Company registration number 04683877 (England and Wales)
CALEDONIA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
CALEDONIA LIMITED
COMPANY INFORMATION
Directors
J McAslan CBE
T Panayides
(Appointed 15 May 2024)
A Harris
(Appointed 15 May 2024)
S Kirby
(Appointed 15 May 2024)
Company number
04683877
Registered office
82 St John Street
London
EC1M 4JN
Auditor
Beavis Morgan Audit Ltd
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
CALEDONIA LIMITED
CONTENTS
Page
Strategic report
1
Chair statement
2 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 32
CALEDONIA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
Review of the business
The group headed by Caledonia Limited ("John McAslan + Partners" or "JMP") is a solution driven international architectural practice, which prides itself on providing innovative solutions to complex issues globally which result in buildings that improve people's lives and surroundings.
A review of the year’s activities is included in the Chair Statement on pages 2 to 3.
Key Performance Indicators (KPI)
The group measures its performance against numerous financial and non-financial key performance indicators. The main areas that we monitor are:
Turnover
EBITDA
Cash balances
A review of KPIs is included in the Chair Statement on pages 2 to 3.
Principal risks and uncertainties
The group continues to operate a low-risk financial strategy taking measured risks into new markets. The group maintains a robust business continuity plan which has enabled us to react seamlessly throughout the global pandemic.
Trade debtors and creditors are strongly managed in respect of credit and cash flow risk. Full due diligence is undertaken on all new clients, along with rigorous sanctions and world compliance checks.
Future Developments
The future developments of the group are outlined in our Chair Statement on pages 2 to 3.
Other matters
JMP’s corporate social responsibility policy is firmly embedded in everything we do, and over recent years has opened numerous possibilities for staff involvement through community engagement, resulting in JMP staff members contributing to this endeavour in a proactive way across numerous initiatives.
T Panayides
Director
30 July 2025
CALEDONIA LIMITED
CHAIR STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
I am pleased to report on our performance for the year ended 31 October 2024 and associated developments in our business.
Our financial performance for the year has been remarkably successful. Our turnover and profit for this year were increased from previous years, with turnover in excess of £21m (2023: £10.5m (unaudited)) and pre-tax profits of £4.0m (2023: £1.3m (unaudited)). Cash balances at the reporting date were £2.6m (2023: £1.6m) and EBITDA before exceptional items (defined as earnings before interest, tax, depreciation, amortisation and exceptional items) was £4.0m (2023: £1.6m) for the year.
As an agile and creative business, we have been able to build on the financial success of the acquired entity, expanding our portfolio of projects, and our team, which now includes studios in London, Edinburgh, Belfast, Sydney and New York. New technologies and infrastructure implemented post COVID for remote and hybrid working has also allowed international work to be effectively shared across these global studios.
John McAslan + Partners is one of the UK’s most celebrated and innovative architectural practices, with some 200 international design awards since its foundation in the mid 1990’s. These include Queen’s Awards for Enterprise in International Trade in 2014 and 2022, some 30 RIBA Awards, numerous Civic Trust and BCIA Awards, and three coveted Nostra Awards – Europe’s leading prize for Cultural Heritage.
The JMP brand is known for its design excellence, its commitment to education and interdisciplinary collaborations and its ethos to addressing pressing societal issues, such as homelessness. The business is led by a dedicated team who have worked together over an extended period across the group's portfolio of cultural, education, transport, mixed use and landscape projects.
These positive results coincide with the implementation of the group's succession plan that has widened the ownership of the group to 15 members of the existing team. The transition to a collective ownership model, together with our distinctive design and social ethos, establishes an exciting approach to growing the group, with its next generation of architects and designers playing pivotal leadership roles across studios and portfolios.
Work completed over the last 12 months or so includes the new Waterloo Station, alongside the city’s Central Station completed by JMP in 2023, both key elements within Sydney Metro, Australia's biggest public transport project. Other important completions include the British Museum’s Archaeological Collection research facility in Reading marking the first completely independent building created for the museum since its mid 19th century neo-classical museum opened in Bloomsbury.
