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Registration number: 02440037

Barclay Simpson Associates Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

 

Barclay Simpson Associates Limited

Contents

Company Information

1

Strategic Report

2 to 6

Directors' Report

7

Statement of Directors' Responsibilities

8

Independent Auditor's Report

9 to 12

Consolidated Profit and Loss Account

13

Consolidated Statement of Comprehensive Income

14

Consolidated Balance Sheet

15

Balance Sheet

16

Consolidated Statement of Changes in Equity

17 to 18

Statement of Changes in Equity

19

Consolidated Statement of Cash Flows

20

Notes to the Financial Statements

21 to 34

 

Barclay Simpson Associates Limited

Company Information

Chairman

I J Coyle

Chief executive

D Spencer

Directors

P Savill

S M Lawton

M W R Hunt

Registered office

3 New Street Square
London
EC4A 3BF

Auditors

EVMS Partners LLP
Chartered Accountants
45 Ludgate Hill
London
EC4M 7JU

 

Barclay Simpson Associates Limited

Strategic Report for the Year Ended 31 December 2024

Chairman's statement

Welcome to Barclay Simpson’s 2024 Annual Report & Accounts

The deterioration in trading conditions experienced throughout 2023 continued into and persisted throughout 2024. This is the reality the business has faced, providing the context for what is, relative to our peers, a strong performance.

The group’s ability to deliver a profitable result is a testament to the skill and resilience of the business’s leadership and all its people. The combination of, at best, sluggish economic growth, sticky inflation, high interest rates, and ongoing geopolitical and domestic uncertainty undermined business confidence and curtailed investment, conditions that are particularly challenging for recruitment and professional services businesses.

To confront these challenges, Dean Spencer, our CEO, and the management team have focused clearly on the core strengths of the recruitment business: our brand, deep relationships, and exceptional people. This focus, supported by disciplined cost and performance management, has provided the latitude to continue making selective investments in our people, brand, and technology, which have enhanced the business's underlying capabilities and productivity.

BSS, our business solutions and services arm, has continued to develop as a fully-fledged cybersecurity, risk, and governance consultancy despite facing headwinds. The development of new services and the recruitment of high-calibre staff have led to deeper engagements with existing clients and the acquisition of new blue-chip clients who appreciate the value of our business model and the professional capabilities of our team.

Board focus and outlook

The outlook for the coming year is uncertain. The combination of international and domestic issues, along with low expectations for economic growth, is unlikely to generate a significant uplift in demand for recruitment and professional services.

The Board is, however, confident that the business is well-led and has the financial resources, a strong brand, effective management, and operational capabilities to make progress, even in these challenging conditions. The Board will continue to focus on delivering its strategy through a combination of prudent resource deployment, a clear focus on core markets, and the agile pursuit of new opportunities as they emerge.

We will continue to nurture our relationships with our communities and invest in our most valuable asset: our people. The ongoing resilience of the business and its progress in our core markets is a testament to their uncompromising commitment to excellence. On behalf of the Board, I would like to express my sincere admiration and gratitude for their unwavering dedication.

Ian Coyle
Chairman
12 May 2025

 

Barclay Simpson Associates Limited

Strategic Report for the Year Ended 31 December 2024 (continued)

2024 CEO Statement

Business review

I wrote in my statement last year that with borrowing costs expected to remain high, and elections planned in the UK and US, trading conditions would remain challenging throughout 2024. Twelve months on, that statement proved to be correct.

Turnover:

Decreased by 19% to £12.01m

(2023: £14.91m)

Gross profit:

Decreased by 21% to £5.38m

(2023: £6.81m)

Operating profit:

Decreased by 88% to £0.12m

(2023: £1.03m)

While the decline in profit is disappointing, it must be viewed in the context of a highly challenging environment. Sluggish economic growth, persistent inflation, elevated interest rates, and ongoing geopolitical uncertainty had a substantial impact on the recruitment sector. In this context, delivering a profitable result represents a commendable achievement.

It was pleasing to see this performance recognised in Recruiter Magazine’s 2024 Hot 100 list of the UK’s most efficient and profitable businesses, with BSA securing 41st place, marking our third consecutive year on the list. The use of audited financial and operational data in the selection process lends credibility to the ranking and offers tangible evidence of our strong position in the market.

