The directors present the strategic report for the year ended 31 December 2025.
Overview and Principal Activities
The principal activity of the Group during the year continued to be the provision of staff recruitment services, offering permanent, contract and consulting recruitment solutions.
The Group comprises McGregor Boyall Associates Limited, Dukebridge Partners Limited, McGregor Boyall Associates Sp. z o.o. and Creative Recruitment Limited (an 80%-owned subsidiary).
Following the strategic restructuring undertaken during 2024, the Group entered 2025 with a more focused operating model and streamlined geographical footprint. The Group continued to operate principally in the United Kingdom and the Middle East, while also expanding activity across Europe and developing opportunities in the United States.
With its head office in London, the Group maintained operations in London, Warsaw and Dubai. The changes implemented during 2024 enabled the business to focus resources on higher-performing markets and areas with stronger long-term growth potential.
Our principal areas of staffing activity are Information Technology, including Software Development, Data & AI, Cloud, Cyber Security and Change & Transformation, together with Governance, Risk & Compliance, Human Resources, Marketing, Sales & Marketing and Creative Design. The Group's client base principally comprises financial services and professional services organisations, whilst continuing to diversify into adjacent sectors including technology, consulting, commerce and start-up organisations.
Review of Business
Overall, 2025 represented a year of recovery and improvement for the Group. Whilst recruitment market conditions remained challenging and economic uncertainty continued to impact hiring confidence across many sectors, the measures implemented during 2024 provided a much stronger platform from which to rebuild performance and drive growth.
The first half of 2025 remained relatively subdued, although performance improved progressively throughout the year and the second half delivered stronger results. Client confidence began to return across several of the Group's key markets, with organisations increasingly investing in strategic hiring initiatives, transformation programmes and specialist project-based recruitment activity. This resulted in improved demand across a number of our core disciplines, particularly Technology, Data & AI, Risk, Human Resources and Change & Transformation.
Technology recruitment demonstrated a significant improvement compared with 2024. As organisations accelerated investment in artificial intelligence, automation, digital transformation and data governance initiatives, demand for specialist technology talent increased. The Group's established market position and specialist expertise enabled it to capitalise on these opportunities and strengthen its technology offering further.
Whilst contract recruitment remained competitive and continued to face pressure on margins, the Group benefited from maintaining a healthy contractor portfolio, providing recurring revenues and improved visibility of future income. Demand for flexible workforce solutions also remained relatively resilient, allowing the business to continue supporting clients through both contingent recruitment and consulting engagements.
Dukebridge Partners Limited continued to complement the Group's traditional recruitment offering through consulting and project-based workforce solutions. During 2025, the launch of the Group's Growth & Solutions function broadened our service offering further and enabled us to support clients through additional talent solutions, including embedded and fractional recruitment models. This diversification has helped strengthen client relationships and improve access to new opportunities.
Creative Recruitment Limited remained resilient throughout the year and continued to perform well despite ongoing pressures within the wider creative and marketing sectors.
The Group also continued to invest selectively in a number of strategic growth areas. Expansion across Europe gathered momentum during 2025, supported by key hires made during the previous year and growing client demand for international recruitment solutions. The business also established a presence in Ireland and relaunched activity in Poland as part of its wider international growth strategy.
In July 2025, the Group underwent a leadership transition, with Richard Lett succeeding Lucy Frost as Group Managing Director. Following his appointment, a strategic review of the business was undertaken, focusing on the Group's specialist verticals, service offering and international footprint. This review resulted in a renewed focus on markets and sectors where the Group can deliver the greatest relevance, differentiation and sustainable growth. As part of this process, selected business lines, including Public Sector recruitment, were exited, while investment was directed towards priority growth markets and service offerings.
The Group further strengthened its leadership team through several key appointments, including a Director of Growth & Solutions and a Group People Director. These appointments support the Group's ambitions to expand its client offering, drive productivity and strengthen employee engagement and organisational development.
The business also continued to invest in technology, automation, marketing and business development initiatives. During 2025, enhancements were made to recruitment systems and AI-enabled processes designed to improve consultant productivity, candidate engagement and operational efficiency.
Our focus on Equality, Diversity & Inclusion, Sustainability and Social Impact continued throughout 2025. Building upon the progress achieved in previous years, the Group leveraged its Women-Owned Business certification and EcoVadis accreditation to strengthen its market position, support client procurement requirements and improve access to new commercial opportunities.
In summary, 2025 represented a year of measurable progress for the Group. Whilst market conditions remained difficult in certain sectors, stronger sales performance, improved productivity and disciplined cost management resulted in improved profitability and a more resilient business entering 2026.
Economic
Although economic conditions improved modestly during 2025, uncertainty regarding inflation, interest rates, business confidence and global growth continued to impact recruitment activity. The increased cost of employment following changes to employer National Insurance Contributions and other regulatory pressures further influenced hiring decisions, particularly within permanent recruitment.
