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Registered number: 00838089
















STANFORD MARSH LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024


































img35fb.png


STANFORD MARSH LIMITED

 
COMPANY INFORMATION


DIRECTORS
C S Marsh 
J S Marsh 
A Painter 
M Perkins 




REGISTERED NUMBER
00838089



REGISTERED OFFICE
Haycroft Works
Buckholt Drive

Warndon Business Park

Worcester

WR4 9ND




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

1-3 College Yard

Worcester

WR1 2LB




BANKERS
National Westminster Bank PLC

Worcester

WR1 3PR






STANFORD MARSH LIMITED


CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Statement of Financial Position
 
11
Company Statement of Financial Position
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15
Consolidated Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 34


STANFORD MARSH LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

INTRODUCTION
 
The directors' present the Group Strategic Report for the year. The principal activities of the Group continued to be the provision of wide format printing equipment, computer aided design and large format consumables to anyone with a design requirement or wide format output need, along with the provision of finance and servicing.
BUSINESS REVIEW
Our Group of companies now comprises of Stanford Marsh Limited, Cadspec Limited, Tri-Tech Engineering Limited and Stanford Marsh Finance Limited. This structure provides diversity and facilitates the spread of risk across differing design and manufacturing markets, enabling us to manage challenging Economic periods. Our diversity across Industries and sectors of the economy continues to support our confidence to maintain growth in the sectors in which we operate.
Stanford Marsh Limited celebrates 60-years trading in 2025 operating within multiple market sectors Architectural, Engineering and Construction (AEC), Manufacturing, Utilities, Local & Main Government as well as Graphics & Photographic industries with the provision of wide-format printing systems. Consultancy, hardware implementation, after care warranty, service, support and additionally operates the Groups consumable division for all specialised printing supplies including distribution of TT3D consumables. We remain the #1 market leader within the CAD & Technical sector for leading brands including HP, Canon and Epson.
Cadspec Limited is strongly aligned to the Autodesk Computer Aided Design (CAD) and Computer Aided Manufacturing (CAM) markets in general. In September 2024, Autodesk transitioned in the UK to a new transactional model (already the case throughout other parts of the world), that requires the end-customer paying for their software directly with the developer. Cadspec’s role of trusted advisor, consultancy, with training and technical support remain critical to ensuring clients get the end to and end solution. We expect the move to an agency model to impact Cadspec’s revenue in future years, but to have no bearing on profit. We do expect to see further growth in fact from added services, such as training, consultancy and support. 
Tri-Tech Engineering Limited has seen an increase in high-end professional/industrial Additive Manufacturing (AM) solution sales, as the lower end home/hobbyist printers becomes more commoditised. Albeit a shift some would see as negative, more often the cheaper ‘good enough’ printers are being purchased by companies that hadn’t otherwise invested in a 3D printer. This we feel will pave the way for more adoption of AM and therefore a greater number taking a path to the solutions we sell that deliver quality, reliability and repeatability. We still represent market leaders Stratasys with 5 proven technologies, which include FDM, PolyJet, P3, SAF and Stereolithography, plus cost-effective solutions from One Click Metal and UltiMaker, and high-end Ceramics from Xjet. In summary, we have a solution to solve most needs and budgets.
As mentioned below, 3D Print Bureau (3DPB) is now within TT3D accounting and company structure, which underpins its place within the eco structure and their symbiotic relationship. 3DPB can often be a customers first entry into using AM and then develop to a volume whereby they acquire a system. It’s not uncommon for that same client to reach further capacity and overflow work returning to 3DPB for more of the same, or ability to tap into a different technologies. The contribution from 3DPB brings profit to the group helping to spread that diversity we opened with, yet provides vital support to TT3D as demonstrates technical knowhow (we use the systems we sell), produces benchmarks and back-up services. 
Underpinning all the above is Stanford Marsh Finance Limited, which provides not only the ability to offer leasing of the products we sell, but it also enables us to have a deep understanding of leasing in general, to help guide our customers who wish to explore the options of rental over capital expenditure.
As at the 31st January 2024 the statutory accounts for 3D Print Bureau Limited have been prepared on a basis other than that of a going concern. As the trade and net assets of 3D Print Bureau Limited trade have been transferred to Tri-Tech Engineering Limited on the 1st February 2024. 3D Print Bureau Limited has now ceased to trade from 1st February 2024. As such the Directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements for 3D Print Bureau Limited as at 31st January 2024. Accordingly, the financial statements for 3D Print Bureau Limited have no adjustments to the financial statements as a result of adopting this basis of preparation.
 
