Company registration number: 05012801
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Motivated by imaginative design, Make’s core purpose is to deliver spaces that inspire people and transform lives. The practice recognises the importance of ethical, sustainable business practices, and is committed to being an inclusive, equitable employer and service provider, keeping people and the planet at the centre of all it does.
Since its foundation in 2004, Make has worked on more than 2,000 projects worldwide, covering a range of sectors, from residential developments and private homes to commercial offices, hotels, retail centres, masterplans and infrastructure hubs. The practice currently has 90 people across London, Hong Kong and Shanghai providing architecture, interior and urban design services from concept to completion.
Employee ownership has been a cornerstone of the practice since it was founded in 2004. Being employee-owned is fundamental to how Make operates and makes business decisions.
Make is a certified B Corporation. Being B Corp-certified holds the practice accountable to all its stakeholders with respect to design performance, sustainability practices and company footprint, both in social and environmental terms. The B Corp certification process has deepened Make’s understanding of how and where it can do more to use its business as a force of good.
Since its foundation in 2004, Make has worked on more than 2,000 projects worldwide, covering a range of sectors, from residential developments and private homes to commercial offices, hotels, retail centres, masterplans and infrastructure hubs. The practice currently has 90 people across London, Hong Kong and Shanghai providing architecture, interior and urban design services from concept to completion.
Employee ownership has been a cornerstone of the practice since it was founded in 2004. Being employee-owned is fundamental to how Make operates and makes business decisions.
Make is a certified B Corporation. Being B Corp-certified holds the practice accountable to all its stakeholders with respect to design performance, sustainability practices and company footprint, both in social and environmental terms. The B Corp certification process has deepened Make’s understanding of how and where it can do more to use its business as a force of good.
Make approached 2024 with caution following a challenging 2023. With global economic conditions remaining unfavourable and several projects held up in planning, Make took the strategic decision early in the year to implement a company-wide cost-cutting initiative, which included workforce restructuring.
The impact of inflationary pressure and slower-than-expected recovery in key markets compelled Make to take the difficult decision of implementing a redundancy programme throughout 2024. This was necessary to ensure long-term financial stability and align operating costs with the reduced revenue outlook. Despite the challenges, Make was able to stabilise in the latter part of the year. Projects completed or on site in 2024 include:
∙20 and 22 Ropemaker Street – design and delivery of a 27-storey commercial tower in central London.
∙Four New Bailey and Eden – design and delivery of two new office buildings as part of a masterplan in Salford, Greater Manchester.
∙The MixC, Shenzhen – renovation and interior fit-out of a major shopping mall in Shenzhen, China.
∙Worship Square – design for a new 9-storey workplace in London’s South Shoreditch Conservation Area.
∙Adelaide Bar & Restaurant – interior refurbishment of a listed hotel in Adelaide, Australia, to provide a lounge, bar and restaurant.
∙GDH Nansha – design and delivery of two office towers totalling 1,000,000ft² in Guangzhou, China.
∙40 Leadenhall – design and delivery of a major new office tower in the City of London with an integrated heritage building.
∙Serensia Woods – design and delivery of a wellness resort in Zhuhai, China, set over 4 hectares.
∙Apollo Nivy – design for an office building in Bratislava, Slovakia, now the central European headquarters for IBM.
∙King Street, Blackpool – Design and delivery of a purpose-built hub in Blackpool for the Department for Work and Pensions.
∙One Leadenhall – Design for a new 35-storey office building in the City of London.
∙30 Duke Street St James's – Design and delivery of a new 8-storey workplace in London’s St James’s neighbourhood.
∙Hornsey Town Hall – Architectural and interior refurbishment of a Grade II*-listed town hall in North London; redevelopment of adjacent Grade II-listed annex; and design, delivery and interior fit-out of three new apartment blocks on site.
∙Seymour Centre – Redevelopment of a Grade II-listed leisure centre in central London to provide new community facilities.
∙Lujiazui Taikoo Yuan – Design and construction of 13 residential towers and 2 office buildings as part of a major Make-designed masterplan in Shanghai, China.
∙Gleeds Headquarters – Design and delivery of a 3-storey workplace interiors scheme for property consultancy Gleeds within a newly built development in central London.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The results for the year’s financial position are shown in the annexed financial statements.
