Company registration number SC172002 (Scotland)
JMARCHITECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
JMARCHITECTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
JMARCHITECTS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
£
£
£
£
Fixed assets
Tangible assets
3
116,988
136,530
Investments
4
24,500
24,500
141,488
161,030
Current assets
Debtors
5
1,775,017
2,225,139
Cash at bank and in hand
2,418,580
798,641
4,193,597
3,023,780
Creditors: amounts falling due within one year
6
(2,258,648)
(1,658,775)
Net current assets
1,934,949
1,365,005
Total assets less current liabilities
2,076,437
1,526,035
Creditors: amounts falling due after more than one year
7
-
0
(3,766)
Provisions for liabilities
(23,385)
(28,365)
Net assets
2,053,052
1,493,904
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
2,052,052
1,492,904
Total equity
2,053,052
1,493,904

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

JMARCHITECTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
D W Ingham
Director
Company Registration No. SC172002
JMARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information

jmarchitects limited is a private company limited by shares incorporated in Scotland. The registered office is 64 Queen Street, Edinburgh, EH2 4NA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

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

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

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

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

Leasehold improvements
4 years
Fixtures and fittings
4 years
IT Hardware
3 years

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

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

JMARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Impairment of fixed assets

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

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

 

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

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

1.6
Cash and cash equivalents

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

1.7
Financial instruments

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

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

JMARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

1.8
Equity instruments

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

1.9
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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

1.10
Employee benefits

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

 

JMARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

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

1.12
Leases

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

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
101
94
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
IT Hardware
Total
£
£
£
£
Cost
At 1 December 2023
95,728
261,705
516,282
873,715
Additions
3,062
15,075
55,177
73,314
Disposals
-
0
(48,778)
(83,850)
(132,628)
At 30 November 2024
98,790
228,002
487,609
814,401
Depreciation and impairment
At 1 December 2023
93,305
250,842
393,038
737,185
Depreciation charged in the year
1,627
6,123
85,106
92,856
Eliminated in respect of disposals
-
0
(48,778)
(83,850)
(132,628)
At 30 November 2024
94,932
208,187
394,294
697,413
Carrying amount
At 30 November 2024
3,858
19,815
93,315
116,988
At 30 November 2023
2,423
10,863
123,244
136,530
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
24,500
24,500
JMARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,412,639
1,674,710
Amounts recoverable on contracts
67,916
213,151
Prepayments and accrued income
294,462
337,278
1,775,017
2,225,139
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other loans
3,765
96,279
Payments received on account
99,685
225,297
Trade creditors
116,096
58,943
Amounts owed to group undertakings
82,000
74,000
Corporation tax
349,615
89,860
Other taxation and social security
819,907
630,938
Other creditors
30,151
28,265
Accruals and deferred income
757,429
455,193
2,258,648
1,658,775

As a large professional firm in the construction sector the company receives claims from time to time in respect of work carried out on its projects. The company continues to hold professional indemnity cover against such claims, which is subject to various industry-standard excesses, caps and endorsements. There is an amount included in accruals of £350,000 (2023: £140,000) in respect of such claims which represents the directors' best estimate of the net outlays likely to be incurred by the company in respect of such claims. This is of course not possible to state with certainty and in arriving at this provision the directors considered a reasonable range of potential eventual outcomes in respect of all such claims.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other loans
-
0
3,766
JMARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
26,524
31,140
Retirement benefit obligations
(3,139)
(2,775)
23,385
28,365
2024
Movements in the year:
£
Liability at 1 December 2023
28,365
Credit to profit or loss
(4,980)
Liability at 30 November 2024
23,385
9
Operating lease commitments
Lessee

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

2024
2023
£
£
1,389,908
880,653
JMARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
10
Related party transactions

Ryan Fletcher, a director, is also a director of, and holds a material interest in, a number of companies which are engaged in the development of property: Cullross Limited, Cullross Holdings Limited, Cullross (DH) Limited, Cullross (Ballindean) Limited and Cullross OSM Limited. Included in turnover is an amount of £340,795 (2023: £193,050) in respect of work on projects where one of these entities is acting as the developer or otherwise has a material interest in the project. Included in trade debtors are amounts of £72,300 (2023: £11,000) due from Cullross Limited in relation to this activity.

