Company registration number 02802936 (England and Wales)
JOHN MCASLAN & PARTNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
JOHN MCASLAN & PARTNERS 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
02802936
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
JOHN MCASLAN & PARTNERS LIMITED
CONTENTS
Page
Strategic report
1
Chair statement
2 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 24
JOHN MCASLAN & PARTNERS 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

John McAslan + Partners ("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 practice 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 practice continues to operate a low-risk financial strategy taking measured risks into new markets. The practice 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 practice 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.

On behalf of the board

T Panayides
Director
30 July 2025
JOHN MCASLAN & PARTNERS 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: £10.3m (unaudited)) and pre-tax profits of £3.9m (2023: £1.1m (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: £1.4m) for the year.

 

As an agile and creative business, we have been able to build on the financial success of 2023, 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 practice’s portfolio of cultural, education, transport, mixed use and landscape projects.

 

These positive results coincide with the implementation of the practice’s succession plan that has widened the ownership of the practice 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 practice, 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 practice’s 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 practice’s 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 practice 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 its inception in 1993.

 

 

 

 

 

 

 

 

JOHN MCASLAN & PARTNERS LIMITED
CHAIR STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

This strong outlook reflects the strength and resilience of the practice'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
JOHN MCASLAN & PARTNERS 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 company 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.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £436,687 (2023: £260,000). The directors do not recommend payment of a final 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 Ltd were appointed as auditor to the company 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.

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
T Panayides
Director
30 July 2025
JOHN MCASLAN & PARTNERS 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 company and of the profit or loss of the company for that period.

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

JOHN MCASLAN & PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHN MCASLAN & PARTNERS LIMITED
- 6 -
Opinion

We have audited the financial statements of John McAslan & Partners Limited (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other matters
The comparative figures are unaudited.

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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

JOHN MCASLAN & PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHN MCASLAN & PARTNERS LIMITED (CONTINUED)
- 7 -
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:

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 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.

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.

JOHN MCASLAN & PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHN MCASLAN & PARTNERS LIMITED (CONTINUED)
- 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:

 

 

 

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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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
JOHN MCASLAN & PARTNERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
unaudited
Notes
£
£
Turnover
3
21,467,450
10,327,512
Cost of sales
(14,034,345)
(5,785,339)
Gross profit
7,433,105
4,542,173
Administrative expenses
(3,499,418)
(3,186,361)
Exceptional items
4
-
0
(217,545)
Operating profit
5
3,933,687
1,138,267
Interest receivable and similar income
-
0
36
Interest payable and similar expenses
6
(7,641)
(40,823)
Profit before taxation
3,926,046
1,097,480
Tax on profit
9
(566,314)
-
0
Profit for the financial year
3,359,732
1,097,480

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 24 form part of these financial statements.

JOHN MCASLAN & PARTNERS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
unaudited
Notes
£
£
£
£
Fixed assets
Tangible assets
11
87,379
66,547
Investments
4,400
4,400
91,779
70,947
Current assets
Debtors
12
10,869,093
4,948,437
Cash at bank and in hand
2,567,141
1,614,675
13,436,234
6,563,112
Creditors: amounts falling due within one year
13
(8,203,293)
(4,185,422)
Net current assets
5,232,941
2,377,690
Total assets less current liabilities
5,324,720
2,448,637
Creditors: amounts falling due after more than one year
14
(8,333)
(34,177)
Provisions for liabilities
Provisions
17
685,000
685,000
Deferred tax liability
18
389
21,507
(685,389)
(706,507)
Net assets
4,630,998
1,707,953
Capital and reserves
Called up share capital
20
5,000
5,000
Capital redemption reserve
5,000
5,000
Profit and loss reserves
4,620,998
1,697,953
Total equity
4,630,998
1,707,953

The notes on pages 12 to 24 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:
T Panayides
Director
Company registration number 02802936 (England and Wales)
JOHN MCASLAN & PARTNERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022 - unaudited
5,000
5,000
860,473
870,473
Year ended 31 October 2023 - unaudited:
Profit and total comprehensive income
-
-
1,097,480
1,097,480
Dividends
10
-
-
(260,000)
(260,000)
Balance at 31 October 2023 - unaudited
5,000
5,000
1,697,953
1,707,953
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
3,359,732
3,359,732
Dividends
10
-
-
(436,687)
(436,687)
Balance at 31 October 2024
5,000
5,000
4,620,998
4,630,998

The notes on pages 12 to 24 form part of these financial statements.