A key driver of this success has been the performance of our cybersecurity professional services consultancy business, BSS. With a strong leadership team in place and further investment planned in 2025, we expect BSS to continue making a meaningful contribution to Group profits and to deliver significant shareholder value in the year ahead and beyond.

People strategy

Our workforce remains the cornerstone of our growth strategy. We prioritise hiring experienced recruiters with a proven track record and invest in developing their potential to build long-term careers within the business.

Over the past five years, we have taken meaningful steps to enhance employee engagement and reinforce our position as the employer of choice within our specialist markets. The impact of these efforts is evident in our staff metrics. The average employee tenure currently stands at 6.9 years, well above industry norms. Furthermore, our latest staff engagement survey, conducted by Thomas International, delivered an overall engagement score of 76%, significantly outperforming the UK benchmark.

These results are a testament to the commitment of our leadership team in fostering a supportive, engaging work environment despite external headwinds. They also highlight the success of our talent management strategy, employee development initiatives, and ongoing cultural programmes.

 

Barclay Simpson Associates Limited

Strategic Report for the Year Ended 31 December 2024 (continued)

2025 Outlook

Looking ahead to 2025, the trading environment is expected to remain challenging.

Despite these headwinds, the depth of experience, expertise, and long tenure of our staff, combined with a brand and reputation built over three decades, positions us well to deliver another year of robust financial performance and market outperformance.

Maintaining our focus on employee wellbeing and engagement will remain central to our ability to navigate the evolving landscape and sustain long-term shareholder value creation.

Dean Spencer
CEO
12 May 2025

 

Barclay Simpson Associates Limited

Strategic Report for the Year Ended 31 December 2024 (continued)

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

Barclay Simpson is a global Recruitment and Business solutions and services provider operating exclusively within Cyber Security, Technology and Corporate Governance related markets. Our core capabilities include contingent and retained search, interim resourcing and deploying project teams under Statements of Work (SoW). We work with our customers on a global basis from our offices in London and Frankfurt.

Key Performance Indicators

Our Board use a range of performance measures to monitor and manage the growth of the business in the medium to long term and present their key performance indicators for the financial year.

Financial

Revenue/Turnover: £12.01 (2023: £14.91m)
Gross profit/NFI: £5.38 (2023: £6.8m)
NFI Contract to Perm Ratio: 31%/69% (2023: 36%/64%)
Underlying Profit: Profit of £0.11 (2023: £1.03m)
Debtor Days: 42 days (2023: 41 days)
Invoice Financing Debt as % of year End debtors: Nil debt (2023: Nil)

Operational

Jobs Added to Placement Ratio 3.3 to 1 (2023: 3.8 to 1)

Notes:

Revenue is total fees earned by the Group before any costs deducted.
Gross Profit is revenue less cost of sales.
Debtor days shows the average number of days credit taken by our customers to settle our invoices

Risk Management and Principal Risks and Uncertainties

The Board, in association with the Audit Committee, is committed to protecting and developing our reputation and business interests. It has overall responsibility for risk management within the business and reviews the Group’s risk appetite and risk profile quarterly.

The Board considers that the following comprises the Group’s principal risks and uncertainties:

People

The gravest threat to the achievement of the Group’s goals is its ability to recruit, retain and develop high-calibre staff across all our business functions., The Group closely monitors key performance indicators concerning the effectiveness of our people processes and focuses on the needs of this stakeholder group through its “People First” strategy.

 

Barclay Simpson Associates Limited

Strategic Report for the Year Ended 31 December 2024 (continued)

Technology

The Group is dependent on its technology systems to deliver its services. Our cloud-based systems architecture is designed to minimise hardware and software vulnerabilities and to be as flexible in deployment and resilient as possible. We continue to invest in our cyber security capabilities.

Information

Personal data is the Group’s principal tradable asset which exposes the business to potential legal, financial, and reputational risks. The business maintains high levels of appropriate regulatory compliance, principally with the UK DPA 2018 and the GDPR. Investment in the Company’s Information Security Management System (ISMS) and achieving ISO 27001 accreditation have been significant enhancements.

