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REGISTERED NUMBER: 01215692 (England and Wales)














Strategic Report, Report of the Director and

Audited Financial Statements

for the Period 1 January 2023 to 29 February 2024

for

MARLETON CROSS LIMITED

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)






Contents of the Financial Statements
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


MARLETON CROSS LIMITED

Company Information
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024







DIRECTOR: A D Norford





REGISTERED OFFICE: Thistledown Barn
204 Holcot Lane
Sywell
Northamptonshire
NN6 0BG





REGISTERED NUMBER: 01215692 (England and Wales)





AUDITORS: Mercer & Hole LLP
Chartered Accountants and Statutory Auditor
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1BP

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Strategic Report
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

The director presents his strategic report for the period 1 January 2023 to 29 February 2024.

REVIEW OF BUSINESS
The principal activity of the company during the period was the manufacture of shower trays.

During the period under review the company was acquired by Brand K Ltd and became part of the Brand K Group which includes a number of companies associated with bathroom products.

Some discoveries have been made which has necessitated a revision of prior years' figures, as described in Note 11 to the Financial Statements.

The company made a loss of £(1,724,651) before exceptional items detailed in note 8 for the 14-month period (2022, 12-month period - £(2,578,417)).

The result for the period reflects the fact that the company is operating in difficult trading conditions, along with the costs of integration. The director notes the improvement from the previous year, as restated, and is satisfied with the result for the period whilst looking to improve results in the future.

PRINCIPAL RISKS AND UNCERTAINTIES
Strategic, financial, commercial, operational, social, environmental, and ethical risks are all considered as part of the group's controls, which are designed to manage rather than eliminate the risk of failure to achieve business objectives. Therefore, they can only provide reasonable, not absolute assurance against material misstatement or loss.

Although at present there are no immediate risks considered likely to have a significant impact on the short or long-term value of the company, the principal risks identified are as follows:

o Liquidity Risks
The company has net current liabilities of £2,356,555 (2022 - £4,904,469). Management has reviewed future cash flows and considers that the company has access to sufficient cash facilities to enable it to continue to meet its liabilities as they fall due.

o Market Risks
There is currently an uncertain current economic climate, with the cost of living crisis particularly impacting the housebuilding and home improvement industry, and the company has taken various measures to reduce its risk, such as the closure of a small division of the business, a review of its cost base and a change in management personnel.

o Credit Risks
The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts, estimated by the management based on prior experience, the current economic environment or specific customer issues.

o Competitive Risks
The company operates in a competitive industry where price is important. Conditions which can suddenly affect the buying price present a risk, such as exchange rates, as the company sources a significant amount of its supplies from overseas. To manage this risk, the company closely monitors foreign exchange rates and reacts accordingly.

The company has implemented policies that require appropriate credit checks on potential customers or review of existing customer credit history before a sale is made together with having in force a credit insurance policy.


MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Strategic Report
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

KEY PERFORMANCE INDICATORS
The company's key performance indicators include turnover (including sales product mix), gross profit margin and EBITDA (being loss before tax, interest, depreciation, amortisation and exceptional items).

The company's key financial and other performance indicators during the year were as follows:

2024 (14m) 2022 (12m)
£'000 £'000
Turnover (as per note 4) 23,251 20,621
Gross profit margin 18.1% 9.5%
EBITDA (477) (1,688)

Turnover decreased (pro rata) by 3.3% which reflects the difficult UK market during the year in home improvements. The improvement in the gross profit percentage was welcomed by the director, who seeks to stabilise the company and improve the EBITDA figure in the future.

ON BEHALF OF THE BOARD:





A D Norford - Director


29 November 2024

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Report of the Director
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

The director presents his report with the financial statements of the company for the period 1 January 2023 to 29 February 2024.

DIVIDENDS
No dividends will be distributed for the period ended 29 February 2024.

