Company No: 13111253 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	1,989		3,899
		1,989		3,899
Current assets
Debtors	4	53,964		107,131
Cash at bank and in hand		59,158		39,016
		113,122		146,147
Creditors: amounts falling due within one year	5	( 42,442)		( 53,660)
Net current assets		70,680		92,487
Total assets less current liabilities		72,669		96,386
Provision for liabilities		( 398)		( 844)
Net assets		72,271		95,542
Capital and reserves
Called-up share capital	6	100		100
Profit and loss account		72,171		95,442
Total shareholders' funds		72,271		95,542

For the financial year ending 31 January 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Morgan Gray Associates Limited (registered number: 13111253) were approved and authorised for issue by the Board of Directors on 19 May 2026. They were signed on its behalf by:

R Neanon Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Morgan Gray Associates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lancaster Court, 8 Barnes Wallis Road, Fareham, PO15 5TU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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 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 rebated are infrequent and immaterial.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	4 years straight line
Fixtures and fittings	4 years straight line
Computer equipment	3 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		7

3. Tangible assets

	Plant and machinery		Fixtures and fittings		Computer equipment		Total
	£		£		£		£
Cost
At 01 February 2025	1,650		4,398		4,401		10,449
Additions	0		0		574		574
Disposals	( 167)		( 149)		( 482)		( 798)
At 31 January 2026	1,483		4,249		4,493		10,225
Accumulated depreciation
At 01 February 2025	893		2,596		3,061		6,550
Charge for the financial year	371		957		1,029		2,357
Disposals	( 57)		( 131)		( 483)		( 671)
At 31 January 2026	1,207		3,422		3,607		8,236
Net book value
At 31 January 2026	276		827		886		1,989
At 31 January 2025	757		1,802		1,340		3,899

4. Debtors

	2026		2025
	£		£
Prepayments and accrued income	32,845		82,040
Other debtors	21,119		25,091
	53,964		107,131

5. Creditors: amounts falling due within one year

	2026		2025
	£		£
Accruals	6,710		15,952
Taxation and social security	35,215		37,052
Other creditors	517		656
	42,442		53,660

6. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

7. Financial commitments

Other financial commitments

	2026		2025
	£		£
Vehicles	22,947		36,049
Premise	5,961		5,688
	28,908		41,737