Liquidity

The Group’s treasury function centrally coordinates relationships with banks and manages borrowing requirements, foreign exchange needs and cash management. The Group possesses sufficient resources to meet its day-to-day financial obligations and invest in the business's development.

External risks

The Company recognises that events outside of the Company’s control can pose a threat to its operations. As part of its Information Security Management System (ISMS), the Company has a comprehensive business continuity and disaster recovery plan, which is regularly tested. We also have in place a robust schedule of insurance policies to support our operational policies and procedures, which are reviewed annually by the Board.

Approved and authorised by the Board on 12 May 2025 and signed on its behalf by:
 

.........................................
D Spencer
Chief executive

 

Barclay Simpson Associates Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the consolidated financial statements for the year ended 31 December 2024.

Directors of the group

The directors who held office during the year were as follows:

P Savill

I J Coyle - Chairman

D Spencer - Chief executive

S M Lawton

M W R Hunt

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditors EVMS Partners LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 12 May 2025 and signed on its behalf by:
 

.........................................
D Spencer
Chief executive

 

Barclay Simpson Associates Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 group and the company 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Barclay Simpson Associates Limited

Independent Auditor's Report to the Members of Barclay Simpson Associates Limited

Opinion

We have audited the financial statements of Barclay Simpson Associates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including 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 the parent company's affairs as at 31 December 2024 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent 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 director's 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 included in the annual report, other than the financial statements and our auditor’s 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Barclay Simpson Associates Limited

Independent Auditor's Report to the Members of Barclay Simpson Associates Limited (continued)

We have nothing to report in this regard.

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and 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 set out on page 8, 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.

 

Barclay Simpson Associates Limited

Independent Auditor's Report to the Members of Barclay Simpson Associates Limited (continued)

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the group’s and parent company’s policies with regards to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the group’s and parent company’s policies for detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the group’s and parent company’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the group and parent company operate in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the group and parent company. The key laws and regulations we considered in this context included the UK Companies Act 2006 and UK tax and employment law, including that pertaining to the use of contractors and interim workers.

One particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the parent company and its subsidiaries for evidence of any unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments. As regards the use of contractors and interim workers we have made enquiries of management as to how the group and parent company ensures compliance with relevant employment and tax law, and sample checked documentation that the group and parent company obtain as part of their internal procedures.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Barclay Simpson Associates Limited

Independent Auditor's Report to the Members of Barclay Simpson Associates Limited (continued)

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.

......................................
Alex Macpherson (Senior Statutory Auditor)
For and on behalf of EVMS Partners LLP, Statutory Auditor

45 Ludgate Hill
London
EC4M 7JU

12 May 2025

 

Barclay Simpson Associates Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

12,012,122

14,914,875

Cost of sales

 

(6,631,963)

(8,116,968)

Gross profit

 

5,380,159

6,797,907

Administrative expenses

 

(5,302,668)

(5,772,464)

Other operating income

32,082

-

Operating profit

4

109,573

1,025,443

Other interest receivable and similar income

11,083

14,310

Profit before tax

 

120,656

1,039,753

Tax on profit

8

(6,744)

(227,465)

Profit for the financial year

 

113,912

812,288

Profit attributable to:

 

Owners of the company

 

94,841

774,803

Non-controlling interests

 

19,071

37,485

 

113,912

812,288

 

Barclay Simpson Associates Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

2023
£

Profit for the year

113,912

812,288

Foreign currency translation gains/(losses)

102

(48)

Total comprehensive income for the year

114,014

812,240

Total comprehensive income attributable to:

Owners of the company

94,943

774,755

Non-controlling interests

19,071

37,485

114,014

812,240

 

Barclay Simpson Associates Limited

(Registration number: 02440037)
Consolidated Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

9

92,464

134,837

Current assets

 

Debtors

11

2,105,522

2,579,684

Cash at bank and in hand

 

768,812

849,347

 

2,874,334

3,429,031

Creditors: Amounts falling due within one year

13

(1,443,194)

(2,154,268)

Net current assets

 

