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REGISTERED NUMBER: 07839876 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2023

FOR

MARCHES GLOBAL LIMITED

MARCHES GLOBAL LIMITED (REGISTERED NUMBER: 07839876)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


MARCHES GLOBAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







Director: C Haughton





Secretary: Mrs A M Haughton





Registered office: Apex House
Coldnose Road
Skylon Park
Hereford
HR2 6JL





Registered number: 07839876 (England and Wales)

MARCHES GLOBAL LIMITED (REGISTERED NUMBER: 07839876)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 858,403 960,709
858,403 960,709

Current assets
Stocks 6 296,684 358,620
Debtors 7 2,991,388 3,238,678
Cash at bank and in hand 734,700 388,786
4,022,772 3,986,084
Creditors
Amounts falling due within one year 8 483,358 647,600
Net current assets 3,539,414 3,338,484
Total assets less current liabilities 4,397,817 4,299,193

Creditors
Amounts falling due after more than one
year

9

(303,146

)

(472,607

)

Provisions for liabilities 11 (95,800 ) (111,900 )
Net assets 3,998,871 3,714,686

MARCHES GLOBAL LIMITED (REGISTERED NUMBER: 07839876)

BALANCE SHEET - continued
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £ £ £ £
Capital and reserves
Called up share capital 12 1,000 1,000
Retained earnings 3,997,871 3,713,686
Shareholders' funds 3,998,871 3,714,686

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 23rd September 2024 and were signed by:





C Haughton - Director


MARCHES GLOBAL LIMITED (REGISTERED NUMBER: 07839876)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. Statutory information

Marches Global Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
The turnover represents net invoiced sales, excluding value added tax, of goods supplied to customers during the year. 0.1% of the Company's turnover related to exports.

Intangible fixed assets
Goodwill and trademark costs are shown in the balance sheet at cost less amortisation and are being amortised at 10% per annum as the directors consider that the useful life of both the goodwill and the trademarks is 10 years. These tangible assets have now been amortised in full.

Tangible fixed assets
Tangible fixed assets are stated in the Balance sheet at cost less depreciation.

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life:

Freehold property5% straight line
Plant & equipment20% straight line
Office equipment & fixtures25% & 33% straight line
Motor vehicles20% straight line

No depreciation is provided where the asset has not yet been brought into use.

Stock & work in progress
Stock and work in progress has been valued by the director at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

MARCHES GLOBAL LIMITED (REGISTERED NUMBER: 07839876)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducing all of its liabilities.

MARCHES GLOBAL LIMITED (REGISTERED NUMBER: 07839876)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. Accounting policies - continued
Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
The cost of operating leases is charged to the profit and loss account on a straight line basis over the lease term.

MARCHES GLOBAL LIMITED (REGISTERED NUMBER: 07839876)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. Accounting policies - continued

Pension costs & other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase
Assets held under hire purchase contracts are capitalised as tangible fixed assets and depreciated over the useful lives of the assets. The capital elements of future obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the contracts on a straight line basis.

3. Employees (including officers)

The average number of employees during the year was 19 (2022 - 21 ) .

4. Intangible fixed assets
Goodwill &
trademarks
£
Cost
At 1st January 2023
and 31st December 2023 301,550
Amortisation
At 1st January 2023
and 31st December 2023 301,550
Net book value
At 31st December 2023 -
At 31st December 2022 -

MARCHES GLOBAL LIMITED (REGISTERED NUMBER: 07839876)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


5. Tangible fixed assets
Office
Freehold Plant & equipment & Motor
property equipment fixtures vehicles Totals
£ £ £ £ £
Cost
At 1st January 2023 889,502 1,127,603 24,196 61,516 2,102,817
Additions - 113,265 11,485 20,791 145,541
Disposals - (269,505 ) (13,202 ) (31,221 ) (313,928 )
At 31st December 2023 889,502 971,363 22,479 51,086 1,934,430
Depreciation
At 1st January 2023 296,129 766,050 18,413 61,516 1,142,108
Charge for year 44,487 193,366 5,836 4,158 247,847
Eliminated on disposal - (269,505 ) (13,202 ) (31,221 ) (313,928 )
At 31st December 2023 340,616 689,911 11,047 34,453 1,076,027
Net book value
At 31st December 2023 548,886 281,452 11,432 16,633 858,403
At 31st December 2022 593,373 361,553 5,783 - 960,709

The net book value of tangible fixed assets includes £ 192,125 (2022 - £ 236,962 ) in respect of assets held under hire purchase contracts.

6. Stocks
31.12.23 31.12.22
£ £
Stock & work in progress 296,684 358,620

7. Debtors: amounts falling due within one year
31.12.23 31.12.22
£ £
Trade debtors 612,632 594,808
Amounts owed by group undertakings 2,119,576 2,281,948
Amounts owed by related parties 64,171 42,213
Other debtors & prepayments 107,156 231,092
S455 87,853 87,853
Director's loan accounts - 764
2,991,388 3,238,678

MARCHES GLOBAL LIMITED (REGISTERED NUMBER: 07839876)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


8. Creditors: amounts falling due within one year
31.12.23 31.12.22
£ £
Bank loans & overdrafts 38,601 60,547
Hire purchase contracts (see note 10) 117,403 106,783
Trade creditors 119,557 121,656
Corporation tax - 141,600
Social security & other taxes 166,007 177,997
Other creditors 26,793 38,253
Director's loan accounts - 764
Accruals & deferred income 14,997 -
483,358 647,600

9. Creditors: amounts falling due after more than one year
31.12.23 31.12.22
£ £
Bank loan one to five years 154,405 213,702
Bank loan more than five years 87,020 152,892
Hire purchase contracts (see note 10) 61,721 106,013
303,146 472,607

Amounts falling due in more than five years:

Repayable by instalments
Bank loan more than five years 87,020 152,892

The bank loans of £280,026 (2022: £427,141) are secured on the freehold property of the company.

10. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£ £
Net obligations repayable:
Within one year 117,403 106,783
Between one and five years 61,721 106,013
179,124 212,796

MARCHES GLOBAL LIMITED (REGISTERED NUMBER: 07839876)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


10. Leasing agreements - continued

Non-cancellable
operating leases
31.12.23 31.12.22
£ £
Within one year 195,461 80,721
Between one and five years 726,952 186,105
922,413 266,826

11. Provisions for liabilities
31.12.23 31.12.22
£ £
Deferred tax 95,800 111,900

Deferred tax
£
Balance at 1st January 2023 111,900
Accelerated capital allowances (16,100 )
Balance at 31st December 2023 95,800

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £ £
1,000 Ordinary shares £1 1,000 1,000

13. Contingent liabilities

There were no contingent liabilities at 31st December 2023.

14. Director's advances, credits and guarantees

During the year, the director used a current account with the company to record amounts due to them and amounts drawn by them. Loans and advances totalling £288,338 and repayments of £288,338 were made during the year. The balance at the year end was transferred to the holding company.

The loans and advances were made interest free and were repayable on demand.

MARCHES GLOBAL LIMITED (REGISTERED NUMBER: 07839876)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


15. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The following transactions with related parties, on normal commercial terms, took place during the year:



Loans
made /
(repaid


)

Debtor
balance

Creditor
balance
£   £   £   
Entities with common key management personnel21,95764,171-

16. Ultimate controlling party

The company is a wholly owned subsidiary of Marches Global Holdings Limited.
Company registration number: 14348943
Company registration address: Apex House, Coldnose Road, Hereford, HR2 6JL