a dynamic industry.  Pascall+Watson is committed to the prevention of injury and ill health and ensuring employee welfare by providing and maintaining zero accident or incident working environments.
 

Financial key performance indicators

The company measures the business in a number of different ways using key performance indicators (KPIs) at various levels across the organisation. The highest level financial KPIs are:
 
Turnover
Current asset position
Gross profit margin
 
In 2024 the performance against these KPIs was as follows:
Turnover
Turnover for the year was £33,009,689 (2023: £31,865,152). Turnover for the year rose significantly as growth continued in our core sectors and Middle East operations.
Current asset position
The company's net current assets at the end of 2024 are £11,737,531 (2023: £10,677,743), due to the company's results and distributions made during the year.  
Gross profit margin
Gross profit margin in the year has been 24% (2023: 22%). Gross profit margin is reliant on the projects recognised in the period.


This report was approved by the board and signed on its behalf.



D Cunliffe
Director

Date: 16 May 2025

Page 6

 

PASCALL + WATSON LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Results and dividends

The profit for the year, after taxation, amounted to £1,277,370 (2023 - £345,124).

The directors proposed and paid a dividend amounting to £360,997 during  the year (2023: £1,020,000).

Directors

The directors who served during the year were:

S P S Bancil  
M Brady 
T W Burton 
M W Butters 
J Carlson 
T F Cotterell 
D Cunliffe 
N D Naidoo 
M A Neilan 
L S Patel 
J H Rogers 
J R Speed  (resigned 31 December 2024)
A H Yomi-Adeleke 

Charitable donations

Donations to UK charities amounted to £10,346 (2023: £457) during the year.

Matters covered in the Strategic report

As permitted by Section 414c(11) of the Companies Act 2006, the directors have elected to disclose information  required to be in the director's report by Schedule 7 of the "Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008", in the strategic report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board and signed on its behalf.
 





D Cunliffe
Director

Date: 16 May 2025

Page 7

 

PASCALL + WATSON LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 8

 

PASCALL + WATSON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PASCALL + WATSON LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion


We have audited the financial statements of Pascall + Watson Limited (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 31 December 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.


Page 9

 

PASCALL + WATSON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PASCALL + WATSON LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


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 directors' responsibilities statement set out on page 8, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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.


Page 10

 

PASCALL + WATSON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PASCALL + WATSON LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor's responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 commercial knowledge and experience of the architectural design sector.
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, taxation legislation, environmental and health and safety legislation;
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.
 
To address the risk of fraud through management bias and override of controls, we:
 
performed analytical procedures to identify any unusual or unexpected relationships;
reviewed the nominal ledger including testing journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 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
reviewing correspondence with HMRC and relevant regulators.
Page 11

 

PASCALL + WATSON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PASCALL + WATSON LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


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 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 auditor's report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Cunningham (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

19 May 2025
Page 12

 

PASCALL + WATSON LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
33,009,689
31,865,152

Cost of sales
  
(25,156,496)
(24,737,428)

Gross profit
  
7,853,193
7,127,724

Administrative expenses
 5 
(5,823,233)
(6,599,546)

Other operating income
 6 
14,020
21,369

Operating profit
 7 
2,043,980
549,547

Interest receivable and similar income
 10 
15,458
3,683

Interest payable and similar expenses
 11 
(54,949)
(71,900)

Profit before tax
  
2,004,489
481,330

Tax on profit
 12 
(727,119)
(136,206)

Profit for the financial year
  
1,277,370
345,124

The notes on pages 17 to 35 form part of these financial statements.

Page 13

 

PASCALL + WATSON LIMITED

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£


Profit for the financial year

  

1,277,370
345,124

Other comprehensive income
  


Currency translation differences
  
(60,932)
9,962

Total comprehensive income for the year
  
1,216,438
355,086

Page 14


 
REGISTERED NUMBER:01711056
PASCALL + WATSON LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
835,004
709,159

Current assets
  

Debtors: amounts falling due after more than one year
 15 
2,900,000
2,900,000

Debtors: amounts falling due within one year
 15 
10,017,788
10,697,603

Cash at bank and in hand
 16 
6,355,002
4,951,719

  
19,272,790
18,549,322

Creditors: amounts falling due within one year
 17 
(7,535,259)
(7,871,579)

