Company Registration No. 07154990 (England and Wales)
Moore Kingston Smith Group Services Limited
Annual report and financial statements
For the year ended 30 April 2023
Moore Kingston Smith Group Services Limited
Company information
Directors
M.B. Penfold
J. R. Riches
I. Rixon
J.W. Staniforth
T.J. Stovold
J. Sutcliffe
M. Twum-Ampofo
Secretary
I. Rixon
Company number
07154990
Registered office
9 Appold Street
London
EC2A 2AP
Auditor
Price Bailey LLP
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ
Moore Kingston Smith Group Services Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Income statement
11
Statement of financial position
12
Statement of changes in equity
13
Notes to the financial statements
14 - 19
Moore Kingston Smith Group Services Limited
Strategic Report
For the year ended 30 April 2023
Page 1

The directors present the strategic report and financial statements for the year ended 30 April 2023.

Principal activities and review of the business

The activity of the company is the provision of services and various technical functions to Moore Kingston Smith LLP and associated businesses. Moore Kingston Smith Group Services Limited is a wholly owned subsidiary of Moore Kingston Smith LLP.

 

The level of activity is dependent on the activities of Moore Kingston Smith LLP and associated businesses. The company charges its costs to Moore Kingston Smith LLP and associated businesses at cost plus a mark up margin, the amount of which is dependent on the nature of the service provided.

 

Moore Kingston Smith LLP saw a period of growth in the year under review, leading to significant additional resource requirements to service the increased demand. Following a review of the commercial mark up rate charged by the service company for both the supply of professional client facing and business support people, both parties agreed an unchanged rate was appropriate for the year.

 

The company's profit before tax increased to £1,840,919 (2022: £1,507,924)

Future developments

The company is expected to continue to trade profitably.

Principal risks and uncertainties

The company's risk management processes are designed to identify, assess, monitor, report, manage and mitigate each of the various types of risk and uncertainty. These risks include the impact of any change in the general economic and business activity within the UK.

 

The company's main risk is talent management, recruitment, development and retention of good calibre people to service the needs of its customers in this fast changing environment for professional services firms. In addition market pressure on salaries has to be closely managed and monitored.

Statement by the directors relating to their statutory duties under section 172(1) of the Companies Act 2006

The Directors, in line with their duties under s172 of the Companies Act 2006, act individually and collectively in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its member, and in doing so have regard, amongst other matters, to the:

· Likely consequences of any decision in the long term

· Interests of the company's employees

· Need to foster the company's business relationships with suppliers, customers and others

· Impact of the company's operations on the community and the environment

· Desirability of the company maintaining a reputation for high standards of business conduct

· Need to act fairly as between members of the company

 

The Directors’ regard to these matters is embedded in their decision-making process, through the Company’s business strategy, culture, governance framework, management information flows and stakeholder engagement processes.  The Company’s business strategy is focused on achieving success for the Company in the long-term. In setting this strategy, the Board takes into account the impact of relevant factors and stakeholder interests on the Company’s performance. The Board also identifies principal risks facing the business and sets risk management objectives. The Board promotes a culture of upholding the highest standards of business conduct and regulatory conduct. The Board ensures these core values are communicated to the Company’s employees and embedded in the Company’s policies and procedures, employee induction and training programmes and its risk control and oversight framework. The Board recognises that building strong and lasting relationships with our stakeholders will help us to deliver our strategy in line with our long-term values, and operate a sustainable business.

Moore Kingston Smith Group Services Limited
Strategic Report (Continued)
For the year ended 30 April 2023
Page 2

The Directors are supported in the discharge of their duties by:

Stakeholders

The Board understands the importance of engagement with all of its stakeholders and gives appropriate weighting to the outcome of its decisions for the relevant stakeholder in weighing up how best to promote the success of the Company. The Board regularly discusses issues concerning employees, clients, suppliers, community and environment, regulators and its shareholder, which it takes into account in its discussions and in its decision-making process. In addition to this, the Board seeks to understand the interests and views of the Company’s stakeholders by engaging with them directly when required. The below summarises the key stakeholders and how we engage with each:

 

Employees

Our employees contribute to a positive working culture and healthy working environment. Employees are key to the success of our business. In addition to aiming to be a responsible employer in our approach to pay and benefits, we continue to engage with our team to ascertain which training and development opportunities should be made available to improve our team’s productivity and our individual employees’ potential within the business. We continually invest in employee development and wellbeing to create and encourage an inclusive culture within the organisation. Our employee appraisal programme encourages employee feedback and facilities the opportunity for both employees and directors to set performance goals on an annual basis. Our culture invites different perspectives, new ideas and opportunities for growth. We work hard to ensure employees feel welcome and are valued and recognised for their hard work.

