Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
COMPANY INFORMATION
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
CONTENTS
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their strategic report on the affairs of the company together with the financial statements and auditor's report for the year ended 31 March 2023.
The principal activity of the company is to act as an agent on behalf of their talent and connect them to various customers. There have not been any significant changes in the principal activities of the company in the year under review. The directors are not aware, at the date of this report, of any likely changes in the group's activities in the next year.
The results show a pre-tax profit for the trading period of £2,153,558 (2022: £1,621,927). The company has net assets of £3,132,093 (2022: £2,274,576).
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge an obligation. The company’s policies are aimed at minimising such losses and require that deferred terms are only granted to customers who demonstrate satisfactory creditworthiness. Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company mitigates liquidity risk by carefully managing cash generation from its operations. Cash flow risk Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability. The company aims to manage cash flow risk by monitoring and reviewing working capital closely. Currency risk The company deals with many foreign currency transactions due to the nature of the business. The risk of fluctuating exchange rates and additional bank charges is mitigated using foreign currency bank accounts.
This report was approved by the board on 27 March 2024 and signed on its behalf.
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £1,736,738 (2022 - £1,307,927).
Dividends amounting to £879,221 (2022: £Nil) were paid during the year.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
There are no likely future developments aside from the continuation and expansion of the company's current business activities.
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
After the reporting date, the board of directors proposed a dividend of €16,000 per share and this was paid on 18 October 2023. The dividends have not been recognised as a liability and there are no tax consequences.
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
We have audited the financial statements of MA Group London Limited (Formerly Management Artists Limited) (the 'Company') for the year ended 31 March 2023, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' 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.
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED) (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED) (CONTINUED)
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 Auditors' 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.
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 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 risk, including obtaining audit evidence that is sufficient and appropriate to provide as 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 have:
∙considered the nature of the industry and sectors, control environment and business performance;
∙made enquiries of management about their own identification and assessment of the risk and irregularities;
∙performed audit work over the risk of management override on controls, involving testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;
∙identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance; and
∙discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indictors of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
The financial statements of the company for the year ended 31 March 2022 were not audited and accordingly, the corresponding figures and the comparative financial statements are unaudited.
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED) (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
124 Finchley Road
NW3 5JS
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
REGISTERED NUMBER: 10653969
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 19 form part of these financial statements.
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The company is a private company limited by share capital, incorporated in England and Wales. The address of its registered office is Unit 6 Colour House, Bentley Road, London, N1 4FG, England.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
Analysis of turnover by country of destination:
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
From 1 April 2023, the UK corporation tax rate increased from 19% to 25%.
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,481 (2022 - £12,668). Contributions totalling £2,432 (2022 - £3,684) were payable to the fund at the reporting date and are included in creditors.
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MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The company is wholly owned by Danison Holdings Srl, a company incorporated in Italy.
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