Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31Photographic activitiesfalsefalse2023-04-011716falsefalse 10653969 2023-04-01 2024-03-31 10653969 2022-04-01 2023-03-31 10653969 2024-03-31 10653969 2023-03-31 10653969 2022-04-01 10653969 1 2023-04-01 2024-03-31 10653969 1 2022-04-01 2023-03-31 10653969 5 2023-04-01 2024-03-31 10653969 5 2022-04-01 2023-03-31 10653969 1 2023-04-01 2024-03-31 10653969 e:Director1 2023-04-01 2024-03-31 10653969 e:Director2 2023-04-01 2024-03-31 10653969 e:RegisteredOffice 2023-04-01 2024-03-31 10653969 d:PlantMachinery 2023-04-01 2024-03-31 10653969 d:PlantMachinery 2024-03-31 10653969 d:PlantMachinery 2023-03-31 10653969 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10653969 d:FurnitureFittings 2023-04-01 2024-03-31 10653969 d:FurnitureFittings 2024-03-31 10653969 d:FurnitureFittings 2023-03-31 10653969 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10653969 d:ComputerEquipment 2023-04-01 2024-03-31 10653969 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10653969 d:CurrentFinancialInstruments 2024-03-31 10653969 d:CurrentFinancialInstruments 2023-03-31 10653969 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10653969 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10653969 d:ReportableOperatingSegment1 2023-04-01 2024-03-31 10653969 d:ReportableOperatingSegment1 2022-04-01 2023-03-31 10653969 d:ReportableOperatingSegment2 2023-04-01 2024-03-31 10653969 d:ReportableOperatingSegment2 2022-04-01 2023-03-31 10653969 f:UnitedKingdom 2023-04-01 2024-03-31 10653969 f:UnitedKingdom 2022-04-01 2023-03-31 10653969 f:RestWorldOutsideUK 2023-04-01 2024-03-31 10653969 f:RestWorldOutsideUK 2022-04-01 2023-03-31 10653969 d:UKTax 2023-04-01 2024-03-31 10653969 d:UKTax 2022-04-01 2023-03-31 10653969 d:ShareCapital 2024-03-31 10653969 d:ShareCapital 2023-03-31 10653969 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10653969 d:RetainedEarningsAccumulatedLosses 2024-03-31 10653969 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10653969 d:RetainedEarningsAccumulatedLosses 2023-03-31 10653969 d:RetainedEarningsAccumulatedLosses 2022-04-01 10653969 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 10653969 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 10653969 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2024-03-31 10653969 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-03-31 10653969 e:FRS102 2023-04-01 2024-03-31 10653969 e:Audited 2023-04-01 2024-03-31 10653969 e:FullAccounts 2023-04-01 2024-03-31 10653969 e:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10653969 d:WithinOneYear 2024-03-31 10653969 d:WithinOneYear 2023-03-31 10653969 d:BetweenOneFiveYears 2024-03-31 10653969 d:BetweenOneFiveYears 2023-03-31 10653969 2 2023-04-01 2024-03-31 10653969 g:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 10653969









MA GROUP LONDON LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MA GROUP LONDON LIMITED
 
 
COMPANY INFORMATION


Directors
Pasquale Barbuzzi 
Massimiliano Di Battista 




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
 

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
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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 £1,719,045 (2023: £2,153,558). The company has net assets of £3,024,786 (2023: £3,132,093).

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

2024
2023
        £
        £
Gross profit

3,313,796

3,793,520
 
Operating profit

1,712,811

2,161,036
 


This report was approved by the board on 27 January 2025 and signed on its behalf.



Massimiliano Di Battista
Director

Page 1

 
MA GROUP LONDON LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

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.

Results and dividends

The profit for the year, after taxation, amounted to £1,278,985 (2023 - £1,736,738).

Dividends amounting to £1,386,292 (2023: £879,221) were paid during the year.

Directors

The directors who served during the year were:

Pasquale Barbuzzi 
Massimiliano Di Battista 

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
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

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 €10,000 per share and this was paid on 15 April 2024. 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 January 2025 and signed on its behalf.
 





Massimiliano Di Battista
Director

Page 3

 
MA GROUP LONDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MA GROUP LONDON LIMITED
 

Opinion


We have audited the financial statements of MA Group London Limited (the 'Company') for the year ended 31 March 2024, 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 2024 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
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MA GROUP LONDON 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
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MA GROUP LONDON 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.


Page 6

 
MA GROUP LONDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MA GROUP LONDON 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 January 2025
Page 7

 
MA GROUP LONDON LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 3 
12,898,384
17,048,127

Cost of sales
  
(9,584,588)
(13,254,607)

Gross profit
  
3,313,796
3,793,520

Administrative expenses
  
(1,614,148)
(1,640,040)

Other operating income
 4 
13,163
7,556

Operating profit
  
1,712,811
2,161,036

Interest receivable and similar income
 8 
6,219
-

Interest payable and similar expenses
 9 
15
(7,478)

Profit before tax
  
1,719,045
2,153,558

Tax on profit
 10 
(440,060)
(416,820)

Profit after tax
  
1,278,985
1,736,738

  

  

Retained earnings at the beginning of the year
  
3,131,993
2,274,476

Profit for the year
  
1,278,985
1,736,738

Dividends declared and paid
  
(1,386,292)
(879,221)

Retained earnings at the end of the year
  
3,024,686
3,131,993
The notes on pages 12 to 19 form part of these financial statements.