Global turnover was down 14% compared to 2023. Revenue across all regions fell during the year, except rest of world.
Due to the workforce restructuring, headcount fell during the year, with salary costs decreasing 10% from previous years.
Overall, there was a reduction in cost of sales of 9% as revenue reduced. The gross margin decreased by 3%. Administrative costs reduced by 19% as supplier services were reduced to match headcount.
Key performance indicators (KPIs) monitored by the Board are fee income per head, which increased by 4% compared to 2023 as headcount was matched to revenue. Other KPIs include debtor days and cash reserves. Debtor days increased in Hong Kong and the UK. Cash reserves, although decreasing, remained within the KPI of a minimum requirement of three months’ operating costs.
Make takes part in industry benchmarking exercises to evaluate the performance of KPIs against its peers.
Global turnover was down 14% compared to 2023. Revenue across all regions fell during the year, except rest of world.
Due to the workforce restructuring, headcount fell during the year, with salary costs decreasing 10% from previous years.
Overall, there was a reduction in cost of sales of 9% as revenue reduced. The gross margin decreased by 3%. Administrative costs reduced by 19% as supplier services were reduced to match headcount.
Key performance indicators (KPIs) monitored by the Board are fee income per head, which increased by 4% compared to 2023 as headcount was matched to revenue. Other KPIs include debtor days and cash reserves. Debtor days increased in Hong Kong and the UK. Cash reserves, although decreasing, remained within the KPI of a minimum requirement of three months’ operating costs.
Make takes part in industry benchmarking exercises to evaluate the performance of KPIs against its peers.
In their assessment of going concern, Make’s Directors have considered the impact of inflation and the high interest rates and difficult economic climate. This has had a significant impact on the company’s operations, despite the Group having no borrowings. The high cost of construction and subsequent effect on demand for new projects has dented the revenue, but the gradual reduction in inflation has eased cost pressure in 2025. Make used its strong cash buffer throughout 2024, and has cut its variable and overhead costs in 2024 to continue as a going concern and progress towards a return to profitability.
With regard to the above, the Directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
With regard to the above, the Directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Political and economic uncertainties
The current economic environment, with high core inflation and impact on interest rates, has had a significant impact on the construction industry due to the increased cost of materials. This has led to delays in construction projects, muted demand for new construction, and prompted an increased focus on value engineering across current projects.
A key risk in the UK is the political environment surrounding investment decisions with difficulties emerging in terms of planning permission. As a result, fewer office buildings are being constructed in London, affecting a core market for Make.
Make mitigates these risks by maintaining a broad range of clients across different regions and sectors, and a strong balance sheet.
Tax and legal risks occur by operating in overseas locations. To mitigate these risks, Make employs overseas professional advisors.
Financial risk
Credit risk is mitigated through closely monitoring debtors and regular project reviews. Make considers its current procedures for debtor management to meet its objectives of managing risks and exposure.
Liquidity risk is managed through cash flow projections, which enables Make to maintain appropriate levels of working capital to meet its financial obligations as they arise. Make regularly monitors its available cash balances and ensures adequate liquidity to cover its obligations.
Make monitors its exposure to currency risk and manages risk by matching foreign currency revenue with costs in the same currencies. Make currently considers its exposure to be low.
The current economic environment, with high core inflation and impact on interest rates, has had a significant impact on the construction industry due to the increased cost of materials. This has led to delays in construction projects, muted demand for new construction, and prompted an increased focus on value engineering across current projects.
A key risk in the UK is the political environment surrounding investment decisions with difficulties emerging in terms of planning permission. As a result, fewer office buildings are being constructed in London, affecting a core market for Make.
Make mitigates these risks by maintaining a broad range of clients across different regions and sectors, and a strong balance sheet.
Tax and legal risks occur by operating in overseas locations. To mitigate these risks, Make employs overseas professional advisors.
Financial risk
Credit risk is mitigated through closely monitoring debtors and regular project reviews. Make considers its current procedures for debtor management to meet its objectives of managing risks and exposure.
Liquidity risk is managed through cash flow projections, which enables Make to maintain appropriate levels of working capital to meet its financial obligations as they arise. Make regularly monitors its available cash balances and ensures adequate liquidity to cover its obligations.