 

Clients and Introducers

Clients and introducers are at the centre of our business. We aim to build lasting relationships with current and potential clients to understand their objectives and requirements. We are in regular contact with clients in order to meet their needs.  We regularly host and engage in webinars for clients on topical issues relevant to M&A.  We also host regular face-to-face client and introducer events and seminars.  We take a consultative approach with clients focused on building long-term relationships and providing best advice.

 

Suppliers

We work with a wide range of suppliers and remain committed to being fair and transparent in our dealings with all of our suppliers.  Suppliers are generally relevant to the whole group and the group has, where relevant, procedures in place requiring due diligence of suppliers as to their internal governance, including for example, their anti-bribery and corruption practices, data protection policies and modern slavery matters. The group has systems and processes in place to ensure suppliers are paid in a timely manner.

Moore Kingston Smith Group Services Limited
Strategic Report (Continued)
For the year ended 30 April 2023
Page 3

Community and The Environment

The Board’s approach to social responsibility, diversity & the community is of high importance.  Our parent company has a focused strategy in this area which we are part of.  Corporate social responsibility principles are part of our culture and decision making process. Diversity and Inclusion is a key pillar for the whole Moore Kingston Smith group.  The Board have continued to support various group events through our partnership with Mind to promote wellness in the workplace.                 

 

On behalf of the board

M.B. Penfold
Director
11 September 2023
Moore Kingston Smith Group Services Limited
Directors' Report
For the year ended 30 April 2023
Page 4

The directors present their annual report and financial statements for the year ended 30 April 2023.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M.B. Penfold
J. R. Riches
I. Rixon
J.W. Staniforth
T.J. Stovold
J. Sutcliffe
M. Twum-Ampofo
Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £1,500,000 (2022: £1,275,000) . The directors do not recommend payment of a final dividend.

Qualifying third party indemnity provisions

The parent, Moore Kingston Smith LLP, has made qualifying third party indemnity provision for the benefit of the company's directors during the year. These provisions remain in force at the reporting date.

Employees

The company is committed to the health, safety and well-being of company employees and prides itself on its inclusive culture and policies.  Diversity is key to success and the company seeks to ensure that this is integrated into talent acquisition, retention and promotion.

 

The company employs disabled persons when the requirements of the position and the individual's disability make this possible. In the event of employees becoming disabled every effort is made to ensure that their employment continues and appropriate training is arranged. It is the company's policy that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

 

A learning and development culture is at the heart of the Company. People are the company's key asset and encouraging each person to reach their potential is critical to the success of the Company. Communication with employees takes place on an ongoing basis and includes direct feedback, both formal and informal, appraisals, personal development plans, newsletters, monthly meetings and an employer intranet.

Auditor

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

Strategic report

In accordance with Companies Act 2006,s.414C(11) the information relating to future developments and financial risk management are included in the Strategic Report.

Moore Kingston Smith Group Services Limited
Directors' Report (Continued)
For the year ended 30 April 2023
Page 5
Statement of disclosure to auditor

Each of the Directors in office at the date of approval of this annual report confirms that:

On behalf of the board
M.B. Penfold
Director
11 September 2023
Moore Kingston Smith Group Services Limited
Directors' Responsibilities Statement
For the year ended 30 April 2023
Page 6

The directors are responsible for preparing the annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

Moore Kingston Smith Group Services Limited
Independent Auditor's Report
to the Members of Moore Kingston Smith Group Services Limited
Page 7
Opinion