Page 1


STANFORD MARSH LIMITED


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

To summarise; The results demonstrate strength in depth of the products and services we offer within our core markets of design and manufacture, with growth potential still to come from further consultancy and industry sectors. We are very pleased to present these positive results in what remain challenging times and the foundations of further growth are in place going forward into 2025 and beyond.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The directors constantly monitor the risks and uncertainties facing the Group with particular reference to the exposure on exchange rates, liquidity, inventories and credit risks. They are confident that there are suitable policies in place and there are no material risks and uncertainties which have not been considered.
The Group uses various financial instruments which include cash, trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to manage the Group’s daily operations. The main risks arising from the Group’s financial instruments are currency risk, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below.
Currency Risk
The Group has limited exposure to translation and transaction foreign exchange risk and do not consider this to have a significant impact on its operations.
Liquidity Risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Interest Rate Risk
The Group finances its operations through a mixture of cash, reinvestment of net income and where required funds loaned from related companies. The Group has minimal exposure to interest rate risks.
Credit Risk
The Group’s principal financial assets are inventories and trade debtors. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk the directors set limits for its customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history. 

FINANCIAL KEY PERFORMANCE INDICATORS
 
Currently we are performing in line with expectations and confidently expect to achieve our 2024/25 targets.
The directors use a number of measures to monitor and benchmark the performance of the Group and these are continually monitored throughout the year. These are set out in the following table:



UOM
2024
2023
Change
Turnover

£

24,740,003

23,864,785
 
875,218
 
Gross Profit Margin

%

29

31
 
(2)
 
Net assets

£

9,062,709

8,512,879
 
549,830
 

The Group is expected to continue to grow in revenue and maintain profitability. 

Page 2


STANFORD MARSH LIMITED


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


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





J S Marsh
Director

Date: 27 October 2024
Page 3


STANFORD MARSH LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

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

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £574,811 (2023: £634,241).

Dividends of £24,981 (2023: £115,000) were approved during the year.

DIRECTORS

The directors who served during the year were:

C S Marsh 
J S Marsh 
A Painter 
M Perkins 

FUTURE DEVELOPMENTS

The Group is expected to continue to grow revenue and maintain profitability.

GOING CONCERN

The directors have reviewed budgets and forecasts for a period of at least 12 months from approval of these financial statements. It is considered that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements

Page 4


STANFORD MARSH LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

POST BALANCE SHEET EVENTS

On 1 February 2024, the group underwent a reorganisation. All of the companies noted in Note 14, as well as Stanford Marsh Limited, are controlled from this date by Stanford Marsh Group Holdings Limited. On the same date, the subsidiary, 3D Print Bureau Limited, had its trade, assets and liabilities hived up into its parent Tri-Tech Engineering Limited.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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






J S Marsh
Director

Date: 27 October 2024

Haycroft Works
Buckholt Drive
Warndon Business Park
Worcester
WR4 9ND

Page 5


STANFORD MARSH LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STANFORD MARSH LIMITED
OPINION


We have audited the financial statements of Stanford Marsh Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 January 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Analysis of Net Debt 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 Group's and of the parent company's affairs as at 31 January 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the parent 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 6


STANFORD MARSH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STANFORD MARSH 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 Group's and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 7


STANFORD MARSH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STANFORD MARSH 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 Group 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:

considering the nature of the entity and its environment, internal control environment, and business performance.
considering the results of our enquiries of management about their own identification and assessment of the risk of irregularities.
obtaining and reviewing, for any matters identified, the Company’s documentation of their policies and procedures relating to:
°the identification, evaluation, and compliance with laws and regulations, and whether management were aware of any instances of non-compliance within the year
°the detection and response to the risk of fraud, and whether management have knowledge of actual, suspected, or alleged fraud; and
°the internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
discussing amongst the audit engagement team, including internal tax specialists, regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the completeness of revenue recognition and management override of controls. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to these identified risks.