Additionally, the landscape team is nearing completion of London’s Sloane Street masterplan transforming its public realm into an urban green corridor, whilst the Edinburgh studio is leading on the Avenues and George Square environmental infrastructure project in Glasgow. Further, John McAslan + Partners’ newly opened New York studio is collaborating architect on the transformation of Penn Station in New York, the busiest railway station in the Western Hemisphere. Other notable ongoing projects include: Belfast Grand Central Station; the University of Oxford Saïd Global Leadership Centre; a number of cultural projects in the Middle East; and a new World Bank supported university teaching facility in Malawi.
Looking forward to the financial year of 2024/2025, the group expects to surpass this year’s financial performance due to the strong pipeline of secured new commissions in the UK and internationally. This will allow the business to continue to increase our cash reserves retained in the business, increasing our resilience to the current volatility of the global economy, but importantly facilitating our programme of social and educational initiatives that widen access to the profession and support community engagement, that have been a core part of the practice's ethos since the inception of John McAslan + Partners in 1993.
CALEDONIA LIMITED
CHAIR STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
This strong outlook reflects the strength and resilience of the group's highly skilled team. Our expertise in the transport, masterplanning and cultural sectors are particularly in demand, as is our sensitive ecological approach to turning old into new, which forms a central part of our portfolio. We are committed to design excellence and look forward to helping like-minded clients deliver on their aspirations in the year ahead.
On behalf of the board.
John McAslan CBE
Chair
30 July 2025
CALEDONIA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
The directors present their report and audited financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the group continues to be that of a successful, international architectural practice delivering architectural, master planning, landscape and heritage consultancy services across multiple sectors. Expertise ranges from large scale infrastructure projects through to complex and technically challenging cultural and educational projects; many requiring adaptive re-use of existing buildings.
The principal activity of the company is that of a holding company.
Results and dividends
Ordinary dividends were paid amounting to £436,687 (2023: £nil). The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J McAslan CBE
T Panayides
(Appointed 15 May 2024)
A Harris
(Appointed 15 May 2024)
S Kirby
(Appointed 15 May 2024)
Auditor
Beavis Morgan Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management objectives and policies, exposure to financial risks and future developments.true
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
T Panayides
Director
30 July 2025
CALEDONIA LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
The directors are responsible for preparing the Annual 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 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 group and company, 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; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CALEDONIA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CALEDONIA LIMITED
- 6 -
Opinion
We have audited the financial statements of Caledonia Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 FRS 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 the parent company's affairs as at 31 October 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.
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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 matters
The comparative figures are unaudited.
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 report. 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. 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.
CALEDONIA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CALEDONIA LIMITED
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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 group and the parent company and their 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 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
CALEDONIA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CALEDONIA LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations, RIBA and ARB standards of conduct and practice, and health and safety legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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.
Jacob Scotland
Senior Statutory Auditor
For and on behalf of Beavis Morgan Audit Ltd
31 July 2025
Chartered Accountants
Statutory Auditor
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
CALEDONIA LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
unaudited
Notes
£
£
Turnover
3
21,522,414
10,521,488
Cost of sales
(13,767,693)
(5,587,434)
Gross profit
7,754,721
4,934,054
Administrative expenses
(3,749,212)
(3,415,301)
Exceptional items
4
(217,545)
Operating profit
5
4,005,509
1,301,208
Interest receivable and similar income
362
Interest payable and similar expenses
6
(9,884)
(63,804)
Fair value movement in interest rate swaps
9
-
18,891
Profit before taxation
3,995,625
1,256,657
Tax on profit
11
(598,468)
(40,014)
Profit for the financial year
3,397,157
1,216,643
Profit for the financial year is all attributable to the owners of the parent company.
The group profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 16 to 32 form part of these financial statements.
