REGISTERED NUMBER: 03749443 (England and Wales) |
Zaha Hadid Limited |
Group Strategic Report, |
Directors' Report and |
Consolidated Financial Statements |
for the Year Ended 30 April 2023 |
REGISTERED NUMBER: 03749443 (England and Wales) |
Zaha Hadid Limited |
Group Strategic Report, |
Directors' Report and |
Consolidated Financial Statements |
for the Year Ended 30 April 2023 |
Zaha Hadid Limited (Registered number: 03749443) |
Contents of the Consolidated Financial Statements |
for the year ended 30 April 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Directors' Report | 7 |
Independent Auditors' Report | 10 |
Consolidated Income Statement | 13 |
Consolidated Other Comprehensive Income | 14 |
Consolidated Balance Sheet | 15 |
Company Balance Sheet | 16 |
Consolidated Statement of Changes in Equity | 17 |
Company Statement of Changes in Equity | 18 |
Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 20 |
Zaha Hadid Limited |
Company Information |
for the year ended 30 April 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Bankers: |
34 Sloane Square |
London |
SW1W 8AZ |
Zaha Hadid Limited (Registered number: 03749443) |
Group Strategic Report |
for the year ended 30 April 2023 |
The directors present their strategic report of the company and the group for the year ended 30 April 2023. |
Review of business |
Year ended | Year ended |
April | April |
2023 | 2022 |
Gross Turnover | £69,401,831 | £68,063,336 |
Operating profit | £264,339 | £900,329 |
Turnover per technical employees | £136,887 | £130,891 |
Average number of technical employees | 507 | 520 |
Cash | £36,805,951 | £34,072,808 |
In our first full year as an employee-owned company, ZHL's on-going programme to diversify the sectors and global markets in which we work enabled the practice to successfully navigate geopolitical challenges impacting the industry worldwide. |
As an employee-owned business, we have this year reinvested our profits back into our people and our company, with staff bonuses increased in the period during the cost-of-living crisis. All our staff are now eligible for election by their co-workers to serve on the board of ZHA's employee benefit trust. Our first elections established a board comprised of 75% women architects and administrators who were appointed by their peers to ensure the continued development of the company and the progression of everyone at ZHL. |
Currently delivering more than 60 pioneering projects across six continents, 42 projects by ZHL are under-construction in 21 countries around the world. |
The New York Times acknowledged ZHL's work in transforming a derelict site in Prague that had stood abandoned for several decades: "Perhaps no part of Prague exemplifies the city's dizzying mix of old and new quite like the area surrounding Masaryk Railway Station where you can gaze at the swooping curves of several neighbourhood-defining commercial buildings by Zaha Hadid Architects". |
The Masarycka building in Prague completed in 2023 and has been designed to achieve LEED Platinum certification in addition to meeting RIBA 2025 targets for embodied & operational carbon. Integrating with the reconstruction of the historic station next to the site and establishing a dialogue with the gothic and baroque of Prague's Old Town, the design replaces a car park with a new public square and entrance to the city's transport network, creating a welcoming gateway to the city for suburban & domestic rail services and passengers using the planned airport rail link. |
Opening by hosting the 81st annual World Science Fiction Convention (Worldcon), the event's first time held in China, the new Chengdu Science Fiction Museum showcases the city's contribution to the genre's evolution and popularity around the world in a design informed by the city's unique local traditions and cultures. |
"This 'floating' museum is straight out of science fiction," reported CNN. "The new Chengdu Science Fiction Museum in the capital of Sichuan province, in Southwest China, would comfortably fit into the set of an intergalactic space adventure… The 59,000 square-meter building went from concept to completion in just 12 months. Using a variety of design software, including digital modelling analysis, [ZHL's] team was able to accelerate the timeline and ensure that everyone, from architects to materials manufacturers to construction workers, was on the same page." |
Anticipating the opening of the city's Grand Theatre by ZHL, Time Magazine named Rabat as one of the World's Greatest Places of 2023 citing "the artistic and cultural reinvention bringing new life to Morocco's capital city... [the theatre] will host ballet, opera, symphony, and philharmonic performances. The innovative building, shaped like an undulating wave, contains a crystalline geometric auditorium." |
ZHL's design of a new 295-metre Jiangxi River Bridge completed in Chengdu. Crossing a tributary of the Tuojiang River, the sculpted steel arches of this road, cycle and pedestrian bridge continues ZHL's 30-year repertoire of delivering innovative transport infrastructure around the world and enables the city's West Line Road to become the western section of the Airport New Town ring-road and cycle route. |
Zaha Hadid Limited (Registered number: 03749443) |
Group Strategic Report |
for the year ended 30 April 2023 |
The W Macau hotel opened within ZHL's design of the new Studio City Macau resort. Incorporating 557 hotel rooms and suites over 40 floors together with restaurants, bars, pool, spa, gym, recording studio and one of Asia's largest indoor water parks, Studio City Phase Two's design is informed by the existing resort's cinematic references with a contemporary reinterpretation of the rich detailing, bold geometries and intricate craftsmanship of the Art Deco period. |