The Group continues to mitigate these risks through diversification across sectors, geographies, clients and service offerings. The combination of permanent, contract and consulting solutions provides increased resilience through changing economic conditions.
Political Climate
Geopolitical tensions, including the ongoing conflicts in Ukraine and the Middle East, together with international trade disputes and regulatory change, continue to create uncertainty across global markets. These factors can influence investment confidence, workforce planning and hiring activity amongst our clients.
The Group continues to monitor these developments closely and remains agile in responding to changing market conditions through diversification of its client base and international operations.
Artificial Intelligence and Skills Transformation
The increased adoption of artificial intelligence continues to reshape both recruitment processes and workforce requirements. Whilst some organisations have questioned future demand for certain roles, demand for specialist talent across AI, Data, Cloud, Cyber Security and Transformation has increased significantly.
The pace of technological change presents both opportunities and risks. The Group continues to invest in specialist capability and market expertise to ensure it remains well positioned to support clients in these rapidly evolving skill areas.
Data Protection
Protecting the personal data of candidates, clients and employees remains a critical priority. The Group continues to invest in security controls, employee training and technology infrastructure. During 2025, the Group maintained its ISO 27001 accreditation together with Cyber Essentials and Cyber Essentials Plus certifications.
Business Continuity
As a people-based business, the Group remains dependent upon the experience, expertise and relationships of its consultants and leadership teams. The loss of key personnel could adversely impact revenue generation, client relationships and operational performance.
The Group continues to invest in succession planning, leadership development, talent retention and employee engagement. Business continuity plans are reviewed regularly and supported by externally audited management systems, including ISO 9001 accreditation.
Financial Risk
Maintaining a strong balance sheet and prudent financial management remains a key priority for the Group. Whilst trading conditions improved during 2025, management continues to monitor costs carefully and assess investment opportunities in a disciplined manner.
Credit risk remains relatively low due to the quality and diversity of the Group's client portfolio, which includes numerous financial institutions, professional services firms and large blue-chip organisations. The Group continues to focus on recurring contract revenues and client diversification as part of its long-term financial strategy.
Outlook for 2026
The Directors judge it appropriate to comment briefly on the prospects for 2026.
Whilst recruitment market conditions remain uneven and the timing of a sustained recovery remains uncertain, there are increasing signs of stabilisation across several of the Group's core markets whilst others have been more impacted. At the same time, the recruitment industry continues to evolve as client expectations shift and technology, particularly artificial intelligence, increasingly influences workforce planning and talent acquisition strategies. In this changing environment, it is essential that recruitment firms continue to adapt their operating models, service offerings and go-to-market strategies to remain relevant, deliver meaningful value to clients and candidates, and maintain sustainable profitability. Firms that successfully embrace innovation, leverage technology and respond proactively to changing market dynamics will be best positioned to capture opportunities as conditions improve.
Demand for specialist talent remains strongest across Data, Artificial Intelligence, Data Centres, Technology Transformation, Sales & Go-to-Market and Governance, Risk & Compliance. These areas continue to present growth opportunities for the Group and have informed a number of recent investment decisions, including the launch of new specialist verticals and expansion into selected international markets.
Contract recruitment remains a significant strategic focus due to its growth potential and recurring revenue characteristics. The Group intends to continue expanding its contract recruitment capabilities through targeted growth in Ireland, Poland and the United States, while further developing its broader talent solutions offering.
The Directors remain committed to balancing disciplined cost management with targeted investment in technology, people, marketing and international growth opportunities. This approach is intended to strengthen the Group's market position while maintaining operational flexibility and financial resilience.
The Group's Women-Owned Business certification, EcoVadis accreditation and wider ESG agenda continue to enhance client engagement, support supplier diversity initiatives and provide access to new commercial opportunities and strategic partnerships.
Although economic, geopolitical and industry-specific risks remain, the Group enters 2026 in a considerably stronger position than it did at the beginning of 2025. Improved productivity, a more diversified revenue base, strengthened leadership team and continued investment in growth areas provide confidence that the Group is well positioned to deliver sustainable and profitable growth.
In summary, 2025 represented a year of recovery, stabilisation and strategic progress for the Group. Sales and profitability improved compared with 2024, supported by stronger performance across Technology recruitment, continued resilience from non-technology divisions, expansion of international operations and the broadening of the Group's service offering. Whilst external risks remain, the Directors believe the business has established strong foundations for continued growth and value creation in 2026 and beyond.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The auditor, Anova, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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 then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom 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 group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of McGregor Boyall Associates Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the directors' responsibilities statement, 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 group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identify and assess 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 noncompliance with laws and regulations, we considered the following:
the nature of the industry and sector, control environment and business performance;
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.