DIRECTORS
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows:

A D Norford - appointed 31 March 2023
B L Robinson - resigned 31 March 2023
L Robinson - resigned 31 March 2023
N P Robinson - resigned 31 March 2023
K L Beney - resigned 31 March 2023

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen, in accordance with section 414C(11) of the Companies Act 2006, and as noted in the Report of the Directors, to include certain matters in its Strategic Report that would otherwise be required to be disclosed in the Report of the Directors.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies 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 company will continue in business.

The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Report of the Director
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:




A D Norford - Director


29 November 2024

Report of the Independent Auditors to the Members of
Marleton Cross Limited

Opinion
We have audited the financial statements of Marleton Cross Limited (the 'company') for the period ended 29 February 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 29 February 2024 and of its profit 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 UK, including the FRC'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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Marleton Cross Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Marleton Cross Limited


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:
- discussions with management, including considerations of known or suspected instances of non-compliance
with laws and regulations and fraud;
- gaining an understanding of management's controls designed to prevent and detect irregularities; and
- identifying and testing journal entries.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Marleton Cross Limited


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 2006. Our 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 a Report of the Auditors 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.




Andrew Lawes MA MSc FCA (Senior Statutory Auditor)
for and on behalf of Mercer & Hole LLP
Chartered Accountants and Statutory Auditor
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1BP

29 November 2024

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Statement of Comprehensive
Income
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

Period Year Ended
1.1.23 to 29.2.24 31.12.22
as restated
Notes £    £    £    £   

TURNOVER 4 23,251,394 20,620,544

Cost of sales 19,045,412 18,661,968
GROSS PROFIT 4,205,982 1,958,576

Distribution costs 176,962 176,924
Administrative expenses 5,409,310 4,221,011
5,586,272 4,397,935
OPERATING LOSS 7 (1,380,290 ) (2,439,359 )

Intercompany loan written off
- Kartell 8 1,496,284 -
115,994 (2,439,359 )

Interest receivable and similar income 8,905 -
124,899 (2,439,359 )

Interest payable and similar expenses 9 353,267 139,058
LOSS BEFORE TAXATION (228,368 ) (2,578,417 )

Tax on loss 10 (779,291 ) -
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD 550,923 (2,578,417 )

OTHER COMPREHENSIVE INCOME
Capital contribution 1,525,283 -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR THE
PERIOD, NET OF INCOME TAX

1,525,283

-
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD

2,076,206

(2,578,417

)

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Balance Sheet
29 FEBRUARY 2024

2024 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 2,191,244 2,689,612
Investments 13 - -
2,191,244 2,689,612

CURRENT ASSETS
Stocks 14 736,546 1,017,683
Debtors 15 4,316,097 4,579,801
Cash at bank and in hand 262,697 622
5,315,340 5,598,106
CREDITORS
Amounts falling due within one year 16 7,671,895 10,502,575
NET CURRENT LIABILITIES (2,356,555 ) (4,904,469 )
TOTAL ASSETS LESS CURRENT LIABILITIES (165,311 ) (2,214,857 )

CREDITORS
Amounts falling due after more than one
year

17

-

26,660
NET LIABILITIES (165,311 ) (2,241,517 )

CAPITAL AND RESERVES
Called up share capital 21 41,160 41,160
Share premium 22 976,152 976,152
Capital redemption reserve 22 1,274,360 1,274,360
Retained earnings 22 (2,456,983 ) (4,533,189 )
SHAREHOLDERS' FUNDS (165,311 ) (2,241,517 )

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





A D Norford - Director


MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Statement of Changes in Equity
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 41,160 1,866,068 976,152 1,274,360 4,157,740
Prior year adjustment - (3,820,840 ) - - (3,820,840 )
As restated 41,160 (1,954,772 ) 976,152 1,274,360 336,900

Changes in equity
Total comprehensive income - (735,548 ) - - (735,548 )
Balance at 31 December 2022 41,160 (2,690,320 ) 976,152 1,274,360 (398,648 )
Prior year adjustment - (1,842,869 ) - - (1,842,869 )
As restated 41,160 (4,533,189 ) 976,152 1,274,360 (2,241,517 )

Changes in equity
Total comprehensive income - 2,076,206 - - 2,076,206
Balance at 29 February 2024 41,160 (2,456,983 ) 976,152 1,274,360 (165,311 )

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Marleton Cross 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d).