We have obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

We considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, and employment legislation.
Page 8


STANFORD MARSH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STANFORD MARSH LIMITED (CONTINUED)

Audit response to risks identified

At both a consolidated and parent company level, we identified revenue recognition cut off as a key audit matter to the potential risk of fraud, our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
enquiring of management concerning actual and potential litigation claims.
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud.
reading minutes of board meetings throughout the year.
in addressing the risk of fraud through management override of controls:
°testing the appropriateness of journal entries and other adjustments.
°assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
°evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


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.






Richard Newton FCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
1-3 College Yard
Worcester
WR1 2LB

28 October 2024
Page 9


STANFORD MARSH LIMITED

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
24,740,003
23,864,785

Cost of sales
  
(17,599,536)
(16,372,982)

GROSS PROFIT
  
7,140,467
7,491,803

Administrative expenses
  
(6,734,809)
(6,591,804)

Other operating income
 5 
24,718
5,391

Fair value movements
  
184,043
(60,860)

OPERATING PROFIT
 6 
614,419
844,530

Interest receivable and similar income
  
66,699
7,692

Interest payable and similar expenses
  
-
(15)

PROFIT BEFORE TAXATION
  
681,118
852,207

Tax on profit
 10 
(106,307)
(217,966)

PROFIT FOR THE FINANCIAL YEAR
  
574,811
634,241

  

  

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 34 form part of these financial statements.
Page 10


STANFORD MARSH LIMITED
REGISTERED NUMBER:00838089

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 12 
416,241
474,431

Tangible assets
 13 
1,315,651
1,366,544

Investments
 14 
2,482,672
2,298,629

  
4,214,564
4,139,604

CURRENT ASSETS
  

Stocks
 15 
1,316,105
1,091,508

Debtors
 16 
3,171,233
2,391,890

Current asset investments
 17 
1,016,026
-

Cash at bank and in hand
 18 
6,036,993
5,318,191

  
11,540,357
8,801,589

Creditors: amounts falling due within one year
 19 
(6,587,101)
(4,277,814)

NET CURRENT ASSETS
  
4,953,256
4,523,775

TOTAL ASSETS LESS CURRENT LIABILITIES
  
9,167,820
8,663,379

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 21 
(105,111)
(150,500)

NET ASSETS
  
9,062,709
8,512,879


CAPITAL AND RESERVES
  

Called up share capital 
 22 
1,180
1,180

Share premium account
 23 
140
140

Profit and loss account
 23 
9,061,389
8,511,559

  
9,062,709
8,512,879


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





J S Marsh
Director

Date: 27 October 2024

The notes on pages 15 to 32 form part of these financial statements.
Page 11


STANFORD MARSH LIMITED
REGISTERED NUMBER:00838089

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 13 
634,948
689,392

Investments
 14 
2,705,469
2,617,951

  
3,340,417
3,307,343

CURRENT ASSETS
  

Stocks
 15 
655,273
633,330

Debtors
 16 
901,667
1,185,636

Cash at bank and in hand
 18 
247,390
374,341

  
1,804,330
2,193,307

Creditors: amounts falling due within one year
 19 
(1,786,180)
(2,151,826)

NET CURRENT ASSETS
  
18,150
41,481

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,358,567
3,348,824

  

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 21 
-
(7,013)

NET ASSETS
  
3,358,567
3,341,811


CAPITAL AND RESERVES
  

Called up share capital 
 22 
1,180
1,180

Share premium account
 23 
140
140

Profit and loss account brought forward
  
3,340,491
3,313,626

Profit for the year
  
41,737
141,865

Other changes in the profit and loss account

  

(24,981)
(115,000)

Profit and loss account carried forward
  
3,357,247
3,340,491

  
3,358,567
3,341,811


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





J S Marsh
Director

Date: 27 October 2024

The notes on pages 15 to 32 form part of these financial statements.
Page 12


STANFORD MARSH LIMITED


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent company
Total equity

£
£
£
£
£


At 1 February 2022
1,180
140
7,765,389
7,766,709
7,766,709



Profit for the year
-
-
634,241
634,241
634,241

Restatement of group transfers
-
-
226,929
226,929
226,929

Equity dividends paid
-
-
(115,000)
(115,000)
(115,000)