1,431,140

1,274,763

Net assets

 

1,523,604

1,409,600

Capital and reserves

 

Called up share capital

15

168

170

Share premium reserve

54,447

54,447

Capital redemption reserve

20

18

Other reserves

(706,643)

(706,633)

Retained earnings

2,036,050

2,004,531

Equity attributable to owners of the company

 

1,384,042

1,352,533

Non-controlling interests

 

139,562

57,067

Shareholders' funds

 

1,523,604

1,409,600

Approved and authorised by the Board on 12 May 2025 and signed on its behalf by:
 

.........................................
D Spencer
Chief executive

 

Barclay Simpson Associates Limited

(Registration number: 02440037)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

9

60,923

92,483

Investments

10

8,606

8,600

 

69,529

101,083

Current assets

 

Debtors

11

962,612

1,188,650

Cash at bank and in hand

 

13,166

180,870

 

975,778

1,369,520

Creditors: Amounts falling due within one year

13

(525,499)

(852,248)

Net current assets

 

450,279

517,272

Net assets

 

519,808

618,355

Capital and reserves

 

Called up share capital

15

168

170

Share premium reserve

54,447

54,447

Capital redemption reserve

20

18

Other reserves

(706,643)

(706,633)

Retained earnings

1,171,816

1,270,353

Shareholders' funds

 

519,808

618,355

The company made a loss after tax for the financial year of £98,537 (2023 - profit of £920,066).

Approved and authorised by the Board on 12 May 2025 and signed on its behalf by:
 

.........................................
D Spencer
Chief executive

 

Barclay Simpson Associates Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital redemption reserve
£

Other reserves
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 January 2024

170

54,447

18

(706,633)

2,004,531

1,352,533

57,067

1,409,600

Profit for the year

-

-

-

-

94,841

94,841

19,071

113,912

Other comprehensive income

-

-

-

-

102

102

-

102

Total comprehensive income

-

-

-

-

94,943

94,943

19,071

114,014

Purchase of own share capital

(2)

-

2

(10)

-

(10)

-

(10)

Increase in non-controlling interest in subsidiaries that do not result in loss of control

-

-

-

-

(10,302)

(10,302)

10,302

-

Decrease in non-controlling interest in subsidiaries

-

-

-

-

(53,122)

(53,122)

53,122

-

At 31 December 2024

168

54,447

20

(706,643)

2,036,050

1,384,042

139,562

1,523,604

 

Barclay Simpson Associates Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024 (continued)
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital redemption reserve
£

Other reserves
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 January 2023

186

42,715

-

(472,170)

1,829,784

1,400,515

86,747

1,487,262

Profit for the year

-

-

-

-

774,803

774,803

37,485

812,288

Other comprehensive income

-

-

-

-

(48)

(48)

-

(48)

Total comprehensive income

-

-

-

-

774,755

774,755

37,485

812,240

Dividends

-

-

-

-

(600,008)

(600,008)

(67,165)

(667,173)

New share capital subscribed

2

11,732

-

-

-

11,734

-

11,734

Purchase of own share capital

-

-

-

(234,463)

-

(234,463)

-

(234,463)

Other capital redemption reserve movements

(18)

-

18

-

-

-

-

-

At 31 December 2023

170

54,447

18

(706,633)

2,004,531

1,352,533

57,067

1,409,600

 

Barclay Simpson Associates Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Share premium
£

Capital redemption reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 January 2024

170

54,447

18

(706,633)

1,270,353

618,355

Loss for the year

-

-

-

-

(98,537)

(98,537)

Purchase of own share capital

(2)

-

2

(10)

-

(10)

At 31 December 2024

168

54,447

20

(706,643)

1,171,816

519,808

Share capital
£

Share premium
£

Capital redemption reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 January 2023

186

42,715

-

(472,170)

950,295

521,026

Profit for the year

-

-

-

-

920,066

920,066

Dividends

-

-

-

-

(600,008)

(600,008)

New share capital subscribed

2

11,732

-

-

-

11,734

Purchase of own share capital

(18)

-

18

(234,463)

-

(234,463)

At 31 December 2023

170

54,447

18

(706,633)