CALEDONIA LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
2024
2023
unaudited
£
£
Profit for the year
3,397,157
1,216,643
Other comprehensive income
Currency translation loss taken to retained earnings
(16,391)
(13,004)
Total comprehensive income for the year
3,380,766
1,203,639
Total comprehensive income for the year is all attributable to the owners of the parent company.
The notes on pages 16 to 32 form part of these financial statements.
CALEDONIA LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
unaudited
Notes
£
£
£
£
Fixed assets
Tangible assets
12
90,129
67,334
Investments
13
4,400
4,400
94,529
71,734
Current assets
Debtors
16
10,899,238
5,045,263
Cash at bank and in hand
2,595,453
1,634,541
13,494,691
6,679,804
Creditors: amounts falling due within one year
17
(7,733,202)
(3,792,637)
Net current assets
5,761,489
2,887,167
Total assets less current liabilities
5,856,018
2,958,901
Creditors: amounts falling due after more than one year
18
(8,333)
(34,177)
Provisions for liabilities
Provisions
21
685,000
685,000
Deferred tax liability
22
389
21,507
(685,389)
(706,507)
Net assets
5,162,296
2,218,217
Capital and reserves
Called up share capital
24
63,570
63,570
Share premium account
43,368
43,368
Capital redemption reserve
25
39,465
39,465
Profit and loss reserves
5,015,893
2,071,814
Total equity
5,162,296
2,218,217
The notes on pages 16 to 32 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 30 July 2025 and are signed on its behalf by:
30 July 2025
T Panayides
Director
Company registration number 04683877 (England and Wales)
CALEDONIA LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 12 -
2024
2023
unaudited
Notes
£
£
£
£
Fixed assets
Tangible assets
12
363
Investments
13
805,221
805,221
805,221
805,584
Current assets
Debtors
16
146,232
146,332
Cash at bank and in hand
110
107
146,342
146,439
Creditors: amounts falling due within one year
17
(57)
(57)
Net current assets
146,285
146,382
Net assets
951,506
951,966
Capital and reserves
Called up share capital
24
63,570
63,570
Share premium account
43,368
43,368
Capital redemption reserve
25
39,465
39,465
Profit and loss reserves
805,103
805,563
Total equity
951,506
951,966
The notes on pages 16 to 32 form part of these financial statements.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £436,227 (2023 - £258,878 profit).
The financial statements were approved by the board of directors and authorised for issue on 30 July 2025 and are signed on its behalf by:
30 July 2025
T Panayides
Director
Company registration number 04683877 (England and Wales)
CALEDONIA LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022 - unaudited
63,570
43,368
39,465
868,175
1,014,578
Year ended 31 October 2023 - unaudited:
Profit for the year
-
-
-
1,216,643
1,216,643
Other comprehensive income:
Currency translation differences
-
-
-
(13,004)
(13,004)
Total comprehensive income
-
-
-
1,203,639
1,203,639
Balance at 31 October 2023 - unaudited
63,570
43,368
39,465
2,071,814
2,218,217
Year ended 31 October 2024:
Profit for the year
-
-
-
3,397,157
3,397,157
Other comprehensive income:
Currency translation differences
-
-
-
(16,391)
(16,391)
Total comprehensive income
-
-
-
3,380,766
3,380,766
Dividends
10
-
-
-
(436,687)
(436,687)
Balance at 31 October 2024
63,570
43,368
39,465
5,015,893
5,162,296
The notes on pages 16 to 32 form part of these financial statements.
CALEDONIA LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022 - unaudited
63,570
43,368
39,465
546,685
693,088
Year ended 31 October 2023 - unaudited:
Profit and total comprehensive income for the year
-
-
-
258,878
258,878
Balance at 31 October 2023 - unaudited
63,570
43,368
39,465
805,563
951,966
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
436,227
436,227
Dividends
10
-
-
-
(436,687)
(436,687)
Balance at 31 October 2024
63,570
43,368
39,465
805,103
951,506
The notes on pages 16 to 32 form part of these financial statements.
