The director presents the strategic report for the year ended 31 December 2024.

Business Overview

Adjaye Associates works in the belief that architecture should represent and uplift the communities it serves. Meeting this ambition means building a coalition of designers, thinkers, and researchers that wholly represent those communities. As such, our practice is made up of a diverse team that consistently delivers architecture which champions representation at all levels.

The studio has built a robust reputation for both its built portfolio and intellectual and cross-cultural endeavours. Our built projects range in scale from private houses, exhibition designs, product designs, and temporary pavilions to cultural institutions, landscape design, civic buildings, residential schemes, and large-scale masterplans. We are renowned in the architectural industry for research-driven solutions, an aesthetic built on eclectic material and colour palettes, as well as a capacity to offer rich public experiences. Overall, our goal is to explore how architecture can act as a platform for storytelling, activating its power to build authentic narratives of place and people. The result is a practice portfolio of buildings that function not only as bold cultural symbols, but as significant social catalysts.

Our studio’s work reflects our team’s composition. Adjaye Associates cultivates an open office culture, where an approach of knowledge-sharing is universally encouraged and where everybody learns from each other. We pride ourselves on having a gender-balanced, ethnically diverse, international team where all knowledge systems are valued and used.

Projects and Pipeline

2024 was a challenging year for the UK construction sector, marked by falling output, rising costs, and a sharp decline in project starts across both public and private sectors. High inflation, tighter budgets, and delays in public funding created a tougher environment for design and architecture practices reliant on cultural and civic commissions.

As a globally structured practice with independent studios in London, Accra and New York, we are able to be fiscally agile. The UK accounts represent the activity of the London studio only. This structure allows us to respond effectively to different regional contexts while fostering active collaboration, sharing expertise and design leadership across the group. Over the past year, our teams have placed greater emphasis on projects in the Caribbean and Africa, where our architectural approach supports an evolving cultural renaissance and a growing investment in civic development.

Notable projects the practice completed in 2024 were Bank Square, Bank of Ghana in Accra; King Salman Park Visitor Centre in Riyadh; Dot.Ateliers, Ghana; DREAM Charter School in the Bronx, New York. The practice continued to work on major civic projects including Princeton University Art Museum; Studio Museum in Harlem; Museum of West African Art (MOWAA), Benin City, Nigeria; The International Finance Corporation, Senegal; The Ralph C. Wilson Jr. Centennial Park, Detroit.

The company has retained its offer of a hybrid working pattern for our teams enabling flexible working. We have developed a model of working that meets the demands of our business as a world-leading design studio whilst responding to the work/life balance desired by a diverse international team. Our policies help us attract and retain the best possible candidates for the practice so we can continue to deliver exceptional projects.

Adjaye Associates’ management prides itself on supporting a skilled, professional, and flexible workforce. Team members are encouraged to develop their talents and skills with a view to increasing individual capabilities and opportunities. Practically, this translates into regular appraisals and reviews; RIBA and ARB accredited continuing professional development; further education and specific training programmes; RIBA Part 3 support; and dedicated skills training and promotion for senior staff.

We encourage requests for training and development at all levels, provide regular REVIT/BIM Training and run a robust programme of CPD (Continuous Professional Development), including mandatory sessions on CDM, Health & Safety and Regulatory issues. Our team is also supported through specific skills training. We fund training courses in part or fully as a wider ambition to enhance our staff’s wider career development, including soft-skills training around management, leadership, and presentation skills.

Equity, Diversity and Inclusion

Adjaye Associates has intentionally composed a diverse team of architects, interior architects, landscape architects, researchers, and project managers. The practice’s commitment to diversity is far-reaching and is the founding principle on which the studio is built. We advocate, and are committed to, consistently ensuring that an inclusive and diverse team is supported. As such, we support and engage with groups including the Paradigm Network to ensure opportunities reach the widest possible pool of typically underrepresented candidates.

Adjaye Associates is composed of a diverse, gender-balanced team with 14 different nationalities represented in our studio. This diversity is represented at all levels of seniority, from entry level designers through to Part 3 architects, project leaders and senior management. We understand that achieving this level of representation does not happen without the appropriate training, mentorship, and progression programmes – both formal and informal. The company encourages this culture of progression, enabling all members of staff the opportunities to access higher level positions.

Financial Review and Key Performance Indicators (KPIs)

Market conditions made 2024 a difficult year for the architecture sector. Turnover was £6.4m (2023: £17.1m). The London studio maintained a 45 percent gross margin, though the reduction in revenue resulted in a loss before tax of £1.8m (2023: £0.7m). While UK billings were lower, overall project activity across the wider practice remained steady, supported by a diverse range of projects.

Average headcount in the UK for the year was 47, compared with 85 in 2023. Revenue per employee was £138k (2023: £202k) which remains above sector benchmarks. The year-end position reflects a business now operating with a leaner structure and greater operational flexibility.

Project Pipeline

Having sufficient projects to ensure long term financial sustainability is managed by proactively seeking new business opportunities, exploring new and emerging markets and implementing cost control and cash flow forecasting.

Recruitment Shortages

Thanks to Adjaye Associates’ longstanding and visible track record on diversity in recruitment, our practice continued to enjoy high levels of candidate interest across all staff levels and will continue to build on our recruitment achievements through our practice’s messaging and by shaping an environment that attracts and retains talent.

Financial Risk 

Credit risk is mitigated through constant monitoring of debtors and regular project reviews, to ensure that corrective action is taken before debt becomes overdue. Liquidity risk is managed through detailed cash flow projections, which enable the company to maintain appropriate levels of working capital to meet its financial obligations as they fall due and protect itself against short-term adverse fluctuations in market risk.