Group financial statements
The financial statements contain information about Marleton Cross Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Brand K Holdings Limited, Thistledown Barn, Holcot Lane, Sywell, Northampton, NN6 0BG.

This is both the smallest and largest group in which Marleton Cross Limited's accounts are consolidated.

Related party exemption
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, on the grounds that consolidated financial statements for the year ended 29th February 2024 of its ultimate parent company, Brand K Holdings Limited, are publicly available.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised on the despatch of an order to a customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost and 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 33% on cost, 25% on cost and 20% on cost

Fixed assets are initially stated at historical cost.

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs incurred in bringing each product to its present location and condition on a first in first out basis. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

(i) Financial assets and liabilities

All financial assets and liabilities are initially measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments that are classified as payable or receivable within one year on initial recognition and which
meet the above conditions are measured at the undiscounted amount of the cash or other consideration
expected to be paid or received, net of impairment.

Other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the
financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and
rewards of ownership of the financial asset, or c) the Company, despite having retained some but not all of the significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
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 period 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and 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.

Going concern
The company has incurred a loss after taxation, excluding exceptional items, for the financial period of £945,360 and a loss after taxation in the previous year of £2,578,417. There is a Net Liabilities position of £165,311 at 29th February 2024.

These financial statements have been prepared on a going concern basis, which the director believes to be appropriate. Some members of the group provide cross-company guarantees to secure group debts. The owner of the group, who is also Managing Director, has confirmed the group will continue to provide financial support for loss-making companies in the group. The director has reviewed the latest group forecasts for the following year and has a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Finance costs
Finance costs of debt are recognised in the Statement of Income and Retained Earnings over the term of such instruments at a constant rate on the carrying amount.

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Confidential invoice discounting
Amounts due in respect of invoice discounting are included within either cash at bank or within other loans, depending on if the balance is positive or negative. The company can use these facilities to draw down a percentage of the value of certain sales invoices. The management and collection of trade debtors remains with the company.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less impairment. For investments in subsidiaries acquired cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company'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 in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies
The following are critical judgements, apart from those involving estimates (which are dealt with separately below), that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amount recognised in the financial statements.

Impairment of assets
The directors constantly review factors likely to impact the value or recoverability of assets held by the company. In conducting their review, they consider both internal and external sources of information as well as past experiences and market conditions. As far as the directors are aware there are no prevailing indications that assets held without impairment require one, or where an impairment has already been made that the amount of that impairment requires adjustment.

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below:

Rebate accruals
The company estimates the accrual required for volume rebates to be paid after the year end.

Depreciation
The company estimates the residual value and useful economic life of fixed assets.

Prior year adjustment
As described in Note 11, a prior year adjustment has been made to correct transactions processed in prior years. Full financial information has been unavailable and therefore the following judgements and estimates have been made. A judgement was made that journal entries of a certain nature represented revaluations of fixed assets and a credit to the profit and loss account. Estimates were made of the annual cost value of production moulds produced in house which have been recognised as fixed assets.

Property dilapidations
Under certain operating leases for land and buildings, the company is obligated to make repairs of dilapidations to the leased property upon the expiry of the lease. The company provides for the best estimate of the future unrecoverable costs of its obligations under these leases.