Net current assets
  
 
 
11,737,531
 
 
10,677,743

Total assets less current liabilities
  
12,572,535
11,386,902

Creditors: amounts falling due after more than one year
 18 
(176,328)
(77,886)

Provisions for liabilities
  

Deferred tax
 21 
(174,754)
-

Other provisions
 22 
(131,107)
(74,111)

  
 
 
(305,861)
 
 
(74,111)

Net assets
  
12,090,346
11,234,905


Capital and reserves
  

Called up share capital 
 23 
9,785
9,785

Share premium account
 25 
362,561
362,561

Capital redemption reserve
 25 
12,065
12,065

Profit and loss account
 25 
11,705,935
10,850,494

Total equity
  
12,090,346
11,234,905


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Cunliffe
Director

Date: 16 May 2025

The notes on pages 17 to 35 form part of these financial statements.
Page 15

 

PASCALL + WATSON LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
9,785
362,561
12,065
11,515,408
11,899,819


Comprehensive income for the year

Profit for the year
-
-
-
345,124
345,124

Currency translation differences
-
-
-
9,962
9,962
Total comprehensive income for the year
-
-
-
355,086
355,086

Dividends: Equity capital
-
-
-
(1,020,000)
(1,020,000)


Total transactions with owners
-
-
-
(1,020,000)
(1,020,000)



At 1 January 2024
9,785
362,561
12,065
10,850,494
11,234,905


Comprehensive income for the year

Profit for the year
-
-
-
1,277,370
1,277,370

Currency translation differences
-
-
-
(60,932)
(60,932)
Total comprehensive income for the year
-
-
-
1,216,438
1,216,438

Dividends: Equity capital
-
-
-
(360,997)
(360,997)


Total transactions with owners
-
-
-
(360,997)
(360,997)


At 31 December 2024
9,785
362,561
12,065
11,705,935
12,090,346


The notes on pages 17 to 35 form part of these financial statements.

Page 16

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The company's principal activity is that of architectural design.
The company is a private company limited by shares incorporated in England and Wales. Its principal place of business is The Warehouses, 10 Black Friars Lane, London, EC4V 6EJ. Its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:

Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
Section 11 Financial Instruments paragraphs 11.41, 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments);
Section 26 Share based payments (disclosure of share based payments);
Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).
 
The company is included in the consolidated financial statements of Roots Group UK Limited for the year ended 31 December 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors continue to prepare and frequently revise their forecasts for the company. The directors are satisfied, based on all forecasted scenarios and on the sensitivity analysis which has been performed, that the company has adequate resources to forge ahead within its core business sectors and to continue its operations, in order to meet its liabilities, obligations and duties as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements have been approved. This will be supported by the strong cash position at the end of 2024. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Page 17

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The stage of completion of the contract is calculated with reference to costs incurred to date as a proportion of the total expected costs for that contract.

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

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.

All foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'. 
The results of overseas operations in their functional currencies are translated into Sterling at rates approximating to those ruling when the transactions took place (the average rate). All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at average rate are recognised in other comprehensive income.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 18

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Leased assets: the company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.9

Pensions

The company makes contributions into personal pension schemes of certain employees. Contributions are charged to the profit and loss account as they become payable.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet.

  
2.10

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 19

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.12

Tangible fixed assets

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the length of the lease
Motor vehicles
-
20%
straight line
Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
33%
straight line

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 profit or loss.

Page 20

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.13

Work in progress

Amounts recoverable on long term contracts, which are included in stocks and debtors, are stated at the net sales value of work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition the financial liability component is recorded at its fair value. The fair value of the liability component is estimated using the prevailing market interest rate for a similar instrument without equity features. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised in equity and not subsequently remeasured.
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price, which excludes transaction costs for those financial assets that are subsequently measured at fair value through profit and loss. 
Such financial assets are subsequently measured at fair value through profit or loss, where they are
Page 21

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

publicly traded, or fair value can be measured reliably, for example by using a valuation technique. Where fair value cannot be measured reliably, the financial asset is measured at cost less impairment. 
Financial liabilities
Basic financial liabilities, including trade and other creditors, other loans and intercompany working capital balances 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Page 22

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Impairment of financial assets
Financial assets 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 the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
If a transfer does not result in derecognition because the company has retained significant risks and rewards of ownership of the transferred asset, the company continues to recognise the transferred asset in its entirety and recognises a financial liability for the consideration received. The asset and liability are not offset. In subsequent periods, the company recognises any income on the transferred asset and any expense incurred on the financial liability. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
 
Page 23

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

  
2.16

Share capital

Ordinary shares are classified as equity.

