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Company No: 05852874 (England and Wales)

# DC STUDIO LIMITED

### Annual Report and Consolidated Financial Statements
For the financial year ended 31 December 2024

DC STUDIO LIMITED

## Annual Report and Consolidated Financial Statements

For the financial year ended 31 December 2024

Contents

DC STUDIO LIMITED

## COMPANY INFORMATION

For the financial year ended 31 December 2024
DC STUDIO LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024

DIRECTOR | Evelyn Marcela Stern

REGISTERED OFFICE | 1 Fore Street Avenue
| C/O Praxis
| London
| EC2Y 9DT
| United Kingdom

COMPANY NUMBER | 05852874 (England and Wales)

AUDITOR | Praxis
| Statutory Auditor
| 1 Fore Street Avenue
| London
| EC2Y 9DT
| United Kingdom

DC STUDIO LIMITED

## GROUP STRATEGIC REPORT

For the financial year ended 31 December 2024
DC STUDIO LIMITED

## GROUP STRATEGIC REPORT (continued)

For the financial year ended 31 December 2024

The director presents their Strategic Report for the financial year ended 31 December 2024.

REVIEW OF THE BUSINESS

The company and Group results and revenues for the year ending 31 December 2024 were in line with the director’s expectations.
In 2024 Group revenue remained consistent with the results for 2023. During the year our UK subsidiary completed its move to new studio facilities, allowing the company to build on its current strategies of strengthening its practice leadership and core design ethos. Projects in London and Edinburgh continued alongside global activities in North America and the Middle East with steady turnover contributing to a stable working capital base.
Our Italian subsidiary has maintained its project focus within the sectors of fashion, finance, real estate, cultural and public entities alongside accepting prestigious pro bono work for religious institutes within Italy. Overall, the company has rebuilt its activities successfully post Covid and in 2024 completed repayments of fiscal support loans granted by the Italian government. Sustained growth in turnover has continued since 2020 and combined with reductions in overheads has resulted in a successful period.
The 2024 results for our sister company in Shanghai continue to show its historic stability due to low overheads and volume of existing projects under commission, however the directorship recognised the opportunity to diversify into other areas of Asia, specifically Taiwan and Hong Kong to be assured of new projects, whilst continuing to maintain its strong commitments within mainland China.
As forecasted in 2023, the 2024 period for our Spanish subsidiaries in Santiago de Compostela showcased powerful growth since the company completed the renovations of its property known as Casa RIA. Together with providing a home for Fundación RIA, the opening of the building has been a significant success, and the company continues to consolidate its position as a highly sought after studio for projects within the Spanish, European and North American markets.
Although the economic risks in the UK and the global economy remain of concern and are monitored constantly in the selection of potential projects and competitions, the Group businesses continue to deliver excellent service to its clients showcased through its awards and achievements and consciously maintains a diverse mix of work globally.

PRINCIPAL RISKS AND UNCERTAINTIES

**Global economic factors**
The Group is conscious of events in the UK and globally where the economic outlook is less certain. The board therefore tries to keep abreast of the political, economic and credit environments of the jurisdictions it operates in. Whilst not all outcomes can be foreseen the board is satisfied it has done as much as possible to protect the Group from adverse events. We remain ready to take whatever steps that may be reasonably necessary to keep the company and Group financially strong and to react to the circumstances that develop in the medium term.
**Fluctuations in contracts and workload**
The Group companies need to ride the highs and lows of project programmes while maintaining an excellent workforce ready for new projects and greater scope. It is challenging to resource each project correctly and to react to downturns promptly, without compromising efficiency in the final stages of projects. In order to manage this risk, resource planning is considered regularly by each company.
**Architectural staff**
The objectives of the practice can only be met by maintaining a strong, competent and DCA-experienced staff so staff retention and appropriate remuneration packages are essential, supplemented by CPDs and other benefits.
**Claims**
As providers of design services, the subsidiaries are at risk of professional negligence claims and we have a duty to inform our Professional Indemnity Insurers when such claims, or threat of claims, exist. The company directors, our insurers and their legal teams vigorously defend such claims. The directors take all the known facts of each such case into consideration and come to a decision, supported by professional advice obtained, on the likely outcome. If liability is considered probable a provision is made in the accounts.
**Competitions**
Competitions are costly and will not always be successful. The subsidiary directors are diligent in only embarking on competitions selected on the basis of clear criteria and only a limited number per year, subject to the availability of resources.
**Fee proposals/timelines**
Experienced staff and the subsidiary directors work on the agreement of fees and timelines with prospective clients and also for new work or amendments to current projects. These fees and timelines are entered into the project management system for close monitoring during the course of the projects.
**Liquidity risk**
Liquidity risk is managed through the use of cash flow forecasting which is closely linked to project fee forecasting and resource planning. The company and Group ensure that adequate liquid resources and credit facilities are maintained for each subsidiary to manage its own cash fluctuations within available headroom.
**Credit risk**
Credit risk is mitigated through a policy of requesting fees in advance for projects as well as monthly monitoring of outstanding trade debtors.
**Exchange rates**
The director manages the risks of fluctuations in exchange rates by holding cash reserves in the parent company in both Euros and Sterling. Active management of subsidiary exchange risk through a foreign exchange risk management strategy was activated in February 2016.

