REGISTERED NUMBER: 13111253 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

FOR

MORGAN GRAY ASSOCIATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr R E C Neanon

Mr N S Wooding

REGISTERED OFFICE:

Lancaster Court

8 Barnes Wallis Road

Fareham

Hampshire

PO15 5TU

REGISTERED NUMBER:

13111253 (England and Wales)

FIXED ASSETS

Tangible assets

4

3,897

6,193

CURRENT ASSETS

Debtors

5

107,130

89,358

Cash at bank

39,016

102,628

146,146

191,986

CREDITORS

Amounts falling due within one year

6

53,660

63,786

NET CURRENT ASSETS

92,486

128,200

TOTAL ASSETS LESS CURRENT LIABILITIES

96,383

134,393

PROVISIONS FOR LIABILITIES

844

1,424

NET ASSETS

95,539

132,969

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

95,439

132,869

95,539

132,969

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2025 and were signed on its behalf by:

Mr R E C Neanon - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Temporary Placements

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

Permanent Placements

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

Tangible fixed assets

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

All fixed assets are initially recorded at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

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

Operating lease agreements

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2024 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 February 2024

1,650

4,148

4,161

9,959

Additions

-

249

241

490

At 31 January 2025

1,650

4,397

4,402

10,449

DEPRECIATION

At 1 February 2024

481

1,540

1,745

3,766

Charge for year

413

1,056

1,317

2,786

At 31 January 2025

894

2,596

3,062

6,552

NET BOOK VALUE

At 31 January 2025

756

1,801

1,340

3,897

At 31 January 2024

1,169

2,608

2,416

6,193

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

107,130

89,358

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Taxation and social security

37,052

57,330

Other creditors

16,608

6,456

53,660

63,786

7.	OTHER FINANCIAL COMMITMENTS

At 31 January 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £41,737 (2024; £41,737).