Works began on the construction site of the new Ülemiste Rail Terminal in Tallinn. The starting point of the new 870 km Rail Baltica high-speed railway connecting Estonia, Latvia and Lithuania with the European high-speed network, Tallinn's Ülemiste terminal will be a multi-model transport hub for regional commuters, national and international rail passengers in addition to air travellers using the adjacent Tallinn airport. |
Construction works have also begun at Singapore's new Science Centre. Providing unique facilities and programs for all Singaporeans to access science, technology, engineering and mathematics education and experiences, the new Science Centre will continue the institution's mission since its founding in 1977 to spark curiosity in generations of young school children while also expanding its community outreach programmes. |
Site excavations are now complete and works will soon begin on the foundations of ZHL's Fornbuporten and Fornebu Senter stations for new Fornebubanen metro line in Oslo, Norway. Constructed in low-carbon concrete, the 8km line is one of the largest construction sites in Scandinavia. Running from the city centre to the Fornebu peninsula, the new metro line will enable the transformation of Olso's decommissioned airport into a community of 6,000 new homes together with civic, cultural and commercial developments providing 25,000 new jobs. |
Construction of the new Western Sydney Airport reached its halfway point towards its 2026 opening. Accommodating the city's western expansion as its population increases to nine million residents, the airport's first phase will serve 10 million annual passengers with further phases planned to meet future demand of up to 82 million passengers each year. The ZHL/COX design incorporates sustainable design principles across the building's architecture and construction, integrating extensive use of daylight, natural ventilation and water recycling in its modular design. |
Awarded in association with UNESCO and the International Union of Architects, the Prix Versailles 2023 named ZHL's Beijing Daxing International Airport as one of the world's most beautiful terminals. The airport's six runways and extremely efficient terminal design has enabled Beijing Daxing to become a key regional hub for many the world's leading carriers including American Airlines, British Airways, China Southern and Delta. |
Serving up to 72 million passengers a year with future expansion to serve 100 million travellers annually, the compact radial layout of airport's 780,000m² terminal with ground transport centre enables all passengers to walk the short distances from check-in to their departure gate in under eight minutes and allows the maximum number of aircraft to be parked directly at the terminal. |
Winning the 'Humanitarian' category of the World Architecture News Awards 2023 and nominated for the AJ100 'Collaboration of the Year' 2023, tents designed by ZHL with the Education Above All Foundation for use as schools, clinics and emergency shelters for refugee and displaced communities are now in use as classrooms for hundreds of displaced Pakistani and Syrian children. |
ZHA and EAA developed the design as a robust, cost-effective and lightweight modular architectural system with fabric envelope that is weather-proof and allows for natural daylight; creating safe, versatile and sustainable spaces for children to use for play, learning, and development. Easily moved and re-assembled, the tents are made from components that can be upcycled or recycled. |
With more than a dozen new commissions worldwide in the period, ZHL continues our four-decade commitment to the MENA region partnering with JMJ Group Holding and Qetaifan Projects to design a 986 million Qatari Riyals mixed-use community of seven multi-use buildings overlooking the southern waterfront and beaches of Qetaifan Island North in Qatar. |
ZHL won the design competition to build the new Aarhus Stadium in Denmark. The new stadium will be embedded within the city's Marselisborg forest. Informed by the vertical rhythm of the surrounding trees, the design is driven by sustainability considerations as an extension of the forest with its verticality continued in the stadium's public colonnades and the timber ribs of its façade. |
On the southern tip of China's Hainan Island, ZHL's competition-winning design for Sanya's new cultural district establishes the harbour as the heart of the city's cultural life. The district's 26.7 hectares incorporates facilities designed to host the widest variety of performances and events. With a total of 409,000 sq. m of built area, the new harbourside district also includes city-centre residences and offices as well as hotels, shopping and dining amenities to serve the many millions of tourists who visit Sanya every year. |
Zaha Hadid Limited (Registered number: 03749443) |
Group Strategic Report |
for the year ended 30 April 2023 |
Celebrating our 15-year journey in China with 'The New World' exhibition at the Guardian Art Centre, Beijing detailing the evolution of ZHL's work since opening their first office in the country, the exhibition charted the development and future of ZHA's architecture; revisiting seminal built works together with the further 25 ZHL projects currently in development across the China. |