1,270,353

618,355

 

Barclay Simpson Associates Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

113,912

812,288

Adjustments to cash flows from non-cash items

 

Depreciation

4

42,748

22,843

Finance income

(11,083)

(14,310)

Finance costs

-

3,663

Corporation tax expense

8

6,744

227,465

 

152,321

1,051,949

Working capital adjustments

 

Decrease in trade debtors

 

473,258

469,664

Decrease in trade creditors

 

(629,631)

(433,319)

Cash generated from operations

 

(4,052)

1,088,294

Income taxes paid

 

(85,937)

(252,051)

Net cash flow from operating activities

 

(89,989)

836,243

Cash flows from investing activities

 

Interest received

11,083

14,310

Acquisitions of tangible assets

9

(375)

(112,623)

Net cash flows from investing activities

 

10,708

(98,313)

Cash flows from financing activities

 

Interest paid

-

(3,663)

Proceeds from issue of ordinary shares, net of issue costs

 

-

11,734

Payments for purchase of own shares

 

(10)

(234,463)

Repayment of bank borrowing

 

-

(145,833)

Dividends paid

-

(667,173)

Net cash flows from financing activities

 

(10)

(1,039,398)

Net decrease in cash and cash equivalents

 

(79,291)

(301,468)

Cash and cash equivalents at 1 January

 

849,347

1,150,863

Effect of exchange rate fluctuations on cash held

 

(1,244)

(48)

Cash and cash equivalents at 31 December

 

768,812

849,347

 

Barclay Simpson Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is: 3 New Street Square, London, EC4A 3BF. Details of the company's and group's principal activities are provided in the strategic report.

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notification of, and no objection to, the use of exemptions by the company's shareholders.

The company has taken advantage of the exemptions from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the company's cash flows.

Under FRS 102 the company is also exempt from related party disclosure requirements on transactions with any 100% owned subsidiary companies.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements. The loss of the parent company for the year was £98,537 (2023: profit of £920,066).

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

 

Barclay Simpson Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future, a period of not less that twelve months from the date of approval of these financial statements. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Judgements

Management are required to exercise judgement in applying the company's accounting policies. Due to the straightforward nature of the business, management consider that no critical judgements have been made in applying the company's accounting policies.

Key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. Management do not consider there are any key accounting estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Turnover from the placement of permanent staff is recognised when a candidate starts their new employment. Turnover from the placement of temporary staff is recognised when the temporary staff provide their services.

Foreign currency transactions and balances

Company

The functional and presentational currency of the company is pounds sterling. Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Barclay Simpson Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Group

The results for the year of overseas subsidiary undertakings are translated into sterling at average rates for the year. Exchange differences arising on translation into sterling at year end rates of operating net assets and results of overseas subsidiary undertakings are reported in the statement of total comprehensive income and taken to reserves. All other exchange differences are taken to the profit and loss account.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, less their estimated residual value, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

4 years

Computer equipment

4 years

Website development

4 years

Investments

Investments in subsidiaries are valued at cost less provision for permanent diminution in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Barclay Simpson Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Defined contribution pension obligation

The group operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The group does not trade in financial instruments and all such instruments arise directly from operations.

All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The group does not hold collateral against its trade and other receivables to its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.

 
The group's cash holdings comprise on demand balances. All cash is held with banks with strong credit ratings.

Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.

The group has an invoice financing facility whereby some of its trade debtors have been transferred to another party. The terms of this facility do not meet the criteria for derecognition as the risks and rewards of ownership of these debtors are retained by the group. Consequently the assets and liabilities relating to this facility are separately disclosed.