 

Ryan Fletcher, a director, is linked by family ties to the Forth Holdings & FES group of companies. Included in turnover is an amount of £24,384 (2023: £15,345) in respect of services sold to companies in the Forth Holdings & FES Group. Included in trade debtors is an amount of £19,860 (2023: £6,312) in relation to this activity.

 

All of the directors of jmarchitechts Limited are also directors of 64QS Limited and/or its parent company 64QS Holdings Limited and there is a degree of commonality of ownership between the two groups. The Company occupies a property under lease from 64QS Limited and charges a management charge to 64QS Limited. The accounts for the year ended 30 November 2024 contain income of £17,500 (2023: £17,500) in respect of a management charge receivable from 64QS Limited. The accounts for the year ended 30 November 2024 contain expenditure of £130,000 (2023: £130,000) in respect of rent payable to 64QS Limited.

 

The company has chosen to take advantage of the exemption provided by FRS102 whereby disclosure of transactions entered into between two or more members of a group need not be disclosed, provided that any subsidiary which is party to the transactions is wholly owned by such a member.

11
Parent company

The company's immediate parent undertaking is jmarchitects (group) Limited, and the company's ultimate parent undertaking is JM Holdco Limited. Both companies are registered in Scotland at 64 Queen Street, Edinburgh, EH2 4NA.

 

In the opinion of the directors, there is no ultimate controlling party.

 

2024-11-302023-12-01falsefalsefalse29 May 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityM C BurgessS W DavieR J G DuncanR FletcherD W InghamA J B IrvingP H IvesA P RogersB ThomsonI L AlexanderH J McKeownSC1720022023-12-012024-11-30SC1720022024-11-30SC1720022023-11-30SC172002core:LeaseholdImprovements2024-11-30SC172002core:FurnitureFittings2024-11-30SC172002core:ComputerEquipment2024-11-30SC172002core:LeaseholdImprovements2023-11-30SC172002core:FurnitureFittings2023-11-30SC172002core:ComputerEquipment2023-11-30SC172002core:CurrentFinancialInstrumentscore:WithinOneYear2024-11-30SC172002core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-30SC172002core:Non-currentFinancialInstrumentscore:AfterOneYear2024-11-30SC172002core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-30SC172002core:CurrentFinancialInstruments2024-11-30SC172002core:CurrentFinancialInstruments2023-11-30SC172002core:ShareCapital2024-11-30SC172002core:ShareCapital2023-11-30SC172002core:RetainedEarningsAccumulatedLosses2024-11-30SC172002core:RetainedEarningsAccumulatedLosses2023-11-30SC172002bus:Director52023-12-012024-11-30SC172002core:LeaseholdImprovements2023-12-012024-11-30SC172002core:FurnitureFittings2023-12-012024-11-30SC172002core:ComputerEquipment2023-12-012024-11-30SC1720022022-12-012023-11-30SC172002core:LeaseholdImprovements2023-11-30SC172002core:FurnitureFittings2023-11-30SC172002core:ComputerEquipment2023-11-30SC1720022023-11-30SC172002core:Non-currentFinancialInstruments2024-11-30SC172002core:Non-currentFinancialInstruments2023-11-30SC172002bus:PrivateLimitedCompanyLtd2023-12-012024-11-30SC172002bus:SmallCompaniesRegimeForAccounts2023-12-012024-11-30SC172002bus:FRS1022023-12-012024-11-30SC172002bus:AuditExemptWithAccountantsReport2023-12-012024-11-30SC172002bus:Director12023-12-012024-11-30SC172002bus:Director22023-12-012024-11-30SC172002bus:Director32023-12-012024-11-30SC172002bus:Director42023-12-012024-11-30SC172002bus:Director62023-12-012024-11-30SC172002bus:Director72023-12-012024-11-30SC172002bus:Director82023-12-012024-11-30SC172002bus:Director92023-12-012024-11-30SC172002bus:Director102023-12-012024-11-30SC172002bus:Director112023-12-012024-11-30SC172002bus:FullAccounts2023-12-012024-11-30xbrli:purexbrli:sharesiso4217:GBP