Looking to the future, 'The New World' exhibition examined ZHL's research and multidisciplinary approach to our work. New digital design tools, robotics, 3D printing, artificial intelligence and virtual reality are changing how ZHL designs and constructs; developing efficiencies in digital design, construction techniques and advanced materials that reduce the environmental impact of our architecture while enhancing the performance of each building. |
ZHL's architecture continues to capture the imaginations of millions around the world. Throughout the period, leading international brands including Louis Vuitton, Rolls Royce, Montblanc, Bugatti and Polestar recognised the global appeal of the work and incorporated ZHL projects within their recent promotional campaigns. |
Future Developments and Research Developments |
ZHL continues to invest significantly in the research and development of advancements for the construction industry. Collaborating with leading scientific institutions and organisations, ZHL's six research teams are developing award-winning innovations in sustainability strategies and materials in addition to data analytics and agent-based modelling that enhances individual and overall wellness. |
"With more hybrid workers and new office needs, firms like Zaha Hadid Architects are turning to artificial intelligence for solutions," reported the New York Times. "To address the changing landscape of work, the firm [utilises] A.I. to help its architects design better office buildings, and spaces that cater to workers' individual needs." |
Engagement with employees |
Fostering a collaborative culture, ZHL's policies and programmes support the wellbeing and development of everyone in the practice. Ongoing engagement with members of our team at every level identifies matters to be addressed and resolved by a network of operational forums, management teams and focus groups. Regular inter-office seminars and presentations, together with ZHL's monthly journal, keep staff up-to-date with developments within the business. Employee engagement is further enhanced by ZHL's transition to employee ownership, with staff nominating and electing their co-workers to serve on the board of our employee benefit trust. |
Clients, suppliers and others in a business relationship |
ZHL's builds integrated relationships between the client, contractor, design team and suppliers to develop cost-effective architectural solutions made possible by advancements in design and construction technologies. With designs that respond to local climate, terrain and culture, ZHL works closely with all stakeholders to enhance project deliverables, procurement strategies and construction techniques; incorporating local supply chain logistics and skills with new technologies to reduce the consumption of energy and materials while increasing a project's recycled and recyclable content. |
Principal Risks and Uncertainties |
The group and its management are faced with the following principal risks and uncertainties: |
Recruiting and retaining staff of the appropriate experience and calibre - Our success depends on the group being able to recruit and retain sufficient architects and associated professionals with the highest level of design skills and experience. We provide our teams in all group companies the opportunity to work on very innovative and significant projects worldwide, we provide training and development for all staff and we constantly review/appraise their development and skills. We create an environment which is collaborative and inclusive at all levels attracting the highest calibre creative staff. There is considerable uncertainty on the post-Brexit visa arrangements for skilled persons moving to and working in the UK. We are monitoring developments in this area and its possible impact on our UK recruitment. |
The global market for construction projects - We constantly evaluate our pipeline of new projects to create a diverse portfolio of projects with wide geographical spread in order to reduce the risk of dependencies on any one geographic market. |
Competition within the sector both in the UK and internationally - Competition in the UK for architectural contracts is currently very challenging, but ZHL's global customer spread has mitigated the effect of this on the group's business. Internationally, we strive to achieve the highest possible. |
Zaha Hadid Limited (Registered number: 03749443) |
Group Strategic Report |
for the year ended 30 April 2023 |
Financial Risk |
The group's operations expose it to a variety of financial risks that include funding risk, liquidity risk, foreign currency risk and credit risk. |
Funding risk |
Treasury policies are designed to manage the main financial risks faced by the group in relation to funding and investment. These policies ensure that any borrowings and investment are with high quality counterparties; are limited to specific instruments; the exposure to any one counterparty or type of instrument is controlled; and the group's exposure to exchange rate movements is monitored. No transactions of a purely speculative nature are undertaken. The directors monitor the group's financing through regular review of trading performance and authorise all significant transactions. |
Liquidity risk |
The group meets its monthly operating cash requirements in the normal course of business using monthly cash inflows from customers. Management maintain a forecast income model with sensitivity analysis to ensure that the group has sufficient liquid resources to discharge its obligations as they fall due for payment. |
In line with other groups of its size, ZHL has a substantial working capital requirement both in respect of trade debtors and liquid resources. This working capital requirement is reviewed periodically in the context of forecast revenue and costs. |
