IRIS Accounts Production v24.2.0.383 07821887 director 1.9.23 31.8.24 31.8.24 Medium entities The principal activity of the company continued to be that of metal pressing production and component assembly, manufacture of press tools and press tool modifications. true false true true false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 07821887 (England and Wales)




STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

MARRILL LIMITED

MARRILL LIMITED (REGISTERED NUMBER: 07821887)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 August 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


MARRILL LIMITED

COMPANY INFORMATION
for the year ended 31 August 2024







DIRECTOR: J F Phillips





REGISTERED OFFICE: New Horizon Park
Waterman Road
Coventry
Warwickshire
CV6 5TP





REGISTERED NUMBER: 07821887 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

MARRILL LIMITED (REGISTERED NUMBER: 07821887)

STRATEGIC REPORT
for the year ended 31 August 2024

The director presents his strategic report for the year ended 31 August 2024.

REVIEW OF BUSINESS
The Company posted a Net Profit for the year ended 31 August 2024 of £0.7m and EBITD of £1.7m.

The Director considers this as a good performance considering the unprecedented cost inflation and the continued decline of UK automotive vehicle volumes.

The Company's turnover decreased from £21m to £19m.

UK automotive vehicle volumes remain at 80% of historic levels. This is likely to continue in the medium term as the industry continues to develop cheaper electric vehicles. Whilst automotive volumes stagnate, off highway volumes remain buoyant.

In November 2023, automotive serial production accounted for 40% of sales. In Nov 2025, it will represent 15%. Turnover will be maintained, with high added value business replacing the reduced automotive volumes.

The Coventry facility, which is predominantly off-highway business, continued to perform well.

The Gateshead Pressings facility, which historically has predominantly supplied Nissan with high volume pressed parts, performed well considering the reduced level of sales and historically low pricing. Performance will improve for 2025, as the company introduces new customers and products.

The Company is now excellently positioned to continue winning new business contracts. The Group's capabilities include; in-house press tooling design and manufacture, 40 presses over 3 sites, a 2,500 tonne press (one of the largest in UK), 6 Trumpf laser cutting cells, Plasma Robot cutting, robot hemming, robot welding and an EDP paint line.

Marrill has faced the challenge of increasing labour costs and energy costs. Working with suppliers and customers, Marrill has mitigated the impact of these cost increases.

The Company has recruited, developed and trained a new commercial team which will optimise new business growth opportunities, facilitated by the Group's world class operational KPIs.

The increased profits, together with reduced investment and gearing will see cash availability continue to improve. The Company's cash headroom is currently in excess of £1.75m.

Key performance indicators
The company uses a wide range of key performance indicators to monitor and measure both plant's
performance to ensure that its customers' expectations are achieved. The KPI data is monitored daily ensuring that its customers' expectations are achieved.


MARRILL LIMITED (REGISTERED NUMBER: 07821887)

STRATEGIC REPORT
for the year ended 31 August 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Inflation and overseas conflicts are the most notable uncertainties.

Marrill will reduce the impact of material inflation by continuing to use its purchasing leverage to secure the best price. The UK is seeing evidence of improvement in labour supply, this should ease wage pressure. Marrill benefit from commodity price fluctuation agreements with all its customers.

Marrill use local steel and aluminium stockists, mitigating supply risk for its main components.

ON BEHALF OF THE BOARD:





J F Phillips - Director


6 January 2025

MARRILL LIMITED (REGISTERED NUMBER: 07821887)

REPORT OF THE DIRECTOR
for the year ended 31 August 2024

The director presents his report with the financial statements of the company for the year ended 31 August 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2024 will be £200,000.

DIRECTOR
J F Phillips held office during the whole of the period from 1 September 2023 to the date of this report.

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.

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.