At 1 February 2023
1,180
140
8,511,559
8,512,879
8,512,879



Profit for the year
-
-
574,811
574,811
574,811

Equity dividends paid
-
-
(24,981)
(24,981)
(24,981)


AT 31 JANUARY 2024
1,180
140
9,061,389
9,062,709
9,062,709


The notes on pages 17 to 34 form part of these financial statements.
Page 13


STANFORD MARSH LIMITED


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 February 2022
1,180
140
3,313,626
3,314,946



Profit for the year
-
-
141,865
141,865

Equity dividends paid
-
-
(115,000)
(115,000)



At 1 February 2023
1,180
140
3,340,491
3,341,811



Profit for the year
-
-
41,737
41,737

Equity dividends paid
-
-
(24,981)
(24,981)


AT 31 JANUARY 2024
1,180
140
3,357,247
3,358,567


The notes on pages 17 to 34 form part of these financial statements.

Page 14


STANFORD MARSH LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the year
574,811
634,241

ADJUSTMENTS FOR:

Amortisation of intangible assets
58,190
58,190

Depreciation of tangible assets
332,692
279,897

Loss on disposal of tangible assets
1,826
8,216

Interest paid
-
15

Interest received
(66,699)
(7,692)

Taxation charge
106,307
217,966

(Increase)/decrease in stocks
(361,212)
243,611

(Increase) in debtors
(779,343)
(70,392)

Increase/(decrease) in creditors
2,280,267
(194,310)

Revaluation of listed investments
(184,043)
60,860

Corporation tax (paid)
(122,676)
(227,945)

NET CASH GENERATED FROM OPERATING ACTIVITIES

1,840,120
1,002,657


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(147,010)
(354,917)

Purchase of short term investments
(1,016,026)
-

Interest received
66,699
7,692

NET CASH FROM INVESTING ACTIVITIES

(1,096,337)
(347,225)

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid
(24,981)
-

Interest paid
-
(15)

NET CASH USED IN FINANCING ACTIVITIES
(24,981)
(15)

INCREASE IN CASH AND CASH EQUIVALENTS
718,802
655,417

Cash and cash equivalents at beginning of year
5,318,191
4,662,774

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
6,036,993
5,318,191


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
6,036,993
5,318,191

6,036,993
5,318,191


The notes on pages 17 to 34 form part of these financial statements.

Page 15


STANFORD MARSH LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024




At 1 February 2023
Cash flows
At 31 January 2024
£

£

£

Cash at bank and in hand

5,318,191

718,802

6,036,993



5,318,191
718,802
6,036,993

The notes on pages 17 to 34 form part of these financial statements.
Page 16


STANFORD MARSH LIMITED

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

1.


GENERAL INFORMATION

Stanford Marsh Limited is a private company, limited by shares, incorporated in the UK and registered England and Wales. The registered office and trading addess is Haycroft Works, Buckholt Drive, Warndon Industrial Estate, Worcester, WR4 9ND.
The principal activities of the group continued to be the provision of wide format and 3D printing equipment, computer aided design and large format consumables to anyone with a design requirement or wide format output need, along with the provision of finance and servicing.
The principal activities of the company continued to be the provision of wide format equipment and large format consumables to anyone with a design requirement or wide format output need.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Consolidated Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

GOING CONCERN

The directors have reviewed budgets and forecasts for a period of at least 12 months from approval of these financial statements. It is considered that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 

Page 17


STANFORD MARSH LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Training income
Revenue from the provision of training is recognised when the training course is provided to the customer.
Autodesk income  
Revenue from the supply of autodesk licences are recognised at the point the obligation to provide the licence has been fulfilled.
Rental income
Revenue in respect of operating leases is recognised on an accruals basis in accordance with the substance of the relevant agreement. Typically, such revenue is recognised on a straight line basis over the life of the agreement.

 
2.5

OPERATING LEASES: THE GROUP AS LESSOR

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 18


STANFORD MARSH LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.8

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.10

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 19


STANFORD MARSH LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.11

INTANGIBLE ASSETS

GOODWILL
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
Amortisation is provided on the following basis:
  Goodwill    - 10 years straight line

 
2.12

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Freehold buildings
-
25-45 years straight line
Long-term leasehold improvements
-
Over the lease term
Plant and machinery
-
3-5 years straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance

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.

