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Registration number: 04002826

MA Education Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

MA Education Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

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 22

 

MA Education Limited

Company Information

Directors

B Allen

R C M Linssen

M P Cianfarani

T Curtiss

S Allen

B W Goodridge

R M Chandiramani

K Toumba

J Benson

M Allen

T Pollard

K Sharman

Company secretary

B Allen

Registered office

St Judes Church
Dulwich Road
London
SE24 0PB

Auditors

Sterlings Ltd
Chartered Accountants and Registered Auditors
Lawford House
Albert Place
London
N3 1QA

 

MA Education Limited

Strategic Report for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

Fair review of the business

The principal activity of the company continued to be the publishing of educational journals, periodicals and books and the organisation and promotion of educational conferences. MA Education Limited has two subsidiaries; both of which are non-trading.

MA Education Limited’s revenue increased from £7 million to £7.3 million with profit before tax going down from £1.8 million to £1.44 million due to increased costs as the country returned to more face to face events and increased production costs due to the energy crisis.

At the year end, the company had a strong net asset balance of £9 million, compared to a net asset balance of £7.89 million at the prior year end.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Revenue

£

7,327,105

6,965,543

Gross profit

£

2,783,354

2,833,319

EBITDA

£

1,603,986

1,995,400

Principal risks and uncertainties

The financial instruments used by the company, which compromise debtors, cash at bank and creditors, arise wholly and directly from its activities. The company manages the financial risks relating thereto by means of the following measures:

1. The company regularly monitors the level of its debtors and follows up on any overdue balances;
2. The company maintains monthly management accounts and monitors its cash flow daily; and
3. The possible risk of the withdrawal of credit by suppliers is managed by paying promptly within agreed credit terms and regular monitoring of the level of trade creditors.

Future developments

It was agreed in October 2023 to merge into this company the fellow group company MA Music Leisure & Travel Ltd with effect from 1 April 2024. This will lead to a more dynamic company. The directors intend to continue growing the business both organically and by acquisition. The pace at which they do so will depend on how the economy recovers.

Approved and authorised by the Board on 23 February 2024 and signed on its behalf by:
 

.........................................
M Allen
Director

 

MA Education 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.

Director of the company

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

B Allen - Company secretary and director

R C M Linssen

M P Cianfarani

T Curtiss

S Allen

B W Goodridge

R M Chandiramani

K Toumba

J Benson

M Allen

T Pollard

K Sharman (appointed 28 February 2023)

Information included in the Strategic Report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.

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.

Approved and authorised by the Board on 23 February 2024 and signed on its behalf by:
 

.........................................
M Allen
Director

 

MA Education 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;

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 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.

 

MA Education Limited

Independent Auditor's Report to the Members of MA Education Limited

Opinion

We have audited the financial statements of MA Education Limited (the 'company') for the year ended 31 March 2023, 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 Financial Reporting Standard 102 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 March 2023 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 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 original financial statements were 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 directors are responsible for the 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.

 

MA Education Limited

Independent Auditor's Report to the Members of MA Education 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have 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 Strategic Report and 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.

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.

 

MA Education Limited

Independent Auditor's Report to the Members of MA Education Limited

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:

• the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, skills, and capabilities to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant industry;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, and other legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where relevant; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HM Revenue & Customs.

There are inherent limitations in our audit procedures described above. The more remote 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.

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.

 

MA Education Limited

Independent Auditor's Report to the Members of MA Education 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.

......................................
Stephen Fenton FCA (Senior Statutory Auditor)
For and on behalf of Sterlings Ltd, Statutory Auditor

Lawford House
Albert Place
London
N3 1QA

8 March 2024

 

MA Education Limited

Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

3

7,327,105

6,965,543

Cost of sales

 

(4,543,751)

(4,132,224)

Gross profit

 

2,783,354

2,833,319

Administrative expenses

 

(1,338,638)

(1,197,061)

Other operating income

4

-

199,872

Operating profit

5

1,444,716

1,836,130

Other interest receivable and similar income

6

-

579

Interest payable and similar expenses

(7,802)

(1,107)

   

(7,802)

(528)

Profit before tax

 

1,436,914

1,835,602

Tax on profit

10

(306,000)

(335,165)

Profit for the financial year

 

1,130,914

1,500,437

The above results were derived from continuing operations.

