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Company registration number: 12366412







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2023


CUSHON MT LIMITED






































img5320.png                        

 


CUSHON MT LIMITED
 


 
COMPANY INFORMATION


Directors
T A Clutterbuck 
M Cumbers 
G J Nash 




Company secretary
NatWest Group Secretarial Services Limited



Registered number
12366412



Registered office
250 Bishopsgate

London

EC2M 4AA




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Victoria House

50-58 Victoria Road

Farnborough

Hampshire

GU14 7PG





 


CUSHON MT LIMITED
 



CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4
Independent Auditors' Report
5 - 8
Statement of Income and Retained Earnings
9
Statement of Financial Position
10
Notes to the Financial Statements
11 - 18


 


CUSHON MT LIMITED
 


 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

Activities and business review
 
Activity
The principal activity of Cushon MT Limited (“the Company”) continues to be that of a scheme manager and scheme funder for the Cushon Master Trust (‘CMT’), a master trust authorised by The Pensions Regulator. 
The Company is a direct subsidiary of Cushon Group Limited. On 1 June 2023, NatWest Group acquired c.85% of the shares in Cushon Group. “Cushon Group” refers to NW A Holdings Limited and its subsidiaries.
Cushon Group provides workplace savings to individuals through its market leading technology platform.


Review of the year

Business Review

The directors are satisfied with the Company’s performance in the period. The Company will be guided by its shareholders for future development.

Financial performance 

The Company prepares its financial statements in the functional currency, pounds sterling (‘£’ or ‘sterling’).

The Company’s financial performance is presented on pages 10-11.

The operating loss before taxation was £10,365,023 (31 March 2023: £3,053,759). The retained loss at the end of the period was £14,263,346 (31 March 2023: £3,898,323).

No dividend was paid during the period (31 March 2023: £nil).

At the end of the period, the balance sheet showed net liabilities of £14,263,246 (31 March 2023: £3,898,223).
Principal risks and uncertainties

The Company’s risk management framework has been subject to development and enhancement to comply with the wider NatWest Group risk framework and standards as part of the integration of Cushon Group with NatWest Group. 

Management focuses on both the overall balance sheet structure and the control, within prudent limits, of risk arising from mismatches, including credit risk. 

The Company’s assets mainly comprise investments in group companies which would expose it to market and credit risk.

The principal risks associated with the Company are as follows.

Market risk

Market risk is the potential for loss as a result of adverse changes in risk factors including interest rates, and equity prices together with related parameters such as market volatilities. 
Credit risk
Credit risk is the risk that companies, financial institutions, individuals and other counterparties will be unable to meet their obligations to the Company.
The Company holds investment in subsidiaries. Although credit risk arises this is not considered to be significant.

Page 1

 


CUSHON MT LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Liquidity Risk
Liquidity risk arises where assets and liabilities have different contractual maturities. Management focuses on risk arising from the mismatch of maturities across the balance sheet.
The Company manages its liquidity risk by having access to group funding. 
Stakeholder engagement and s.172(1) statement
This section of the Strategic report describes how the directors have had regard to the matters set out in section 172(1) (a) to (f), and forms the directors’ statement required under section 414CZA, of the Companies Act 2006.
Section 172(1) contains one of the statutory duties of the directors: it requires them to promote the success of the Company for the benefit of its members as a whole, whilst having regard to other stakeholders and matters as set out in s.172(1) (a) to (f). These include the likely long-term consequences of directors’ decisions; colleague interests; the need to foster the Company’s business relationships with service providers, customers and others; the Company’s impact on the community and environment; its reputation, and the need to act fairly between the Company’s shareholders. Directors are supported in the discharge of their duties by the Company Secretary. All directors receive guidance on their statutory duties, including Section 172. 
During 2023, the Board considered routine matters including changes to its board of directors, its 31 March 2023 Annual Report and a change of accounting reference date to align its financial reporting period with that of its ultimate parent, NatWest Group plc. 
Relevant stakeholder interests were considered by the Board and the long-term consequences of the Board’s decisions. 
Further information on how NatWest Group (which includes the Company) engages with its stakeholders can be found in the NatWest Group plc 2023 Annual Report and Accounts and at www.natwestgroup.com. 
Going concern
These financial statements are prepared on a going concern basis.
Directors' responsibilities statement
The directors are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare a Strategic report, Directors’ report and 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 and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject to any material departures   disclosed and explained in the financial statements; and
• make an assessment of the Company’s ability to continue as a going concern.  
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 Strategic report, Directors' report and financial statements comply with the requirements of 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.
 