CALEDONIA LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
2024
2023
unaudited
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
2,098,872
1,345,175
Interest paid
(9,884)
(63,804)
Income taxes (paid)/refunded
(543,813)
736,627
Net cash inflow from operating activities
1,545,175
2,017,998
Investing activities
Purchase of tangible fixed assets
(62,282)
(61,912)
Interest received
362
Net cash used in investing activities
(62,282)
(61,550)
Financing activities
Repayment of bank loans
(10,000)
(10,000)
Payment of finance leases obligations
(58,842)
(503,690)
Dividends paid to equity shareholders
(436,687)
-
Net cash used in financing activities
(505,529)
(513,690)
Net increase in cash and cash equivalents
977,364
1,442,758
Cash and cash equivalents at beginning of year
1,634,541
207,507
Effect of foreign exchange rates
(16,452)
(15,724)
Cash and cash equivalents at end of year
2,595,453
1,634,541
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
1
Accounting policies
Company information
Caledonia Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.
The principal place of business is 29-31 Saffron Hill, London, EC1N 8FH.
The group consists of Caledonia Limited, John McAslan & Partners Limited, and John McAslan & Partners (Australia) Limited. John McAslan & Partners Inc. is excluded on the basis it is immaterial to the group.
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.
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.
The parent company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
The financial statements of the group and company are consolidated in the financial statements of McAslan Holdings Limited. These consolidated financial statements are available from its registered office, 82 St John Street, London, EC1M 4JN.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination.
1.3
Basis of consolidation
The consolidated financial statements incorporate those of Caledonia Limited and all of its material subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).
All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern
As at the balance sheet date, the group had net assets of £5.6m (2023: £2.2m), including £2.6m (2023: £1.6m) of cash at bank, which the directors believe will enable the group to meet its financial obligations and working capital requirements for the ensuing accounting period.
The directors continue to monitor and track turnover predictions carefully and have taken action where necessary to limit risk exposure. The directors are satisfied that the group is in a sound position to move forward through 2025 and into 2026.
Accordingly, the directors consider it appropriate to prepare the accounts on a going concern basis.
1.5
Turnover
Turnover represents amounts receivable for architectural services net of VAT. Income is recognised when revenue of a project can be estimated reliably by reference to the stage of completion of the transaction at the end of the reporting date. This exercise is performed on all ongoing projects at the end of the reporting date.
In the instance of a loss making project whereby contract costs exceeds project revenue. The expected loss is recognised as an expense immediately.
Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
1.6
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:
Improvements to short leasehold premises
Over the remaining period of the lease
Computer equipment
50% reducing balance
Furniture and equipment
25% reducing balance
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 recognised in the profit and loss account.
1.7
Fixed asset investments
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less provision for impairment.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Impairment of fixed assets
At each reporting period end date, the group 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.10
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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 trade debtors, other debtors, amounts due from related parties and cash at bank and in hand, 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.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
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 group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade creditors, bank loans, amounts owed to group undertakings, accruals, and other creditors, 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.
Other financial liabilities
Derivatives, including interest rate swaps, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the group 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 group.
1.12
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
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 if, and only if, there is 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.
1.13
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leased asset are consumed.
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 21 -
1.17
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
Consolidation of foreign subsidiaries has been effected using the closing rate method. For subsidiary companies reporting in foreign currencies, profit and loss account transactions have been translated at the average rate ruling during the year and balance sheet items have been translated at the rate ruling at the year-end. Differences arising from the retranslation of net investments in foreign subsidiaries are taken to other comprehensive income.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. These would be in respect of depreciation, provision for bad debts, appraisal of work in progress, and accruals of subcontracts.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stage of completion of long-term contracts
Estimation is required in determining stage of completion of long-term contracts. This is calculated using stage of completion based on costs incurred. Estimation can arise as a result of uncertainty over total costs over the length of the project. Speculative work performed where a contract is not yet in place is excluded from the financial statements when the projects are in the pipeline phase of development. Recoverable work in progress is recognised in debtors under accrued income (see note 16), and in creditors under deferred income (see note 17).