 
2.13

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in listed company shares are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 20


STANFORD MARSH LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.14

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

DEBTORS

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.

 
2.16

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

CREDITORS

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.

 
2.18

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

FINANCIAL INSTRUMENTS

The group enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
The group also enters into other financial instruments transactions, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures. These assets are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss.

Page 21


STANFORD MARSH LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.20

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements and key sources of estimation uncertainty that the directors have made in the process of applying the group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Operating lease commitments
The group has entered into leases as a lessor on plant and machinery, and as a lessee it obtains use of motor vehicles. The classification of such leases as operating or finance lease requires the group to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised. We have also classified this lease as an operating or finance lease based on our best judgement of the lease terms.

Deferred Tax
Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

Valuation of stock
Management have made judgements and assumptions when assessing the carrying value of stock. They consider that stock is appropriately held at the lower of cost and net realisable value. At each balance sheet date, stocks are reviewed for impairment. If stocks are impaired the carrying value is reduced. The provision is based upon the ageing of the individual stock lines at the year end.

Valuation of investments
At each reporting date the Group assesses whether there is any indication of impairment of the investment value. If such indicators exist, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Impairment of Goodwill
At each reporting date the Group assesses whether there is any indication of impairment of goodwill. If such indicators exist, the recoverable amount is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 22


STANFORD MARSH LIMITED

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

4.


TURNOVER

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


2024
2023
£
£

Hardware sales
24,277,340
23,492,576

Training income
462,663
372,209

24,740,003
23,864,785


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
23,555,074
23,196,864

Rest of Europe
595,445
558,345

Rest of the world
589,484
109,576

24,740,003
23,864,785



5.


OTHER OPERATING INCOME

2024
2023
£
£

Commissions receivable
24,718
5,391



6.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
104,979
77,110

Depreciation on tangible fixed assets
332,692
279,897

Amortisation on intangible fixed assets
58,190
58,190

Page 23


STANFORD MARSH LIMITED

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

7.


AUDITORS' REMUNERATION

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


2024
2023
£
£

Fees payable for the audit of the group's financial statements
52,700
50,670

Fees payable for the preparation of the group's Corporation Tax returns
4,790
4,590


8.


EMPLOYEES

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,480,258
3,244,049
1,378,023
1,448,056

Social security costs
386,322
448,662
137,948
221,539

Cost of defined contribution scheme
147,672
113,684
77,532
63,950

4,014,252
3,806,395
1,593,503
1,733,545


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Total
101
90


9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
560,015
510,278

Group contributions to defined contribution pension schemes
21,622
21,472

581,637
531,750


During the year retirement benefits were accruing to 3 directors (2023: 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £190,000 (2023: £150,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,350 (2023: £9,350).

Page 24


STANFORD MARSH LIMITED

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

10.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
151,696
148,772

Adjustments in respect of previous periods
-
33,002


151,696
181,774


TOTAL CURRENT TAX
151,696
181,774

DEFERRED TAX


Origination and reversal of timing differences
(45,389)
36,192

TOTAL DEFERRED TAX
(45,389)
36,192


TAX ON PROFIT
106,307
217,966

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is different to the effective rate of Corporation Tax in the UK of 24% (2023: 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
681,118
852,207


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24% (2023: 19%)
163,468
142,220

EFFECTS OF:


Non-tax deductible amortisation of goodwill and impairment
13,983
11,056

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
16,136
29,952

Capital allowances for year in excess of depreciation
(23,540)
(9,992)

Utilisation of tax losses
-
2,481

Adjustments to tax charge in respect of prior periods
-
33,002

Changes in tax rates leading to an increase (decrease) in taxation
(1,491)
7,007

Other timing differences leading to an increase (decrease) in taxation
(11,023)
2,240

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
(44,226)
-

Movement in deferred tax not recognised
(7,000)
-

TOTAL TAX CHARGE FOR THE YEAR
106,307
217,966

Page 25


STANFORD MARSH LIMITED

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

11.


DIVIDENDS

2024
2023
£
£


Equity dividends paid
24,981
115,000


12.


