Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3117162022-04-01falsePhotographic activitiesfalsefalse 10653969 2022-04-01 2023-03-31 10653969 2021-04-01 2022-03-31 10653969 2023-03-31 10653969 2022-03-31 10653969 2021-04-01 10653969 1 2022-04-01 2023-03-31 10653969 1 2021-04-01 2022-03-31 10653969 5 2022-04-01 2023-03-31 10653969 5 2021-04-01 2022-03-31 10653969 1 2022-04-01 2023-03-31 10653969 e:Director1 2022-04-01 2023-03-31 10653969 e:Director1 2023-03-31 10653969 e:Director2 2022-04-01 2023-03-31 10653969 e:Director2 2023-03-31 10653969 e:Director3 2022-04-01 2023-03-31 10653969 e:Director3 2023-03-31 10653969 e:RegisteredOffice 2022-04-01 2023-03-31 10653969 d:PlantMachinery 2022-04-01 2023-03-31 10653969 d:PlantMachinery 2023-03-31 10653969 d:PlantMachinery 2022-03-31 10653969 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10653969 d:FurnitureFittings 2022-04-01 2023-03-31 10653969 d:FurnitureFittings 2023-03-31 10653969 d:FurnitureFittings 2022-03-31 10653969 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10653969 d:ComputerEquipment 2022-04-01 2023-03-31 10653969 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10653969 d:CurrentFinancialInstruments 2023-03-31 10653969 d:CurrentFinancialInstruments 2022-03-31 10653969 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10653969 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10653969 d:ReportableOperatingSegment1 2022-04-01 2023-03-31 10653969 d:ReportableOperatingSegment1 2021-04-01 2022-03-31 10653969 d:ReportableOperatingSegment2 2022-04-01 2023-03-31 10653969 d:ReportableOperatingSegment2 2021-04-01 2022-03-31 10653969 f:UnitedKingdom 2022-04-01 2023-03-31 10653969 f:UnitedKingdom 2021-04-01 2022-03-31 10653969 f:RestWorldOutsideUK 2022-04-01 2023-03-31 10653969 f:RestWorldOutsideUK 2021-04-01 2022-03-31 10653969 d:UKTax 2022-04-01 2023-03-31 10653969 d:UKTax 2021-04-01 2022-03-31 10653969 d:ShareCapital 2023-03-31 10653969 d:ShareCapital 2022-03-31 10653969 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10653969 d:RetainedEarningsAccumulatedLosses 2023-03-31 10653969 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 10653969 d:RetainedEarningsAccumulatedLosses 2022-03-31 10653969 d:RetainedEarningsAccumulatedLosses 2021-04-01 10653969 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 10653969 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 10653969 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-03-31 10653969 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2022-03-31 10653969 e:FRS102 2022-04-01 2023-03-31 10653969 e:Audited 2022-04-01 2023-03-31 10653969 e:FullAccounts 2022-04-01 2023-03-31 10653969 e:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10653969 d:WithinOneYear 2023-03-31 10653969 d:WithinOneYear 2022-03-31 10653969 d:BetweenOneFiveYears 2023-03-31 10653969 d:BetweenOneFiveYears 2022-03-31 10653969 2 2022-04-01 2023-03-31 10653969 g:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 10653969









MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
COMPANY INFORMATION


Directors
Pasquale Barbuzzi (appointed 13 October 2022)
Massimiliano Di Battista (appointed 31 August 2022)
Michaelangelo Di Battista (resigned 31 August 2022)




Registered number
10653969



Registered office
Unit 6 Colour House
Bentley Road

London

N1 4FG




Independent auditors
Nyman Libson Paul LLP
Chartered Accountants

124 Finchley Road

London

NW3 5JS





 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of income and retained earnings
8
Statement of financial position
9
Statement of cash flows
10
Analysis of net debt
11
Notes to the financial statements
12 - 19


 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
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.

Business review
 
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).

Principal risks and uncertainties
 
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. 