We have audited the financial statements of Moore Kingston Smith Group Services Limited (the 'company') for the year ended 30 April 2023 which comprise the Income Statement, the Statement Of Financial Position, the Statement of Changes in Equity 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Moore Kingston Smith Group Services Limited
Independent Auditor's Report (Continued)
to the Members of Moore Kingston Smith Group Services Limited
Page 8

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Moore Kingston Smith Group Services Limited
Independent Auditor's Report (Continued)
to the Members of Moore Kingston Smith Group Services Limited
Page 9
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

 

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

Moore Kingston Smith Group Services Limited
Independent Auditor's Report (Continued)
to the Members of Moore Kingston Smith Group Services Limited
Page 10

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

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

 

Our approach was as follows:

 

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Martin Clapson FCA (Senior Statutory Auditor)
for and on behalf of Price Bailey LLP
11 September 2023
Chartered Accountants
Statutory Auditor
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ
Moore Kingston Smith Group Services Limited
Income Statement
For the year ended 30 April 2023
Page 11
2023
2022
Notes
£
£
Turnover
3
45,202,837
37,207,777
Administrative expenses
(43,362,878)
(35,678,644)
Operating profit
4
1,839,959
1,529,133
Interest receivable and similar income
2,337
(21,568)
Interest payable and similar charges
(1,377)
359
Profit before taxation
1,840,919
1,507,924
Tax on profit
6
(340,984)
(290,603)
Profit for the financial year
1,499,935
1,217,321

The income statement has been prepared on the basis that all operations are continuing operations.

Moore Kingston Smith Group Services Limited
Statement Of Financial Position
For the year ended 30 April 2023
Page 12
2023
2022
Notes
£
£
£
£
Current assets
Debtors
8
3,949,616
774,137
Cash at bank and in hand
542,777
2,861,932
4,492,393
3,636,069
Creditors: amounts falling due within one year
9
(4,404,487)
(3,548,098)
Net current assets
87,906
87,971
Total assets less current liabilities
87,906
87,971
Capital and reserves
Called up share capital
11
1
1
Profit and loss reserves
87,905
87,970
Total equity
87,906
87,971
The financial statements were approved by the board of directors and authorised for issue on 11 September 2023 and are signed on its behalf by:
M.B. Penfold
Director
Company Registration No. 07154990
Moore Kingston Smith Group Services Limited
Statement of Changes in Equity
For the year ended 30 April 2023
Page 13
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2021
1
145,649
145,650
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
1,217,321
1,217,321
Dividends
-
(1,275,000)
(1,275,000)
Balance at 30 April 2022
1
87,970
87,971
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
1,499,935
1,499,935
Dividends
-
(1,500,000)
(1,500,000)
Balance at 30 April 2023
1
87,905
87,906
Moore Kingston Smith Group Services Limited
Notes to the  Financial Statements
For the year ended 30 April 2023
Page 14
1
Accounting policies
Company information

Moore Kingston Smith Group Services Limited is a company limited by shares domiciled and incorporated in England and Wales. The registered office 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

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

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

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

1.2
Exemptions for qualifying entities under FRS 102

The company has taken advantage of the following exemptions under the provisions of FRS 102:

(i)    The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement     Presentation paragraph 3.17 (d) to prepare a statement of cash flows on the basis that the     company is a qualifying entity and the company's ultimate parent, Moore Kingston Smith LLP,     includes the company's cash flows in its consolidated financial statements;

(ii)    The requirements of Section 11 paragraphs 11.39 to 11.48(a) and Section 12 paragraphs 12.26      to 12.29A, regarding disclosures for financial liabilities and assets, as the equivalent     disclosures required by FRS 102 are included in the consolidated financial statements of the    group in which the entity is consolidated; and

(iii)     From disclosing the company key management personnel compensation, as required by     paragraph 33.7.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of VAT. Revenue from the provision of services is recognised by reference to the date the service was provided.

1.5
Cash and cash equivalents

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

1.6
Financial instruments

Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.

Moore Kingston Smith Group Services Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
Page 15
1.7
Equity instruments

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

1.8
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Pensions

The company operates a defined contribution scheme for the benefit of its employees. The funds of the scheme are administered by trustees and are separate from the company. Employee pension costs relating to the defined contribution scheme are charged to the income statement as incurred.