AUDITORS
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J F Phillips - Director


6 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARRILL LIMITED

Opinion
We have audited the financial statements of Marrill Limited (the 'company') for the year ended 31 August 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 31 August 2024 and of its 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 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
MARRILL 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
MARRILL 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:

Our approach to designing audit procedures by tailoring and directing testing to aid and support the determined level of risk. In response, the procedures we perform determine the level of risk include:
- reference to history and experience of the Entity; and
- enquiry of management, including obtaining and reviewing supporting documentation concerning the Entity's procedures relating to:
- identifying and complying with laws and regulations and whether they were aware of any instances of
non-compliance; and
- detection and response to risk of fraud and whether they are aware of any actual or suspected instances of fraud; and
- assessment of the controls and processes that the Entity has in place to mitigate risk.

Our assessments included the identification of the following potential areas for fraud:
- management override of control; and
- revenue recognition, particularly in respect of delivery services

These procedures, and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:
- critically assessed the appropriateness and testing the application of the revenue and cost recognition policies; and
- testing the appropriateness of accounting estimates, journals and other adjustments made in the preparation of the financial statements; and
- reviewing the Entity's accounting policies for non-compliance with relevant standards; and
- making enquiries of management and reviewing correspondence with the relevant authorities to identify any irregularities or instances of non-compliance with laws and regulations.

In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain professional scepticism throughout the audit process.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion or override of internal controls. There are inherent limitations in the audit procedures performed.

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.

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
MARRILL 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.




Mark Spafford ACA FCCA (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

7 January 2025

MARRILL LIMITED (REGISTERED NUMBER: 07821887)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 August 2024

2024 2023
Notes £    £   

TURNOVER 3 18,884,609 20,963,777

Cost of sales 13,117,495 15,497,695
GROSS PROFIT 5,767,114 5,466,082

Administrative expenses 4,860,575 4,484,744
906,539 981,338

Other operating income 60,804 248,965
OPERATING PROFIT 5 967,343 1,230,303


Interest payable and similar expenses 6 104,565 127,697
PROFIT BEFORE TAXATION 862,778 1,102,606

Tax on profit 7 210,087 270,492
PROFIT FOR THE FINANCIAL YEAR 652,691 832,114

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

652,691

832,114

MARRILL LIMITED (REGISTERED NUMBER: 07821887)

BALANCE SHEET
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 3,072,473 3,136,047

CURRENT ASSETS
Stocks 10 808,048 1,082,836
Debtors 11 3,607,694 4,222,843
Cash at bank and in hand 194,655 193,505
4,610,397 5,499,184
CREDITORS
Amounts falling due within one year 12 4,170,729 5,485,946
NET CURRENT ASSETS 439,668 13,238
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,512,141

3,149,285

CREDITORS
Amounts falling due after more than one
year

13

(354,243

)

(654,185

)

PROVISIONS FOR LIABILITIES 17 (214,966 ) (4,879 )
NET ASSETS 2,942,932 2,490,221

CAPITAL AND RESERVES
Called up share capital 18 1 1
Retained earnings 19 2,942,931 2,490,220
SHAREHOLDERS' FUNDS 2,942,932 2,490,221

The financial statements were approved by the director and authorised for issue on 6 January 2025 and were signed by:





J F Phillips - Director


MARRILL LIMITED (REGISTERED NUMBER: 07821887)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 August 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2022 1 1,890,562 17,544 1,908,107

Changes in equity
Dividends - (250,000 ) - (250,000 )
Total comprehensive income - 832,114 - 832,114
Release of reserve - 17,544 (17,544 ) -
Balance at 31 August 2023 1 2,490,220 - 2,490,221

Changes in equity
Dividends - (200,000 ) - (200,000 )
Total comprehensive income - 652,691 - 652,691
Balance at 31 August 2024 1 2,942,911 - 2,942,912

MARRILL LIMITED (REGISTERED NUMBER: 07821887)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2024

1. STATUTORY INFORMATION

Marrill 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 requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirement of paragraph 33.7.

The financial statements of the company are consolidated in the financial statements of Marrill Group Limited. These consolidated financial statements are available from its registered office, New Horizon Park, Waterman Road, Coventry, CV6 5TP.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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.