Make monitors its exposure to currency risk and manages risk by matching foreign currency revenue with costs in the same currencies. Make currently considers its exposure to be low.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Diversity and inclusion
While Make has always had a robust equal opportunities policy and a zero-tolerance approach to discrimination, meeting the requirements of the positive equality duties laid out in the Equalities Act 2010, the company strives to do more. In 2020 Make formed an Equity, Diversity and Inclusion (EDI) group to provide internal education on EDI issues and explore how to inspire and enable people from all backgrounds to pursue a career in architecture.
Partnering with EDI consultants Built By Us and learning specialists Dramatic Training Solutions and Chickenshed has helped Make strengthen its practices around inclusion, outreach, recruitment, development and retention in the intervening years.
The recruitment team and outreach team (Aspire) actively engage with student mentorship programmes, and have hosted various CV and portfolio workshops with our outreach partners, such as Blueprint for All. This allows Make to reach more students from different ages and backgrounds than previously, from primary school students to university students.
Make employed its first apprentice in 2020, and has employed six more since across core and design disciplines.
Social value
Make has established a dedicated in-house group to focus on social value within Make as a business and in its projects. Over a series of meetings, the group unpacks different interpretations of social impact/social value and how these apply to Make’s projects and ongoing outreach programmes.
The aim is to draw together the work Make already does in this area under one umbrella. This, in turn, supports the Make vision to use collaboration to improve people’s lives; ensures the social impact of designs are fully utilised by the bid team to win new work; and enables the company to continue its research so it is equipped to lead the discussion on social value.
While Make has always had a robust equal opportunities policy and a zero-tolerance approach to discrimination, meeting the requirements of the positive equality duties laid out in the Equalities Act 2010, the company strives to do more. In 2020 Make formed an Equity, Diversity and Inclusion (EDI) group to provide internal education on EDI issues and explore how to inspire and enable people from all backgrounds to pursue a career in architecture.
Partnering with EDI consultants Built By Us and learning specialists Dramatic Training Solutions and Chickenshed has helped Make strengthen its practices around inclusion, outreach, recruitment, development and retention in the intervening years.
The recruitment team and outreach team (Aspire) actively engage with student mentorship programmes, and have hosted various CV and portfolio workshops with our outreach partners, such as Blueprint for All. This allows Make to reach more students from different ages and backgrounds than previously, from primary school students to university students.
Make employed its first apprentice in 2020, and has employed six more since across core and design disciplines.
Social value
Make has established a dedicated in-house group to focus on social value within Make as a business and in its projects. Over a series of meetings, the group unpacks different interpretations of social impact/social value and how these apply to Make’s projects and ongoing outreach programmes.
The aim is to draw together the work Make already does in this area under one umbrella. This, in turn, supports the Make vision to use collaboration to improve people’s lives; ensures the social impact of designs are fully utilised by the bid team to win new work; and enables the company to continue its research so it is equipped to lead the discussion on social value.
Make’s approach to sustainable design requires developing a responsible sourcing strategy for all materials and considering ecological health in our procurement strategy. The daily running of the practice’s studios is scrutinised to improve internal practices.
Make’s policy expresses a zero tolerance approach to modern slavery and the expectation that subconsultants and suppliers working with Make, or on its behalf, on architectural projects will support and uphold the same measures to safeguard against modern slavery.
Sustainability
As an architecture practice, Make has an ethical responsibility to design for the health of both people and the planet. Make’s approach to sustainable design considers the environmental, social and economic factors to be part of a single, interconnected solution. Together with clients, Make is targeting net zero whole-life carbon design by 2030, with a particular emphasis on embodied carbon.
Make’s environmental policy aligns with ISO 14001:2015 requirements and BCorp Certification, achieved in 2023. Make has a dedicated in-house sustainability team, in 2024 the sustainability team worked on projects across our studios, undertaking sustainable design support, peer-reviews and research to continue the expansion of Make’s expertise in sustainable design.
Make’s relationship with and approach to social value improved significantly in 2024 via Make Change, an in-house group dedicated to supporting the company’s community engagement. The group coordinates Make’s social impact commitments on live projects and develops standards for internal guidance.
In 2024 Make held its third ‘Make Neutral Day’, an annual event dedicated to understanding our role as architects in the climate emergency.