 
 

 

Barclay Simpson Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

3

Turnover

The analysis of the group's turnover for the year by market is as follows:

2024
£

2023
£

UK

11,334,743

14,177,254

Europe

361,742

425,058

Rest of world

315,637

312,563

12,012,122

14,914,875

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

42,748

22,842

Foreign exchange losses

10,448

797

Operating lease expense - property

250,303

232,199

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

3,374,242

3,983,639

Social security costs

369,924

439,593

Pension costs, defined contribution scheme

50,580

55,547

Redundancy costs

-

6,752

3,794,746

4,485,531

 

Barclay Simpson Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

5

Staff costs (continued)

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

9

8

Other departments

38

45

47

53

6

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

410,000

459,769

Contributions paid to money purchase schemes

3,963

3,963

413,963

463,732

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

3

In respect of the highest paid director:

2024
£

2023
£

Remuneration

145,000

176,692

Company contributions to money purchase pension schemes

1,321

1,321

 

Barclay Simpson Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

9,600

9,350

Audit of the financial statements of subsidiaries of the company pursuant to legislation

16,850

16,300

26,450

25,650

Other fees to auditors

Taxation compliance services

4,850

4,675

All other non-audit services

6,150

5,975

11,000

10,650


 

8

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

27,829

227,465

UK corporation tax adjustment to prior periods

(21,085)

-

6,744

227,465

 

Barclay Simpson Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

8

Taxation (continued)

The tax on profit before tax for the year differs from the standard rate of corporation tax in the UK of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

120,656

1,039,753

Corporation tax at standard rate

30,164

259,938

Decrease from effect of different UK tax rates on some earnings

(279)

(14,844)

Effect of expense not deductible in determining taxable profit

9,306

10,515

Effect of foreign tax rates

-

3,456

Increase from tax losses for which no deferred tax asset was recognised

14,028

-

Decrease in UK and foreign current tax from adjustment for prior periods

(21,085)

-

Tax decrease from other short-term timing differences

(25,390)

(31,600)

Total tax charge

6,744

227,465

9

Tangible assets

Group

Fixtures and fittings
£

Computer equipment
£

Website development
£

Total
£

Cost

At 1 January 2024

13,011

95,913

56,821

165,745

Additions

-

375

-

375

At 31 December 2024

13,011

96,288

56,821

166,120

Depreciation

At 1 January 2024

6,996

6,866

17,046

30,908

Charge for the year

6,015

22,446

14,287

42,748

At 31 December 2024

13,011

29,312

31,333

73,656

Carrying amount

At 31 December 2024

-

66,976

25,488

92,464

At 31 December 2023

6,015

89,047

39,775

134,837

 

Barclay Simpson Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

9

Tangible assets (continued)

Company

Fixtures and fittings
£

Computer equipment
£

Website development
£

Total
£

Cost

At 1 January 2024

13,011

62,288

39,871

115,170

At 31 December 2024

13,011

62,288

39,871

115,170

Depreciation

At 1 January 2024

6,996

6,061

9,630

22,687

Charge for the year

6,015

15,495

10,050

31,560

At 31 December 2024

13,011

21,556

19,680

54,247

Carrying amount

At 31 December 2024

-

40,732

20,191

60,923

At 31 December 2023

6,015

56,227

30,241

92,483

10

Investments

Company

2024
£

2023
£

Investments in subsidiaries

8,606

8,600

 

Barclay Simpson Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

10

Investments (continued)

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Barclay Simpson Interim Services Limited

UK

Ordinary shares

100%

100%

Barclay Simpson Europe Limited

UK

Ordinary shares

100%

85%

Barclay Simpson Gmbh

Germany

Ordinary shares

100%

100%

Barclay Simpson Solutions Limited

UK

Ordinary shares

79%

82%

Subsidiary undertakings

Barclay Simpson Interim Services Limited

The principal activity of Barclay Simpson Interim Services Limited is the provision of contract and interim recruitment services and solutions across the cyber security, internal audit, risk management, compliance and interrelated corporate governance professional staffing sectors.

Barclay Simpson Europe Limited

The principal activity of Barclay Simpson Europe Limited is the provision of recruitment services and workforce solutions across the risk management, compliance, internal audit, cyber security and interrelated corporate governance professional staffing sectors in the European and Nordic regions.

Barclay Simpson Gmbh

The principal activity of Barclay Simpson Gmbh is that of recruitment consultancy. Barclay Simpson Gmbh is indirectly owned.

Barclay Simpson Solutions Limited

The principal activity of Barclay Simpson Solutions Limited is to act as a solutions and services provider with a primary focus on cyber security and a secondary focus on change, technology, data, audit, risk and compliance. Our core capabilities include the effective delivery of solutions and services through the deployment of bespoke teams of subject matter experts and the application of strong service delivery principles. Barclay Simpson Solutions Limited is indirectly owned.