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

4. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period
1.1.23
to Year Ended
29.2.24 31.12.22
as restated
£    £   
United Kingdom 20,825,207 18,841,214
Europe 2,426,187 1,765,216
Rest of the World - 14,114
23,251,394 20,620,544

5. EMPLOYEES AND DIRECTORS
Period
1.1.23
to Year Ended
29.2.24 31.12.22
as restated
£    £   
Wages and salaries 5,726,448 4,699,243
Social security costs 442,514 387,021
Other pension costs 138,933 141,407
6,307,895 5,227,671

The average number of employees during the period was as follows:
Period
1.1.23
to Year Ended
29.2.24 31.12.22
as restated

Production 145 153
Administration 7 9
Sales 2 5
154 167

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

6. DIRECTORS' EMOLUMENTS
Period
1.1.23
to Year Ended
29.2.24 31.12.22
as restated
£    £   
Directors' remuneration 82,582 318,997
Directors' pension contributions to money purchase schemes 27,279 59,467

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 3

7. OPERATING LOSS

The operating loss is stated after charging:

Period
1.1.23
to Year Ended
29.2.24 31.12.22
as restated
£    £   
Other operating leases 690,826 708,056
Depreciation - owned assets 883,056 734,567
Depreciation - assets on hire purchase contracts - 16,457
Loss on disposal of fixed assets 10,953 -
Auditors' remuneration 63,000 20,198

8. EXCEPTIONAL ITEMS
Period
1.1.23
to Year Ended
29.2.24 31.12.22
as restated
£    £   
Intercompany loan written off
- Kartell 1,496,284 -

During the period ended 29 February 2024, the company recognised exceptional income totalling £1,496,284. This income relates to the writing off of an intercompany loan owed to another group company.

The total impact of exceptional items on the income statement is as follows:
- Exceptional income: £1.5 million
- Net impact: £(1.5M) credit to profit before tax

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

9. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.1.23
to Year Ended
29.2.24 31.12.22
as restated
£    £   
Invoice discounting interest 277,454 136,819
Other Interest 64,939 -
Hire purchase interest 10,874 2,239
353,267 139,058

10. TAXATION

Analysis of the tax credit
The tax credit on the loss for the period was as follows:
Period
1.1.23
to Year Ended
29.2.24 31.12.22
as restated
£    £   
Current tax:
UK corporation tax (779,291 ) -
Tax on loss (779,291 ) -

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

10. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.1.23
to Year Ended
29.2.24 31.12.22
as restated
£    £   
Loss before tax (228,368 ) (2,578,417 )
Loss multiplied by the standard rate of corporation tax in the UK of
24.490% (2022 - 19%)

(55,927

)

(489,899

)

Effects of:
Expenses not deductible for tax purposes 3,789 24
Capital allowances in excess of depreciation - (193,157 )
Utilisation of tax losses - 403,360
Adjustments to tax charge in respect of previous periods - 650,582
Research and development relief for prior years (510,209 ) -
Deferred taxation credit not provided for 174,257 (370,910 )
Effect of change in rate of deferred tax being 25% (24,761 ) -
Intercompany waiver not taxable (366,440 ) -
Total tax credit (779,291 ) -

Tax effects relating to effects of other comprehensive income

1.1.23 to 29.2.24
Gross Tax Net
£    £    £   
Capital contribution 1,525,283 - 1,525,283

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

11. PRIOR YEAR ADJUSTMENT

During the year, the company was purchased as part of a group, and upon review of the previous years' financial statements, a number of material errors were identified which have been amended retrospectively in accordance with the provisions of FRS 102 within these financial statements. The effect on prior period comparatives is as follows:


Changes to the balance sheet
At 31 December 2022


Notes
As previously
reported

Adjustment

As restated
£   £   £   
Fixed assets
Tangible assets4,54,356,320(1,666,708)2,689,612
Current assets
Stocks34,199,847(3,182,164)1,017,683
Debtors14,961,121(381,320)4,579,801
Creditors due within one year2,6(10,069,058)(433,517)(10,502,575)
Net assets3,422,192(5,663,709)(2,241,517)
Capital and reserves
Retained earnings1,2,3,4,5,61,130,520(5,663,709)(4,533,189)
Total equity3,422,192(5,663,709)(2,241,517)


