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Registration number: 12984055

Barclay Simpson Solutions Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Barclay Simpson Solutions Limited

Contents

Company Information

1

Directors' Report

2 to 3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 16

 

Barclay Simpson Solutions Limited

Company Information

Directors

P Savill

D Spencer

S M Lawton

M G Ampleford

Registered office

3 New Street Square
London
EC4A 3BF

Auditors

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

 

Barclay Simpson Solutions Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the company

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

P Savill

D Spencer

S M Lawton

M G Ampleford


Principal Activity

Barclay Simpson Solutions (trading as BSS) is a business solutions and services provider specializing in cybersecurity. Our core capabilities include delivering tailored solutions, advisory services, penetration testing and 3rd party assurance. Additionally, BSS provides internal audit services.
 

Key Performance Indicators

• Turnover: £4.94m (down from £5.39m in 2023)
• Gross profit: £1.02m (down from £1.34m in 2023)
• Net profit before tax: £115k (down from £389k in 2023)
• Invoice Financing Debt as a % of year end debtors: Nil debt (unchanged from 2023)
• GP/TO: 20.6% (down from 24.9% in 2023)

Business Review

2024 was a transitional year for BSS, marked by lighter demand and key staff changes. Turnover, gross profit, and net profit declined, primarily due to a drop in demand from Q1 to Q2. However, business stabilized in the second half of the year, with some improvement in H2.

One of the key challenges in 2024 was unpredictable demand, which led to underutilization of our permanent bench and a temporary pause in hiring permanent staff. As demand stabilized, BSS made strategic hires to support the development of its consulting capabilities. By the close of 2024, we had a strong leadership team in place, supported by an experienced advisory board comprising cybersecurity and business leaders.

2025 Developments

Looking ahead, BSS has been expanding its service offerings, including:

 

Cyber Third-Party Risk Management (Cyber3RM) Services

 

Accredited Penetration Testing Services

 

Cyber Advisory Services

These services offer longer-term client engagement and are in high demand, particularly among our UK-based financial services and critical national infrastructure clients. With clearly defined offerings and senior hires in place to lead these initiatives, BSS is well-positioned for growth in 2025.

The demand for Cyber3RM in particular, has been strong, leading to high utilization of our bench. This presents an opportunity to expand our permanent headcount, fostering closer client engagement. Additionally, BSS has been leveraging selected technology products to enhance service delivery, both through managed services and product reselling.

 

Barclay Simpson Solutions Limited

Directors' Report for the Year Ended 31 December 2024

Disclosure of information to the auditors

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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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

.........................................
M G Ampleford
Director

 

Barclay Simpson Solutions 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 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 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.

 

Barclay Simpson Solutions Limited

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

Opinion

We have audited the financial statements of Barclay Simpson Solutions Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A '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 2024 and of its 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

We have nothing to report in this regard.

 

Barclay Simpson Solutions Limited

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

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

the Directors' Report has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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.

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:

 

Barclay Simpson Solutions Limited

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

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 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 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 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 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 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 Company 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 Company ensures compliance with relevant employment and tax law, and sample checked documentation that the Company obtain as part of its 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 Solutions Limited

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

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

 

4,943,688

5,386,751

Cost of sales

 

(3,923,543)

(4,046,075)

Gross profit

 

1,020,145

1,340,676

Administrative expenses

 

(906,652)

(953,521)

Operating profit

 

113,493

387,155

Other interest receivable and similar income

 

1,227

1,707

Profit before tax

5

114,720

388,862

Tax on profit

 

(23,924)

(91,590)

Profit for the financial year

 

90,796

297,272

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Barclay Simpson Solutions Limited

(Registration number: 12984055)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

31,541

42,354

Current assets

 

Debtors

7

754,492

1,012,421

Cash at bank and in hand

 

346,161

401,239

 

1,100,653

1,413,660

Creditors: Amounts falling due within one year

8

(467,733)

(882,351)

Net current assets

 

632,920

531,309

Net assets

 