INTANGIBLE ASSETS

Group





Goodwill

£



COST


At 1 February 2023
1,056,186



At 31 January 2024

1,056,186



AMORTISATION


At 1 February 2023
581,755


Charge for the year
58,190



At 31 January 2024

639,945



NET BOOK VALUE



At 31 January 2024
416,241



At 31 January 2023
474,431



Page 26


STANFORD MARSH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
           12.INTANGIBLE ASSETS (CONTINUED)

Company




Goodwill

£



COST


At 1 February 2023
86,800



At 31 January 2024

86,800



AMORTISATION


At 1 February 2023
86,800



At 31 January 2024

86,800



NET BOOK VALUE



At 31 January 2024
-



At 31 January 2023
-

Page 27


STANFORD MARSH LIMITED

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

13.


TANGIBLE FIXED ASSETS

Group






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



COST OR VALUATION


At 1 February 2023
720,000
21,740
1,806,595
147,123
503,031
3,198,489


Additions
-
-
124,359
20,825
-
145,184


Disposals
-
-
(235,556)
-
(81,065)
(316,621)


Transfers from stock
-
-
142,399
-
-
142,399



At 31 January 2024

720,000
21,740
1,837,797
167,948
421,966
3,169,451



DEPRECIATION


At 1 February 2023
147,023
21,740
1,160,966
88,141
414,075
1,831,945


Charge for the year
18,377
-
247,611
46,722
19,982
332,692


Disposals
-
-
(229,772)
-
(81,065)
(310,837)



At 31 January 2024

165,400
21,740
1,178,805
134,863
352,992
1,853,800



NET BOOK VALUE



At 31 January 2024
554,600
-
658,992
33,085
68,974
1,315,651



At 31 January 2023
572,977
-
645,629
58,982
88,956
1,366,544

Included in freehold property is land of £165,000 (2023: £165,000) which is not depreciated. 

Page 28


STANFORD MARSH LIMITED

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

           13.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Freehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£

COST OR VALUATION


At 1 February 2023
720,000
131,715
396,385
1,248,100


Additions
-
20,825
-
20,825


Disposals
-
-
(71,270)
(71,270)



At 31 January 2024
720,000
152,540
325,115
1,197,655



DEPRECIATION


At 1 February 2023
147,023
75,012
336,673
558,708


Charge for the year
18,377
44,443
12,449
75,269


Disposals
-
-
(71,270)
(71,270)



At 31 January 2024

165,400
119,455
277,852
562,707



NET BOOK VALUE



At 31 January 2024
554,600
33,085
47,263
634,948



At 31 January 2023
572,977
56,703
59,712
689,392

Included in freehold property is land of £165,000 (2023: £165,000) which is not depreciated.







14.


FIXED ASSET INVESTMENTS

Group





Listed investments

£



COST OR VALUATION


At 1 February 2023
2,298,629


Revaluations
184,043



At 31 January 2024
2,482,672




Page 29


STANFORD MARSH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Company





Investments in subsidiary companies
Listed investments
Total

£
£
£



COST OR VALUATION


At 1 February 2023
1,496,077
1,121,874
2,617,951


Revaluations
-
87,518
87,518



At 31 January 2024
1,496,077
1,209,392
2,705,469





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the company:

Name

Class of shares

Holding

Stanford Marsh Finance Limited
Ordinary
100%
Cadspec Ltd
Ordinary
100%
Tri-Tech Engineering Limited
Ordinary
100%
3D Print Bureau Limited*
Ordinary
100%

*The above entities are direct subsidiary undertakings of Stanford Marsh Limited, with the exception of 3D Print Bureau Limited, which is a 100% indirect subsidiary through a 100% shareholding by Tri-Tech Engineering Limited. 
See note 27 for details of the change in group structure post year-end.
The registered office of all entities listed above is Haycroft Works, Buckholt Drive, Warndon Industrial Estate, Worcester, WR4 9ND. 


15.


STOCKS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Finished goods and goods for resale
1,316,105
1,091,508
655,273
633,330


Page 30


STANFORD MARSH LIMITED

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

16.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£



Trade debtors
2,754,473
2,142,960
400,551
516,337

Amounts owed by group undertakings
-
-
404,532
586,146

Other debtors
22,138
13,254
14,306
-

Prepayments and accrued income
394,622
235,676
71,744
83,153

Deferred taxation
-
-
10,534
-

3,171,233
2,391,890
901,667
1,185,636


 
17.
 