2
Judgements and key sources of estimation uncertainty

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

 

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

 

There are no critical accounting estimates or judgements applied by the directors which have a significant impact on the amounts disclosed in the financial statements.

Moore Kingston Smith Group Services Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2023
Page 16
3
Turnover and other revenue

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

2023
2022
£
£
Turnover
Provision of employment services
45,202,837
37,207,777
Turnover is 100% derived in the UK.
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
2,650
2,300
5
Employees

The average number of persons employed by the company during the year was:

2023
2022
Number
Number
Professional client facing
573
539
Business support
107
85
680
624

Employment costs

2023
2022
£
£
Wages and salaries
34,209,732
28,841,064
Social security costs
3,527,933
3,157,973
Pension costs
1,759,669
1,628,232
39,497,334
33,627,269
6
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
344,357
293,947
Total current tax charge
344,357
293,947
Moore Kingston Smith Group Services Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2023
6
Taxation
(Continued)
Page 17
Deferred tax
Origination and reversal of timing differences
(3,373)
(3,344)
Total tax charge
340,984
290,603

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

2023
2022
£
£
Profit before taxation
1,840,919
1,507,924
Expected tax charge based on the standard rate of corporation tax in the UK of 19.49% (2022: 19.00%)
358,854
286,507
Tax effect of expenses/income that are not deductible/taxable in determining taxable profit
(17,870)
4,096
Tax expense for the year
340,984
290,603
7
Dividends
2023
2022
£
£
Interim paid
1,500,000
1,275,000
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
761
8,526
Amount due from parent undertaking
3,101,620
327,018
Amounts due from group undertakings
718,287
363,233
Other debtors
92,129
41,914
Deferred tax asset (note 10)
36,819
33,446
3,949,616
774,137
Moore Kingston Smith Group Services Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2023
Page 18
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
164,182
46,385
Corporation tax
164,357
123,737
Other taxation and social security
2,596,670
2,268,862
Accruals and other creditors
1,479,278
1,109,114
4,404,487
3,548,098

Other creditors include £271,836 pension contributions payable to the pension scheme at 30 April 2023 (2022: £238,713).

10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Timing difference for tax deductibility
36,819
33,446
2023
Movements in the year:
£
Asset at 1 May 2022
(33,446)
Credit to Income Statement
(3,373)
Asset at 30 April 2023
(36,819)
11
Share capital
2023
2022
£
£
Ordinary share capital
Allotted and fully paid
1 Ordinary share of £1 each
1
1
Moore Kingston Smith Group Services Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2023
Page 19
12
Related party  transactions

The company has taken advantage of the exemptions in FRS 102 regarding additional disclosure of information on related party transactions with undertakings that are wholly owned by a member of the Moore Kingston Smith LLP group. The transactions in the year and year end balances between the company and non wholly owned undertakings of the Moore Kingston Smith LLP group were as follows:

Service provided by company
Amount due to Company
2023
2022
2023
2022
£
£
£
£
Non wholly owned undertaking:
Moore Kingston Smith & Partners LLP
1,588,942
1,469,356
118,723
11,285
Moore R&D Limited
482,196
272,250
119,820
120,016
During the year the company made charitable donations of £90,030 (2022: £40,000) to Moore Kingston Smith Community Foundation, a charity that T.J. Stovold is a trustee of.

 

13
Ultimate parent undertaking and related parties

As at 30 April 2023 in the directors' opinion, the company's ultimate parent undertaking and controlling party was Moore Kingston Smith LLP.         

                                    

At 30 April 2023 the company was a wholly owned subsidiary of Moore Kingston Smith LLP and is included in their consolidated financial statements which are publicly available from the LLP's registered office. Consequently, the company is exempt under the terms of FRS 102 from disclosing related party transactions with entities that are part of the Moore Kingston Smith LLP group.

 

Subsequent to the year end, following investment from Waterland BV, Manneken UK Holdco Limited, became the ultimate parent undertaking and controlling party on 30 June 2023.

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