FUTURE DEVELOPMENTS

The parent company results for the year ending 31 December 2025 are expected to be broadly in line with the year ending 31 December 2024. Our achievements have continued, with the Grade II listing of one of our earliest projects in London while the Group will celebrate its 40th anniversary in 2025 with the publication of a new set of monographs showcasing and celebrating our work.
Our Italian subsidiary continues to strengthen, with further growth likely to be achieved based on projects under negotiation reaching contractual agreement, whilst in Shanghai our company will continue its exploration of new work in neighbouring territories. In the UK it is likely that a fall in profits may occur due to the significant payment delays on a project in the Middle East, however the cash balance of the company is expected to be maintained into the first 6 month period of 2026 and this along with the acquisition of new projects should ensure a good level of stability.
With our newest entity now established in Santiago de Compostela, maintaining its support and collaboration with Fundacion RIA, the company continues to expand through projects obtained in North America and Europe, reinforcing our reputation as a destination for excellence in design and commitment to sustainable practices in architecture and the environment.

RESEARCH AND DEVELOPMENT

The company and Group continue to engage in research and development activities as required by projects. The intellectual property remains vested in the Group and is applied to future projects.

KEY PERFORMANCE INDICATORS ('KPIS')

Total fees - £22,337,897 (2023: £22,358,877 )
Operating profit margin - 20% (2023: 16%)
Average number of architectural and technical staff - 87 (2023: 88)

Approved by the Board of Directors and signed on its behalf by:

Evelyn Marcela Stern Director |

1 Fore Street Avenue
C/O Praxis
London
EC2Y 9DT
United Kingdom

30 September 2025

DC STUDIO LIMITED

## DIRECTOR'S REPORT

For the financial year ended 31 December 2024
DC STUDIO LIMITED

## DIRECTOR'S REPORT (continued)

For the financial year ended 31 December 2024

The director presents this annual report on the affairs of the Company and the Group, together with the financial statements and auditors’ report, for the financial year ended 31 December 2024.

PRINCIPAL ACTIVITIES

The principal activity of the Group during the financial year was that of architecture and design.

GOING CONCERN

The director has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements. Further details regarding the adoption of the going concern basis can be found in note 1 to the financial statements.

REVIEW OF THE BUSINESS

Turnover for the financial year amounted to £22,337,897 (2023: £22,358,877). The Group earned a profit after taxation totalling £3,590,502 (2023: £3,356,708).
The net current asset position of the Group as at the financial year end amounted to £10,824,930 (2023: net current asset £9,914,240).
The net asset position of the Group as at the financial year end amounted to £14,374,550 (2023: net asset £11,076,620).

DIVIDENDS

The director paid a dividend of £84,000 in the current financial year (2023: £61,600 ).

DIRECTOR

The director, who served during the financial year and to the date of this report except as noted, was as follows:

Evelyn Marcela Stern |

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Praxis have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

Approved by and signed by the director:

Evelyn Marcela Stern Director |

1 Fore Street Avenue
C/O Praxis
London
EC2Y 9DT
United Kingdom

30 September 2025

DC STUDIO LIMITED

## DIRECTOR'S RESPONSIBILITIES STATEMENT

For the financial year ended 31 December 2024
DC STUDIO LIMITED

## DIRECTOR'S RESPONSIBILITIES STATEMENT (continued)

For the financial year ended 31 December 2024

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

In preparing these financial statements, the director is required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DC STUDIO LIMITED

For the financial year ended 31 December 2024

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DC STUDIO LIMITED (continued)

For the financial year ended 31 December 2024

Opinion
We have audited the financial statements of DC Studio Limited (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the financial year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the accounting policies, and the related notes 1 to 24, 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 of DC Studio Limited (the ‘Company’):
* Give a true and fair view of the state of the Company and Group's affairs as at 31 December 2024 and of the Group's profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the Group 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 director's 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 and Parent Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

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 director is 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 the audit:
* The information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
* Adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
* The Parent Company financial statements are not in agreement with the accounting records and returns; or
* Certain disclosures of director's remuneration specified by law are not made; or
* We have not received all the information and explanations we require for our audit;

Responsibilities of director
As explained more fully in the Director's Responsibilities Statement, the director is 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 director 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 director is responsible for assessing the Group and Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intend to liquidate the Group and Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed in the "Extent to which the audit was considered capable of detecting irregularities, including fraud note", below.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/descriptionof-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
We obtained an understanding of the legal and regulatory frameworks within which the company and Group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context was the Companies Act 2006 together with UK GAAP. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the company’s and the Group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the company and the Group for fraud. The laws and regulations we considered in this context for the UK operations were, General Data Protection Regulation (GDPR), and employment legislation.

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.

Nikinder Baller (Senior Statutory Auditor)
For and on behalf of Praxis
Statutory Auditor

1 Fore Street Avenue
London
EC2Y 9DT
United Kingdom

30 September 2025

DC STUDIO LIMITED

## CONSOLIDATED PROFIT AND LOSS ACCOUNT

For the financial year ended 31 December 2024
DC STUDIO LIMITED

## CONSOLIDATED PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Turnover | 3 | 22,337,897 |  | 22,358,877
Cost of sales |  | ( 9,095,417) |  | ( 9,737,228)
Gross profit |  | 13,242,480 |  | 12,621,649
Administrative expenses |  | ( 8,502,289) |  | ( 9,046,645)
Other operating income |  | 784 |  | 2,409
Operating profit |  | 4,740,975 |  | 3,577,413
Interest receivable and similar income | 4 | 44,923 |  | 39,284
Interest payable and similar expenses | 4 | ( 158,279) |  | ( 207,205)
Profit before taxation | 5 | 4,627,619 |  | 3,409,492
Tax on profit | 8 | ( 1,037,117) |  | ( 52,784)
Profit for the financial year |  | 3,590,502 |  | 3,356,708
Profit for the year attributable to: |  |  |  |
Owners of the parent |  | 3,511,560 |  | 3,355,010
Non-controlling interests |  | 78,942 |  | 1,698
|  | 3,590,502 |  | 3,356,708