Foreign currency risk |
The group operates internationally and therefore has a number of contracts denominated in non-sterling currencies. The group manages its exposure to foreign exchange movements by converting significant foreign currency cash balances into sterling as soon as practicable. The group does not hold any financial instruments designed to manage fluctuations in foreign exchange rates. |
Credit risk |
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. The diversity of our work means that our customers include public and private companies, national, state and local governments and state owned companies. This requires us to operate across many different legal jurisdictions and accept the associated legal and political risks to recovery of trade debts. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary. |
Section 172(1) statement |
As the Board of Zaha Hadid Limited, we take our responsibilities under section 172 of the Companies Act 2006 very seriously. Employing comprehensive data analysis to accurately forecast the impact of our decisions on the company and all its stakeholders, we act in the way we consider, in good faith, will most effectively promote the company's success. This statement outlines the principles in which we as a Board address these responsibilities. |
Founded by Zaha Hadid in 1979, Zaha Hadid Limited (ZHL) has grown to become a truly global and diversified business with a strong collaborative culture. The company has established a leading reputation for delivering award-winning projects that set new benchmarks for the industry. |
With agile management structures and strategies to embrace new ideas and technologies, our teams realise transformational architecture across six continents, advancing the quality of the built environment in established and developing markets and sectors. |
Our integrated, holistic approach is driven by ongoing research to provide our clients with future resilient architecture that is more spatially inventive, structurally efficient, technologically advanced and environmentally sensitive with each new design. |
To provide even greater engagement with all our staff and stakeholders, ZHL transitioned to full employee ownership to benefit all our dedicated and experienced professionals who collaborate with visionary clients, communities and industry experts worldwide. |
Zaha Hadid Limited (Registered number: 03749443) |
Group Strategic Report |
for the year ended 30 April 2023 |
Integrated design |
With a collective, multi-disciplinary approach problem-solving, we strive to be the global leader in the advancement of new technologies to benefit our clients; applying computational design tools that include scripting techniques, agent based modelling and digital mapping analysis to optimise efficiencies in massing, site conditions, structure, facade-to-floor ratios, solar irradiation, orientation, procurement and construction schedules. |
Our ongoing investment in IT infrastructure is structured to ensure ZHL can set new standards for best practice. The company's research units collaborate with the some of the world's most respected scientific institutions to improve how the industry builds. |
Pioneering innovations to improve the design process of our increasingly global design teams, we are developing 3D virtual interfaces that support enhanced collaboration. Using virtual reality software developed by ZHL and our partners, teams of architects and engineers based worldwide can interact in real time to generate optimal design solutions. |
Sustainability |
Embedding sustainability within the design, procurement, construction and operations of our projects, we work to improve systems which prioritise environmental issues and ensure cost-effective sustainability. Delivering architecture around the world targeting the highest sustainability certification, ZHL is currently developing projects for clients in the Middle East, Europe and the Americas planning carbon-neutral operations. |
Marrying innovations in design and operational technologies with the advances in ecologically sound materials and sustainable construction practices, we don't look only at the disparate parts, but work to understand them as a whole to deliver solutions to the defining challenges of our era. |
On behalf of the board: |
Zaha Hadid Limited (Registered number: 03749443) |
Directors' Report |
for the year ended 30 April 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2023. |
Dividends |
No dividend was paid during the year (2022: £ nil). |
Directors |
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report. |
Employee involvement |
The group's policy is to consult and discuss with employees matters likely to affect employees' interests using |
appropriate content and methods of communication. |
Disabled persons |
The group has an equal opportunities policy to ensure that it recruits and retains the best applicants. Once employed, a career plan is developed so as to ensure suitable opportunities for all employees including those with a disability. Arrangements are made, wherever possible, to make reasonable adjustments as appropriate for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities. |
Streamlined energy and carbon reporting |
The group have commissioned Green Energy Consulting to calculate GHG emissions required under the SECR regulations. The period covered by SECR is 1 May 2022 to 30 April 2023 and calculations have been made for the following scopes: |
