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REGISTERED NUMBER: 13111253 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2024

FOR

MORGAN GRAY ASSOCIATES LIMITED

MORGAN GRAY ASSOCIATES LIMITED (REGISTERED NUMBER: 13111253)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MORGAN GRAY ASSOCIATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2024







DIRECTORS: Mr R E Neanon
Mr N S Wooding





REGISTERED OFFICE: Lancaster Court
8 Barnes Wallis Road
Fareham
Hampshire
PO15 5TU





REGISTERED NUMBER: 13111253 (England and Wales)






MORGAN GRAY ASSOCIATES LIMITED (REGISTERED NUMBER: 13111253)

BALANCE SHEET
31ST JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,193 6,432

CURRENT ASSETS
Debtors 5 89,358 126,259
Cash at bank 102,628 172,619
191,986 298,878
CREDITORS
Amounts falling due within one year 6 63,786 102,066
NET CURRENT ASSETS 128,200 196,812
TOTAL ASSETS LESS CURRENT
LIABILITIES

134,393

203,244

PROVISIONS FOR LIABILITIES 1,424 1,608
NET ASSETS 132,969 201,636

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 132,869 201,536
132,969 201,636

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th March 2024 and were signed on its behalf by:





Mr R E Neanon - Director


MORGAN GRAY ASSOCIATES LIMITED (REGISTERED NUMBER: 13111253)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024


1. STATUTORY INFORMATION

Morgan Gray Associates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured by reference to the fair value of consideration received or receivable by the Company for services provided, excluding VAT and trade discounts.

Temporary Placements
Revenue from temporary, or contract, placements is recognised at the point in time when the candidate provides services, upon receipt of a client-approved timesheet or equivalent proof of time worked. Timing differences between the receipt of a client-approved timesheet and the raising of an invoice are recognised as accrued income. The Company has assessed its use of third-party providers to supply candidates for temporary placements under the agent or principle criteria and has determined that it is the principle on the grounds that it retains primary responsibility for provision of the services.

Permanent Placements
Revenue from permanent placements, which is based on a percentage of the candidates remuneration package, is recognised when candidates commence employment, which is the point at which the performance obligation of the contract is considered met. Some permanent placements are subject to a 'clawback' period whereby if a candidate leaves within a set period of starting employment, the customer is entitled to a rebate subject to the Company's terms and conditions. Provisions as a reduction to revenue are recognised for such arrangements if material. Based on historical data, such rebates are infrequent and immaterial.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

All fixed assets are initially recorded at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

MORGAN GRAY ASSOCIATES LIMITED (REGISTERED NUMBER: 13111253)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1st February 2023 1,250 4,148 2,256 7,654
Additions 400 - 1,905 2,305
At 31st January 2024 1,650 4,148 4,161 9,959
DEPRECIATION
At 1st February 2023 119 503 600 1,222
Charge for year 362 1,037 1,145 2,544
At 31st January 2024 481 1,540 1,745 3,766
NET BOOK VALUE
At 31st January 2024 1,169 2,608 2,416 6,193
At 31st January 2023 1,131 3,645 1,656 6,432

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 89,358 126,259

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 57,330 86,542
Other creditors 6,456 15,524
63,786 102,066

MORGAN GRAY ASSOCIATES LIMITED (REGISTERED NUMBER: 13111253)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


7. OTHER FINANCIAL COMMITMENTS

At 31 January 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £16,445 (2023; £30,908).