DC STUDIO LIMITED

## CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the financial year ended 31 December 2024
DC STUDIO LIMITED

## CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (continued)

For the financial year ended 31 December 2024

|  | 2024 |  | 2023
|  | £ |  | £
Profit for the financial year |  | 3,590,502 |  | 3,356,708
Other items of other comprehensive income |  | ( 118,155) |  | ( 52,278)
Other comprehensive loss |  | (118,155) |  | (52,278)
Total comprehensive income |  | 3,472,347 |  | 3,304,430
Total comprehensive income attributable to: |  |  |  |
Owners of the parent |  | 3,422,759 |  | 3,316,068
Non-controlling interests |  | 49,588 |  | ( 11,638)
|  | 3,472,347 |  | 3,304,430

DC STUDIO LIMITED

## CONSOLIDATED BALANCE SHEET

As at 31 December 2024
DC STUDIO LIMITED

## CONSOLIDATED BALANCE SHEET (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 10 | 108,936 |  | 139,881
Tangible assets | 11 | 2,075,985 |  | 3,737,664
Investment property | 12 | 4,416,698 |  | 1,137,273
|  | 6,601,619 |  | 5,014,818
Current assets |  |  |  |
Debtors |  |  |  |
- due within one year | 14 | 13,649,555 |  | 16,608,967
- due after more than one year | 14 | 175,570 |  | 175,570
Cash at bank and in hand |  | 8,241,842 |  | 6,283,258
|  | 22,066,967 |  | 23,067,795
Creditors: amounts falling due within one year | 15 | ( 11,242,037) |  | ( 13,153,555)
Net current assets |  | 10,824,930 |  | 9,914,240
Total assets less current liabilities |  | 17,426,549 |  | 14,929,058
Creditors: amounts falling due after more than one year | 16 | ( 2,926,923) |  | ( 3,735,379)
Provision for liabilities | 17 | ( 125,076) |  | ( 117,059)
Net assets |  | 14,374,550 |  | 11,076,620
Capital and reserves | 19 |  |  |
Called-up share capital |  | 51,895 |  | 51,895
Profit and loss account |  | 13,773,621 |  | 10,434,864
Equity attributable to owners of the parent company |  | 13,825,516 |  | 10,486,759
Non-controlling interests |  | 549,034 |  | 589,861
|  | 14,374,550 |  | 11,076,620

The financial statements of DC Studio Limited (registered number: 05852874) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

Evelyn Marcela Stern Director |

1 Fore Street Avenue
C/O Praxis
London
EC2Y 9DT
United Kingdom

30 September 2025

DC STUDIO LIMITED

## COMPANY BALANCE SHEET

As at 31 December 2024
DC STUDIO LIMITED

## COMPANY BALANCE SHEET (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 10 | 1,433 |  | 2,866
Tangible assets | 11 | 408 |  | 737
Investment property | 12 | 1,137,273 |  | 1,137,273
Investments | 13 | 11,517 |  | 11,517
|  | 1,150,631 |  | 1,152,393
Current assets |  |  |  |
Debtors |  |  |  |
- due within one year | 14 | 2,127,615 |  | 1,224,248
- due after more than one year | 14 | 175,570 |  | 175,570
Cash at bank and in hand |  | 2,616,668 |  | 2,671,534
|  | 4,919,853 |  | 4,071,352
Creditors: amounts falling due within one year | 15 | ( 509,293) |  | ( 770,606)
Net current assets |  | 4,410,560 |  | 3,300,746
Total assets less current liabilities |  | 5,561,191 |  | 4,453,139
Net assets |  | 5,561,191 |  | 4,453,139
Capital and reserves | 19 |  |  |
Called-up share capital |  | 51,895 |  | 51,895
Profit and loss account |  | 5,509,296 |  | 4,401,244
Total shareholders' funds |  | 5,561,191 |  | 4,453,139

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit of the parent company was £1,192,052 (2023: £1,188,956).

The financial statements of DC Studio Limited (registered number: 05852874) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

Evelyn Marcela Stern Director |

1 Fore Street Avenue
C/O Praxis
London
EC2Y 9DT
United Kingdom

30 September 2025

DC STUDIO LIMITED

## CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 December 2024
DC STUDIO LIMITED

## CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 December 2024

| Called-up share capital |  | Profit and loss account |  | Equity attributable to owners of parent company |  | Non-controlling interests |  | Total
| £ |  | £ |  | £ |  | £ |  | £
At 01 January 2023 | 51,895 |  | 7,221,051 |  | 7,272,946 |  | 615,051 |  | 7,887,997
Profit for the financial year | 0 |  | 3,355,010 |  | 3,355,010 |  | 1,698 |  | 3,356,708
Exchange differences on foreign subsidiaries | 0 |  | ( 38,942) |  | ( 38,942) |  | ( 13,336) |  | ( 52,278)
Total comprehensive income | 0 |  | 3,316,068 |  | 3,316,068 |  | ( 11,638) |  | 3,304,430
Dividends paid on equity shares (note 9) | 0 |  | ( 61,600) |  | ( 61,600) |  | 0 |  | ( 61,600)
Non-controlling interest dividends | 0 |  | ( 40,655) |  | 0 |  | ( 13,552) |  | ( 54,207)
At 31 December 2023 | 51,895 |  | 10,434,864 |  | 10,486,759 |  | 589,861 |  | 11,076,620
At 01 January 2024 | 51,895 |  | 10,434,864 |  | 10,486,759 |  | 589,861 |  | 11,076,620
Profit for the financial year | 0 |  | 3,511,560 |  | 3,511,560 |  | 78,942 |  | 3,590,502
Exchange differences on foreign subsidiaries | 0 |  | ( 88,803) |  | ( 88,803) |  | ( 29,354) |  | ( 118,157)
Total comprehensive income | 0 |  | 3,422,757 |  | 3,422,757 |  | 49,588 |  | 3,472,345
Dividends paid on equity shares (note 9) | 0 |  | ( 84,000) |  | ( 84,000) |  | 0 |  | ( 84,000)
Non-controlling interest dividends | 0 |  | 0 |  | 0 |  | ( 90,415) |  | ( 90,415)
At 31 December 2024 | 51,895 |  | 13,773,621 |  | 13,825,516 |  | 549,034 |  | 14,374,550