Financial key performance indicators

2023
2022
        £
        £
Gross profit

3,793,520

3,379,105
 
Operating profit

2,161,036

1,621,714
 


This report was approved by the board on 27 March 2024 and signed on its behalf.



Massimiliano Di Battista
Director

Page 1

 
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.

Directors

The directors who served during the year were:

Pasquale Barbuzzi (appointed 13 October 2022)
Massimiliano Di Battista (appointed 31 August 2022)
Michaelangelo Di Battista (resigned 31 August 2022)

Results and dividends

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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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 2006They 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.

Future developments

There are no likely future developments aside from the continuation and expansion of the company's current business activities.

Page 2

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

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.

Auditors

The auditorsNyman Libson Paul LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 March 2024 and signed on its behalf.
 





Massimiliano Di Battista
Director

Page 3

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 

Opinion


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 policiesThe 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 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.


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 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.


Page 4

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED) (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters 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 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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 2, 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.


Page 5

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED) (CONTINUED)


Auditors' 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 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.


Other matters 
 

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.


Page 6

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED) (CONTINUED)


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 2006Our 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.





Anthony Pins (Senior statutory auditor)
  
for and on behalf of
Nyman Libson Paul LLP
 
Chartered Accountants
  
124 Finchley Road
London
NW3 5JS

27 March 2024
Page 7

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 3 
17,048,127
15,762,185

Cost of sales
  
(13,254,607)
(12,383,080)

Gross profit
  
3,793,520
3,379,105

Administrative expenses
  
(1,640,040)
(1,754,391)

Other operating income
 4 
7,556
(3,000)

Operating profit
  
2,161,036
1,621,714

Interest receivable and similar income
 8 
-
213

Interest payable and similar expenses
 9 
(7,478)
-

Profit before tax
  
2,153,558
1,621,927

Tax on profit
 10 
(416,820)
(314,000)

Profit after tax
  
1,736,738
1,307,927

  

  

Retained earnings at the beginning of the year
  
2,274,476
966,549

Profit for the year
  
1,736,738
1,307,927

Dividends declared and paid
  
(879,221)
-

Retained earnings at the end of the year
  
3,131,993
2,274,476
The notes on pages 12 to 19 form part of these financial statements.

Page 8

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
REGISTERED NUMBER: 10653969

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
20,695
23,461

Current assets
  

Debtors: amounts falling due within one year
 13 
4,802,000
3,693,241

Bank and cash balances
  
3,056,863
2,680,247

  
7,858,863
6,373,488

Creditors: amounts falling due within one year
 14 
(4,747,465)
(4,122,373)

Net current assets
  
 
 
3,111,398
 
 
2,251,115

Total assets less current liabilities
  
3,132,093
2,274,576

  

Net assets
  
3,132,093
2,274,576


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,131,993
2,274,476

  
3,132,093
2,274,576


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2024.




Massimiliano Di Battista
Pasquale Barbuzzi
Director
Director

The notes on pages 12 to 19 form part of these financial statements.

Page 9

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,736,738
1,307,927

Adjustments for:

Depreciation of tangible assets
6,702
10,822

Interest paid
7,478
-

Interest received
-
(213)

Taxation charge
416,820
314,000

(Increase) in debtors
(968,997)
(298,735)

(Increase)/decrease in amounts owed by groups
(139,762)
44,179

(Decrease)/increase in creditors
(202,693)
218,838

Increase/(decrease)) in amounts owed to groups
445,381
(413,471)

Corporation tax (paid)/received
(34,416)
99,471

Net cash generated from operating activities

1,267,251
1,282,818


Cash flows from investing activities

Purchase of tangible fixed assets
(3,936)
(2,200)

Interest received
-
213

Net cash from investing activities

(3,936)
(1,987)

Cash flows from financing activities

Dividends paid
(879,221)
-

Interest paid
(7,478)
-

Net cash used in financing activities
(886,699)
-

Net increase in cash and cash equivalents
376,616
1,280,831

Cash and cash equivalents at beginning of year
2,680,247
1,399,416

Cash and cash equivalents at the end of year
3,056,863
2,680,247


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,056,863
2,680,247

3,056,863
2,680,247


The notes on pages 12 to 19 form part of these financial statements.

