The auditor's report dated 6 May 2026 was unqualified. The senior statutory auditor was Kevin Cattanach, for and on behalf of Whitelaw Wells.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

The financial statements were approved and authorised for issue by the Board of Directors on 6 May 2026.

Director

The company is a private company limited by shares, registered in Scotland (SC090513). The address of the registered office is 15 Rutland Square, Edinburgh, EH1 2BE, Scotland.

The financial statements have been prepared on the historical cost basis. These financial statements have been prepared in accordance with Financial Reporting Standard 102 and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The financial statements have been prepared on a going concern basis. The company's annual distributable profits are payable each year to its parent entity, the Royal Incorporation of Architects in Scotland as gift aid. As such the company will continue to be reliant on the ongoing support of its parent entity to continue trading. The trustees of the parent entity have confirmed that this support will continue for a period of at least one year from the date of approval of these financial statements and the directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

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

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

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:

As detailed below, the company estimates provisions against the carrying values of stock. When assessing the provisions, the directors consider factors such as sales volumes in recent years of all stock lines, sales values achieved and book cost of the stocks. The value of stock net of provisions is included on the face of the balance sheet.

Provisions are also made against publishing work in progress costs where the relevant publications are unlikely to be published in the near future

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Turnover represents income from the provision of services to architects and architectural practices, sales of books and publications and advertising revenue. All services income is included in the period in which the service is delivered. Sales of books and publications and other areas are recognised when goods are made available or when an event takes place. Turnover is stated net of VAT and trade discounts.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other debtors and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument

Basic financial liabilities, which include trade and other creditors are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

Staff are employed directly by The Royal Incorporation of Architects in Scotland then recharged to the company.

Under the terms of a deed of covenant the annual distributable profits of the company are payable to the Royal Incorporation of Architects in Scotland, the parent body. Under section 191 of the Corporation Taxes Act 2010, distributions to the parent body qualify as gift aid payments.

The company has an unrecognised deferred tax asset of £9,250 (2024: £6,349) which has arisen from losses carried forward. Its recoverability is dependent upon future taxable profits arising, the likelihood of which cannot at this stage be determined with reasonable certainty.