DC STUDIO LIMITED

## COMPANY STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 December 2024
DC STUDIO LIMITED

## COMPANY STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 December 2024

| Called-up share capital |  | Profit and loss account |  | Total
| £ |  | £ |  | £
At 01 January 2023 | 51,895 |  | 3,273,888 |  | 3,325,783
Profit for the financial year | 0 |  | 1,188,956 |  | 1,188,956
Total comprehensive income | 0 |  | 1,188,956 |  | 1,188,956
Dividends paid on equity shares (note 9) | 0 |  | ( 61,600) |  | ( 61,600)
At 31 December 2023 | 51,895 |  | 4,401,244 |  | 4,453,139
At 01 January 2024 | 51,895 |  | 4,401,244 |  | 4,453,139
Profit for the financial year | 0 |  | 1,192,052 |  | 1,192,052
Total comprehensive income | 0 |  | 1,192,052 |  | 1,192,052
Dividends paid on equity shares (note 9) | 0 |  | ( 84,000) |  | ( 84,000)
At 31 December 2024 | 51,895 |  | 5,509,296 |  | 5,561,191

DC STUDIO LIMITED

## CONSOLIDATED STATEMENT OF CASH FLOWS

For the financial year ended 31 December 2024
DC STUDIO LIMITED

## CONSOLIDATED STATEMENT OF CASH FLOWS (continued)

For the financial year ended 31 December 2024

| 2024 |  | 2023
| £ |  | £
Operating profit | 4,740,975 |  | 3,577,413
Adjustment for: |  |  |
Depreciation and amortisation | 398,207 |  | 388,287
Loss/(profit) on sale of plant and equipment | 18,892 |  | ( 58)
Foreign exchange differences on subsidiaries | ( 146,367) |  | ( 60,251)
Operating cash flows before movement in working capital | 5,011,707 |  | 3,905,391
Decrease/(increase) in debtors | 2,704,185 |  | ( 3,967,533)
(Decrease)/increase in creditors | ( 2,313,168) |  | 2,042,959
Cash generated by operations | 5,402,724 |  | 1,980,817
Income taxes paid | ( 687) |  | ( 215,856)
Interest paid | ( 158,279) |  | ( 207,205)
Net cash flows from operating activities | 5,243,758 |  | 1,557,756
Cash flows from investing activities |  |  |
Purchase of plant and machinery | ( 2,150,885) |  | ( 354,296)
Interest received | 44,923 |  | 39,284
Purchase of intangible assets | 0 |  | ( 33,989)
Investment property additions | 0 |  | 0
Net cash flows from investing activities | ( 2,105,962) |  | ( 349,001)
Cash flows from financing activities |  |  |
New bank loans raised | 588,730 |  | 2,701,755
Drawings | (427,107) |  | (775,693)
Non Controlling Interest Dividends | (90,415) |  | (54,207)
Repayment of long-term loans | (1,151,973) |  | (792,619)
Finance lease repayments in the year | (98,447) |  | (111,715)
Net cash flows from financing activities | ( 1,179,212) |  | 967,521
Net increase in cash and cash equivalents | 1,958,584 |  | 2,176,276
Cash and cash equivalents at beginning of year | 6,283,258 |  | 4,106,982
Cash and cash equivalents at end of year | 8,241,842 |  | 6,283,258
Reconciliation to cash at bank and in hand: |  |  |
Cash at bank and in hand at end of year | 8,203,582 |  | 6,243,588
Cash equivalents | 38,260 |  | 39,670
Cash and cash equivalents at end of year | 8,241,842 |  | 6,283,258

DC STUDIO LIMITED

## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
DC STUDIO LIMITED

## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the financial year ended 31 December 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

DC Studio Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is 1 Fore Street Avenue, London, EC2Y 9DT, England. The Company's place of business is 22 Little Portland Street, London, W1W 8BU, England.
The principal activities are set out in the Strategic Report.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
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 entities are therefore eliminated in full.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

##### Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Group has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Basis of consolidation

The Group financial statements consolidate the financial statements of the Group and its subsidiary undertakings drawn up to 31 December each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.
Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

##### Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

###### Interest income

Interest income is recognised using the effective interest method and dividend income is recognised as the company’s right to receive payment is established.

##### Employee benefits

Short term benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Defined contribution schemes
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

##### Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

##### Intangible assets

Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition. Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Intangible assets are amortised on a straight-line basis over their useful lives. The useful lives of intangible assets are as follows:

Computer software | 5 years straight line
Trademarks, patents and licences | 10 years straight line

###### Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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.

##### Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land and buildings | 50 years straight line
Leasehold improvements | depreciated over the life of the lease
Plant and machinery | 3 - 6 years straight line
Fixtures and fittings | 5 years straight line
Computer equipment | 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Leases

The Group as lessee
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

##### Impairment of assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow Group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Investments
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for relief from the recognition of share premium, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Equity instruments
Equity instruments issued by the Group are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group.

##### Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Group’s accounting policies, which are described in note 1, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that period, or in the financial year
of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the Group’s accounting policies
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the director has made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Critical judgement - Revenue recognition
The assessment of the stage of completion of projects and therefore the amount of revenue recognised is affected by the assessment of future time costs that each project will incur through to completion. The costing of this time assessment is systematically driven but the estimation is made by project teams under supervision of subsidiary directors and carries some risk of being misjudged due to unforeseen circumstances. Where a project is forecast to be loss making, provision is made for the estimated future costs to complete.

