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REGISTERED NUMBER: SC459802 (Scotland)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MORAY LEGAL LIMITED

MORAY LEGAL LIMITED (REGISTERED NUMBER: SC459802)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MORAY LEGAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R D Aberdein
J Esson
F S Spencer
S W Easton





REGISTERED OFFICE: The Forsyth Building
5 Renfield Street
Glasgow
G2 5EZ





REGISTERED NUMBER: SC459802 (Scotland)





ACCOUNTANTS: Bannerman Johnstone Maclay
213 St Vincent Street
Glasgow
G2 5QY

MORAY LEGAL LIMITED (REGISTERED NUMBER: SC459802)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,144,153 1,493,845
Tangible assets 5 7,843 21,540
Investments 6 23,380 590,424
1,175,376 2,105,809

CURRENT ASSETS
Stocks 278,500 410,000
Debtors 7 861,699 478,411
Cash at bank and in hand 192,308 163,285
1,332,507 1,051,696
CREDITORS
Amounts falling due within one year 8 2,798,626 2,471,821
NET CURRENT LIABILITIES (1,466,119 ) (1,420,125 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(290,743

)

685,684

CREDITORS
Amounts falling due after more than one
year

9

90,000

130,000
NET (LIABILITIES)/ASSETS (380,743 ) 555,684

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings (380,844 ) 555,583
(380,743 ) 555,684

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

MORAY LEGAL LIMITED (REGISTERED NUMBER: SC459802)

BALANCE SHEET - continued
31 DECEMBER 2023


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 22 January 2025 and were signed on its behalf by:





J Esson - Director


MORAY LEGAL LIMITED (REGISTERED NUMBER: SC459802)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Moray Legal Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to the nearest £.

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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The determination of the carrying value of work in progress.
Work in progress represents the directors' best estimate of the cost of ongoing work not yet billed, including the employment cost of staff plus direct expenses and overheads. The estimate also takes into account the expected income to be generated when assessing the recoverability of this balance.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill is the amount paid in connection with the acquisition of businesses in 2013 and 2020, being amortised evenly over their estimated useful lives of seventeen and ten years respectively.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Revenue for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs.

MORAY LEGAL LIMITED (REGISTERED NUMBER: SC459802)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


Basic financial liabilities
Basic financial liabilities, including certain creditors and loans from related undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.


MORAY LEGAL LIMITED (REGISTERED NUMBER: SC459802)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

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.

Going concern
The company made a loss during the year to 31 December 2023 and, as of that date, the company's liabilities exceeded assets. The directors have considered the ability of the company to continue to operate within the funding facilities available for a period of 12 months from the date of approval of these accounts. On the basis of this information, the directors consider it appropriate to prepare the financial statements on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 63 (2022 - 79 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023 3,991,734
Disposals (247,240 )
At 31 December 2023 3,744,494
AMORTISATION
At 1 January 2023 2,497,889
Charge for year 156,021
Eliminated on disposal (53,569 )
At 31 December 2023 2,600,341
NET BOOK VALUE
At 31 December 2023 1,144,153
At 31 December 2022 1,493,845

MORAY LEGAL LIMITED (REGISTERED NUMBER: SC459802)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 56,092
Additions 999
Disposals (4,579 )
At 31 December 2023 52,512
DEPRECIATION
At 1 January 2023 34,552
Charge for year 11,607
Eliminated on disposal (1,490 )
At 31 December 2023 44,669
NET BOOK VALUE
At 31 December 2023 7,843
At 31 December 2022 21,540

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 590,424
Reclassification/transfer (567,044 )
At 31 December 2023 23,380
NET BOOK VALUE
At 31 December 2023 23,380
At 31 December 2022 590,424

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 312,267 390,326
Amounts owed by group undertakings 249,835 -
Other debtors 299,597 88,085
861,699 478,411

MORAY LEGAL LIMITED (REGISTERED NUMBER: SC459802)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 40,000 40,000
Trade creditors 436,659 360,318
Amounts owed to related parties 2,055,242 1,774,649
Taxation and social security 172,752 231,896
Other creditors 93,973 64,958
2,798,626 2,471,821

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 90,000 130,000

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 165,846 257,764
Between one and five years 523,988 747,189
In more than five years 343,523 493,496
1,033,357 1,498,449

11. SECURED DEBTS

There is a floating charge over all the property and undertakings of the company held by Moray Group Limited.