As a result of performing the above, we did not identify any key matters related to the potential risk of fraud or noncompliance with laws and regulations.
Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale for any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £27,463 (2024 - £789,450 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The notes on pages 18 to 35 form part of these financial statements.
The notes on pages 18 to 35 form part of these financial statements.
McGregor Boyall Associates Ltd (“the company”) is a private company, limited by shares, domiciled and incorporated in England and Wales. The registered office is Bank House, Southwick Square, Southwick, West Sussex, BN42 4FN.
The group consists of McGregor Boyall Associates Ltd and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company McGregor Boyall Associates Ltd together with all entities controlled by the parent company - its subsidiaries.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group's accounting policies when preparing the consolidated financial statements.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable in respect of services supplied, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenues earned from temporary services (either gross chargeable value or margin-only) are recognised in the accounting period in which the services are provided.
Revenues earned from permanent placements are recognised on the date that each candidate commences their employment.
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 recognised in the profit and loss account.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors , loans to fellow group companies, and cash and bank balances, are recognised at transaction price. There are no arrangements in respect of these assets which are considered to constitute a financing transaction.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities, including creditors, loans from fellow group companies and loans under its invoice discounting agreements are recognised at transaction price. There are no arrangements in respect of these liabilities which are considered to constitute a financing arrangement.
Basic financial assets and liabilities are measured subsequently at amortised cost less impairment.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The group contributes to a number of defined contribution plans for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they are due. The assets of the plan are held separately from the group in independently administered funds.
McGregor Boyall Associates Limited operates a share option scheme. Under the scheme the fair value of employee services received in exchange for the grant of the options is recognised as an expense in the income statement of the Group with a corresponding adjustment to the share-based payment reserve. The total amount to be expensed over the vesting period is determined as the fair value of the options granted. At each balance sheet date, the estimate of the number of options that are expected to become exercisable is revised. The impact of any revision to the original estimates is recognised by the Group by adjusting both the income statement and the share-based payment reserve over the remaining vesting period.
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions and balances:
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.
Translation:
The trading results of Group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings are translated at the exchange rates ruling at the year end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in "Other comprehensive income" and allocated to non-controlling interest as appropriate.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.
The directors regularly assess the recoverability of investments and balances due from other companies within the group. Where it is considered that the future cashflows from these debts are less than their carrying amount then appropriate provisions are made against these investments and balances, to reflect their recoverable value.
The directors review individual debtor balances and make appropriate provisions wherever it is considered that balances are not fully recoverable.
All turnover is in relation to the provision of services.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).
Some of the directors are part of the Share Option Plan, see note 18. Total amount of options granted to directors this year was £nil (2024 - £nil).
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 December 2025 are as follows:
100% of trade debtors are factored and are secured against the debtors to which they relate.
Included in other creditors totalling £622 (2024 - £2,122) as amounts due under debt factoring.
The following are the major deferred tax liabilities and assets recognised by the group and company:
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
The Group is unable to directly measure the fair value of employee services received, instead the fair value of the share options granted is determined using the Black-Scholes Model. The valuation using the Model was last conducted as at 3 November 2022. In the opinion of the Directors' this is still the fair value as at 31 December 2025 (and 31 December 2024).
The total intrinsic value at 31 December 2025 amounted to £97,005 (2024 - £100,859) for the group and £97,005 (2024 - £100,859) for the company.
The charge in the Group for the year was £24,713 (2024 - £29,198) and the reversal of previous charges in respect of lapsed options was £28,567 (2024 - £Nil).
The conditional preference shares have a right to dividends restricted to 10% of the parent company's annual net profits after tax. In respect of distributions on winding-up the preference shares rank equally with the ordinary shares.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Since the balance sheet date a new subsidiary has been incorporated in Ireland, McGregor Boyall Associates (Ireland) Limited. The new company was formed on 11 March 2026 and is wholly owned by McGregor Boyall Associates Limited.
The remuneration of key management personnel is as follows.
During the year McGregor Boyall Associates Limited charged Creative Recruitment Limited, its 80% owned subsidiary, £43,568 (2024 - £27,189) for management & support services, and £nil (2024 - £29,817) for other services. Creative Recruitment Limited also charged McGregor Boyall Associates Limited loan interest of £89,704 (2024 - £86,677). At the year end the amount owed to Creative Recuitment Limited from McGregor Boyall Associates Limited was £705,093 (2024 - £419,642).
The company is exempt from disclosing other related party transactions as other group companies are wholly owned.
Minority interests represent the 20% equity minority interest in Creative Recruitment Limited.
McGregor Boyall Associates Limited has given guarantees under s479c if the Companies Act 2006 in respect to all the outstanding liabilities of its subsidiaries Dukebridge Partners Limited and Fincentria Limited.