Critical judgement - Impairment of debtors
The Group’s policy on recognising an impairment of the trade debtor balance is based on a review of individual debtor balances, their ageing and management's assessment of realisation. This review and assessment is conducted on a continuing basis and any material change in Group management's assessment of trade debtor impairment is reflected in the carrying value of the asset.

##### 3. Turnover

All of the Group’s turnover is attributable to the rendering of architectural services.

Breakdown by geographical market:

An analysis of the Group's turnover by geographical market is set out below.

| 2024 |  | 2023
| £ |  | £
United Kingdom | 2,164,118 |  | 2,933,506
Europe and Middle East | 9,831,694 |  | 9,034,000
North and South America | 8,707,547 |  | 7,591,574
Rest of World | 1,634,538 |  | 2,799,797
| 22,337,897 |  | 22,358,877

#### 4. Interest receivable and interest payable

| 2024 |  | 2023
| £ |  | £
Interest receivable and similar income | 44,923 |  | 39,284
Interest payable and similar expenses | ( 158,279) |  | ( 207,205)
| (113,356) |  | (167,921)

Interest receivable and similar income

| 2024 |  | 2023
| £ |  | £
Bank interest | 44,923 |  | 37,826
Other interest receivable and similar income | 0 |  | 1,458
| 44,923 |  | 39,284

Interest payable and similar expenses

| 2024 |  | 2023
| £ |  | £
Bank loans and overdrafts | ( 87,692) |  | ( 116,901)
Loans from group undertakings | 0 |  | ( 1,807)
Finance leases and hire purchase contracts | ( 31,324) |  | ( 46,116)
Other interest payable and similar expense | ( 39,263) |  | ( 42,381)
| ( 158,279) |  | ( 207,205)

#### 5. Profit before taxation

The director received no remuneration during the current or previous financial year.

Profit before taxation is stated after charging/(crediting):

| 2024 |  | 2023
| £ |  | £
Depreciation of tangible fixed assets (note 11) | 367,262 |  | 356,354
Amortisation of intangible assets (note 10) | 30,945 |  | 31,933
Research and development | 37,571 |  | 20,257
Foreign exchange losses | 231,869 |  | 42,073
Auditor’s remuneration | 32,500 |  | 28,500
Auditor’s remuneration for other services | 49,979 |  | 18,305
Hire of plant and machinery | 9,246 |  | 25,886

#### 6. Staff number and costs

| Group |  | Group |  | Company |  | Company
| 2024 |  | 2023 |  | 2024 |  | 2023
| Number |  | Number |  | Number |  | Number
The average monthly number of employees (including directors) was: |  |  |  |  |  |  |
Management | 18 |  | 18 |  | 0 |  | 1
Administration | 27 |  | 31 |  | 0 |  | 0
Architects | 87 |  | 88 |  | 0 |  | 0
| 132 |  | 137 |  | 0 |  | 1

Their aggregate remuneration comprised:

| Group |  | Group |  | Company |  | Company
| 2024 |  | 2023 |  | 2024 |  | 2023
| £ |  | £ |  | £ |  | £
Wages and salaries | 6,767,571 |  | 6,820,850 |  | 93,000 |  | 78,000
Social security costs | 867,556 |  | 909,937 |  | 11,579 |  | 9,132
Other retirement benefit costs | 587,964 |  | 609,917 |  | 7,350 |  | ( 2,316)
| 8,223,091 |  | 8,340,704 |  | 111,929 |  | 84,816

#### 7. Director's remuneration

No remuneration was paid to the Company's director.
Remuneration for directors of subsidiary undertakings totalled £778,834 (2023: £955,558), and amounts receivable (excluding shares and share options) under long-term incentive schemes were £39,157 (2023: £74,721).

#### 8. Tax on profit

| 2024 |  | 2023
| £ |  | £
Current tax on profit |  |  |
UK corporation tax | 558,305 |  | ( 40,805)
Foreign tax | 470,674 |  | 96,908
Total current tax | 1,028,979 |  | 56,103
Deferred tax |  |  |
Origination and reversal of timing differences | 8,138 |  | ( 3,319)
Total deferred tax | 8,138 |  | ( 3,319)
Total tax on profit | 1,037,117 |  | 52,784

Tax reconciliation

The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK:

| 2024 |  | 2023
| £ |  | £
Profit before taxation | 4,627,619 |  | 3,409,492
Tax on profit at standard UK corporation tax rate of 25% (2023: 23.52%) | 1,156,905 |  | 801,913
Effects of: |  |  |
Expenses not deductible for tax purposes | 28,171 |  | 130,083
Utilisation of tax losses not previously recognised | 0 |  | ( 411,923)
Other | 4,741 |  | 8,263
Capital allowances in excess of depreciation | (117,007) |  | 0
R&D expenditure | 0 |  | (475,552)
Unrelieved foreign taxation | 17,071 |  | 0
Deferred tax movements | 8,138 |  | 0
Other deductions | (60,902) |  | 0
Total tax charge for year | 1,037,117 |  | 52,784

#### 9. Dividends on equity shares

| 2024 |  | 2023
| £ |  | £
Amounts recognised as distributions to equity holders in the financial year: |  |  |
Interim dividend for the financial year ended 31 December 2024 of £1.62 (2023: £1.19) per ordinary share | 84,000 |  | 61,600

#### 10. Intangible assets

Group

| Computer software |  | Trademarks, patents and licences |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 January 2024 | 181,225 |  | 12,190 |  | 193,415
At 31 December 2024 | 181,225 |  | 12,190 |  | 193,415
Accumulated amortisation |  |  |  |  |
At 01 January 2024 | 44,210 |  | 9,324 |  | 53,534
Charge for the financial year | 29,512 |  | 1,433 |  | 30,945
At 31 December 2024 | 73,722 |  | 10,757 |  | 84,479
Net book value |  |  |  |  |
At 31 December 2024 | 107,503 |  | 1,433 |  | 108,936
At 31 December 2023 | 137,015 |  | 2,866 |  | 139,881