  
2.17

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgmental and estimations that the directors have made in the process of applying the group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements:
Revenue recognition 
The company enters into long term contracts with its customers for the provision of its services. Long-term contracts are accounted for under FRS 102. The ensuing accounting requires management judgement to determine the appropriateness of calculating the revenue and profit to be recognised. This includes estimating the total expected costs to complete each contract, the profitability of the contract and also the percentage of completion at the balance sheet date. The percentage of completion is calculated as the costs incurred in proportion to the estimated costs of the entire project. These judgements directly influence revenue and profit that can be recognised in relation to such contracts. Material changes in these estimates could affect the overall amounts recognised on individual contracts.
Carrying amount of relevant assets: £1,751,222 (2023: £965,539).
Carrying amount of relevant liabilities: £Nil (2023: £Nil).
 
Page 24

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.Judgments in applying accounting policies (continued)


Bad debt provision
Management review trade debtor balances on a periodic basis. In determining whether there is a need for a provision, management is required to determine their best estimate of future expected cash flows. In arriving at this estimate, management consider historical experience and current trends. The provision included within trade debtors at the year-end is £718,336 (2023: £2,357,094). Actual outcomes could be different to the assumptions used in determining the estimate.  


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
22,362,544
21,485,686

Rest of Europe
1,233,915
1,344,401

Rest of the world
9,413,230
9,035,065

33,009,689
31,865,152



5.


Exceptional items

2024
2023
£
£


Bad debts
302,235
2,108,651

Administrative expenses included bad debts of £302,235 recognised in the year ended 31 December 2024 (2023: £2,108,651).


6.


Other operating income

2024
2023
£
£

Rents receivable
14,020
21,369


Page 25

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(80,600)
216,117

Other operating lease rentals
756,617
623,586

Depreciation of tangible assets
399,501
268,609

Fees payable to the company's auditor for the audit of the company's annual financial statements
74,100
52,030

Fees payable to the company's auditor for non audit services
16,826
43,935

Defined contribution pension cost
530,533
531,676


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
13,417,536
10,542,156

Social security costs
1,111,459
978,640

Cost of defined contribution scheme
530,533
531,676

15,059,528
12,052,472


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Technical
193
171



Administrative
32
16

225
187

Page 26

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,621,433
1,784,497

Company contributions to defined contribution pension schemes
152,002
144,992

1,773,435
1,929,489


During the year retirement benefits were accruing to 11 directors (2023 - 13) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £215,636 (2023 - £190,191).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £15,187).

The directors of the company are considered to be the company's key management personnel.


10.


Interest receivable

2024
2023
£
£


Bank interest receivable
15,458
3,683


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
9,384
9,677

Finance leases and hire purchase contracts
45,565
62,223

54,949
71,900

Page 27

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
571,658
84,173

Adjustments in respect of previous periods
(169,212)
-


402,446
84,173

Foreign tax


Foreign tax on income for the year
133,419
13,290

133,419
13,290

Total current tax
535,865
97,463

Deferred tax


Origination and reversal of timing differences
191,254
38,743

Total deferred tax
191,254
38,743


Tax on profit
727,119
136,206

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,004,489
481,330


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
501,122
120,333

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,899
9,327

Short-term timing difference leading to an increase (decrease) in taxation
179,630
-

Changes in tax rates
-
7,220

Other differences leading to an increase (decrease) in the tax charge
38,468
(674)

Total tax charge for the year
727,119
136,206

Page 28

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Dividends

2024
2023
£
£


Dividends
360,997
1,020,000


14.