JOHN MCASLAN & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
1
Accounting policies
Company information

John McAslan & Partners Limited is a company limited by shares 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.

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.

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of Caledonia Limited. These consolidated financial statements are available from its registered office, 82 St John Street, London, EC1M 4JN.

1.2
Going concern

As at the balance sheet date, the company had net assets of true£4.6m (2023: £1.7m), including £2.6m (2023: £1.6m) of cash at bank, which the directors believe will enable the company to meet its financial obligations and working capital requirements for a period of 12 months following the date of approval of these financial statements.

 

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 company 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.

1.3
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.

JOHN MCASLAN & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 13 -
1.4
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:

Improvement to short leasehold premises
Over the remaining period of the lease
Computer equipment
25% straight line
Furniture and equipment
25% straight line

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.

1.5
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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand. When applicable, 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’ 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 trade and other debtors, cash at bank and in hand, accrued income, and amounts advanced to fellow group members 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.

Other financial assets

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. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

JOHN MCASLAN & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 14 -
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 company 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.

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 trade and other creditors, bank loans, obligations under finance leases, and loans from fellow group companies, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

JOHN MCASLAN & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
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
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company 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.

1.11
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.

1.12
Retirement benefits

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

1.13
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.

JOHN MCASLAN & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

 

1.14
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

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 12), and in creditors under deferred income (see note 13).

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
unaudited
£
£
Turnover analysed by class of business
Architectural services
21,467,450
10,327,512
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
1,832,086
694,120
21,467,450
10,327,512
JOHN MCASLAN & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 17 -
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
(28,077)
Fees payable to the company's auditor for the audit of the company's financial statements
66,000
-
Depreciation of owned tangible fixed assets
36,636
80,560
Operating lease charges
233,642
346,636
6
Interest payable and similar expenses
2024
2023
unaudited
£
£
Interest on bank loans
1,059
10,694
Interest on finance leases and hire purchase contracts
6,582
30,129
7,641
40,823
7
Employees

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

2024
2023
unaudited
Number
Number
Architectural staff
40
35
Administrative staff
8
7
Total
48
42
JOHN MCASLAN & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
7
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2024
2023
unaudited
£
£
Wages and salaries
2,413,818
2,162,875
Social security costs
292,257
212,163
Pension costs
123,603
100,616
2,829,678
2,475,654
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 include the following amounts paid to the highest paid director:
2024
2023
unaudited
£
£
Remuneration for qualifying services
206,831
131,456
9
Taxation
2024
2023
£
£
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
-
0
-
0
Foreign current tax on profits for the current period
587,432
-
0
Total current tax
587,432
-
0
JOHN MCASLAN & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
7,331
-
0
Adjustment in respect of prior periods
(28,449)
-
0
Total deferred tax
(21,118)
-
0
Total tax charge
566,314
-
0

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.

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
£
£
Profit before taxation
3,926,046
1,097,480
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
981,512
246,933
Tax effect of expenses that are not deductible in determining taxable profit
5,575
9,150
Permanent capital allowances in excess of depreciation
-
0
(533)
Effect of overseas tax rates
(114,285)
(12,739)
Deferred tax adjustments in respect of prior years
(28,449)
-
0
Additional deduction for R&D expenditure
(278,039)
(237,785)
Deferred tax not recognised
-
0
(5,026)
Taxation charge for the year
566,314
-
10
Dividends
2024
2023
unaudited
£
£
Interim paid
436,687
260,000
JOHN MCASLAN & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
11
Tangible fixed assets
Improvement to short leasehold premises
Computer equipment
Furniture and equipment
Total
£
£
£
£
Cost
At 1 November 2023 -  unaudited
55,618
39,187
8,268
103,073
Additions
-
0
57,168
300
57,468
At 31 October 2024
55,618
96,355
8,568
160,541
Depreciation and impairment
At 1 November 2023 -  unaudited
11,214
21,178
4,134
36,526
Depreciation charged in the year
18,540
15,973
2,123
36,636
At 31 October 2024
29,754
37,151
6,257
73,162
Carrying amount
At 31 October 2024
25,864
59,204
2,311
87,379
At 31 October 2023 - unaudited
44,404
18,009
4,134
66,547
12
Debtors
2024
2023
unaudited
Amounts falling due within one year:
£
£
Trade debtors
8,055,186
4,041,941
Amounts owed by group undertakings
18,695
-
0
Other debtors
414,199
451,165
Prepayments and accrued income
2,381,013
455,331
10,869,093
4,948,437

Included within prepayments and accrued income is £1,994,874 (2023: £329,261) of accrued income as part of accounting for long term contracts.