Company

| Trademarks, patents and licences |  | Total
| £ |  | £
Cost |  |  |
At 01 January 2024 | 12,190 |  | 12,190
At 31 December 2024 | 12,190 |  | 12,190
Accumulated amortisation |  |  |
At 01 January 2024 | 9,324 |  | 9,324
Charge for the financial year | 1,433 |  | 1,433
At 31 December 2024 | 10,757 |  | 10,757
Net book value |  |  |
At 31 December 2024 | 1,433 |  | 1,433
At 31 December 2023 | 2,866 |  | 2,866

Amortisation of intangible fixed assets is included in administrative expenses.

#### 11. Tangible assets

Group

| Land and buildings |  | Leasehold improve- ments |  | Plant and machinery |  | Fixtures and fittings |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |  |  |
At 01 January 2024 | 294,356 |  | 3,154,355 |  | 774,812 |  | 322,710 |  | 366,148 |  | 4,912,381
Additions | 0 |  | 1,690,673 |  | 34,660 |  | 265,331 |  | 160,221 |  | 2,150,885
Disposals | 0 |  | ( 37,130) |  | 0 |  | 0 |  | 0 |  | ( 37,130)
Foreign exchange | 0 |  | ( 141,616) |  | ( 14,553) |  | ( 13,385) |  | ( 1,066) |  | ( 170,620)
Transfer of Fixed Assets between classes | 0 |  | 0 |  | ( 495) |  | 495 |  | 0 |  | 0
Transfer of Building to Investment property | 0 |  | ( 3,322,140) |  | 0 |  | 0 |  | 0 |  | ( 3,322,140)
At 31 December 2024 | 294,356 |  | 1,344,143 |  | 794,424 |  | 575,151 |  | 525,303 |  | 3,533,377
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |
At 01 January 2024 | 57,007 |  | 143,554 |  | 479,944 |  | 271,571 |  | 222,641 |  | 1,174,717
Charge for the financial year | 5,887 |  | 40,781 |  | 172,846 |  | 42,544 |  | 105,204 |  | 367,262
Disposals | 0 |  | ( 18,238) |  | 0 |  | 0 |  | 0 |  | ( 18,238)
Foreign exchange | 0 |  | ( 1,382) |  | ( 11,188) |  | ( 10,835) |  | ( 230) |  | ( 23,635)
Transfer of Fixed Assets between classes | 0 |  | 0 |  | ( 20) |  | 20 |  | 0 |  | 0
Transfer of Building to Investment property | 0 |  | ( 42,714) |  | 0 |  | 0 |  | 0 |  | ( 42,714)
At 31 December 2024 | 62,894 |  | 122,001 |  | 641,582 |  | 303,300 |  | 327,615 |  | 1,457,392
Net book value |  |  |  |  |  |  |  |  |  |  |
At 31 December 2024 | 231,462 |  | 1,222,142 |  | 152,842 |  | 271,851 |  | 197,688 |  | 2,075,985
At 31 December 2023 | 237,349 |  | 3,010,801 |  | 294,868 |  | 51,139 |  | 143,507 |  | 3,737,664

####

Company

| Fixtures and fittings |  | Computer equipment |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 January 2024 | 21,709 |  | 4,903 |  | 26,612
Additions | 70 |  | 0 |  | 70
At 31 December 2024 | 21,779 |  | 4,903 |  | 26,682
Accumulated depreciation |  |  |  |  |
At 01 January 2024 | 21,709 |  | 4,166 |  | 25,875
Charge for the financial year | 14 |  | 385 |  | 399
At 31 December 2024 | 21,723 |  | 4,551 |  | 26,274
Net book value |  |  |  |  |
At 31 December 2024 | 56 |  | 352 |  | 408
At 31 December 2023 | 0 |  | 737 |  | 737

#### 12. Investment property

Group

| Investment property
| £
Valuation |
As at 01 January 2024 | 1,137,273
Transfers to and from property, plant and equipment | 3,279,425
As at 31 December 2024 | 4,416,698

During the year, the Spanish subsidiary leased a portion of its property to Fundacion RIA, a company under common control. Based on the proportion of the area leased relative to the total area of the property, 82% of the property has been classified as an investment property.

Company

| Investment property
| £
Valuation |
As at 01 January 2024 | 1,137,273
As at 31 December 2024 | 1,137,273

In 2022 the Company’s investment properties were subject to valuation by qualified surveyors with experience in the location and class of investment properties being revalued. The fair value was determined under Spanish law and derived from depreciated replacement cost plus the market value of the land and whole properties. In 2024 a review of the valuation was conducted by the Company’s management who concluded that there had been no material change since the 2022 valuation.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

| Group |  | Group |  | Company |  | Company
| 2024 |  | 2023 |  | 2024 |  | 2023
| £ |  | £ |  | £ |  | £
Historic cost | 1,137,273 |  | 1,137,273 |  | 1,137,273 |  | 1,137,273

#### 13. Fixed asset investments

Company

| Investments in subsidiaries |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 January 2024 | 11,517 |  | 11,517
At 31 December 2024 | 11,517 |  | 11,517
Carrying value at 31 December 2024 | 11,517 |  | 11,517
Carrying value at 31 December 2023 | 11,517 |  | 11,517

Investments in subsidiaries

The following were subsidiary undertakings of the Company:

Name of entity | Registered office | Principal activity | Class of shares | Ownership 31.12.2024 | Ownership 31.12.2023 | Held
David Chipperfield Architects S.R.L | Milano (MI) Via Vigevano 8, CAP 20144 Italy | Architects and designers | Ordinary | 75.00% | 75.00% | Direct
Group DC Ltd (1) | 22 Little Portland Street, London, England, W1W 8BU | Group services | Ordinary | 100.00% | 100.00% | Indirect
David Chipperfield Architects Limited. | 22 Little Portland Street, London, England, W1W 8BU | Architects and designers | Ordinary | 100.00% | 100.00% | Direct
David Chipperfield Architects Santiago de Compostela SL | Rua Virxe da Cerca, 6, 15703, Santiago de Compostela, Spain | Architects and designers | Ordinary | 100.00% | 100.00% | Direct
David Chipperfield Studio Spain SL | Rua Virxe da Cerca, 6, 15703, Santiago de Compostela, Spain | Property services | Ordinary | 100.00% | 100.00% | Direct

(1) Held indirectly by David Chipperfield Architects Limited

Other investments are measured at cost less impairment on the basis that they represent shares in entities that are not publicly traded, and the fair value cannot otherwise be measured reliably.

For the year ending 31 December 2024, Group DC Ltd (company registration number 10658157), a subsidiary company, was entitled to exemption from audit under Section 479A of Companies Act 2006 relating to subsidiary companies.

#### 14. Debtors

| Group |  | Group |  | Company |  | Company
| 2024 |  | 2023 |  | 2024 |  | 2023
| £ |  | £ |  | £ |  | £
Debtors: amounts falling due within one year |  |  |  |  |  |  |
Trade debtors | 6,325,778 |  | 4,717,093 |  | 340,762 |  | 7,814
Amounts owed by Group undertakings (note 22) | 0 |  | 0 |  | 523,642 |  | 89,554
Amounts owed by fellow subsidiaries (note 22) | 0 |  | 0 |  | 520,129 |  | 86,730
Amounts owed by own subsidiaries (note 22) | 0 |  | 0 |  | 0 |  | 210,526
Amounts owed by connected persons (note 22) | 671,558 |  | 564,112 |  | 670,341 |  | 564,112
Amounts owed by related parties (note 22) | 20,516 |  | 0 |  | 0 |  | 0
VAT recoverable | 317,175 |  | 385,831 |  | 3,368 |  | 0
Corporation tax | 37,855 |  | 279,148 |  | 37,855 |  | 265,512
Other taxation and social security | 34,630 |  | 0 |  | 0 |  | 0
Other debtors | 35,802 |  | 201,622 |  | 0 |  | 0
Prepayments and accrued income | 6,166,684 |  | 10,423,664 |  | 31,518 |  | 0
Deferred tax asset | 39,557 |  | 37,497 |  | 0 |  | 0
| 13,649,555 |  | 16,608,967 |  | 2,127,615 |  | 1,224,248
Debtors: amounts falling due after more than one year |  |  |  |  |  |  |
Amounts owed by connected persons (note 22) | 175,570 |  | 175,570 |  | 175,570 |  | 175,570

#### 15. Creditors: amounts falling due within one year

| Group |  | Group |  | Company |  | Company
| 2024 |  | 2023 |  | 2024 |  | 2023
| £ |  | £ |  | £ |  | £
Bank loans | 405,274 |  | 312,582 |  | 0 |  | 0
Obligations under finance leases and hire purchase contracts | 124,079 |  | 130,098 |  | 0 |  | 0
Other loans (note 22) | 41,524 |  | 309,270 |  | 41,524 |  | 309,270
Other loans | 0 |  | 733,266 |  | 0 |  | 0
Trade creditors | 929,793 |  | 600,168 |  | 67,854 |  | 133,871
Amounts owed to connected persons (note 22) | 119,896 |  | 317,689 |  | 811 |  | 293,093
Payroll taxes payable | 218,636 |  | 199,643 |  | 0 |  | 0
Taxation and social security | 851,129 |  | 90,426 |  | 1,313 |  | 1,312
VAT | 52,318 |  | 155,088 |  | 0 |  | 429
Accruals and deferred income | 8,398,826 |  | 10,173,373 |  | 397,178 |  | 32,153
Other creditors | 100,562 |  | 131,952 |  | 613 |  | 478
| 11,242,037 |  | 13,153,555 |  | 509,293 |  | 770,606

#### 16. Creditors: amounts falling due after more than one year

| Group |  | Group
| 2024 |  | 2023
| £ |  | £
Bank loans and overdrafts (secured) | 2,094,257 |  | 2,735,177
Obligations under finance leases and hire purchase contracts | 62,969 |  | 174,303
Other loans (note 22) | 769,697 |  | 825,899
| 2,926,923 |  | 3,735,379

Bank loans and mortgages totalling £2,094,257 (2023 - £2,735,177) are secured by fixed and floating charges over the assets of one subsidiary and all its present and future property assets and also over a long leasehold property in another subsidiary.
Amounts owed to connected persons includes an unsecured loan with an interest rate of 3.5% and is repayable within 2 - 4 years.