Make’s environmental policy aligns with ISO 14001:2015 requirements and BCorp Certification, achieved in 2023. Make has a dedicated in-house sustainability team, in 2024 the sustainability team worked on projects across our studios, undertaking sustainable design support, peer-reviews and research to continue the expansion of Make’s expertise in sustainable design.
Make’s relationship with and approach to social value improved significantly in 2024 via Make Change, an in-house group dedicated to supporting the company’s community engagement. The group coordinates Make’s social impact commitments on live projects and develops standards for internal guidance.
In 2024 Make held its third ‘Make Neutral Day’, an annual event dedicated to understanding our role as architects in the climate emergency.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Make offset 110% of its carbon emissions from Scopes 1, 2 and 3 in 2024.
Make continued its support for CRASH in 2024, an organisation that supports homelessness charities and hospices with vital construction projects. Other charitable initiatives included mentoring through Make’s Aspire programme and various internal fundraising events for charities, including WWF, St Davids Hospice Care, Great Ormand Street Hospital and MND Association.
Through a combination of volunteering hours (385 hours) and charitable donations, Make spent £50,000 on charity overall in 2024.
Tax
Make has continued to be awarded the Fair Tax Mark by the Fair Tax Foundation, the global gold standard of responsible tax conduct.
Through a combination of volunteering hours (385 hours) and charitable donations, Make spent £50,000 on charity overall in 2024.
Tax
Make has continued to be awarded the Fair Tax Mark by the Fair Tax Foundation, the global gold standard of responsible tax conduct.
Make remains firmly committed to its core purpose: to deliver spaces that inspire people and transform lives. This guiding principle continues to shape every aspect of the practice’s work, ensuring that people and the planet remain at the centre of all it does.
The practice maintains its focus on design excellence, delivering creative, technically rigorous and socially responsive architecture across a diverse range of sectors. Make’s design teams continue to push innovation while responding to the evolving needs of clients, communities and cities.
Artificial intelligence (AI) will play an increasing role in supporting this ambition. Make is actively developing its use of AI to enhance creativity, streamline workflows and improve service delivery.
Environmental, social and governance (ESG) considerations will continue to underpin both project delivery and internal operations. Make is committed to sustainable growth, ethical business practices, and being an inclusive, equitable employer and service provider. Diversity, outreach and education will remain priorities, with continued investment in initiatives that broaden access to the profession.
Strategically, Make is deepening its sector-based approach to business development, enabling more targeted expertise and thought leadership in key markets. Make continues to look for new and emerging regions for diversification.
The practice maintains its focus on design excellence, delivering creative, technically rigorous and socially responsive architecture across a diverse range of sectors. Make’s design teams continue to push innovation while responding to the evolving needs of clients, communities and cities.
Artificial intelligence (AI) will play an increasing role in supporting this ambition. Make is actively developing its use of AI to enhance creativity, streamline workflows and improve service delivery.
Environmental, social and governance (ESG) considerations will continue to underpin both project delivery and internal operations. Make is committed to sustainable growth, ethical business practices, and being an inclusive, equitable employer and service provider. Diversity, outreach and education will remain priorities, with continued investment in initiatives that broaden access to the profession.
Strategically, Make is deepening its sector-based approach to business development, enabling more targeted expertise and thought leadership in key markets. Make continues to look for new and emerging regions for diversification.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £1,140,822 (2023 - loss £1,095,705).
The directors do not propose to pay a dividend in the year.
The Directors who served during the year were:
Future developments are discussed within the Strategic Report.
Make commits resources to research and development in many areas, including but not limited to the development of sustainable building designs, application of innovative materials and advanced technology.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Group since the year end.
The auditor, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
The Company is 100% employee owned by the Make Employee Benefit Trust for the benefit of everyone employed by the Company.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAKE LIMITED
We have audited the financial statements of Make Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAKE LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAKE LIMITED (CONTINUED)
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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
∙Companies Act 2006;
∙Financial Reporting Standard 102; and
∙UK Tax Legislation.
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related
financial statement items.
financial statement items.
We understood how the Group is complying with those legal and regulatory frameworks by, making inquiries to
management and those responsible for legal and compliance procedures.
management and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud
might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and
identified the greatest potential for fraud in the following areas:
might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and
identified the greatest potential for fraud in the following areas:
∙Posting of unusual journals; and
∙Manipulation of amounts recoverable on contract and the stage of completion of long term contracts in respect of revenue recognition.
