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Company registration number: 14213564







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2023


CUSHON HOLDINGS LIMITED






































img1729.png                     

 


CUSHON HOLDINGS LIMITED
 


 
COMPANY INFORMATION


Directors
S M Bischoff 
T A Clutterbuck 
A S Gray 
D C Howorth 
B Pollard 
K Spasic 




Company secretary
NatWest Group Secretarial Services Limited



Registered number
14213564



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 HOLDINGS LIMITED
 



CONTENTS



Page
Directors' report
1 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 17


 


CUSHON HOLDINGS LIMITED
 


 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

This Directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption and therefore does not include a Strategic report.

Activity

The principal activity of Cushon Holdings Limited (“the Company”) continues to be that of a holding company for a number of companies as detailed in note 6.
The Company is a subsidiary of NatWest Group plc which provides the Company with direction and access to all central resources it needs and determines policies in all key areas such as finance, risk, human resources and control environment. For this reason, the directors believe that performance indicators specific to the Company are not necessary or appropriate for an understanding of the development, performance or position of the business. The annual reports of NatWest Group plc review these matters on a group basis. A copy of the NatWest Group annual report is available at www.natwestgroup.com and on the Companies House website. A copy can also be requested from Legal, Governance and Regulatory Affairs, NatWest Group, Gogarburn, Edinburgh, PO Box 1000, EH12 1HQ.
“NatWest Group” comprises NatWest Group plc, its subsidiaries and associated undertakings.
The Company is a direct subsidiary of NW A Holdings Limited. On 1 June 2023, NatWest Group acquired c.85% of the shares in Cushon Group. “Cushon Group” comprises NW A Holdings Limited and its subsidiaries.
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 9-10.
The Company did not trade during the period and therefore no profit or loss is recognised (31 March 2023: £nil)
No dividend was paid during the period (31 March 2023: £nil).
At the end of the period, the balance sheet showed net assets of £33,998,813 (31 March 2023: £33,998,564).   
 
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. 
 
Page 1

 


CUSHON HOLDINGS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

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 Cushon Group Limited and its subsidiaries. Although credit risk arises this is not considered to be significant.
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. 
Going concern
These financial statements are prepared on a going concern basis.
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 the Company Information page.
From 1 April 2023 to date the following changes have taken place:

Appointed
Resigned
Directors

R A Beagles


1 June 2023

S M Bischoff

28 May 2024


P J Fretwell


1 June 2023

A S Gray

1 June 2023


P J Hollingdale


1 June 2023

C J Hull


1 June 2023

T C Levene


1 June 2023

K Spasic

1 June 2023


S J Spence

1 June 2023

12 April 2024

S A Stuckey


1 June 2023

M K Syed

1 June 2023

3 October 2023

Secretary

NatWest Group Secretarial Services Limited

1 June 2023



Page 2

 


CUSHON HOLDINGS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Directors responsibility 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 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.

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 they are aware, there is no relevant audit information of which the Company's auditors are 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 T A Clutterbuck, A S Gray and B Pollard under qualifying third-party terms.

Auditors

Menzies LLP has expressed its willingness to continue as auditor.

Strategic report exemption

In accordance with Section 414A of the Companies Act 2006, the company has taken advantage of the exemption from the requirement to prepare a strategic report as it would have qualified as a small company were it not for the fact it was part of an ineligible group.

Page 3

 


CUSHON HOLDINGS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

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





B Pollard
Director

Date: 18 September 2024

Page 4

 


CUSHON HOLDINGS LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUSHON HOLDINGS LIMITED

Opinion


We have audited the financial statements of Cushon Holdings Limited (the 'Company') for the period ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 result 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 HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUSHON HOLDINGS 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 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 1, 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 HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUSHON HOLDINGS 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 including UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.
 
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We assessed the extent of compliance with these legal and compliance procedures as part of our procedures on the related financial statement items.
 
The engagement director assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise 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. We identified the risk of override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. 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.
 
The assessment did not identify any issues in this area.


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 7

 


CUSHON HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUSHON HOLDINGS 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.





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 HOLDINGS LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023

During the period the Company received no revenue and incurred no expenses and therefore no profit or loss has been recognised (year ended 31 March 2023: £Nil).


  

Page 9

 


CUSHON HOLDINGS LIMITED
REGISTERED NUMBER:14213564



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

31 December
31 March
2023
2023
Note
£
£

Fixed assets
  

Investments
 6 
33,998,564
33,998,564

  
33,998,564
33,998,564

Current assets
  

Debtors: amounts falling due within one year
 7 
249
-

  
249
-

Total assets less current liabilities
  
 
 
33,998,813
 
 
33,998,564

  

Net assets
  
33,998,813
33,998,564


Capital and reserves
  

Called up share capital 
 8 
3,359
2,812

Share premium account
 9 
33,995,454
33,995,752

  
33,998,813
33,998,564


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




B Pollard
Director

Date: 18 September 2024

The notes on pages 12 to 17 form part of these financial statements.

Page 10

 


CUSHON HOLDINGS LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Total equity

£
£
£


At 4 July 2022
-
-
-


Contributions by and distributions to owners

Shares issued during the period
2,812
33,995,752
33,998,564



At 1 April 2023
2,812
33,995,752
33,998,564


Contributions by and distributions to owners

Shares issued during the period
547
(298)
249


At 31 December 2023
3,359
33,995,454
33,998,813


The notes on pages 12 to 17 form part of these financial statements.
There were bonus shares issued in the period which are detailed in note 8 of these financial statements. 

Page 11

 


CUSHON HOLDINGS LIMITED
 


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

1.