Tangible fixed assets





Improve- ments to leasehold
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
676,548
50,476
595,962
668,290
1,991,276


Additions
-
-
34,547
507,079
541,626


Disposals
-
(50,476)
-
(2,008)
(52,484)


Exchange adjustments
-
-
276
500
776



At 31 December 2024

676,548
-
630,785
1,173,861
2,481,194



Depreciation


At 1 January 2024
567,016
29,176
423,650
262,275
1,282,117


Charge for the year on owned assets
55,238
4,933
18,217
233,683
312,071


Charge for the year on financed assets
-
-
-
87,430
87,430


Disposals
-
(34,109)
-
(221)
(34,330)


Exchange adjustments
-
-
-
(1,098)
(1,098)



At 31 December 2024

622,254
-
441,867
582,069
1,646,190



Net book value



At 31 December 2024
54,294
-
188,918
591,792
835,004



At 31 December 2023
109,532
21,300
172,312
406,015
709,159

Page 29

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Computer equipment
233,519
-

233,519
-


15.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
2,900,000
2,900,000

2,900,000
2,900,000


2024
2023
£
£

Due within one year

Trade debtors
6,908,824
7,404,914

Other debtors
325,646
1,198,242

Prepayments and accrued income
2,783,318
2,077,947

Deferred taxation
-
16,500

10,017,788
10,697,603


Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.


16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
6,355,002
4,951,719


Page 30

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
354,382
442,609

Payments received on account
612,709
-

Trade creditors
1,184,431
2,075,237

Amounts owed to group undertakings
667
180,377

Corporation tax
373,228
57,273

Other taxation and social security
541,406
1,845,851

Obligations under finance lease and hire purchase contracts
97,448
-

Other creditors
394,562
429,557

Accruals and deferred income
3,976,426
2,840,675

7,535,259
7,871,579


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
-
77,886

Net obligations under finance leases and hire purchase contracts
176,328
-

176,328
77,886


Page 31

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
354,382
442,609


354,382
442,609

Amounts falling due 1-2 years

Other loans
-
77,886


-
77,886



354,382
520,495


Other loans comprise of amounts payable in relation to insurance premiums and software licences. 
The loan in relation to insurance premiums bears an interest rate of 7.1% per annum and is repayable in monthly instalments of £46,688 (inclusive of interest) over 6 months. The loan is due to be fully repaid by June 2025.
The loan in relation to the software licences bears an interest rate of 15% per annum and is  repayable in monthly instalments of £8,580 (inclusive of interest) over 6 months. The loan is due to be fully repaid by June 2025.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
97,448
-

Between 1-5 years
176,328
-

273,776
-

Page 32

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Deferred taxation




2024


£






At beginning of year
16,500


Charged to profit or loss
(191,254)



At end of year
(174,754)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
61,681
63,600

Short term timing differences
(236,435)
(47,100)

(174,754)
16,500


22.


Provisions




Dilapidation provision

£





At 1 January 2024
74,111


Charged to profit or loss
56,996



At 31 December 2024
131,107

The provision is in relation to the obligations to return former and current leased office premises to their original condition at the end of the lease agreements.


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



9,785 (2023 - 9,785) Ordinary shares of £1.00 each
9,785
9,785

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.


Page 33

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures"  from disclosing transactions with entities which are a wholly owned part of the group.

Transactions with related parties are as follows:




Relationship

Transaction

Amount
Amount due (to)/from related parties




2024
 
2023 
2024 
2023 




£
 
£ 
£ 
£ 



Richmond Designs Limited (group company)
Creditor
-
-
-
(67,966)


Amounts owed to related parties are unsecured, interest free and due for repayment within one year.


25.


Reserves

Share premium account

The share premium reserve includes any premiums received on issue of share capital

Capital redemption reserve

The capital redemption reserve represents amounts transferred following the purchase of own shares.

Profit and loss account

The profit and loss reserve includes all current and prior period retained profits and losses.


26.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the fund and amounted to £530,533 (2023:  £531,676). Contributions totalling £58,505 (2023: £26,199) were payable by the company, to the funds at the balance sheet date and are included in creditors.


27.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
96,899
272,687

Later than 1 year and not later than 5 years
-
27,231

96,899
299,918

Page 34

 

PASCALL + WATSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

28.


Controlling party

The immediate controlling party is Areen Design Limited.
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and which the company is a member is Roots Group UK Limited, whose registered office is at 16 Great Queen Street, Covent Garden, London, WC2B 5AH. Copies of these group financial statements are available to the public from Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate parent company is Roots Group UK Limited, a company incorporated in England.
In the opinion of the directors there is no ultimate controlling party.
 
Page 35