- Building related energy - Electricity (scope 2). The group have produced no scope 1 building related emissions over the period |
- Transport related energy - The group have produced no transport based emissions over the period |
- Scope 3 - The group have produced no scope 3 emissions over the period |
Calculated methodology |
The groups GHG emissions have been assessed in accordance with HM Government's 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance', March 2019 update. In order to calculate emissions '2022 UK Government GHG Conversion Factors for Company Reporting' have been used in line with the GHG Protocol Corporate Accounting and Reporting Standard. |
For electricity data, annual energy consumption in kWh has been converted into tCO2e using the '2022 UK Government GHG Conversion Factors for Company Reporting' conversion factors. |
Inline with SECR guidance, location-based electricity emissions have been reported. In addition to this, the group have also reported electricity emissions using a market based methodology. |
GHS Emissions & Energy use data for 1 May 2022 to 30 April 2023 |
2023 | 2022 |
Gas (kWh) | 0 | 104,203 |
Electricity (kWh) | 356,864 | 366,059 |
Transportation (kWh) | 0 | 0 |
Emissions from combustion of gas, tCO2e (Scope 1) | 0 | 19.1 |
Emissions from combustion of fuel for transport purposes, tCO2e (Scope 1) | 0 | 0 |
Emissions from business travel in rental cars or employee-owned vehicles where company is responsible for purchasing the fuel, tCO2e(Scope 3) |
0 |
0 |
Emissions from purchased electricity, tCO2e (Scope 2, location-based) | 69 | 77.7 |
Emissions from purchased electricity (Scope 2, market based factor) | 36.9 | 0 |
Total gross CO2e based on above, tCO2e | 69 | 96.8 |
Intensity ratio: tCO2e/Employee; 448 (22/23), 444 (21/22) number of total employees | 0.2 | 0.2 |
Zaha Hadid Limited (Registered number: 03749443) |
Directors' Report |
for the year ended 30 April 2023 |
Over the accounting year , the group consumed 356,864 kWh, comprised entirely of electricity use. This equates to GHG emissions of 69 tCO2e (location based method). An intensity ratio of 0.2 tCO2e per employee has been calculated, based on 448 total employees. |
An intensity ratio of 0.2 tonnes CO2 emission per employee has been calculated, based on 448 total employees. |
Gas consumption has reduced from 104,203 kWh to 0 kWh (21/22 - 22/23), with electricity consumption reducing from 366,059 kWh to 356,864 kWh. Transport consumption was 0 kWh, over both reporting periods. |
GHG emissions display reductions over scope 1 and 2; Scope 1 emissions reduced from 19.1 tCO2e to 0 tCO2e, and scope 2 reduced from 77.7 tCO2e to 69 tCO2e. There were no scope three emissions recoded over both reporting periods. |
Energy Efficiency Action for 01 May 2022 to 30 April 2023 |
In the period covered by the report, the group continued to support the cycle to work scheme, no longer have a company vehicle, encourage train travel when travelling to the airport and scrutinise all travel to ensure it is necessary. |
Disclosure in the strategic report |
Information concerning future developments, the financial risk management objectives and policies of the group, and the exposure of the group to price risk, credit risk, liquidity risk and cash flow risk is disclosed in the Strategic Report. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors 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 the directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Zaha Hadid Limited (Registered number: 03749443) |
Directors' Report |
for the year ended 30 April 2023 |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Auditors |
The audit business of Haines Watts was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts has resigned as auditor and Cooper Parry Group Limited has been appointed in its place. |
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
On behalf of the board: |
Independent Auditors' Report to the Members of |
Zaha Hadid Limited |
Opinion |
We have audited the financial statements of Zaha Hadid Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2023 and of the group's profit 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 Auditors' 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon. |
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. |
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 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
Independent Auditors' Report to the Members of |
Zaha Hadid Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. |
We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities, the directors are 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 directors determine 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 directors are responsible for assessing the group's and the 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' 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 Auditors' 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: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding |
compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. |
During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. |
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 Auditors' Report. |
Independent Auditors' Report to the Members of |
Zaha Hadid Limited |
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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Zaha Hadid Limited (Registered number: 03749443) |
Consolidated |
Income Statement |
for the year ended 30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover | 3 | 69,401,831 | 68,063,336 |
Cost of sales | (50,355,461 | ) | (49,680,889 | ) |