Bank loans |  |  |
| Group |  | Group
| 2024 |  | 2023
| £ |  | £
Between one and two years | 399,522 |  | 683,438
Between two and five years | 657,009 |  | 954,742
After five years | 1,037,727 |  | 1,096,997
| 2,094,257 |  | 2,735,177
On demand or within one year | 405,274 |  | 312,582
| 2,499,531 |  | 3,047,759

Finance leases |  |  |
| Group |  | Group
| 2024 |  | 2023
| £ |  | £
Between one and two years | 62,969 |  | 124,079
Between two and five years | 0 |  | 50,224
After five years | 0 |  | 0
| 62,969 |  | 174,303
On demand or within one year | 124,079 |  | 130,098
| 187,048 |  | 304,401

Other loans |  |  |
| Group |  | Group
| 2024 |  | 2023
| £ |  | £
Between one and two years | 18,548 |  | 17,804
Between two and five years | 751,149 |  | 808,095
After five years | 0 |  | 0
| 769,697 |  | 825,899
On demand or within one year | 41,524 |  | 309,270
| 811,221 |  | 1,135,169

Total borrowings including finance leases |  |  |
| Group |  | Group
| 2024 |  | 2023
| £ |  | £
Between one and two years | 481,038 |  | 825,321
Between two and five years | 1,408,158 |  | 1,813,061
After five years | 1,037,727 |  | 1,096,997
| 2,926,923 |  | 3,735,379
On demand or within one year | 570,877 |  | 751,950
| 3,497,800 |  | 4,487,329

#### 17. Provision for liabilities

Group

| 2024 |  | 2023
| £ |  | £
Deferred tax | 125,076 |  | 117,059

#### 18. Deferred tax

| Group |  | Group
| 2024 |  | 2023
| £ |  | £
At the beginning of financial year | ( 79,562) |  | ( 89,619)
(Charged)/credited to the Profit and Loss Account | ( 8,138) |  | 3,319
Amounts written back | 2,181 |  | 6,738
At the end of financial year | ( 85,519) |  | ( 79,562)

The balance above includes a £39,557 (2023: £37,497 ) Deferred Tax asset .

#### 19. Called-up share capital and reserves

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
1,600 A ordinary shares of £ 1.00 each | 1,600 |  | 1,600
43,635 B ordinary shares of £ 1.00 each | 43,635 |  | 43,635
6,660 C ordinary shares of £ 1.00 each | 6,660 |  | 6,660
| 51,895 |  | 51,895
Presented as follows: |  |  |
Called-up share capital presented as equity | 51,895 |  | 51,895

Ordinary A, Ordinary B and Ordinary C shares carry full voting rights as well as rights to class dividends. Ordinary B and C shares carry capital distribution rights in respect of profits and assets reserved for the respective class. All shares rank pari passu in respect of profits and assets not reserved for a specific class.

The Company's other reserves are as follows:
The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.
The Group's non-controlling interest is held by the 25% shareholder in David Chipperfield Architects S.r.l.

#### 20. Financial commitments

Commitments

Capital commitments are as follows:

| Group |  | Group
| 2024 |  | 2023
| £ |  | £
Contracted for but not provided for: |  |  |
Finance leases entered into | 187,048 |  | 304,401

Total future minimum lease payments under non-cancellable operating leases are as follows:

| Group |  | Group
| 2024 |  | 2023
| £ |  | £
within one year | 797,150 |  | 194,450
between one and five years | 2,926,959 |  | 124,892
after five years | 3,217,500 |  | 0
| 6,941,609 |  | 319,342

Pensions

The Group operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £587,964 (2023 - £609,917 ). Contributions amounting to £51,038 (2023: £52,490) were payable to the pension provider at year end and are included in other creditors.

#### 21. Net debt reconciliation

Net debt reconciliation

| Balance at 01 January 2024 |  | Cash flows |  | New finance leases |  | Other non-cash changes |  | Balance at 31 December 2024
| £ |  | £ |  | £ |  | £ |  | £
Cash at bank and in hand | 6,283,258 |  | 1,958,584 |  | 0 |  | 0 |  | 8,241,842
| 6,283,258 |  | 1,958,584 |  | 0 |  | 0 |  | 8,241,842
Bank loans | ( 4,606,924) |  | 1,151,973 |  | 0 |  | 185,723 |  | ( 3,269,228)
Finance leases | ( 304,401) |  | 98,447 |  | 0 |  | 18,906 |  | ( 187,048)
Other Loans | ( 1,021,329) |  | 432,599 |  | 0 |  | 0 |  | ( 588,730)
| ( 5,932,654) |  | 1,683,019 |  | 0 |  | 204,629 |  | ( 4,045,006)
Net debt | 350,604 |  | 3,641,603 |  | 0 |  | 204,629 |  | 4,196,836

#### 22. Related party transactions

Transactions with related parties or connected persons

Entities over which the company has control or significant influence

| 2024 |  | 2023
| £ |  | £
Sales | 614,680 |  | 643,475
Purchases | 371,682 |  | 75,744
Debtors | 197,499 |  | 175,570
Creditors | (821,806) |  | (1,190,474)
| 362,055 |  | (295,685)

Director of the company

| 2024 |  | 2023
| £ |  | £
Sales | 0 |  | 0
Dividends | 21,000 |  | 13,600
Debtors | 0 |  | 0
Creditors | (41,524) |  | (309,270)
| (20,524) |  | (295,670)

During the year the company repaid a director's loan totalling £610,182. The director received a loan with a maximum amount of £877,928 which was repaid in the year. The director made a new loan to the company of £41,524 .

Other related parties – Close family members of the director and directors of subsidiary undertakings

| 2024 |  | 2023
| £ |  | £
Sales | 0 |  | 0
Purchases | 389,844 |  | 406,237
Dividends | 153,415 |  | 48,000
Debtors | 670,341 |  | 562,164
Creditors | (74,392) |  | (180,662)
| 1,139,208 |  | 835,739

During the year the company advanced further loans of £ 118,221 to the estate of a close family member of the director. The loan is interest free and repayable on demand. There were also repayments received during the year of £48.
During the year the company advanced further loans of £ 129,031 to the close family members of the director and total repayments of £135,853 were received from the close family members of the director in the year.
During the year the group purchased consulting services from a company under the control of a close family member of the direct totalling £ 347,998.

#### 23. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Group since the financial year.

#### 24. Controlling party

D A Chipperfield is the immediate and ultimate controlling party by virtue of the ownership of more than 75% of the company’s issued ordinary shares.