Page 2

 


CUSHON MT LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Disclosure of information to the auditors

Each of the directors at the date of approval of this report confirms that:
• so far as they are aware, there is no relevant audit information of which the Company’s auditor is unaware;  and 
• directors have taken all the steps that they ought to have taken to make themselves aware of any relevant     audit information, and to establish that the Company’s auditor is aware of that information. 
This confirmation is given and shall be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Directors indemnities

NatWest Group plc has indemnified all of the current directors under qualifying third-party terms.


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



................................................
T A Clutterbuck
Director

Date: 18 September 2024

Page 3

 


CUSHON MT LIMITED
 


 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

The Strategic report includes the review of the year, risks, disclosure of information to auditors, directors’ indemnities and note of post balance sheet events. Details of the board’s engagement with employees, customers, suppliers and others, and how these stakeholders’ interests have influenced board decision making are set out on pages 2 and 3 of the Strategic report which includes a section 172(1) statement. 
Change of registered office
On 31 May 2024, the registered office of the Company changed from Stephenson House, 2 Cherry Orchard Road, Croydon, CR0 6BA to 250 Bishopsgate, London, EC2M 4AA.

Directors and company secretary

The present directors and company secretary, who have served throughout the period, except where noted below, are
listed on page 2.
From 1 April 2023 to date the following changes have taken place:












Auditors

Menzies LLP has expressed its willingness to continue in office as auditor.

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





................................................
T A Clutterbuck
Director

Date: 18 September 2024

Page 4

 


CUSHON MT LIMITED
 


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUSHON MT LIMITED

Opinion


We have audited the financial statements of Cushon MT Limited (the 'Company') for the period ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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 December 2023 and of its loss for the period 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.


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.


Page 5

 


CUSHON MT LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUSHON MT LIMITED (CONTINUED)

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 period 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 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.


Page 6

 


CUSHON MT LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUSHON MT 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:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:

°The Companies Act 2006;
°Financial Reporting Standard 102;
°UK employment legislation;
°Industry specific accreditations as required by the company's customers;
°General Data Protection Regulations; and
°UK tax legislation.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes.

The engagement responsible individual assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included;

°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgements made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

°The application of inappropriate judgements or estimation to manipulate the company's financial position;
°Posting of unusual journals and complex transactions; and
°The use of management override of controls to manipulate results, or to cause the company to enter into transactions not in its best interests.
Page 7

 


CUSHON MT LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUSHON MT LIMITED (CONTINUED)

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.


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.





Mike Ayres ACA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Victoria House
50-58 Victoria Road
Farnborough
Hampshire
GU14 7PG

18 September 2024
Page 8

 


CUSHON MT LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 DECEMBER 2023

Period ended 31 December 2023
Year ended 31 March 2023
Note
£
£

  

Turnover
 5 
1,725,279
2,197,398

Gross profit
  
1,725,279
2,197,398

Administrative expenses
  
(1,486,460)
(2,006,078)

Operating profit
 6 
238,819
191,320

Interest payable and similar expenses
 9 
(10,603,842)
(3,245,079)

Loss before tax
  
(10,365,023)
(3,053,759)

  

  

Retained earnings at the beginning of the period
  
(3,898,323)
(844,564)

  
(3,898,323)
(844,564)

Loss for the period
  
(10,365,023)
(3,053,759)

Retained earnings at the end of the period
  
(14,263,346)
(3,898,323)
The notes on pages 11 to 18 form part of these financial statements.