 

Barclay Simpson Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

11

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,375,324

1,656,051

352,899

394,227

Amounts owed by group undertakings

19

-

-

83,571

144,300

Other debtors

 

356,335

374,033

356,335

374,033

Prepayments

 

152,016

193,069

119,693

166,862

Accrued income

 

193,483

329,685

21,750

82,382

Corporation tax asset

8

28,364

26,846

28,364

26,846

 

2,105,522

2,579,684

962,612

1,188,650

Group

As at the year end, trade debtors of £1,375,324 (2023: £1,656,051) for the group and £352,899 (2023: £394,227) for the company have been transferred to the financing party. There is a fixed charge over these debtors and a floating charge over the company's other assets in favour of the financing party. The amount drawn down against these at the balance sheet was £nil (2023: £nil).

Included in other debtors is £228,891 (2023: £228,891) due from employee shareholders. These amounts are repayable on demand, so are not subject to discounting, and secured on the shares which were acquired with the initial loans. To date the balances have been repaid through dividends on those shares. Recoupment through dividends, and the exercise of the security, would lead to a deduction in shareholders funds, which impacts on the Company's assessment of its distributable reserves.

12

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

35,158

832,870

13,166

180,870

Short-term deposits

733,654

16,477

-

-

768,812

849,347

13,166

180,870

 

Barclay Simpson Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

13

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Trade creditors

 

108,855

143,115

76,041

51,487

Amounts due to group undertakings

19

-

-

61,388

96,972

Social security and other taxes

 

524,043

725,528

135,345

229,037

Outstanding defined contribution pension costs

 

25,119

24,660

25,119

24,660

Other payables

 

273,856

300,935

67,178

79,778

Accruals

 

365,001

750,713

160,428

370,314

Corporation tax

8

53,320

133,417

-

-

Deferred income

 

93,000

75,900

-

-

 

1,443,194

2,154,268

525,499

852,248

14

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £50,580 (2023 - £55,547).

Contributions totalling £25,119 (2023 - £24,660) were payable to the scheme at the end of the year and are included in creditors.

15

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £0.10 each

1,078

108

1,078

108

Ordinary B of £0.10 each

605

61

625

63

 

1,683

168

1,703

170

 

Barclay Simpson Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

15

Share capital (continued)

On 11 June 2024, 20 Ordinary B shares were repurchased for aggregate consideration of £10 and cancelled, which reduced distributable reserves. A capital redemption reserve of £2, being the nominal value of the shares cancelled, arose on the cancellation.

Rights, preferences and restrictions

The A shareholders receive preference on a return of capital. Otherwise the B shares rank pari passu with the A shares in all respects.

16

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

168,000

165,760

The amount of non-cancellable operating lease payments recognised as an expense during the year was £246,599 (2023 - £232,199).

17

Dividends

   

2024

 

2023

   

£

 

£

Interim dividends (see below)

 

 

600,008

         

The company paid the following interim dividends during the prior year: 6 October 2023 £278.30 per Ordinary A share totalling £300,007; 20 December 2023 £176.16 per Ordinary A and Ordinary B share totalling £300,000. No dividends were paid or declared in the current year.

 

Barclay Simpson Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

18

Analysis of changes in net debt

Group

At 1 January 2024
£

Cash flows
£

Foreign exchange movements
£

At 31 December 2024
£

Cash and cash equivalents

Cash

849,347

(79,291)

(1,244)

768,812

 

849,347

(79,291)

(1,244)

768,812

19

Related party transactions

Summary of transactions with subsidiaries

The group and parent company have taken advantage of the exemption available in FRS 102 from disclosing transactions with 100% owned subsidiaries.

 During the year the Company recharged expenses of £220,484 (2023: £153,649) to subsidiary undertakings.

 At the balance sheet date, £83,571 (2023: £144,200) was due from and £3,731 (2023: £15,050) was due to entities that are subsidiary undertakings.

20

Controlling party

There is no ultimate controlling party