CURRENT ASSET INVESTMENTS
 
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash on deposit
1,016,026
-
-
-


18.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
6,036,993
5,318,191
247,390
374,341



19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
3,283,753
2,285,976
814,378
736,958

Amounts owed to group undertakings
-
-
505,576
749,346

Corporation Tax
179,458
195,827
-
22,804

Other taxation and social security
384,863
403,206
72,787
79,726

Other creditors
67,141
178,333
41,797
139,755

Accruals and deferred income
2,671,886
1,214,472
351,642
423,237

6,587,101
4,277,814
1,786,180
2,151,826




Page 31


STANFORD MARSH LIMITED

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

20.


FINANCIAL INSTRUMENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

FINANCIAL ASSETS

Financial assets measured at fair value through profit or loss
2,482,672
2,298,629
1,209,392
1,121,874

Financial assets that are debt instruments measured at amortised cost
10,234,162
8,060,551
1,057,257
1,439,743

12,716,834
10,359,180
2,266,649
2,561,617


FINANCIAL LIABILITIES

Financial liabilities measured at amortised cost
(5,402,532)
(3,936,977)
(1,448,811)
(1,395,531)


Financial assets measured at fair value through profit or loss comprise listed investments.


Financial assets measured at amortised cost comprise short term investments, cash at bank and in hand, trade debtors, other debtors and amounts owed by group undertakings.


Financial liabilities measured at amortised cost comprise trade and other creditors, amounts owed to group companies, net obligations under finance leases and accruals. 

21.


DEFERRED TAXATION


Group



2024
2023


£

£






At beginning of year
(150,500)
(114,308)


Charged to the profit or loss
45,389
(36,192)



AT END OF YEAR
(105,111)
(150,500)

Company


2024
2023


£

£






At beginning of year
(7,013)
(13,506)


Charged to the profit or loss
17,547
6,493



AT END OF YEAR
10,534
(7,013)

Page 32


STANFORD MARSH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
21.DEFERRED TAXATION (CONTINUED)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(114,873)
(160,261)
772
(16,774)

Tax losses carried forward
9,762
9,761
9,762
9,761

(105,111)
(150,500)
10,534
(7,013)


22.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,180 (2023: 1,180) Ordinary shares of £1.00 each
1,180
1,180



23.


RESERVES

Share premium account

This reserve includes any premiums received on issue of share capital.

Profit and loss account

This reserve includes all current and prior period retained profits and losses.


24.


PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £147,672 (2023: £113,684). Contributions totalling £37,150 (2023: £13,180) were payable to the fund by the group at the reporting date and are included in creditors.

Page 33


STANFORD MARSH LIMITED

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

25.


COMMITMENTS UNDER OPERATING LEASES

At 31 January 2024 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
80,972
74,126
36,844
40,531

Later than 1 year and not later than 5 years
25,170
76,204
7,361
44,205

106,142
150,330
44,205
84,736



26.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption in Section 33 of FRS 102 from the requirement to disclose transactions with other wholly owned companies.
During the year, the company made sales totalling £42 (2023: £95) to a related company by virtue of common shareholdings.


27.


POST BALANCE SHEET EVENTS

On 1 February 2024, the group underwent a reorganisation. All of the companies noted in Note 14, as well as Stanford Marsh Limited, are controlled from this date by Stanford Marsh Group Holdings Limited. On the same date, the subsidiary, 3D Print Bureau Limited, had its trade, assets and liabilities hived up into its parent Tri-Tech Engineering Limited.


28.


CONTROLLING PARTY

During the year, the controlling party was Mr C S Marsh by virtue of his shareholding in Stanford Marsh Limited.
From 1 February 2024, the company is controlled by Stanford Marsh Group Holdings Limited, as per the details in the Post Balance Sheet Events note. The ultimate controlling party is still Mr C S Marsh by virtue of his shareholding in Stanford Marsh Group Holdings Limited.

Copies of the consolidated financial statements prepared by Stanford Marsh Limited for the year ending 31 January 2024 can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
Page 34