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REGISTERED NUMBER: 02095237 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

MCGREGOR BOYALL ASSOCIATES LIMITED

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


MCGREGOR BOYALL ASSOCIATES LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J V Pitt
A H Williams
L J Frost





SECRETARY: J V Pitt





REGISTERED OFFICE: Suite 1, Eighth Floor
Intergen House
65-67 Western Road
Hove
BN3 2JQ





REGISTERED NUMBER: 02095237 (England and Wales)





AUDITORS: Chambers & Co Accountants LLP
Statutory Auditor
Suite 1, Eighth Floor,
Intergen House
65-67 Western Road
Hove
East Sussex
BN3 2JQ

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Please see PDF of actual statutory accounts attached

ON BEHALF OF THE BOARD:





L J Frost - Director


18 September 2024

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
A dividend of £177,313 (2022: £13,145) was paid to holders of conditional preference shares.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J V Pitt
A H Williams

Other changes in directors holding office are as follows:

L F F Boyall - deceased 15 February 2023
L J Frost - appointed 24 July 2023

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through use of a factoring facility. The company makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to clients and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Report of the Directors
for the Year Ended 31 December 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 company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Chambers & Co Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





L J Frost - Director


18 September 2024

Report of the Independent Auditors to the Members of
McGregor Boyall Associates Limited

Opinion
We have audited the financial statements of McGregor Boyall Associates Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 December 2023 and of its loss 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
McGregor Boyall Associates Limited


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 Strategic Report or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 set out on page three, 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 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.

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 a Report of the Auditors 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.

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 group and the sectors within the recruitment industry in which it operates, and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, employment law, company law and tax legislation. Our tests included reviews of accounting estimates, testing to detect unusual accounting transactions, agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
McGregor Boyall Associates 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 a Report of the Auditors 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.




Peter Chambers (Senior Statutory Auditor)
for and on behalf of Chambers & Co Accountants LLP
Statutory Auditor
Suite 1, Eighth Floor,
Intergen House
65-67 Western Road
Hove
East Sussex
BN3 2JQ

18 September 2024

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Income Statement
for the Year Ended 31 December 2023

2023 2022
as restated
Notes £    £   

TURNOVER 39,631,397 41,876,123

Cost of sales 37,169,713 37,737,950
GROSS PROFIT 2,461,684 4,138,173

Administrative expenses 2,808,089 2,567,550
OPERATING (LOSS)/PROFIT 4 (346,405 ) 1,570,623

Write downs of loans & investments in
subsidiaries

5

16,918

(6,201

)
(329,487 ) 1,564,422

Interest receivable and similar income 9,511 99
(319,976 ) 1,564,521

Interest payable and similar expenses 6 63,903 116
(LOSS)/PROFIT BEFORE TAXATION (383,879 ) 1,564,405

Tax on (loss)/profit 7 (70,663 ) 305,851
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(313,216

)

1,258,554

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
as restated
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (313,216 ) 1,258,554


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(313,216

)

1,258,554
Note
Prior year adjustment 9 (514,339 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

(827,555

)

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Balance Sheet
31 December 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 61,468 68,574
Investments 11 81,057 81,057
142,525 149,631

CURRENT ASSETS
Debtors 12 4,297,975 5,694,280
Cash at bank and in hand 1,501,959 1,090,914
5,799,934 6,785,194
CREDITORS
Amounts falling due within one year 13 3,577,163 4,077,918
NET CURRENT ASSETS 2,222,771 2,707,276
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,365,296

2,856,907

PROVISIONS FOR LIABILITIES 15 12,201 13,283
NET ASSETS 2,353,095 2,843,624

CAPITAL AND RESERVES
Called up share capital 16 78,320 78,320
Share premium 17 20,650 20,650
Share based payment reserve 17 71,661 42,463
Retained earnings 17 2,182,464 2,702,191
SHAREHOLDERS' FUNDS 2,353,095 2,843,624

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





J V Pitt - Director


MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Share
Called up based
share Retained Share payment Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 78,320 1,459,432 20,650 39,813 1,598,215

Changes in equity
Dividends - (13,145 ) - - (13,145 )
Total comprehensive income - 1,770,243 - 2,650 1,772,893
Balance at 31 December 2022 78,320 3,216,530 20,650 42,463 3,357,963
Prior year adjustment - (514,339 ) - - (514,339 )
As restated 78,320 2,702,191 20,650 42,463 2,843,624

Changes in equity
Dividends - (177,313 ) - - (177,313 )
Total comprehensive income - (342,414 ) - 29,198 (313,216 )
Balance at 31 December 2023 78,320 2,182,464 20,650 71,661 2,353,095

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 371,102 (496,869 )
Interest paid (63,903 ) (116 )
Tax paid (439,174 ) (20,886 )
Net cash from operating activities (131,975 ) (517,871 )

Cash flows from investing activities
Purchase of tangible fixed assets (12,060 ) (24,188 )
Interest received 9,511 99
Net cash from investing activities (2,549 ) (24,089 )

Cash flows from financing activities
Decrease in loans to related companies 722,882 648,151
Equity dividends paid (177,313 ) (13,145 )
Net cash from financing activities 545,569 635,006

Increase in cash and cash equivalents 411,045 93,046
Cash and cash equivalents at
beginning of year

2

1,090,914

997,868

Cash and cash equivalents at end of
year

2

1,501,959

1,090,914

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
as restated
£    £   
(Loss)/profit before taxation (383,879 ) 1,564,405
Depreciation charges 19,198 20,112
(Profit)/loss on disposal of fixed assets (33 ) 5,148
Finance costs 63,903 116
Finance income (9,511 ) (99 )
(310,322 ) 1,589,682
Decrease/(increase) in trade and other debtors 1,310,530 (809,149 )
Decrease in trade and other creditors (629,106 ) (1,277,402 )
Cash generated from operations 371,102 (496,869 )

2. 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 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,501,959 1,090,914
Year ended 31 December 2022
31.12.22 1.1.22
as restated
£    £   
Cash and cash equivalents 1,090,914 997,868


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,090,914 411,045 1,501,959
1,090,914 411,045 1,501,959
Total 1,090,914 411,045 1,501,959

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

McGregor Boyall 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover includes contract revenue recognised by the company in respect of services supplied, excluding value added tax. Turnover also includes permanent placement fees which are recognised in the accounting period in which the candidate commences their new employment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings & equipment - 25% on reducing balance

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.