Gross profit | 19,046,370 | 18,382,447 |
Administrative expenses | (18,782,031 | ) | (17,539,470 | ) |
264,339 | 842,977 |
Other operating income | - | 57,352 |
Operating profit | 264,339 | 900,329 |
Interest receivable and similar income | 393,676 | 17,618 |
Profit before taxation | 6 | 658,015 | 917,947 |
Tax on profit | 8 | (366,765 | ) | 1,967,375 |
Profit for the financial year |
Profit attributable to: |
Owners of the parent | 291,250 | 2,885,322 |
Zaha Hadid Limited (Registered number: 03749443) |
Consolidated |
Other Comprehensive Income |
for the year ended 30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
Profit for the year | 291,250 | 2,885,322 |
Other comprehensive income |
Currency translation difference | (109,461 | ) | 95,667 |
Income tax relating to other comprehensive income |
- |
- |
Other comprehensive income for the year, net of income tax |
(109,461 |
) |
95,667 |
Total comprehensive income for the year | 181,789 | 2,980,989 |
Total comprehensive income attributable to: |
Owners of the parent | 181,789 | 2,980,989 |
Zaha Hadid Limited (Registered number: 03749443) |
Consolidated Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 10 | 5,233,873 | 5,489,422 |
Investments | 11 | - | - |
5,233,873 | 5,489,422 |
Current assets |
Debtors | 12 | 36,418,783 | 35,520,475 |
Cash at bank and in hand | 36,805,951 | 34,072,808 |
73,224,734 | 69,593,283 |
Creditors |
Amounts falling due within one year | 13 | 37,407,546 | 34,150,543 |
Net current assets | 35,817,188 | 35,442,740 |
Total assets less current liabilities | 41,051,061 | 40,932,162 |
Provisions for liabilities | 15 | 44,141 | 107,031 |
Net assets | 41,006,920 | 40,825,131 |
Capital and reserves |
Called up share capital | 16 | 3 | 3 |
Share premium | 17 | 6,320,999 | 6,320,999 |
Retained earnings | 17 | 34,685,918 | 34,504,129 |
Shareholders' funds | 41,006,920 | 40,825,131 |
The financial statements were approved by the Board of Directors and authorised for issue on 8 December 2023 and were signed on its behalf by: |
Mr M Majidi - Director |
Zaha Hadid Limited (Registered number: 03749443) |
Company Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 10 |
Investments | 11 |
Current assets |
Debtors | 12 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 13 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 15 |
Net assets |
Capital and reserves |
Called up share capital | 16 |
Share premium | 17 |
Retained earnings | 17 |
Shareholders' funds |
Company's profit for the financial year | 56,305 | 1,985,776 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Zaha Hadid Limited (Registered number: 03749443) |
Consolidated Statement of Changes in Equity |
for the year ended 30 April 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 May 2021 | 2 | 31,523,140 | - | 31,523,142 |
Changes in equity |
Issue of share capital | 1 | - | 6,320,999 | 6,321,000 |
Total comprehensive income | - | 2,980,989 | - | 2,980,989 |
Balance at 30 April 2022 | 3 | 34,504,129 | 6,320,999 | 40,825,131 |
Changes in equity |
Total comprehensive income | - | 181,789 | - | 181,789 |
Balance at 30 April 2023 | 3 | 34,685,918 | 6,320,999 | 41,006,920 |
Zaha Hadid Limited (Registered number: 03749443) |
Company Statement of Changes in Equity |
for the year ended 30 April 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 May 2021 |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | - |
Balance at 30 April 2022 | 3 | 32,297,376 | 6,320,999 | 38,618,378 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 30 April 2023 |
Zaha Hadid Limited (Registered number: 03749443) |
Consolidated Cash Flow Statement |
for the year ended 30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 20 | 4,140,953 | 4,559,252 |
Tax paid | (115,778 | ) | 864,649 |
Net cash from operating activities | 4,025,175 | 5,423,901 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,415,809 | ) | (5,065,180 | ) |
Sale of tangible fixed assets | - | 8,304 |
Interest received | 233,238 | 17,618 |
Net cash from investing activities | (1,182,571 | ) | (5,039,258 | ) |
Cash flows from financing activities |
Share issue | - | 6,321,000 |
Net cash from financing activities | - | 6,321,000 |
Increase in cash and cash equivalents | 2,842,604 | 6,705,643 |
Cash and cash equivalents at beginning of year |
21 |
34,072,808 |
27,271,498 |
Effect of foreign exchange rate changes | (109,461 | ) | 95,667 |
Cash and cash equivalents at end of year | 21 | 36,805,951 | 34,072,808 |
Zaha Hadid Limited (Registered number: 03749443) |
Notes to the Consolidated Financial Statements |
for the year ended 30 April 2023 |
1. | Statutory information |
Zaha Hadid Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements are presented in sterling which is the functional currency of the group and rounded to the nearest £. |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Basis of consolidation |
The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings made up to 30 April 2023. The results of subsidiaries sold or acquired are included in the profit and loss account up to, or from, the date control passes. Intra-group sales and profits are eliminated fully on consolidation. |
Turnover |
Turnover represents amounts receivable for architectural and design services net of VAT. |
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors. |
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Fixtures and fittings | 25% straight line |
Motor vehicles | 25% straight line |
Leasehold | 20% straight line |
Taxation |