Changes to the profit and loss account
For the period to 31 December 2022


Notes
As previously
reported

Adjustment

As restated
£   £   £   
Cost of sales 3,4,5(16,168,699)(1,471,960)(17,640,659)
Gross profit4,451,844(1,471,960)2,979,884
Taxation1370,910(370,910)-
Profit/(loss) for the financial period(735,548)(1,842,870)(2,578,418)


Reconciliation of changes in equity
31 December1 January
20222022
Notes£   £   

Equity as previously reported3,422,1924,157,740
Adjustments to prior year
Deferred tax asset1(381,320)(10,410)
Provisions 2(380,000)(380,000)
Reduction in stock value3(3,182,164)(2,230,832)
Introduction of fixed assets4396,511338,068
Removal of fixed assets5(2,063,219)(1,484,148)
VAT6(53,517)(53,517)
Equity as adjusted(2,241,517)336,900


MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

Reconciliation of changes in profit/(loss) for the previous financial period
2022
Notes£   

Loss previously reported(735,548)
Adjustments to prior year
Deferred tax asset1(370,910)
Provisions 2-
Reducing stock value3(951,332)
Introducing fixed assets458,443
Removal of fixed assets5(579,071)
VAT6-
Lossasadjusted(2,578,418)

Notes to reconciliation
1. Deferred tax asset
Correction to remove deferred tax asset which should not have been provided for.

2. Provisions
Correction to include provisions for dilapidation costs on lease contracts.

3. Reducing stock value
Correction to remove incorrectly included items of stock and correcting valuations.

4. Introducing fixed assets
Correction to include assets previously included as stock, and the subsequent depreciation of the assets.

5. Removal of fixed assets
Correction to remove incorrectly capitalised assets, and their depreciation.

6. VAT
Correction to remove incorrectly claimed VAT on invoices.

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

12. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 11,070,435 752,336 268,257 12,091,028
Additions 472,663 2,778 - 475,441
Disposals (114,924 ) (70,231 ) (165,535 ) (350,690 )
At 29 February 2024 11,428,174 684,883 102,722 12,215,779
DEPRECIATION
At 1 January 2023 8,558,438 644,908 198,070 9,401,416
Charge for period 829,229 44,771 9,056 883,056
Eliminated on disposal (110,050 ) (44,467 ) (105,420 ) (259,937 )
At 29 February 2024 9,277,617 645,212 101,706 10,024,535
NET BOOK VALUE
At 29 February 2024 2,150,557 39,671 1,016 2,191,244
At 31 December 2022 2,511,997 107,428 70,187 2,689,612

The net book value of tangible fixed assets includes £NIL (2022 - £ 66,543 ) in respect of assets held under hire purchase contracts.

13. FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Neptune Showers Limited
Registered office: 155 Wellingborough Road, Rushden, Northamptonshire, United Kingdom, NN10 9TB
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2022
£    £   
Aggregate capital and reserves 10,050 10,050

MX Showertrays Limited
Registered office: 155 Wellingborough Road, Rushden, Northamptonshire, NN10 9TB
Nature of business: Dormant
%
Class of shares: holding
Ordinary Shares 100.00
2024 2022
£    £   
Aggregate capital and reserves 2 2

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

14. STOCKS
2024 2022
as restated
£    £   
Raw materials 567,128 791,876
Finished goods 169,418 225,807
736,546 1,017,683

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
as restated
£    £   
Trade debtors 3,199,309 4,395,673
Amounts owed by group undertakings 45,146 -
Other debtors 231,398 -
Tax 425,625 -
Prepayments 414,619 184,128
4,316,097 4,579,801

Included within trade debtors is £3,148,456 which forms part of a confidential invoice discounting facility.