 

JOHN MCASLAN & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
13
Creditors: amounts falling due within one year
2024
2023
unaudited
Notes
£
£
Bank loans
15
10,000
10,000
Obligations under finance leases
16
15,795
58,793
Trade creditors
5,181,208
2,237,944
Gross amounts owed to contract customers
475,334
42,640
Amounts owed to group undertakings
687,360
495,391
Corporation tax
3,118
3,118
Other taxation and social security
77,115
57,005
Deferred income
372,713
249,346
Other creditors
37,391
29,970
Accruals
1,343,259
1,001,215
8,203,293
4,185,422
14
Creditors: amounts falling due after more than one year
2024
2023
unaudited
Notes
£
£
Bank loan
15
8,333
18,333
Obligations under finance leases
16
-
0
15,844
8,333
34,177
15
Loans
2024
2023
unaudited
£
£
Bank loan
18,333
28,333
Payable within one year
10,000
10,000
Payable after one year
8,333
18,333

The bank loan is a bounce back loan where the lender is backed by a government guarantee. The amount is repayable by monthly instalments within 6 years and has a 2.5% interest rate.

JOHN MCASLAN & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
16
Finance lease obligations
2024
2023
unaudited
Future minimum lease payments due under finance leases:
£
£
Within one year
15,795
58,793
In two to five years
-
0
15,844
15,795
74,637

Finance lease payments represent rentals payable by the company 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.

17
Provisions for liabilities
2024
2023
unaudited
£
£
Professional indemnity claims
200,000
200,000
Dilapidations
485,000
485,000
685,000
685,000
Deferred tax liabilities
18
389
21,507
685,389
706,507
Movements on provisions:
Professional indemnity claims
Dilapidations
Total
£
£
£
At 1 November 2023 (unaudited) and 31 October 2024
200,000
485,000
685,000
18
Deferred taxation

Deferred tax assets and liabilities are offset where the 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
Balances:
£
£
Accelerated capital allowances
389
21,507
JOHN MCASLAN & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
18
Deferred taxation
(Continued)
- 23 -
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.

19
Retirement benefit schemes
2024
2023
unaudited
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
123,603
100,616

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
unaudited
unaudited
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,000
5,000
5,000
5,000
21
Financial commitments, guarantees and contingent liabilities

National Westminster Bank Plc hold a fixed and floating charge over all assets of John McAslan & Partners Limited at the reporting date. The charges are held as security over credit card and overdraft facilities provided to John McAslan & Partners Limited. At the balance sheet date, a total of £1,233 (2023: £nil) was owed with respect to the credit card facility.

JOHN MCASLAN & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
22
Operating lease commitments
Lessee

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

2024
2023
unaudited
£
£
Within one year
222,745
172,163
Between two and five years
72,415
229,236
295,160
401,399
23
Ultimate controlling party

The immediate parent company is Caledonia Limited, a company registered in England and Wales. The ultimate parent undertaking is McAslan Holdings Limited, a company registered in England and Wales. McAslan Holdings Limited is the largest group for which consolidated financial statements are prepared. Caledonia Limited is the smallest group for which consolidated financial statements are prepared. Copies of financial statements can be obtained from the registered office, 82 St John Street, London, EC1M 4JN.

 

There is no ultimate controlling party.

24
Related party transactions

The company has taken advantage of the exemption available in s33.1A of 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 £668,665 (2023: £495,391) was owed to the parent company and other group members. A balance of £26,990 (2023: £20,190) was also owed from John McAslan Architecture NY D.P.C, a company controlled by J McAslan CBE.

 

At the balance sheet date the company owed the following amounts to directors, which are included in creditors: J McAslan CBE £7,176 (2023: £3,455), T Panayides £1,625 (2023: £nil) and A Harris £94 (2023: £nil)

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