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
unaudited
£
£
Turnover analysed by class of business
Architectural services
21,522,414
10,521,488
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
2023
unaudited
£
£
Turnover analysed by geographical market
UK
1,871,983
3,072,507
Middle East
17,763,381
6,560,885
Rest of World
1,887,050
888,096
21,522,414
10,521,488
4
Exceptional item
2024
2023
unaudited
£
£
Expenditure
Dilapidations
-
217,545
Exceptional item relates to the increase of the dilapidations provision and dilapidation expenses paid during the prior year.
5
Operating profit
2024
2023
unaudited
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
314,763
(28,079)
Fees payable to the group's auditor for the audit of the group's financial statements
12,000
-
Depreciation of owned tangible fixed assets
39,548
89,115
Amortisation of intangible assets
-
483
Operating lease charges
263,914
372,639
6
Interest payable and similar expenses
2024
2023
unaudited
£
£
Interest on bank overdrafts and loans
2,436
30,052
Interest on finance leases and hire purchase contracts
7,448
33,752
Total finance costs
9,884
63,804
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
unaudited
unaudited
Number
Number
Number
Number
Architectural staff
49
45
-
-
Administrative staff
9
8
2
1
Total
58
53
2
1
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
unaudited
unaudited
£
£
£
£
Wages and salaries
2,978,614
2,630,944
Social security costs
292,257
212,163
-
-
Pension costs
123,603
100,616
3,394,474
2,943,723
8
Directors' remuneration
2024
2023
unaudited
£
£
Remuneration for qualifying services
335,638
502,957
Company pension contributions to defined contribution schemes
32,997
26,401
368,635
529,358
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
unaudited
£
£
Remuneration for qualifying services
206,831
131,456
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
9
Fair value movement in Interest rate swap
2024
2023
unaudited
£
£
Fair value gains on financial instruments
Change in value of financial assets held at fair value through profit or loss
-
18,891
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
436,687
-
11
Taxation
2024
2023
unaudited
£
£
Current tax
UK corporation tax on profits for the current period
701,707
12,739
Double tax relief
(701,707)
(12,739)
Total UK current tax
Foreign current tax on profits for the current period
619,586
40,014
Total current tax
619,586
40,014
Deferred tax
Origination and reversal of timing differences
7,331
Adjustment in respect of prior periods
(28,449)
Total deferred tax
(21,118)
Total tax charge
598,468
40,014
The standard UK corporation tax rate increased from 19% to 25% on 1st April 2023. In the prior year, a blended rate of 22.5% was used.