664,461

573,663

Capital and reserves

 

Called up share capital

107

106

Share premium reserve

9,900

9,900

Capital redemption reserve

1

-

Retained earnings

654,453

563,657

Shareholders' funds

 

664,461

573,663

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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

.........................................
M G Ampleford
Director

 

Barclay Simpson Solutions Limited

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

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2024

106

9,900

-

563,657

573,663

Profit for the year

-

-

-

90,796

90,796

New share capital subscribed

2

-

-

-

2

Purchase of own share capital

(1)

-

1

-

-

At 31 December 2024

107

9,900

1

654,453

664,461

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2023

106

9,900

616,175

626,181

Profit for the year

-

-

297,272

297,272

Dividends

-

-

(349,790)

(349,790)

At 31 December 2023

106

9,900

563,657

573,663

 

Barclay Simpson Solutions 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 the United Kingdom.

The address of its registered office is: 3 New Street Square, , London, EC4A 3BF.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

At the date of approval of these financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements are approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

The company recognises permanent placement revenue when the candidate commences their employment with the company's customer. Revenue in respect of temporary staff is recognised when the temporary staff provide their services.

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 company 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.

 

Barclay Simpson Solutions Limited

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Website development

4 years straight line

Computer equipment

4 years straight line

Financial instruments

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

 Recognition and measurement
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 company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.

The company’s cash holdings comprise on demand balances. All cash is held with banks with strong external 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.

Liabilities are classified as current if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

The company has an invoice financing facility whereby 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 company. Consequently the assets and liabilities relating to this facility are separately disclosed.

As the company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

 

 

Barclay Simpson Solutions Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 4).

4

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

11,690

8,600


 

5

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

11,188

5,043

 

Barclay Simpson Solutions Limited

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

6

Tangible assets

Website development
£

Other tangible assets
£

Total
£

Cost

At 1 January 2024

16,950

33,625

50,575

Additions

-

375

375

At 31 December 2024

16,950

34,000

50,950

Depreciation

At 1 January 2024

7,416

805

8,221

Charge for the year

4,237

6,951

11,188

At 31 December 2024

11,653

7,756

19,409

Carrying amount

At 31 December 2024

5,297

26,244

31,541

At 31 December 2023

9,534

32,820

42,354

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

656,845

834,667

Amounts owed by group undertakings

10

3,731

15,050

Prepayments

 

31,946

20,090

Other debtors

 

61,970

142,614

   

754,492

1,012,421

 

Barclay Simpson Solutions Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

32,746

91,275

Amounts owed to group undertakings

10

27,457

124,996

Taxation and social security

 

131,426

270,006

Accruals and deferred income

 

167,605

287,575

Other creditors

 

108,499

108,499

 

467,733

882,351

The Company has an invoice financing facility, but at the balance sheet date the balance was £nil (2023: £nil). At the balance sheet date, trade debtors of £656,254 (2023: £834,667) 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 in respect of any amounts drawn under the facility.

9

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £Nil (2023 - £33.25) per ordinary share

 

-

 

349,790

         

10

Related party transactions

During the year the company was recharged expenses of £220,484 (2023: £153,649) by Barclay Simpson Associates Limited, the ultimate parent company. At the balance sheet date, £3,731 (2023: £15,050) was due from Barclay Simpson Associates Limited.

During the year the company was charged fees of £338,272 (2022: £550,141) by Barclay Simpson Interim Services Limited, the immediate parent company. At the balance sheet date, £27,457 (2023: £124,996) was due to Barclay Simpson Interim Services Limited. Additionally dividends of £nil (2023: £282,625) were paid to Barclay Simpson Interim Services Limited during the year.

11

Parent and ultimate parent undertaking

The company's immediate parent is Barclay Simpson Interim Services Limited, incorporated in the United Kingdom.

 The ultimate parent is Barclay Simpson Associates Limited, incorporated in the United Kingdom. Barclay Simpson Associates Limited heads the largest and smallest group for which consolidated accounts including the company's position and results are produced.