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.

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Consolidated financial statements
The company and its subsidiary undertaking are a medium sized group. The company has taken advantage of the exemption conferred by section 248 of the Companies Act 1985 not to prepare group accounts. Consequently these financial statements reflect only the results of the parent undertaking.

3. EMPLOYEES AND DIRECTORS
2023 2022
as restated
£    £   
Wages and salaries 9,681,796 12,044,492
Social security costs 1,128,081 1,474,300
Other pension costs 593,470 266,511
11,403,347 13,785,303

The average number of employees during the year was as follows:
2023 2022
as restated

Sales and administration 91 86
Temporary employees 28 36
119 122

2023 2022
as restated
£    £   
Directors' remuneration 527,448 456,671
Directors' pension contributions to money purchase schemes 34,432 12,347

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 -

Information regarding the highest paid director is as follows:
2023 2022
as restated
£    £   
Emoluments etc 226,920 205,304
Pension contributions to money purchase schemes 9,436 12,347

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging/(crediting):

2023 2022
as restated
£    £   
Other operating leases 33 2,445
Depreciation - owned assets 19,199 20,112
(Profit)/loss on disposal of fixed assets (33 ) 5,148
Auditors' remuneration 27,500 19,500
Auditors' remuneration for non audit work 8,400 8,530
Foreign exchange differences 95,091 (143,656 )

5. EXCEPTIONAL ITEMS
2023 2022
as restated
£    £   
Write downs of loans & investments in
subsidiaries

16,918

(6,201

)

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
as restated
£    £   
Bank interest 1 116
Group loan interest 63,902 -
63,903 116

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2023 2022
as restated
£    £   
Current tax:
UK corporation tax (69,582 ) 302,223

Deferred tax on advance
capital allowances (1,081 ) 3,628
Tax on (loss)/profit (70,663 ) 305,851

UK corporation tax was charged at 19%) in 2022.

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION - continued

Reconciliation of total tax (credit)/charge 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
as restated
£    £   
(Loss)/profit before tax (383,879 ) 1,564,405
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 23.521% (2022 - 19%)

(90,292

)

297,237

Effects of:
Expenses not deductible for tax purposes 3,186 6,805
Super-deduction capital allowances on fixed asset purchases (114 ) (1,240 )
Corporation tax rate change on deferred tax - 3,049
Loss carried back against tax at previous year's rate 16,557 -
Total tax (credit)/charge (70,663 ) 305,851

8. DIVIDENDS
2023 2022
as restated
£    £   
Conditional Preference shares of £1 each
Interim dividend 177,313 13,145

9. PRIOR YEAR ADJUSTMENT

In accounting year ended 31 December 2022 Other creditors and contractor costs were understated by £634,987.These figures have been amended and profit before tax for the year decreased by the same amount.

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS
Fixtures,
fittings
& equipmen
£   
COST
At 1 January 2023 180,273
Additions 12,060
At 31 December 2023 192,333
DEPRECIATION
At 1 January 2023 111,699
Charge for year 19,199
Eliminated on disposal (33 )
At 31 December 2023 130,865
NET BOOK VALUE
At 31 December 2023 61,468
At 31 December 2022 68,574

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 81,057
NET BOOK VALUE
At 31 December 2023 81,057
At 31 December 2022 81,057

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 2,740,102 3,693,108
Amounts owed by group undertakings 198,448 500,108
Amount due from factoring company - 85,583
Corporation tax recoverable 215,885 -
Prepayments & accrued income 1,143,540 1,415,481
4,297,975 5,694,280

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade creditors 264,252 452,358
Amounts owed to group undertakings 421,222 -
Corporation tax - 292,871
Social security and other taxes 389,504 545,695
VAT 126,537 290,999
Other Creditor 2,373,547 2,495,995
Amount due to factoring company 2,101 -
3,577,163 4,077,918

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
£    £   
Within one year 545,989 465,960
Between one and five years 747,846 194,150
1,293,835 660,110

15. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred taxation 12,201 13,283

Deferred
tax
£   
Balance at 1 January 2023 13,283
Accelerated capital allowances (1,082 )
Balance at 31 December 2023 12,201

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as
restated
£    £   
69,770 Ordinary £1 69,770 69,770
8,550 Conditional Preference £1 8,550 8,550
78,320 78,320

MCGREGOR BOYALL ASSOCIATES LIMITED (REGISTERED NUMBER: 02095237)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

16. CALLED UP SHARE CAPITAL - continued

The conditional preference shares have a right to dividends restricted to 10% of the parent company's annual net profits after tax. In respect of distributions on winding-up the preference shares rank equally with the ordinary shares.

17. RESERVES
Share
based
Retained Share payment
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 3,216,530 20,650 42,463 3,279,643
Prior year adjustment (514,339 ) (514,339 )
2,702,191 2,765,304
Deficit for the year (313,216 ) (313,216 )
Dividends (177,313 ) (177,313 )
Share options charge (29,198 ) - 29,198 -
At 31 December 2023 2,182,464 20,650 71,661 2,274,775