Currency risk arises from the revenue that the company earns from contracts denominated in non-Sterling currencies. The company manages this exposure by matching revenues and costs in the same currencies, and then converting excess cash balances in foreign currencies into Sterling as soon as is practicable.

Future Developments

The practice will continue to place its people at the centre of its future development. Our global studio network remains a core strength, and we will build on this by fostering an environment that supports learning, collaboration and the growth of diverse talent across all levels. We are proud of our inclusive culture and will continue to invest in programmes that enhance skills, broaden perspectives and encourage creative confidence.

In the year ahead, we will deepen cross-studio collaboration, including ongoing knowledge exchange with our Accra team, which enriches our approach and expands opportunities for emerging architects within the practice. These partnerships strengthen our global outlook and enhance our ability to deliver work that is socially engaged and reflective of the communities we serve.

The practice continues to advance its established portfolio of work, with ongoing projects progressing through key stages, these include but are not limited to The Vision for Barbados Masterplan which includes the Barbados National Performing Arts Centre and the Newton Enslaved Burial Ground Memorial; The UK National Holocaust Learning & Memorial Centre; Thabo Mbeki Presidential Centre, South Africa; 111 District Hospitals Programme, Ghana; The Kiran Nadar Art Museum, Delhi, and private projects and residences in the Middle East and North America, and the International Children's Cancer Research Centre in Kyebi, Ghana.

Operationally, the practice enters the coming period with a leaner and more resilient structure. Our focus will be on consolidating recent improvements in financial discipline, strengthening our project pipeline across key geographies, and advancing the governance and delivery practices that support predictable, high-quality outcomes for clients.

Although market conditions remain mixed, we are confident in the practice's direction and in our ability to translate our strengthened foundations into long-term growth. Our priority is to maintain design excellence, support the wellbeing and development of our staff, and position the practice for a return to sustainable profitability in 2026.

The director presents his annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company continued to be that of architects.

The following director held office during the year and up to the date of signature:

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £1,153,844. The director does not recommend payment of a further dividend.

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the 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;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of Principal Risks and Uncertainties and Future Developments.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Adjaye Associates Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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 our 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 the Director's Report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or

• the 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.

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 determines 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 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 intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent 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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Adjaye Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Edison House, 223-231 Old Marylebone Road, London, NW1 5QT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Adjaye Holdings Ltd. These consolidated financial statements are available from its registered office, Edison House, 223-231 Old Marylebone Road, London, NW1 5QT.

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Management have modelled the company's cash flows using different scenarios, considering the timing of ongoing projects, outgoings to subcontractors and variability on other costs. The director has provided a letter of support, confirming their personal financial support should the company require it. Therefore the director is confident that the business can meet its liabilities as they fall due for at least 12 months from the date of signing of these financial statements.

On the basis of the above, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents amounts chargeable to clients for professional services provided and includes net invoiced sales of services which excludes value added tax.

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.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

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

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

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.

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

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

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.

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.

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

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

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

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Revenue from contracts to provide services is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using a combination of the milestones in the contract and the time spent to date compared to the total time expected to be required to undertake the contract. Estimates of the total time required to undertake the contracts are made on a regular basis and subject to management review. These estimates may differ from the actual results due to a variety of factors such as efficiency of working, accuracy of assessment of progress to date and client decision making.

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. See note 12 for the carrying amount of the intangible assets and note 1.5 for the useful economic lives for each class of asset.

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

All turnover is from rendering of services

During the year, the company reviewed the position of claims for withholding taxes from foreign jurisdictions and provided against those claims where there was either a limited or no chance of further recovery of these amounts.

The average monthly number of persons (including directors) employed by the company during the year was 47 (2023: 85).

Their aggregate remuneration comprised:

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

Changes to the future UK corporation tax rates were substantively enacted as part of the Finance Bill 2021 on 24 May 2021. It makes provision for the rate of corporation tax in the UK to increase from April 2023 from 19% to 25% where a company has taxable profits exceeding £250,000 (equivalent to €282,000).

The company's bank borrowings are secured by a debenture comprising fixed and floating charges over all the company's assets.

The financing facility relates to a £250,000 Fixed rate loan agreement as part of the Coronavirus Business Interruption Loan Scheme. Interest is charged at the Base Rate plus 2.96% on the drawn-down amount. The fixed rate period is 60 months, with the final repayment date being 72 months after the Loan is drawn. This will be paid in monthly instalments of £4,167.

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The provision relates to dilapidations and the timing of the payment is uncertain.

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

The company had unpaid pension contributions of £207 (2023: nil) at year end.

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

The remuneration of key management personnel is £741,442 (2023: £517,468).

At the end of year £137,769 (2023: £137,622) included in other debtors was owed from companies under common control.

During the year, the company made sales of £666,584 (2023: £1,063,812) to companies under common control and purchases of £348,769 (2023: £348,290) from companies under common control.

During the period, consultancy fees of £235,120 were paid to the Director via a connected company.

The company has taken advantage of the exemption available in accordance with FRS 102 section 33 'Related Party Disclosures' not to disclose transactions entered into between two or more members of a group, as the company has a wholly owned subsidiary undertaking of the company which it is party to the transactions.

The immediate and ultimate parent company is Adjaye Holdings Limited, a company incorporated in England and Wales with its registered office at Edison House, 223-231 Old Marylebone Road, London, NW1 5QT. The ultimate controlling party is D Adjaye by virtue of his majority shareholding.