Page 9

 


CUSHON MT LIMITED
REGISTERED NUMBER:12366412



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

31 December 2023
31 March 2023
Note
£
£

Fixed assets
  

Investments
 11 
36,728,016
36,728,016

  
36,728,016
36,728,016

Current assets
  

Debtors: amounts falling due within one year
 12 
2,870,366
2,291,581

Cash at bank and in hand
  
1,521,565
914,589

  
4,391,931
3,206,170

Creditors: amounts falling due within one year
 13 
(3,986,016)
(43,832,409)

Net current assets/(liabilities)
  
 
 
405,915
 
 
(40,626,239)

Total assets less current liabilities
  
37,133,931
(3,898,223)

Creditors: amounts falling due after more than one year
 14 
(51,397,177)
-

  

Net liabilities
  
(14,263,246)
(3,898,223)


Capital and reserves
  

Allotted, called up and fully paid share capital
 16 
100
100

Profit and loss account
  
(14,263,346)
(3,898,323)

  
(14,263,246)
(3,898,223)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
T A Clutterbuck
Director

Date: 18 September 2024

The notes on pages 11 to 18 form part of these financial statements.

Page 10

 


CUSHON MT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Cushon MT Limited is a private company limited by shares, incorporated in the UK and registered in England and Wales. The address of its registered office which, is the same as its principal place of business, is disclosed on the company information page.


2.


Change in reporting period

During the period the financial reporting year end was shortened from 31 March 2024 to 31 December 2023, therefore the current 9 month period and the prior 12 month period are not entirely comparable. The directors decided to make this change in order to remain consistent with the financial year end of other group companies.

3.Accounting policies

 
3.1

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 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, rounded to
the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 4).

The following principal accounting policies have been applied:

 
3.2

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of NatWest Group plc as at 31 December 2023 and these financial statements may be obtained from Companies House, Crown Way, Maindy, Cardiff CF14 3UZ.

 
3.3

Exemption from preparing consolidated financial statements

The Company is exempt under section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements, provided certain conditions are met. The Company and its subsidiaries are included in the consolidated audited financial statements of NatWest Group plc. These financial statements therefore present the financial position and financial performance of the Company as a single entity.

Page 11

 


CUSHON MT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.Accounting policies (continued)

 
3.4

Going concern

The directors have undertaken a detailed assessment of the funding requirements of the business in the next 12 months, utilising various stressed scenarios to understand sensitivities and potential risks.  The directors have compared these funding scenarios with available and committed funds to assess the financial position of the business.
The directors have subsequently satisfied themselves as to the financial position of the business and its ability to continue to trade as a going concern. Furthermore, the going concern status can be supported by the recent acquisition of the group headed by Cushon Holdings Limited by NW A Holdings Limited.

 
3.5

Foreign currency translation

Functional and presentation currency

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

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.

 
3.6

Revenue

Revenue represents fees earned from corporate employers and members of the master trust, which is recognised on an accruals basis.

 
3.7

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.

 
3.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
3.9

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.

Page 12

 


CUSHON MT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.Accounting policies (continued)

 
3.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
3.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


4.


Judgements in applying accounting policies and key sources of estimation uncertainty

Significant judgements
The directors do not consider there to be any significant judgements made in the process of applying the entity's accounting policies.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and by their nature, will rarely equal the related actual outcome. The directors do not consider that there are any key sources of estimation uncertainty that impact the Company.


5.


Turnover

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


Period ended 31 December 2023
Year ended 31 March 2023
£
£

Commission
1,725,279
2,197,398

1,725,279
2,197,398


All turnover arose within the United Kingdom.


6.


Operating profit

The operating profit is stated after charging:

Period ended 31 December 2023
Year ended 31 March 2023
£
£

Defined contribution pension cost
14,177
18,284

Page 13

 


CUSHON MT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

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


Period ended 31 December 2023
Year ended 31 March 2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
10,000
6,250


8.


Employees

Staff costs were as follows:


Period ended 31 December 2023
Year ended 31 March 2023
£
£

Wages and salaries
64,149
104,403

Social security costs
7,179
12,457

Cost of defined contribution scheme
14,177
18,284

85,505
135,144


The average monthly number of employees, including directors, during the period was 5 (year ended 31 March 2023 - 7).