General information

Cushon Holdings Limited is a private company limited by shares, incorporated in the United Kingdom 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. The prior period was from incorporation on 4 July 2022 until 31 March 2023. Therefore the current 9 month period and the shortened prior period are not entirely comparable. The directors have changed the year end to align with the financial reporting of its ultimate parent.

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.

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.

 
3.3

Exemption from preparing consolidated financial statements

The Company is exempt under section 400 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 12

 


CUSHON HOLDINGS 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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
3.6

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.


Auditors' remuneration

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


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

Fees payable to the Company's auditors for the audit of the Company's 
financial statements
7,500
16,500


The fees payable of £7,500 (period ended 31 March 2023: £16,500) to the Company's auditors were borne by Cushon Group Limited (period ended 31 March 2023: Cushon Group Limited).


5.


Employees

The Company has no employees other than the 7 directors (period ended 31 March 2023: 6), who did not receive any remuneration (period ended 31 March 2023: £Nil).

Page 13

 


CUSHON HOLDINGS LIMITED
 


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

6.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
33,998,564



At 31 December 2023
33,998,564





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

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

Page 14

 


CUSHON HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

Direct subsidiary
Cushon Group Limited is a subsidiary of Cushon Holdings Limited by way of its 100% shareholding. It is Cushon Holdings Limited's only direct subsidiary.
Indirect subsidiaries
Cushon MT Limited, Cushon Money Limited and Better With Money Limited are subsidiaries of Cushon Group Limited by way of their 100% shareholding.
Cushon Nominees Limited and Cushon Pension Trustees Limited are 100% owned by Cushon Money Limited and are therefore indirect subsidiaries of Cushon Group Limited.
Cushon MT NI Limited is 100% owned by Cushon MT Limited and therefore is also an indirect subsidiary of Cushon Group Limited.
Creative Benefit Solutions Limited is 100% owned by Cushon MT Limited and therefore is also an indirect subsidiary of Cushon Group Limited.
Creative Auto-Enrolment Limited is 100% owned by Creative Benefit Solutions Limited which is 100% owned by Cushon MT Limited and therefore is also an indirect subsidiary of Cushon Group Limited.
As a result of these holdings all the companies above are indirect subsidiaries of Cushon Holdings Limited.


7.


Debtors

31 December
31 March
2023
2023
£
£


Amounts owed by group undertakings
249
-

249
-


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CUSHON HOLDINGS LIMITED
 


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

8.


Share capital

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



2,274,584 (2023 -1,786,256) Ordinary shares of £0.001 each
2,275
1,786
1,084,521 (2023 -1,026,453) Preferred A shares of £0.001 each
1,084
1,026

3,359

2,812


During the year 130,412 ordinary shares with a nominal value of £0.001 each were issued for a total of £50.61. These included 50,610 shares issued at par and 79,802 bonus shares, the share premium reserve was reduced by £79.80 in respect of the bonus issues shared.
During the year 60,465 ordinary shares with a nominal value of £0.001 each were issued for a total of £40.49. These included 40,490 shares issued at par and 19,975 bonus shares, the share premium reserve was reduced by £19.98 in respect of the bonus shares issued.
During the year 39,136 ordinary shares with a nominal value of £0.001 each were issued for a total of £31.52. These included 31,520 shares issued at par and 7,616 bonus shares, the share premium reserve was reduced by £7.62 in respect of the bonus issues shared.
During the year 31,625 ordinary shares with a nominal value of £0.001 each were issued for a total of £18.36. These included 18,360 shares issued at par and 13,265 bonus shares, the share premium reserve was reduced by £13.27 in respect of the bonus shares issued.
During the year 3,750 ordinary shares with a nominal value of £0.001 each were issued for a total of £16.37. The share premium reserve was increased by £12.62.
During the year 35,165 ordinary shares with a nominal value of £0.001 each were issued for a total of £15.76. These included 15,760 shares issued at par and 19,405 bonus shares, the share premium reserve was reduced by £19,41 in respect of the bonus shares issued.
During the year 60,354 ordinary shares with a nominal value of £0.001 each were issued for a total of £13.39. These included 13,390 shares issued at par and 46,964 bonus shares, the share premium reserve was reduced by £46.96 in respect of the bonus shares issued.
During the year 29,000 ordinary shares with a nominal value of £0.001 each were issued for a total of £12.30. These included 12,300 shares issued at par and 16,700 bonus shares, the share premium reserve was reduced by £16.70 in respect of the bonus shares issued.
During the year 59,750 ordinary shares with a nominal value of £0.001 each were issued for a total of £10.00. These included 10,000 shares issued at par and 49,750 bonus shares, the share premium reserve was reduced by £49.75 in respect of the bonus shares issued.
During the year 39,655 ordinary shares with a nominal value of £0.001 each were issued for a total of  £0.01. These included 10 shares issued at par and 39,645 bonus shares, the share premium reserve was reduced by £39.65 in respect of the bonus shares issued.
Additionally, 58,068 preferred A shares with a nominal value of £0.001 each were issued for a total of £40.49. These included 40,490 shares issued at par and 17,578 bonus shares, the share premium reserve was reduced by £17.58 in respect of the bonus shares issued.
Each ordinary share is entitled to one vote. In any circumstances each share has equal rights to dividends. Each share is entitled to participate in a distribution arising from a winding up of the Company.
 
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CUSHON HOLDINGS LIMITED
 


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

8.Share capital (continued)

The preferred A shares have attached to them voting, dividend and capital distribution rights (including on any winding up) as set out in the articles of association.


9.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.


10.


Related party transactions

The company is a member of the 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.


11.


Controlling party

On 1 June 2023, 100% of Cushon Holdings Limited 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.

 
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