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11
Taxation
(Continued)
- 25 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
unaudited
£
£
Profit before taxation
3,995,625
1,256,657
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
998,906
282,748
Tax effect of expenses that are not deductible in determining taxable profit
20,219
9,150
Unutilised tax losses carried forward
116
Permanent capital allowances in excess of depreciation
(533)
Effect of overseas tax rates
(114,285)
(8,540)
Deferred tax adjustments in respect of prior years
(28,449)
Additional deduction for R&D expenditure
(278,039)
(237,785)
Deferred tax not recognised
-
(5,026)
Taxation charge
598,468
40,014
12
Tangible fixed assets
Group
Improvements to short leasehold premises
Computer equipment
Furniture and equipment
Total
£
£
£
£
Cost
At 1 November 2023 - unaudited
55,618
94,857
29,966
180,441
Additions
61,982
300
62,282
Exchange adjustments
(1,117)
(28)
(1,145)
At 31 October 2024
55,618
155,722
30,238
241,578
Depreciation and impairment
At 1 November 2023 - unaudited
11,214
76,848
25,045
113,107
Depreciation charged in the year
18,540
18,417
2,591
39,548
Exchange adjustments
(1,186)
(20)
(1,206)
At 31 October 2024
29,754
94,079
27,616
151,449
Carrying amount
At 31 October 2024
25,864
61,643
2,622
90,129
At 31 October 2023 - unaudited
44,404
18,009
4,921
67,334
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
12
Tangible fixed assets
(Continued)
- 26 -
Company
Furniture and equipment
£
Cost
At 1 November 2023 - unaudited and 31 October 2024
20,320
Depreciation and impairment
At 1 November 2023 - unaudited
19,957
Depreciation charged in the year
363
At 31 October 2024
20,320
Carrying amount
At 31 October 2024
At 31 October 2023 - unaudited
363
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
unaudited
unaudited
Notes
£
£
£
£
Investments in subsidiaries
14
805,221
805,221
Unlisted investments
4,400
4,400
4,400
4,400
805,221
805,221
Movements in fixed asset investments
Group
Investments other than loans
£
Cost or valuation
At 1 November 2023 - unaudited and 31 October 2024
4,400
Carrying amount
At 31 October 2024
4,400
At 31 October 2023 - unaudited
4,400
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 November 2023 - unaudited and 31 October 2024
805,221
Carrying amount
At 31 October 2024
805,221
At 31 October 2023 - unaudited
805,221
14
Subsidiaries
Details of the company's subsidiaries at 31 October 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
John McAslan & Partners (Australia) Pty Limited
Level 12, 60 Castlereagh Street, Sydney, NSW 2000
Architectural services
Ordinary
100.00
John McAslan & Partners Limited
82 St John Street, London, EC1M 4JN
Architectural services
Ordinary
100.00
John McAslan & Partners Inc
10 East 40th Street, 35th Floor, New York, NY 10016
Architectural services
Ordinary
100.00
15
Financial instruments
Barclays Bank Plc provided a mark to market rate at each financial year end which determined the fair value of the derivative. The movement on the derivative is recognised in the profit or loss immediately. The derivative instrument expired during the prior financial year.
16
Debtors
Group
Company
2024
2023
2024
2023
unaudited
unaudited
Amounts falling due within one year:
£
£
£
£
Trade debtors
8,055,186
4,082,348
Corporation tax recoverable
43,357
Amounts owed by group undertakings
18,695
-
146,232
146,332
Other debtors
434,673
461,164
Prepayments and accrued income
2,390,684
458,394
10,899,238
5,045,263
146,232
146,332
Included within prepayments and accrued income is £1,994,874 (2023: £329,261) of accrued income as part of accounting for long term contracts.
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
unaudited
unaudited
Notes
£
£
£
£
Bank loans
19
10,000
10,000
Obligations under finance leases
20
15,795
58,793
Trade creditors
5,265,594
2,275,185
Gross amounts owed to contract customers
475,334
42,640
Amounts owed to group undertakings
57
57
Corporation tax payable
35,534
3,118
Other taxation and social security
119,971
80,848
-
-
Deferred income
372,713
249,346
Other creditors
37,391
29,970
Accruals
1,400,870
1,042,737
7,733,202
3,792,637
57
57
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
unaudited
unaudited
Notes
£
£
£
£
Bank loan
19
8,333
18,333
Obligations under finance leases
20
15,844
8,333
34,177
19
Loans
Group
Company
2024
2023
2024
2023
unaudited
unaudited
£
£
£
£
Bank loan
18,333
28,333
Payable within one year
10,000
10,000
Payable after one year
8,333
18,333
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 29 -
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
unaudited
unaudited
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
15,795
58,793
In two to five years
15,844
15,795
74,637
-
-
Finance lease payments represent rentals payable by the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21
Provisions for liabilities
Group
Company
2024
2023
2024
2023
unaudited
unaudited
£
£
£
£
Professional indemnity claims
200,000
200,000
-
-
Dilapidations
485,000
485,000
-
-
685,000
685,000
-
-
Movements on provisions:
Professional indemnity claims
Dilapidations
Total
Group
£
£
£
At 1 November 2023 - unaudited and 31 October 2024
200,000
485,000
685,000
22
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
unaudited
Group
£
£
Accelerated capital allowances
389
21,507
The company has no deferred tax assets or liabilities.