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
as restated
£    £   
Bank loans and overdrafts (see note 18) - 9,902
Other loans (see note 18) 2,558,818 3,814,683
Hire purchase contracts (see note 19) - 25,096
Trade creditors 3,942,501 4,861,757
Amounts owed to group undertakings 22,936 -
Social security and other taxes 126,016 260,353
VAT 262,249 122,608
Other creditors 389,048 391,841
Directors' current accounts - 748,848
Accrued expenses 370,327 267,487
7,671,895 10,502,575

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2022
as restated
£    £   
Hire purchase contracts (see note 19) - 26,660

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

18. LOANS

An analysis of the maturity of loans is given below:

2024 2022
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans - 9,902
Invoice discounting 2,558,818 3,814,683
2,558,818 3,824,585

The invoicing discounting facility is secured in favour of Shawbrook Bank Limited by a first charge of book debts.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2022
as restated
£    £   
Net obligations repayable:
Within one year - 25,096
Between one and five years - 26,660
- 51,756

Non-cancellable operating leases
2024 2022
as restated
£    £   
Within one year 636,836 177,801
Between one and five years 1,233,624 567,712
1,870,460 745,513

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

20. SECURED DEBTS

The following secured debts are included within creditors:

2024 2022
as restated
£    £   
Hire purchase contracts - 51,756
Invoice financing creditor 2,558,818 3,814,683
2,558,818 3,866,439

The Company has the following securities at the balance sheet date:

Shawbrook Bank Limited holds a fixed and floating charge over the assets of the Company in respect of the Brand K Group facility of up to £32.9m. The group facilities include invoice discounting over receivables of up to £29.5m, in aggregate with the inventory facility, which is up to £5m, a cashflow facility of up to £3.41m. The cashflow facility is repayable in 36 monthly instalments. The advance rate for the invoice discounting facility is 85%. There is a group cross company guarantee in place as security for the charge. The bank also holds a right of group set-off.

Post year end, the group entered a new facility agreement up to £41.6m. It includes invoice discounting over receivables of up to £35m, in aggregate with the inventory facility up to £5m, and a cashflow facility of up to £6.6m.

The total balances secured at the year end across the group are as follows: confidential invoice discounting facility: £13.1m, inventory facility: £2.6m and cashflow facility: £2.6m.

The balance due on the Company's confidential invoice discount facility at the balance sheet date was £2,558,818. No other facility was used by the Company during the year.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: as restated
£    £   
823,198 Ordinary 0.05 41,160 32,321
NIL Preferred Ordinary 0.05 - 8,839
41,160 41,160

During the period 176,787 Preferred Ordinary Shares of £0.05 were converted to Ordinary Shares of £0.05.

MARLETON CROSS LIMITED (REGISTERED NUMBER: 01215692)

Notes to the Financial Statements - continued
for the period 1 JANUARY 2023 TO 29 FEBRUARY 2024

22. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 (2,690,320 ) 976,152 1,274,360 (439,808 )
Prior year adjustment (1,842,869 ) (1,842,869 )
(4,533,189 ) (2,282,677 )
Profit for the period 550,923 550,923
Capital Contribution 1,525,283 - - 1,525,283
At 29 February 2024 (2,456,983 ) 976,152 1,274,360 (206,471 )

23. RELATED PARTY DISCLOSURES

The Company has taken advantage of the exemptions available under FRS102 section 33.1A not to report transactions with wholly owned group members.

During the period a loan of £748,848 was repaid to a director who held office until March 2023.

Property rental costs of £40,000 were charged to the company during the period by a previous director to March 2023.

24. ULTIMATE CONTROLLING PARTY

The immediate parent company of the entity is Brand K Limited which owns 100% of the ordinary share capital of the company and is 100% owned itself by Brand K Holdings Limited. These companies are incorporated in the United Kingdom and registered in England and Wales. Their registered offices are the same as for the company.

At 29 February 2024 the ultimate parent company was Brand K Holdings Limited. The registered office of the ultimate parent company is Thistledown Barn, Holcot Lane, Sywell, Northampton, NN6 0BG. The group accounts of Brand K Holdings Limited can be obtained from Companies House.

At 29 February 2024, Brand K Holdings Limited was under the control of Alex Norford.