As a result of the above, audit procedures performed by the engagement team included:
∙Identifying and assessing the design and effectiveness of measures management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and keywords that are high risk.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAKE LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
95 Gresham Street
EC2V 7AB
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.
The notes on pages 18 to 35 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025 .
The notes on pages 18 to 35 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 15
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Make Limited is a private company, limited by shares, incorporated in England and Wales. The Company's registered office is shown on the information page.
Make Limited provides architectural and design services.
Make Limited provides architectural and design services.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
In their assessment of going concern, Make’s Directors have considered the impact of inflation and the high interest rates and difficult economic climate. This has had a significant impact on the company’s operations, despite the Group having no borrowings. The high cost of construction and subsequent effect on demand for new projects has dented the revenue, but the gradual reduction in inflation has eased cost pressure in 2025. Make used its strong cash buffer throughout 2024, and has cut its variable and overhead costs in 2024 to continue as a going concern and progress towards a return to profitability.
With regard to the above, the Directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
With regard to the above, the Directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Services provided but which had not been billed at the balance sheet date have been recognised as revenue. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the firm and the revenue can be reliably measured. Revenue recognition in this manner is based on an assessment of the fair value of the services provided at the balance sheet date where there exists an agreed right to receive consideration for work undertaken.
Revenue from a contract to provide services is recognised in the period in which the services are provided using the percentage of completion method over the life of the project. This is based on the direct labour cost to date as a percentage of the total expected direct labour cost.
Accrued income is included in the financial statements as a current asset. Payments received on account of unbilled work are set off against accrued income in the balance sheet.
Income which is billed for work to be carried out at a future date or in advance of providing other services where a liability exists at the balance sheet date to fulfil specific future obligations, is treated as deferred income and included in current liabilities.
In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term deposits with an original maturity date of three months or less.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group recognises expected reimbursements from professional indemnity insurance when it is virtually certain that the reimbursement will be received. No separate disclosure is made of the detail of such claims or proceedings, or the costs recovered by insurance, as to do so could seriously prejudice the position of the Group.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Estimates and underlying assumptions are reviewed regularly. Any revisions are recognised in the period of change if they affect only that period, or in both the current and future periods if the revision has a broader impact.
A key area of estimation uncertainty relates to revenue recognition, particularly in assessing the stage of completion and estimating costs to complete on projects. Incorrect estimation of these costs could materially affect the revenue recognised in the year.
Other significant sources of estimation uncertainty include provisions, specifically regarding the amount and timing of recognition. Changes in these estimates may also influence the financial results reported.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
Following the completion of the financial statements Make Limited will submit a claim for Research and Development (R&D) Tax Relief from HMRC. The claim will relate to the 2024 year end and will impact the tax recognised in 2025.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Intangible assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 31
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 32
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 33
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Profit and loss account
Page 34
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Contingent liabilities are possible obligations whose existence depends on the outcome of uncertain future events or present obligations where the outflow of resources is considered less than probable or cannot be reliably measured. Contingent liabilities are not recognised in the financial statements but are disclosed unless they are remote. In line with the provision policy, details of contingent liabilities relating to claims are not disclosed as to do so could seriously prejudice the position of the Group.
The policy with regard to claims which may arise in connection with disputes in the ordinary course of business is described in note 2.15 on provisions for liabilities.
The Group is responsible for covering the salary costs of all directors who are on long-term sick leave. Most directors have insurance that will cover these costs, but for those who do not, the Group will pay directly.
The policy with regard to claims which may arise in connection with disputes in the ordinary course of business is described in note 2.15 on provisions for liabilities.
The Group is responsible for covering the salary costs of all directors who are on long-term sick leave. Most directors have insurance that will cover these costs, but for those who do not, the Group will pay directly.
The Company operates a UK defined contribution pension scheme for employees in UK, superannuation arrangements for employees in Australia as well as Manulife contributions for employees in Hong Kong.
Commitments to pension schemes at the year end were £67,674 (2023: £107,889).
Commitments to pension schemes at the year end were £67,674 (2023: £107,889).
Page 35