Page 8

 
MA GROUP LONDON LIMITED
REGISTERED NUMBER: 10653969

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
35,716
20,695

Current assets
  

Debtors: amounts falling due within one year
 13 
3,170,961
4,802,000

Bank and cash balances
  
2,806,258
3,056,863

  
5,977,219
7,858,863

Creditors: amounts falling due within one year
 14 
(2,988,149)
(4,747,465)

Net current assets
  
 
 
2,989,070
 
 
3,111,398

Total assets less current liabilities
  
3,024,786
3,132,093

  

Net assets
  
3,024,786
3,132,093


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,024,686
3,131,993

  
3,024,786
3,132,093


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 January 2025.




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
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,278,985
1,736,738

Adjustments for:

Depreciation of tangible assets
7,406
6,702

Interest paid
(15)
7,478

Interest received
(6,219)
-

Taxation charge
-
416,820

Decrease/(increase) in debtors
1,451,240
(968,997)

(Increase) in amounts owed by groups
(16,363)
(139,762)

(Decrease) in creditors
(1,096,883)
(202,693)

(Decrease)/increase in amounts owed to groups
(356,331)
445,381

Corporation tax (paid)
(109,939)
(34,416)

Net cash generated from operating activities

1,151,881
1,267,251


Cash flows from investing activities

Purchase of tangible fixed assets
(22,428)
(3,936)

Interest received
6,219
-

Net cash from investing activities

(16,209)
(3,936)

Cash flows from financing activities

Dividends paid
(1,386,292)
(879,221)

Interest paid
15
(7,478)

Net cash used in financing activities
(1,386,277)
(886,699)

Net (decrease)/increase in cash and cash equivalents
(250,605)
376,616

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

Cash and cash equivalents at the end of year
2,806,258
3,056,863


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,806,258
3,056,863

2,806,258
3,056,863


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

Page 10

 
MA GROUP LONDON LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

3,056,863

(250,605)

2,806,258


3,056,863
(250,605)
2,806,258

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

Page 11

 
MA GROUP LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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:


2024
2023
£
£

Fees
8,119,883
7,329,178

Reimbursed expenses
4,778,501
9,718,949

12,898,384
17,048,127


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
5,950,269
3,213,376

Rest of the world
6,948,115
13,834,751

12,898,384
17,048,127


Page 14

 
MA GROUP LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Other operating income

2024
2023
£
£

Net rents receivable
13,163
7,556



5.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
19,500
16,000


6.


Employees

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


2024
2023
£
£

Wages and salaries
1,026,720
848,608

Social security costs
110,625
91,203

Cost of defined contribution scheme
13,079
12,481

1,150,424
952,292


The average monthly number of employees, including directors, during the year was 17 (2023 - 16).


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
9,128
58,224



8.


Interest receivable

2024
2023
£
£


Other interest receivable
6,219
-

Page 15

 
MA GROUP LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Interest on overdue tax
(15)
7,478


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
440,060
416,820


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,719,045
2,153,558


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
429,761
409,176

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
15,862
7,118

Capital allowances for year in excess of depreciation
(5,563)
526

Total tax charge for the year
440,060
416,820


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 16

 
MA GROUP LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Dividends

2024
2023
£
£


Dividends
1,386,292
879,221

1,386,292
879,221


12.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2023
46,640
36,349
82,989


Additions
17,169
5,259
22,428



At 31 March 2024

63,809
41,608
105,417



Depreciation


At 1 April 2023
44,501
17,793
62,294


Charge for the year on owned assets
3,714
3,693
7,407



At 31 March 2024

48,215
21,486
69,701



Net book value



At 31 March 2024
15,594
20,122
35,716


13.


Debtors

2024
2023
£
£


Trade debtors
2,837,220
3,675,835

Amounts owed by group undertakings
111,544
191,672

Other debtors
69,590
8,916

Prepayments and accrued income
113,600
367,804

Tax recoverable
39,007
557,773

3,170,961
4,802,000


Page 17

 
MA GROUP LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,176,026
2,298,033

Amounts owed to group undertakings
807,570
1,360,064

Corporation tax
272,465
382,404

Other taxation and social security
19,788
16,192

Other creditors
667,520
509,645

Accruals and deferred income
44,780
181,127

2,988,149
4,747,465



15.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
5,921,478
7,275,495


Financial liabilities


Other financial liabilities measured at fair value through profit or loss
(2,695,896)
(4,349,534)


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 £13,079 (2023 - £12,481). Contributions totalling £2,403 (2023 - £2,432) were payable to the fund at the reporting date and are included in creditors.

Page 18

 
MA GROUP LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
41,130
41,130

Later than 1 year and not later than 5 years
61,695
102,825

102,825
143,955


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 company owed the Directors £10,081 (2023: £8,916).


19.


Post balance sheet events

After the reporting date, the board of directors proposed a dividend of €10,000 per share and this was paid on 14 April 2024. 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