Profit on long term contracts

In producing the financial statements the directors have taken judgements over the profit to be taken on long term contracts. Profit is taken as the work is carried out where the final outcome can be assessed with reasonable certainty. Full provision is made for losses on all contracts in the year.

Bad debt provisions

Trade debtors are measured at transaction price less any provision for amount not expected to be recovered. Calculations of the provision requires judgements to be made.

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 where the revision affect period, or in the period of the revision and future periods where the revision affects both current and future periods.

MARRILL LIMITED (REGISTERED NUMBER: 07821887)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Turnover
The turnover shown in the profit and loss account represents the value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer. Turnover is calculated as a proportion of total contract revenue where costs incurred to date bear a relation to total expected costs for that contract.

Amounts recoverable on contracts are recognised to the extent that any profits by stage of completion have not been invoiced.

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.
Freehold property - 2% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Land is not depreciated, as it is considered to have an infinite life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Work in progress is valued on the basis of direct material and labour costs plus attributable overheads based on a normal level of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation
Taxation for the year 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.

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

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

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

MARRILL LIMITED (REGISTERED NUMBER: 07821887)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued

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


Foreign currencies
Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the dates of the transactions, or at an average rate for the period if the rates do not fluctuate significantly. Monetary assets and liabilities are translated at year end exchange rates or, where appropriate, at rates of exchange fixed under the terms of the relevant transaction. The resulting exchange rate differences are charged to the profit and loss account.

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.

Long term contracts
For long term contracts, profit is recognised by reference to the stage of completion of each contract where there is reasonably certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the point at which the loss is anticipated.

Where amounts invoiced exceed the value of work done, the excess is accounted for as payments received on account and is included within creditors. Where the value of work done exceeds the amounts invoiced, the excess is accounted for as amounts recoverable on contracts and is included within debtors.

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion.
These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

MARRILL LIMITED (REGISTERED NUMBER: 07821887)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Grant income
The company receives grant income that is recognised in the profit and loss account so as to match that income with the expenditure towards which it is intended to contribute.

3. TURNOVER

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

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Provision - goods and services 18,884,609 20,963,777
18,884,609 20,963,777

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 17,319,483 19,990,115
Europe 16,191 30,077
United States of America 528,919 387,401
Rest of the World 1,020,016 556,184
18,884,609 20,963,777

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,412,882 3,613,321
Social security costs 331,702 344,974
Other pension costs 116,385 84,174
3,860,969 4,042,469

The average number of employees during the year was as follows:
2024 2023

Production staff 93 98
Administrative staff 26 27
119 125

2024 2023
£    £   
Director's remuneration 69,000 69,000
Director's pension contributions to money purchase schemes 1,321 1,321

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

Money purchase schemes 1 1

MARRILL LIMITED (REGISTERED NUMBER: 07821887)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 101,158 95,435
Other operating leases 455,427 260,297
Depreciation - owned assets 445,439 492,523
Depreciation - assets on hire purchase contracts 168,208 157,208
Loss on disposal of fixed assets 2,159 -
Auditors' remuneration 17,000 35,595
Foreign exchange differences 1,605 506

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 77,196 85,636
Hire purchase 27,369 42,061
104,565 127,697

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 210,087 270,492
Tax on profit 210,087 270,492

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

2024 2023
£    £   
Profit before tax 862,778 1,102,606
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

215,695

275,652

Effects of:
Capital allowances in excess of depreciation (5,608 ) (5,160 )
Total tax charge 210,087 270,492

8. DIVIDENDS
2024 2023
£    £   
Ordinary share of 1
Interim 200,000 250,000

MARRILL LIMITED (REGISTERED NUMBER: 07821887)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2023 708,198 4,088,829 1,723,431
Additions 8,885 220,331 281,203
Disposals - (7,620 ) -
At 31 August 2024 717,083 4,301,540 2,004,634
DEPRECIATION
At 1 September 2023 86,525 1,923,969 1,390,539
Charge for year 14,342 384,172 203,957
Eliminated on disposal - (5,461 ) -
At 31 August 2024 100,867 2,302,680 1,594,496
NET BOOK VALUE
At 31 August 2024 616,216 1,998,860 410,138
At 31 August 2023 621,673 2,164,860 332,892