Taxation for year comprises current and deferred tax. Tax is recognised in the income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable or receivable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. The company is a beneficiary of Research & Development (R&D) tax relief from the UK Government in the form of reductions in its annual tax liability, as well as repayable tax credits. Current tax assets or reductions in current tax liabilities for R&D claims are only recognised when the amount can be reliably determined and the probability of HM Revenue & Customs accepting the claim is considered high. |
Zaha Hadid Limited (Registered number: 03749443) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account. |
Leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. At the balance sheet date all leases are classified as operating leases. |
Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the term of the relevant lease. Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight line basis over the lease term. |
Employee benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Short term employee benefits including holiday pay and annual bonuses are accrued as services are rendered. Contributions to defined contribution pension schemes are charged to profit or loss as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and those actually paid are shown as either accruals or prepayments in the balance sheet. |
Investments |
Fixed asset investments are stated at cost less provision for diminution in value. |
Zaha Hadid Limited (Registered number: 03749443) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Key sources of estimation uncertainty and judgements |
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments. |
The group engages in projects which can take many years to complete. The directors therefore must make estimations in terms of the level of revenue to recognise within each set of annual financial statements. Such estimations are by their nature judgemental but are backed by reviews of correspondence and resourcing forecasts performed post year end. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provision do not match the level of debts which ultimately prove to be uncollectable. |
3. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 1,842,257 | 641,069 |
Europe | 11,708,612 | 9,401,294 |
South America | 16,172 | 4,599 |
Asia | 42,221,532 | 52,420,363 |
North America | 1,232,763 | 2,014,597 |
Africa | 5,804 | 93,775 |
Middle East | 12,041,826 | 3,466,330 |
Australia | 332,865 | 21,309 |
69,401,831 | 68,063,336 |
Zaha Hadid Limited (Registered number: 03749443) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
4. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries | 37,923,124 | 38,591,133 |
Social security costs | 3,897,042 | 4,189,085 |
Other pension costs | 733,014 | 668,400 |
42,553,180 | 43,448,618 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 5 | 6 |
Production | 448 | 479 |
Administration | 54 | 35 |
The average number of employees by undertakings that were proportionately consolidated during the year was 448 (2022 - 403 ) . |
5. | Directors' emoluments |
2023 | 2022 |
£ | £ |
Directors' remuneration for qualifying services | 4,349,653 | 5,198,754 |
Directors' pension | 5,283 | 6,441 |
4,354,936 | 5,205,195 |
The emoluments for the highest paid director in 2023 were £871,416 (2022: £1,176,965). |
During the period retirement benefits were accruing to 5 directors (2022 - 5) in respect of defined contribution pension schemes. |
Key management personnel includes all directors across the company who together have authority for planning, directing and controlling the activities of the company. |
6. | Profit before taxation |
The profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases | 2,107,761 | 2,035,537 |
Depreciation - owned assets | 1,671,358 | 727,192 |
Profit on disposal of fixed assets | - | (8,304 | ) |
Foreign exchange differences | 18,378 | (1,335,142 | ) |
Zaha Hadid Limited (Registered number: 03749443) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
7. | Auditors' remuneration |
2023 | 2022 |
Audit of the group's annual accounts (Company 2023: £66,250; 2022: £58,000) |
80,000 |
70,500 |
Consultancy services | 1,225 | 7,510 |
Payroll services | 17,299 | 17,285 |
Taxation services | 51,450 | 98,330 |
149,974 | 193,625 |
8. | Taxation |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 429,655 | 30,415 |
Adjustment for prior years | - | (1,622,898 | ) |
R&D tax credit | - | (371,079 | ) |
Total current tax | 429,655 | (1,963,562 | ) |
Deferred tax | (62,890 | ) | (3,813 | ) |
Tax on profit | 366,765 | (1,967,375 | ) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 658,015 | 917,947 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
125,023 |
174,410 |
Effects of: |
Expenses not deductible for tax purposes | 318,155 | 7,436 |
Income not taxable for tax purposes | 60,553 | - |
Capital allowances in excess of depreciation | (291,122 | ) | (845,079 | ) |
Utilisation of tax losses | (2,334 | ) | - |
Adjustments to tax charge in respect of previous periods | - | (1,622,898 | ) |
Other tax adjustments | (99,131 | ) | (182,563 | ) |
Deferred Tax | (62,889 | ) | - |
Overseas tax | 318,510 | 30,415 |
Trading losses carried forward | - | 841,983 |
R&D tax credit | - | (371,079 | ) |
Total tax charge/(credit) | 366,765 | (1,967,375 | ) |
Zaha Hadid Limited (Registered number: 03749443) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
8. | Taxation - continued |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Currency translation difference | (109,461 | ) | - | (109,461 | ) |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Currency translation difference | 95,667 | - | 95,667 |
