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Information
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Contents
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Members' report
for the year ended 31 March 2022
The members present their annual report together with the audited financial statements of Pollard Thomas Edwards LLP ('the LLP') for the year ended 31 March 2022.
Principal activities
The principal activity of the LLP in the year under review was that of architectural and related consultancy services.
Review of business
We began 2021/22 with optimism that a post-pandemic return to face-to-face relationships with clients, communities and colleagues was imminent. The reality was much slower and more cautious, with the social impact of COVID-19 lasting up until the end of our financial year.
Although our financial results are similar to last year, this was a year of two halves. Turnover is marginally up on last year although the pace of income and new business levelled off in the third quarter of the year resulting in a slight dip in profits. Despite challenges our team have maintained an impressive output with many accomplishments during the past year. Alongside our leisure, healthcare, office, and community buildings, this year we have gained planning permission for 2,500 new homes; approximately 1,500 homes were under construction in the year; and 700 homes completed. Our research and thinking projects have broadened to include a string of client design guides, product books and externally published manuals on healthy neighbourhoods, estate regeneration, high-rise and deck access housing. The quality of our projects continues to be recognised with awards and a number of press articles. Our 2022 business plan sets out an ambitious road map for succession within the management structure, alongside upgrading our workspace and a methodology for flexible working that reaffirms our core cultural values. In 2021, we introduced the Management Committee structure with individual partner responsibility to lead company-wide business functions. The recent Management Committee’s decision to make fourteen specialist partner promotions supports the Business Plan aims of building an organisation which can respond to an industry which is fast-changing in terms of policy, process, and innovation. The new specialist partners will lead the implementation and industry debate within the fields of sustainability, safety, engagement, communications and quality. To consolidate our approach of continuous succession planning, Justin Laskin will join the Management Committee as a full equity member of the LLP from 1 April 2022. In recent months we have identified business risks from legislation changes in response to the climate action and building safety agendas; funding repercussions as a result of the invasion of Ukraine and the UK Levelling Up programme; planning obstacles at a local and regional level; skills and diversity gaps; and negative pressure on development caused by rising costs. But the members are ambitious for the up-coming 2022/23 financial year. We continue to have a strong pipeline of identifiable projects and stable working capital. The immediate objective is to re-engage our whole team in a bright refreshed practice environment, working alongside specialist partners to fulfil objectives set out in the business plan.
Designated Members
K Stout, M McDonnell and
C Vann were designated members of the LLP throughout the year.
Members' capital and interests
Details of changes in members' capital in the year ended 31 March 2022 are set out in the Reconciliation of members' interests.
Page 1
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Members' report (continued)
for the year ended 31 March 2022
Policy for members' drawings, subscriptions and repayment of members' capital
An on-account share of profits for the Accounting Year is paid monthly to each Member. The sum is determined by the
Management Committee and approved by the Equity Members. Interest is payable on Members' Capital Accounts at a rate based upon the rates being charged during the year by the providers of external Loan Capital. The Management Committee may, with the approval of a simple majority of the Equity Members, require all (but not some only) of the Equity Members to make such Contributions and/or Partner Loans as are necessary for the business. The profits of the LLP are credited to the Equity Members in the proportions that have been decided by the Management Committee at its annual capital and profit share review meeting. No Member shall be liable for any losses of the LLP unless exceptionally the Equity Members otherwise agree. An equity member wishing to withdraw part of their Capital Account shall give notice in writing of their wish to the Management Committee in advance of its next annual capital and profit share review meeting. In the event of an Outgoing Member with monies standing to the credit of their capital account at the date that they cease to be a Member, then such Outgoing Member's Capital Account together with interest at the rate of three per cent above the base rate shall be paid by the LLP to the Outgoing Member within a period of 30 months from the date of their ceasing to be a Member.
Members' responsibilities statement
The members are responsible for preparing the annual report and the
financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year
. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
∙
select suitable accounting policies and then apply them consistently;
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
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Members' report (continued)
for the year ended 31 March 2022
Members' responsibilities statement (continued)
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the members on 14 July 2022 and signed on their behalf by:
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Independent auditor's report to the members of Pollard Thomas Edwards LLP
for the year ended 31 March 2022
We have audited the financial statements of Pollard Thomas Edwards LLP (the 'LLP') for the year ended 31 March 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Reconciliation of members' interests
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the members
' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of Pollard Thomas Edwards LLP (continued)
for the year ended 31 March 2022
The members are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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.
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:
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Independent auditor's report to the members of Pollard Thomas Edwards LLP (continued)
for the year ended 31 March 2022
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙
the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙
we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;
∙
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the LLP through discussions with members and other management at the planning stage and from our commercial knowledge and experience of architects;
∙
the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations;
∙
we considered the impact of COVID-19 on the LLP and its internal controls;
∙
we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the LLP including Companies Act 2006 as applied to LLP's; and
∙
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the extent of compliance with the laws and regulations identified above through:
∙
making enquiries of management;
∙
inspecting legal expenditure and correspondence throughout the year for any potential litigation or claims; and
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙
determined the susceptibility of the LLP to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process, taking into account the impact of COVID-19 on controls during the year;
∙
reviewed journal entries throughout the year to identify unusual transactions;
∙
performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior period;
∙
reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the LLP's management; and
∙
carried out substantive testing to check the occurrence and cut-off of expenditure.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included but were not limited to:
∙
agreeing financial statement disclosures to underlying supporting documentation;
∙
reading the minutes of meetings of those charged with governance;
∙
enquiring of management as to actual and potential litigation and claims; and
∙
reviewing correspondence with the LLP's legal advisors.