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

 

MA Education Limited

(Registration number: 04002826)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

11

2,071,665

2,230,935

Investments

12

2

2

 

2,071,667

2,230,937

Current assets

 

Stocks

13

15,874

15,723

Debtors

14

9,143,176

8,620,469

Cash at bank and in hand

15

856,370

900,842

 

10,015,420

9,537,034

Creditors: Amounts falling due within one year

16

(3,067,503)

(3,879,301)

Net current assets

 

6,947,917

5,657,733

Net assets

 

9,019,584

7,888,670

Capital and reserves

 

Called up share capital

17

1

1

Profit and loss account

9,019,583

7,888,669

Shareholders' funds

 

9,019,584

7,888,670

Approved and authorised by the Board on 23 February 2024 and signed on its behalf by:
 

.........................................
M Allen
Director

 

MA Education Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2022

1

7,888,669

7,888,670

Profit for the year

-

1,130,914

1,130,914

At 31 March 2023

1

9,019,583

9,019,584

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2021

1

6,388,232

6,388,233

Profit for the year

-

1,500,437

1,500,437

At 31 March 2022

1

7,888,669

7,888,670

 

MA Education Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

MA Education Limited's principal activities continued to be the publishing of educational journals, periodicals and books and the organisation and promotion of educational conferences.

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
St Judes Church
Dulwich Road
London
SE24 0PB
England

The financial statements are presented in Sterling (£), which is also the company's functional currency. Monetary amounts in these financial statements are rounded to the nearest £.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Summary of disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
• Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
• Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
• Section 11 Financial Instruments paragraph 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments);
• Section 26 Share based payments (disclosures of share based payments);
• Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).

The company is included in the consolidated financial statements of Mark Allen Holdings Limited.

The financial statements of Mark Allen Holdings Limited may be obtained from St Jude's Church, Dulwich Road, London, SE24 0PB.

 

MA Education Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Group accounts not prepared

The company is a wholly-owned subsidiary of Mark Allen Holdings Limited, a company incorporated in the UK, whose registered address is St Jude's Church, Dulwich Road, London, SE24 0PB. In accordance with the exemption given in Section 400 of the Companies Act 2006, the company is not required to produce, and has not published, consolidated accounts.
The accounts present information about the company as an individual undertaking and not about its group.

Going concern

Having considered the company’s forecasts, latest results and cash reserves, and after making enquiries, 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 were approved. Accordingly they continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Subscription income is taken to the profit and loss account over the period to which the subscription relates. Advertising income is taken to the profit and loss account in the month of issue of the related publication. Subscriptions and fees received in advance at the balance sheet date are carried forward in creditors.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss in the same period as the related expenditure.

Other operating income

Other income is derived from tax refunds arising from research and development claims. As these claims are not regular and uncertain in size these are recognised when cash has been received, which is the point at which the amount receivable can be reliably measured.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the
respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary
items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 corporation 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.

 

MA Education Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over its estimated useful economic life of 20 years

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

MA Education Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company'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.

Intangible assets are amortised over their estimated useful economic lives. Future results are impacted by the amortisation periods adopted and, potentially, any differences between estimated and actual circumstances related to individual intangible assets.

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.

3

Turnover

An analysis of turnover by class of business is as follows:

2023
 £

2022
£

Advertising

2,927,093

2,953,647

Conferences

1,161,683

766,860

Royalties

77,566

80,986

Book sales

78,325

143,261

Other income

124,708

112,254

Subscriptions and bookstall sales

2,957,730

2,908,535

7,327,105

6,965,543

Analysis of turnover by country of destination:

2023
 £

2022
£

Within the UK

7,230,605

6,872,629

Outside the UK

96,500

92,914

7,327,105

6,965,543

 

MA Education Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
 £

2022
 £

Miscellaneous other operating income

-

199,872

5

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Amortisation expense

159,270

159,270

Foreign exchange losses

24

-

6

Other interest receivable and similar income

2023
 £

2022
 £

Other finance income

-

579

7

Employees

Staff costs, including directors' remuneration, were as follows:

2023
 £

2022
£

Wages and salaries

2,496,188

2,407,194

Social security costs

299,246

271,580

Cost of defined contribution scheme

92,290

116,554

2,887,724

2,795,328

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Editorial

25

20

Sales

21

18

Administration and support

10

13

Marketing and awards

-

3

56

54

 

MA Education Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

8

Directors' remuneration

2023
 £

2022
£

Directors' emoluments

267,828

330,448

Company contributions to defined contribution pension schemes

12,825

24,123

280,653

354,571

During the year retirement benefits were accruing to 3 directors (2022: 3) in respect of defined contribution pension schemes.