Page 10

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

2,680,247

376,616

3,056,863


2,680,247
376,616
3,056,863

The notes on pages 12 to 19 form part of these financial statements.

Page 11

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot 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 and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

The company recognises revenue on the completion of the assignment. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 12

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Plant and machinery
-
5 years
Fixtures and fittings
-
10 years
Computer equipment
-
4 years

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.

Page 13

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price.

 
2.13

Financial instruments

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.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Turnover

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


2023
2022
£
£

Fees
7,329,178
7,481,061

Reimbursed expenses
9,718,949
8,281,124

17,048,127
15,762,185


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
3,213,376
2,442,236

Rest of the world
13,834,751
13,319,949

17,048,127
15,762,185


Page 14

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Other operating income

2023
2022
£
£

Net rents receivable
7,556
(3,000)



5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
16,000
-


6.


Employees

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


2023
2022
£
£

Wages and salaries
848,608
982,681

Social security costs
91,203
106,576

Cost of defined contribution scheme
12,481
12,668

952,292
1,101,925


The average monthly number of employees, including directors, during the year was 16 (2022 - 17).


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
58,224
72,585



8.


Interest receivable

2023
2022
£
£


Other interest receivable
-
213

Page 15

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Interest on overdue tax
7,478
-


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
416,820
314,000


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,153,558
1,621,927


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
409,176
308,166

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,118
5,455

Capital allowances for year in excess of depreciation
526
3,695

Other differences leading to an increase (decrease) in the tax charge
-
(3,316)

Total tax charge for the year
416,820
314,000


Factors that may affect future tax charges

From 1 April 2023, the UK corporation tax rate increased from 19% to 25%.

Page 16

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Dividends

2023
2022
£
£


Dividends
879,221
-

879,221
-


12.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2022
46,204
32,849
79,053


Additions
436
3,500
3,936



At 31 March 2023

46,640
36,349
82,989



Depreciation


At 1 April 2022
41,319
14,273
55,592


Charge for the year on owned assets
3,182
3,520
6,702



At 31 March 2023

44,501
17,793
62,294



Net book value



At 31 March 2023
2,139
18,556
20,695


13.


Debtors

2023
2022
£
£


Trade debtors
3,675,835
3,031,537

Amounts owed by group undertakings
191,672
55,529

Other debtors
8,916
-

Prepayments and accrued income
367,804
606,175

Tax recoverable
557,773
-

4,802,000
3,693,241


Page 17

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,298,033
2,549,802

Amounts owed to group undertakings
1,360,064
(20,584)

Corporation tax
382,404
-

Other taxation and social security
16,192
225,296

Other creditors
509,645
1,198,535

Accruals and deferred income
181,127
169,324

4,747,465
4,122,373



15.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
7,275,495
6,360,135


Financial liabilities


Other financial liabilities measured at fair value through profit or loss
(4,349,534)
(3,897,077)


Financial assets measured at fair value through profit or loss comprises of trade and other debtors, intercompany balances and accrued income.


Other financial liabilities measured at fair value through profit or loss comprises of trade and other creditors, intercompany balances and accruals.


16.


Pension commitments

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.

Page 18

 
MA GROUP LONDON LIMITED (FORMERLY MANAGEMENT ARTISTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
41,130
41,130

Later than 1 year and not later than 5 years
102,825
143,955

143,955
185,085


18.


Related party transactions

The Company has taken advantage of the exemption contained in FRS102 section 33 "Related Party Disclosures" from disclosing transactions with companies that are a wholly owned member of the group.
At the reporting date, the Directors owed the company £8,916 (2022: £1,603).


19.


Post balance sheet events

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.


20.


Controlling party

The company is wholly owned by Danison Holdings Srl, a company incorporated in Italy.

 
Page 19