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
22
Deferred taxation
(Continued)
- 30 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
21,507
-
Credit to profit or loss
(21,118)
-
Liability at 31 October 2024
389
-
The deferred tax rate applied is 25% (2023: 25%). This amount is expected to reverse within the next 12 months.
23
Retirement benefit schemes
2024
2023
unaudited
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
123,603
100,616
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
63,570
63,570
63,570
63,570
25
Capital redemption reserve
Group
Company
2024
2023
2024
2023
unaudited
unaudited
£
£
£
£
At beginning and end of year
39,465
39,465
39,465
39,465
26
Financial commitments, guarantees and contingent liabilities
National Westminster Bank Plc hold a fixed and floating charge over all assets of a subsidiary company of Caledonia Limited at the reporting date. The charges are held as security over credit card and overdraft facilities provided to a subsidiary undertaking, John McAslan & Partners Limited. At the balance sheet date, a total of £1,233 (2023: £nil) was owed by the group with respect to the credit card facility.
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 31 -
27
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
unaudited
unaudited
£
£
£
£
Within one year
276,471
201,347
-
-
Between two and five years
74,897
231,668
-
-
351,368
433,015
-
-
28
Related party transactions
Group
At the balance sheet date the group owed the following amounts to directors, which are included in creditors: J McAslan CBE £7,176 (2023: £3,455), Theofanis Panayides £1,625 (2023: £2,712) and Andrew Harris £94 (2023: £72).
At the balance sheet date the group was owed £18,695 (2023: £nil) from members within the same group.
At the balance sheet date, a balance of £26,990 (2023: £20,910) was also owed from John McAslan Architecture NY D.P.C, a company controlled by J McAslan CBE.
Company
The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" and has not disclosed transactions with the parent company or other wholly owned group members.
At the balance sheet date, an aggregated balance of £146,175 (2023: £146,275) was owed from a subsidiary.
29
Ultimate controlling party
During the year the company's immediate and ultimate parent undertaking became McAslan Holdings Limited, a company incorporated in England and Wales. McAslan Holdings Limited is the largest company for which consolidated financial statements are preared. These consolidated financial statements represent the smallest group for which financial statements are prepared. The consolidated financial statements of McAslan Holdings Limited are available for inspection on request at 82 St John Street, London, EC1M 4JN.
The ultimate controlling party at the start of the reporting period was J McAslan CBE. After the sale of the company on 15 May 2024, there is no one ultimate controlling party.
CALEDONIA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 32 -
30
Cash generated from group operations
2024
2023
£
£
Profit after taxation
3,397,157
1,216,643
Adjustments for:
Taxation charged
598,468
40,014
Finance costs
9,884
63,804
Investment income
(362)
Amortisation and impairment of intangible assets
-
483
Depreciation and impairment of tangible fixed assets
39,548
89,115
Other gains and losses
-
(18,891)
Increase in provisions
-
260,000
Movements in working capital:
Increase in debtors
(5,897,332)
(1,917,646)
Increase in creditors
3,827,780
1,476,444
Increase in deferred income
123,367
135,571
Cash generated from operations
2,098,872
1,345,175
31
Analysis of changes in net funds - group
1 November 2023
Cash flows
Exchange rate movements
31 October 2024
£
£
£
£
Cash at bank and in hand
1,634,541
977,364
(16,452)
2,595,453
Borrowings excluding overdrafts
(28,333)
10,000
-
(18,333)
Obligations under finance leases
(74,637)
58,842
-
(15,795)
1,531,571
1,046,206
(16,452)
2,561,325
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