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 - 225,412 6,745,870
Additions 32,825 8,988 552,232
Disposals - - (7,620 )
At 31 August 2024 32,825 234,400 7,290,482
DEPRECIATION
At 1 September 2023 - 208,790 3,609,823
Charge for year 2,833 8,343 613,647
Eliminated on disposal - - (5,461 )
At 31 August 2024 2,833 217,133 4,218,009
NET BOOK VALUE
At 31 August 2024 29,992 17,267 3,072,473
At 31 August 2023 - 16,622 3,136,047

MARRILL LIMITED (REGISTERED NUMBER: 07821887)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 September 2023
and 31 August 2024 1,819,537 91,385 1,910,922
DEPRECIATION
At 1 September 2023 667,218 91,385 758,603
Charge for year 168,208 - 168,208
At 31 August 2024 835,426 91,385 926,811
NET BOOK VALUE
At 31 August 2024 984,111 - 984,111
At 31 August 2023 1,152,319 - 1,152,319

10. STOCKS
2024 2023
£    £   
Raw materials 297,985 571,228
Work-in-progress 365,129 231,260
Finished goods 144,934 280,348
808,048 1,082,836

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,077,116 2,062,551
Amounts owed by group undertakings 1,205,283 1,759,452
Other debtors - 133,035
Tax 82,970 73,849
Prepayments and accrued income 242,325 193,956
3,607,694 4,222,843

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans (see note 14) 178,248 172,229
Other loans (see note 14) 373,659 648,400
Hire purchase contracts (see note 15) 113,937 188,471
Trade creditors 3,123,391 4,015,308
Amounts owed to group undertakings 4,720 -
Social security and other taxes 271,584 256,965
Other creditors 13,061 14,898
Accruals and deferred income 92,129 189,675
4,170,729 5,485,946

MARRILL LIMITED (REGISTERED NUMBER: 07821887)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) 119,255 295,273
Hire purchase contracts (see note 15) 234,988 358,912
354,243 654,185

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 178,248 172,229
Invoice discounting facility 373,659 648,400
551,907 820,629

Amounts falling due between one and two years:
Bank loans - 1-2 years 119,255 178,248

Amounts falling due between two and five years:
Bank loans - 2-5 years - 117,025

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 113,937 188,471
Between one and five years 234,988 358,912
348,925 547,383

Non-cancellable operating leases
2024 2023
£    £   
Within one year 13,648 49,714
Between one and five years 33,570 39,476
47,218 89,190

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

MARRILL LIMITED (REGISTERED NUMBER: 07821887)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 297,503 467,502

The invoice discounting facility balance, shown within other loans of £373,659 (2023: £648,400) is secured by way of a fixed and floating charge dated 12 April 2017, that covers all the property or undertakings of the company .

The bank loan of £297,503 (2023: £467,502) was secured by way of a floating charge over certain assets of the company, and by debentures over the company assets.

There is also an unlimited debenture dated 3 January 2017, incorporating a fixed and floating charge.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 499,621 506,891
Tax losses carried forward (286,881 ) (504,396 )
Other timing differences 2,226 2,384
214,966 4,879

Deferred
tax
£   
Balance at 1 September 2023 4,879
Provided during year 210,087
Balance at 31 August 2024 214,966

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary 1 1 1

At the year end the company has ordinary shares which carries equal voting rights. Each share is entitled to participate in a distribution arising from a winding up of the company.

19. RESERVES

Other reserves

The cumulative gains and losses in respect of revalued plant and machinery.

MARRILL LIMITED (REGISTERED NUMBER: 07821887)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The pension contributions outstanding at the year end were £8,906 (2023: £9,536).

21. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Marrill Group Limited. Marrill Group Limited is the only undertaking preparing group accounts including the accounts of the company. Copies of these group accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.