In respect of the highest paid director:

2023
 £

2022
 £

Remuneration

151,720

122,526

Company contributions to money purchase pension schemes

8,400

7,600

9

Auditors' remuneration

2023
 £

2022
 £

Audit of the financial statements

21,600

17,780


 

 

MA Education Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

10

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

300,629

335,165

UK corporation tax adjustment to prior periods

5,371

-

306,000

335,165

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

1,436,914

1,835,602

Corporation tax at standard rate

273,014

348,764

Effect of revenues exempt from taxation

-

(37,976)

Effect of expense not deductible in determining taxable profit (tax loss)

8,837

5,637

Increase in UK and foreign current tax from adjustment for prior periods

5,371

-

Tax increase from effect of capital allowances and depreciation

18,871

18,740

Tax decrease from other short-term timing differences

(93)

-

Total tax charge

306,000

335,165

 

MA Education Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

11

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

3,156,383

3,156,383

At 31 March 2023

3,156,383

3,156,383

Amortisation

At 1 April 2022

925,448

925,448

Amortisation charge

159,270

159,270

At 31 March 2023

1,084,718

1,084,718

Carrying amount

At 31 March 2023

2,071,665

2,071,665

At 31 March 2022

2,230,935

2,230,935

12

Investments

2023
 £

2022
 £

Investments in subsidiaries

2

2


 

Subsidiaries

£

Cost or valuation

At 1 April 2022

93,111

Provision

At 1 April 2022

93,109

Carrying amount

At 31 March 2023

2

At 31 March 2022

2

 

MA Education Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Step Forward Publishing Limited

St Jude's Church, Dulwich Road, London, SE24 0PB

Ordinary

100%

100%

Hopscotch Educational Publishing Ltd

St Jude's Church, Dulwich Road, London, SE24 0PB

Ordinary

100%

100%

Subsidiary undertakings

Step Forward Publishing Limited

The principal activity of Step Forward Publishing Limited is that of a dormant company.

Hopscotch Educational Publishing Ltd

The principal activity of Hopscotch Educational Publishing Ltd is that of a dormant company.

13

Stocks

2023
 £

2022
 £

Other inventories

15,874

15,723

There is no significant difference between the replacement cost of the stock and its carrying amount.

14

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,167,553

1,395,989

Amounts owed by related parties

19

7,709,454

6,960,428

Other debtors

 

22,944

17,085

Prepayments

 

243,225

246,967

   

9,143,176

8,620,469

Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.

 

MA Education Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

15

Cash and cash equivalents

2023
 £

2022
 £

Cash at bank

856,370

900,842

16

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

122,300

311,755

Amounts due to related parties

19

872,150

1,191,764

Social security and other taxes

 

356,872

337,816

Other payables

 

33,245

-

Accrued expenses

 

1,527,697

1,699,646

Corporation tax liability

10

155,239

338,320

 

3,067,503

3,879,301

Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.

17

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

 

MA Education Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

18

Commitments

Pension commitments

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company. At the balance sheet date, unpaid contributions of £18,924 (2022: £19,261) were payable and included in creditors.

Other financial commitments

The company is party to a multilateral guarantee in favour of HSBC Bank plc given by MA Business Limited, MA Healthcare Limited, Mark Allen Holdings Limited, Master Travel Limited, MA Music, Leisure & Travel Ltd, MA Education Limited, MA Exhibitions Limited, Headfirst Publishing Limited, MA Dentistry Media Limited (formerly George Warman Publications (UK) Limited), The Airports Publishing Network Limited, Miles Publishing Limited, Unity Media Limited and Unity Exhibitions Limited. There is also a fixed and floating charge over the assets of the company. At the year end the liabilities covered by these guarantees totalled £10,700,000 (2022: £10,000,000).

The company is also party to a group set off, held with the group companies named above.

19

Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are wholly owned part of the group.

20

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Mark Allen Holdings Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Mark Allen Holdings Limited. These financial statements are available upon request from St Jude's Church, Dulwich Road, London SE24 0PB.

 The ultimate controlling party is Mark Allen.

21

Non adjusting events after the financial period

The trade of fellow group company MA Music Leisure & Travel Ltd will be merged into the company from 1 April 2024.