9.


Interest payable and similar expenses

Period ended
31 December 2023
Year ended 31 March 2023
£
£


Other loan interest payable
10,603,842
3,245,079

10,603,842
3,245,079

Interest increased as a result of the settlement of the £31.4m loan repaid in full in June 2023. The loan was used to purchase the Creative entities in the prior year.

Page 14

 


CUSHON MT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Taxation



Factors affecting tax charge for the period/year

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

Period ended 31 December 2023
Year ended 31 March 2023
£
£


Loss on ordinary activities before tax
(10,365,023)
(3,053,759)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (March 2023 - 19%)
(2,591,256)
(580,214)

Effects of:


Expenses not deductible for tax purposes
2,152,211
102,434

Remeasurement of deferred tax for changes in tax rates
-
(147,831)

Movement in deferred tax not recognised
439,045
625,611

Total tax charge for the period/year
-
-


Factors that may affect future tax charges

On 1 April 2023 the corporation tax rate increased from 19% to 25%.

Page 15

 


CUSHON MT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
36,728,016



At 31 December 2023
36,728,016





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Cushon MT NI Limited
4th Floor State Buildings,
 2 Arthur Place, Belfast, Northern Ireland, BT1 4HG
Ordinary
100%
Creative Benefit Solutions Limited
250 Bishopsgate, London, EC2M 4AA
Ordinary
100%
Creative Auto-Enrolment Limited
250 Bishopsgate, London, EC2M 4AA
Ordinary
  100%


12.


Debtors

Period ended December 2023
Year ended 31 March 2023
£
£


Trade debtors
91,553
41,549

Amounts owed by group undertakings
2,150,462
600,000

Other debtors
343,183
1,460,845

Prepayments and accrued income
285,168
189,187

2,870,366
2,291,581


Page 16

 


CUSHON MT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

13.


Creditors: Amounts falling due within one year

Period ended December 2023
Year ended 31 March 2023
£
£

Other loans
-
31,940,000

Trade creditors
6,092
17,521

Amounts owed to group undertakings
3,454,987
11,320,463

Other taxation and social security
15,989
10,656

Accruals and deferred income
508,948
543,769

3,986,016
43,832,409



14.


Creditors: Amounts falling due after more than one year

Period ended December 2023
Year ended 31 March 2023
£
£

Amounts owed to group undertakings
51,397,177
-

51,397,177
-


As part of the sale of the Cushon Group to Natwest Group, funding has been provided to support the continuing operations with various repayment dates more than 1 year in the future and hence the loan has been classified as due after more than one year. The interest rate is calculated at the annual rate equivalent to the compounded daily SONIA rate plus the margin of 1.85%.


15.


Loans


Analysis of the maturity of loans is given below:


Period ended December 2023
Year ended 31 March 2023
£
£

Amounts falling due within one year

Other loans
-
31,940,000


-
31,940,000




-
31,940,000


Included within other loans in the year ended 31 March 2023 was an AshGrove loan of £31.4m which was repaid in full in June 2023. 

Page 17

 


CUSHON MT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

16.


Share capital

Period ended December 2023
Year ended 31 March 2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100

All shares are the same class, with no specific rights or preferences attached to them. Each share is entitled to vote and has equal rights to dividends.


17.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


18.


Related party transactions

The Company is a member of NatWest Group and has taken advantage of the exemption permitted by Section 33 FRS 102 and not provided disclosures surrounding transactions entered into with other members of the group.


19.


Controlling party

The Company is a wholly owned subsidiary of Cushon Group Limited. On 1 June 2023, 100% of Cushon Holdings was acquired by NW A Holdings Limited. NatWest Group plc is the ultimate parent undertaking and incorporated in the United Kingdom.
The largest and smallest group in which the results of the Company are consolidated is that headed by NatWest Group plc. The consolidated financial statements are made available to the public and may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

 
Page 18