There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or collusion. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any.
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Independent auditor's report to the members of Pollard Thomas Edwards LLP (continued)
for the year ended 31 March 2022
Auditor's responsibilities for the audit of the financial statements (continued)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditor's report.
This report is made solely to the LLP's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
130 Wood Street
EC2V 6DL
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Statement of comprehensive income
for the year ended 31 March 2022
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Statement of financial position
as at
The financial statements were approved and authorised for issue by the members on and were signed on their behalf by:
The notes on pages 13 to 24 form part of these financial statements.
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Reconciliation of members' interests
for the year ended 31 March 2022
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Statement of cash flows
for the year ended 31 March 2022
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Statement of cash flows (continued)
for the year ended 31 March 2022
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Notes to the financial statements
for the year ended 31 March 2022
Pollard Thomas Edwards LLP (OC395916) was incorporated and is registered in England and Wales. The registered office and principal place of business is Diespeker Wharf, 38 Graham Street, London, N1 8JX.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102'), the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies (see note 3). The following principal accounting policies have been applied:
The LLP has sufficient liquid resources to continue as a going concern for the foreseeable future and the members believe the LLP will be able to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements.Therefore the financial statements have been prepared on the going concern basis.
Impact of COVID-19 The members have considered the impact of the ongoing COVID-19 pandemic on the LLP, with a particular focus on its effect on the LLP’s clients, suppliers, members and employees. The members do not consider this to be cause for material uncertainty in respect of the LLP’s ability to continue as a going concern. The LLP has adapted well, successfully employing business continuity plans, and the members consider that the LLP has sufficient financial resources to continue for the foreseeable future, despite the current crisis. Therefore the financial statements have been prepared on the going concern basis. Rendering of services Turnover arising from the provision of architectural services is assessed on a contract by contract basis and reflected in the profit or loss by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract value which contract costs to date bear to total expected contract costs. The amount by which turnover exceeds payments on account is classified as "amounts recoverable under contracts" and included within debtors. To the extent that payments on account exceed turnover, the excess is included as a creditor. A provision is made for anticipated losses on contracts. Movement in the provision for losses on contracts is included in cost of sales.
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Notes to the financial statements
for the year ended 31 March 2022
2.
Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit or loss over its useful economic life of ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
Amounts recoverable under contracts represent work done at the year end where a continuing right to receive income exists and is valued at the estimated amount recoverable in excess of fees already rendered.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The LLP only enters into basic financial instruments transactions that result in the recognition of financial
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Notes to the financial statements
for the year ended 31 March 2022
2.
Accounting policies (continued)
assets and liabilities like trade and other debtors and creditors.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Taxation of all of the LLP's profits is solely the personal liability of individual members and is not dealt with in these financial statements.
Provisions are made where an event has taken place that gives the LLP a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of comprehensive income in the year that the LLP becomes aware of the obligation and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term.
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Notes to the financial statements
for the year ended 31 March 2022
2.
Accounting policies (continued)
Members' remuneration charged as an expense in the profit or loss relates to amounts payable under contractual agreements. The balance of the profit for the year, available for discretionary division amongst the members, is treated as members' equity in the balance sheet until it is formally allocated to the members at the year end.
The estimates and underlying assumptions are reviewed on an ongoing basis. Critical judgements in applying the LLP's accounting policies The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), the members have made in the process of applying the LLP's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Work in progress and costs to complete A key estimation in calculating the 'amounts recoverable under long term contracts' and 'payments received on account' figures is the costs to complete a long term contract. This is calculated based upon a detailed budgeting process which is reviewed and updated where necessary as the contract progresses. The members' experience and judgement is required when making this estimation. Revenue recognition On the whole revenue is recognised as it is invoiced and where a long term contract is in the earlier stages and there is an agreement in place for the project to continue the members will calculate how much of the revenue already billed is deemed to be a payment on account for future works. Impairment of goodwill Determining whether goodwill is impaired requires an estimation of the value in use of the future cash flows expected to arise from the cash generating units to which the goodwill has been allocated. The goodwill is being amortised evenly over its useful economic life of ten years which has been estimated by the members.
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Notes to the financial statements
for the year ended 31 March 2022
Analysis of turnover by country of destination:
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Notes to the financial statements
for the year ended 31 March 2022
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Notes to the financial statements
for the year ended 31 March 2022
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Notes to the financial statements
for the year ended 31 March 2022
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Notes to the financial statements
for the year ended 31 March 2022
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Notes to the financial statements
for the year ended 31 March 2022
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Notes to the financial statements
for the year ended 31 March 2022
Loans and other debts due to members may be further analysed as follows:
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
There were no contingent liabilities at 31 March 2022 or 31 March 2021.
The LLP had £492,610 in capital commitments at 31 March 2022 (2021 - £nil).
The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £289,224 (2021 - £271,969). Contributions totalling £1,069 (2021 - £42,124) were payable to the fund at the balance sheet date.
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Notes to the financial statements
for the year ended 31 March 2022
In the opinion of the Designated Members, there was no ultimate controlling party of the LLP during the year or the preceding year.
Page 24
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