The adjustment to corporation tax prior year relates to successful R&D tax credit claims made during the year |
and subsequently received. |
9. | Individual income statement |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
10. | Tangible fixed assets |
Group |
Fixtures |
Long | and |
leasehold | fittings | Totals |
£ | £ | £ |
Cost |
At 1 May 2022 | 234,776 | 8,125,548 | 8,360,324 |
Additions | - | 1,415,809 | 1,415,809 |
At 30 April 2023 | 234,776 | 9,541,357 | 9,776,133 |
Depreciation |
At 1 May 2022 | 39,675 | 2,831,227 | 2,870,902 |
Charge for year | 75,106 | 1,596,252 | 1,671,358 |
At 30 April 2023 | 114,781 | 4,427,479 | 4,542,260 |
Net book value |
At 30 April 2023 | 119,995 | 5,113,878 | 5,233,873 |
At 30 April 2022 | 195,101 | 5,294,321 | 5,489,422 |
Zaha Hadid Limited (Registered number: 03749443) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
10. | Tangible fixed assets - continued |
Company |
Fixtures |
Long | and |
leasehold | fittings | Totals |
£ | £ | £ |
Cost |
At 1 May 2022 |
Additions |
At 30 April 2023 |
Depreciation |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
All the companies assets are secured over fixed and floating charges. |
11. | Fixed asset investments |
Company |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 May 2022 |
Additions |
At 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: China |
Nature of business: |
% |
Class of shares: | holding |
Zaha Hadid Limited (Registered number: 03749443) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
11. | Fixed asset investments - continued |
Registered office: Hong Kong |
Nature of business: |
% |
Class of shares: | holding |
Registered office: China |
Nature of business: |
% |
Class of shares: | holding |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
Registered office: USA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: China |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Germany |
Nature of business: |
% |
Class of shares: | holding |
12. | Debtors: amounts falling due within one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 25,535,475 | 26,173,809 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contract | 7,714,817 | 5,918,621 |
Other debtors | 937,840 | 340,604 |
Tax | 93,224 | 406,776 |
VAT | 46,447 | 726,823 |
Prepayments | 2,090,980 | 1,953,842 |
36,418,783 | 35,520,475 |
Zaha Hadid Limited (Registered number: 03749443) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
13. | Creditors: amounts falling due within one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Payments on account | 23,201,110 | 19,468,438 |
Trade creditors | 3,352,106 | 3,076,858 |
Amounts owed to group undertakings | - | - |
Tax | 325 | - |
Social security and other taxes | 1,035,147 | 946,262 |
Other creditors | 568,221 | 762,176 |
Accruals and deferred income | 9,250,637 | 9,896,809 |
37,407,546 | 34,150,543 |
14. | Leasing agreements |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year | 1,298,656 | 1,372,780 |
Between one and five years | 1,177,774 | 2,476,430 |
2,476,430 | 3,849,210 |
Company |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
15. | Provisions for liabilities |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 1,152,014 | 1,214,904 |
Tax losses carried forward | (1,107,873 | ) | (1,107,873 | ) | ( |
) | ( |
) |
44,141 | 107,031 | 44,141 | 107,031 |
Group |
Deferred tax |
£ |
Balance at 1 May 2022 | 107,031 |
Provided during year | (62,890 | ) |
Balance at 30 April 2023 | 44,141 |
Zaha Hadid Limited (Registered number: 03749443) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
15. | Provisions for liabilities - continued |
Company |
Deferred tax |
£ |
Balance at 1 May 2022 |
Provided during year | ( |
) |
Balance at 30 April 2023 |
16. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 3 | 3 |
17. | Reserves |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 May 2022 | 34,504,129 | 6,320,999 | 40,825,128 |
Profit for the year | 291,250 | 291,250 |
Currency translation |
differences | (109,461 | ) | - | (109,461 | ) |
At 30 April 2023 | 34,685,918 | 6,320,999 | 41,006,917 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 May 2022 | 38,618,375 |
Profit for the year |
At 30 April 2023 | 38,674,680 |
18. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
19. | Ultimate controlling party |
The company is controlled by the directors of Studio 9 Employee Trustee Limited acting as the trustee of the Studio 9 Employee Trust. |
Zaha Hadid Limited (Registered number: 03749443) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 April 2023 |
20. | Reconciliation of profit before taxation to cash generated from operations |
2023 | 2022 |
£ | £ |
Profit before taxation | 658,015 | 917,947 |
Depreciation charges | 1,671,358 | 727,192 |
Profit on disposal of fixed assets | - | (8,304 | ) |
Finance income | (393,676 | ) | (17,618 | ) |
1,935,697 | 1,619,217 |
Increase in trade and other debtors | (1,051,422 | ) | (4,718,229 | ) |
Increase in trade and other creditors | 3,256,678 | 7,658,264 |
Cash generated from operations | 4,140,953 | 4,559,252 |
21. | Cash and cash equivalents |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2023 |
30/4/23 | 1/5/22 |
£ | £ |
Cash and cash equivalents | 36,805,951 | 34,072,808 |
Year ended 30 April 2022 |
30/4/22 | 1/5/21 |
£ | £ |
Cash and cash equivalents | 34,072,808 | 27,271,498 |
22. | Analysis of changes in net funds |
At 1/5/22 | Cash flow | At 30/4/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 34,072,808 | 2,733,143 | 36,805,951 |
34,072,808 | 2,733,143 | 36,805,951 |
Total | 34,072,808 | 2,733,143 | 36,805,951 |