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Registered number: 06182907
THE MANAGEMENT RECRUITMENT GROUP LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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THE MANAGEMENT RECRUITMENT GROUP LIMITED
REGISTERED NUMBER:06182907
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BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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THE MANAGEMENT RECRUITMENT GROUP LIMITED
REGISTERED NUMBER:06182907
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.
The notes on pages 4 to 11 form part of these financial statements.
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THE MANAGEMENT RECRUITMENT GROUP LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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Comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 4 to 11 form part of these financial statements.
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THE MANAGEMENT RECRUITMENT GROUP LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Management Recruitment Group Limited (06182907) is incorporated in England and Wales and
limited by shares. The principal activity of the company is to provide recruitment services, mainly focusing
on the UK market. The address of the registered office is The Old Rectory, Church Street, Weybridge,
Surrey, England, KT13 8DE.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with Section 1A of Financial Reporting
Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and
the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the company
The Directors are confident that the Group and the company has adequate financial resources to
continue and adopt the going concern basis in preparing the annual report and financial statements
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes. The following criteria must also be met before revenue is recognised:
Revenue recognised constitutes the value of services undertaken by the company from its principal
activity, which are recruitment services. These consist of:
∙Revenue from temporary placement, which represents amounts billed and recognised for the
placement of temporary staff. The income in relation to this service is recognised during the
period in which the service is provided, which is typically billed in arrears on a weekly or monthly
basis and where necessary an appropriate accrued income adjustment is recognised which
represents income billed after the balance sheet for a period covered by the current financial
year;
∙Revenue from permanent placement, where income billed is either based on a percentage of
the candidate’s remuneration package or on a fixed fee per placement. Revenue derived from
both services is typically billed to the customer with an upfront fee on commencement of each
engagement, usually calculated as a 1/3 of the expected total invoice which is recognised upon
the date of invoice as the contractual obligations per the sales contract dictates this is nonrefundable, where the remaining balance of the total invoice is recognised on the date the
candidates start their placement. A provision is recognised against the potential rebate required
for a cancellation of a candidate’s placement prior to, or shortly after, the commencement of
employment, which is included within accruals
∙Revenue from other consultancy services is recognised in the period in which the service was
provided. There are instances where amounts billed to client include expenses incurred on their
behalf, typically for advertisements, where the revenue is recognised in the period the expense
was incured.
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THE MANAGEMENT RECRUITMENT GROUP LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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 balance sheet date in the countries where the Company operates and generates income.
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:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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THE MANAGEMENT RECRUITMENT GROUP LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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.
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
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The average monthly number of employees, including directors, during the year was 43 (2023 - 48).
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THE MANAGEMENT RECRUITMENT GROUP LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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Investments in subsidiary companies
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THE MANAGEMENT RECRUITMENT GROUP LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Authorised, allotted, called up and fully paid
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48,406 (2023 - 48,406) Ordinary shares of £0.001- each
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THE MANAGEMENT RECRUITMENT GROUP LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Capital redemption reserve
The capital redemption reserve represents the accumulative ordinary share capital repurchased and
subsequently cancelled by the company.
Profit and loss account
The profit and loss account represents cumulative profits and losses net of adjustments
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 £107,101 (2023 -
£116,658). At the balance sheet date, pension contributions of £22,742 (2023 - £27,418) were payable to
the fund.
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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THE MANAGEMENT RECRUITMENT GROUP LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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At the balance sheet date the company were owed an amount of £1,391,708 (2023 - £1,148,657) from The Management Recruitment Group Holdings Limited, the parent undertaking who holds a majority shareholding in the company. During the year, the company incurred expenditure amounting to £135,000 (2023 - £106,000) from The Management Recruitment Group Holdings Limited.
At the balance sheet date the company were owed an amount of £100,055 (2023 - £138,168) from Agensi Pekerjaan MRG People Asia Sdn. Bhd, a fellow subsidiary whose parent undertaking and majority
shareholder is The Management Recruitment Group Holdings Limited. During the year, sales in the
amount of £781,356 (2023 - £1,046,240) were billed and recognised to Agensi Pekerjaan MRG People Asia Sdn. Bhd, for providing services in relation to the company principal activity.
At the balance sheet date the company were owed an amount of £194,930 (2023 - £86,213) from MRG Global India Private Limited, a fellow subsidiary whose parent undertaking is The Management Recruitment Group Holdings Limited.
At the balance sheet date the company were owed an amount of £260,226 (2023 - £99,930) from MRG Polska Sp. z o.o., a fellow subsidiary whose parent undertaking is The Management Recruitment Group Holdings Limited.
At the balance sheet date the company were owed an amount of £145,827 (2023 - £nil) from The Management Recruitment Group for Business Services, a fellow subsidiary whose parent undertaking is The Management Recruitment Group Holdings Limited.
At the balance sheet date the company were owed an amount of £3,941 (2023 - £nil) from MRG Global South Africa (Pty) Ltd, a fellow subsidiary whose parent undertaking is The Management Recruitment Group Holdings Limited.
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The Management Recruitment Group Holdings Limited, the parent company, has granted share options to employees of the company to acquire ordinary shares in The Management Recruitment GroupHoldings Limited upon satisfying the vesting conditions as set out within the agreements. At the balance sheet date, there are a total of 5,534 share options in issue to employees of The Management Recruitment Group Limited which have yet to be vested, as under the terms of the agreement, all share options will vest upon an exit event and therefore as the director of The Management Recruitment Group Holdings Limited have no plans of such exit, there is no reasonable estimate to account for the share options and hence a disclosure note only has been included. No other share options were exercised, modified or vested during the period and there is no right to a cash alternative
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The parent company is The Management Recruitment Group Holdings Limited, a company registered in
England and Wales, whose registered office is The Old Rectory, Church Street, Weybridge, Surrey,
England, KT13 8DE. The Management Recruitment Group Holdings Limited is the largest and smallest
company to consolidate the groups financial statements and are available to the public and may be
obtained from their registered office
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THE MANAGEMENT RECRUITMENT GROUP LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 30 September 2025 by Paul Hawksley FCA MAAT CTA (Senior Statutory Auditor) on behalf of TWP Accounting LLP.
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