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Registration number: 07343471

Marsden Holdco Limited

Filleted Financial Statements

for the Year Ended 30 June 2024

 

Marsden Holdco Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Marsden Holdco Limited

Company Information

Directors

J Walmsley

J D Marsden

Registered office

35A Hazlemere Road
Penn
High Wycombe
Buckinghamshire
HP10 8AD

Auditors

Cohen Arnold
Chartered Accountants and Registered Auditor
New Burlington House
1075 Finchley Road
London
NW11 0PU

 

Marsden Holdco Limited

(Registration number: 07343471)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

682,922

682,922

Current assets

 

Debtors

5

1,110,947

1,178,818

Creditors: Amounts falling due within one year

6

(1,152,643)

(1,150,527)

Net current (liabilities)/assets

 

(41,696)

28,291

Total assets less current liabilities

 

641,226

711,213

Creditors: Amounts falling due after more than one year

6

(256,874)

(301,648)

Net assets

 

384,352

409,565

Capital and reserves

 

Called up share capital

7

100

100

Share premium reserve

50

50

Capital reserve

57,629

-

Retained earnings

326,573

409,415

Shareholders' funds

 

384,352

409,565

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:
 

.........................................
J D Marsden
Director

 

Marsden Holdco Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
35A Hazlemere Road
Penn
High Wycombe
Buckinghamshire
HP10 8AD
UK

The principal place of business is:
First Floor
46 Bow Lane
London
EC4M 9DL

These financial statements were authorised for issue by the Board on 25 March 2025.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

Exemption from consolidation.

Group accounts not prepared

The company has not prepared consolidated accounts as, under s400 of the Companies Act 2006, the company and all it's subsidiaries have been included in the consolidated financial statements of the UK parent entity.

 

Marsden Holdco Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

2 Accounting policies (cont'd)

Going concern

The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the Company and available finance.

The cash flow forecasts together with cash balances show the Company has adequate cash reserves to meet their liabilities for at least 12 months from the date of approval of these financial statements.

After reviewing the company’s forecasts, the directors have a reasonable expectation that the Company has adequate resources to continue for the foreseeable future and the financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 25 March 2025 was Keith Sussman FCA, who signed for and on behalf of Cohen Arnold.

.........................................

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Marsden Holdco Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

2 Accounting policies (cont'd)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Investments

2024
£

2023
£

Investments in subsidiaries

682,922

682,922

Subsidiaries

£

Cost or valuation

At 1 July 2023

682,922

Provision

Carrying amount

At 30 June 2024

682,922

At 30 June 2023

682,922

 

Marsden Holdco Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

10

1,110,947

1,178,818

   

1,110,947

1,178,818

 

Marsden Holdco Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

43,949

41,870

Trade creditors

 

36

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

1,104,032

1,104,031

Accruals and deferred income

 

4,626

4,626

 

1,152,643

1,150,527

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

256,874

301,648

2024
£

2023
£

Due after more than five years

After more than five years by instalments

56,762

110,996

-

-

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A share of £1 each

40

40

40

40

Ordinary B share of £1 each

10

10

10

10

Ordinary C share of £1 each

40

40

40

40

Ordinary D share of £1 each

10

10

10

10

100

100

100

100

 

Marsden Holdco Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

256,874

301,648

Current loans and borrowings

2024
£

2023
£

Other borrowings

43,949

41,870

Other borrowings

Loans from employees of a subsidiary is denominated in Australian Dollars with a nominal interest rate of 5.25%, and the final instalment is due on 21 February 2030. The carrying amount at year end is £Nil (2023 - £343,519).

The interest-free loans were made by employees of a subsidiary company are are repayable in equal instalments over 7 years from February 2023. The initial loans were both Australian $600,000 with a one-off repayment of $200,000 on each loan made during the year. The remaining $800,000 has been amortised over the 7 years at the effective rate.
 

9

Dividends

2024

2023

£

£

Interim dividend of £9,000.00 (2023 - £30,000.00) per ordinary share

900,000

3,000,000

 

 
 

Marsden Holdco Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

10

Related party transactions

Summary of transactions with parent

Cornhill Bond Consulting Ltd
 Dividend paid to parent company and loans to parent company for payment of its dividends
 All loans with group companies are interest-free and repayable on demand
 

Summary of transactions with subsidiaries

Subsidiary companies of the Marsden Holdco group
 Dividends received from subsidiaries and loans to the parent from its subsidiaries for payment of its dividends to the ultimate parent company

 All group loans are interest-free and repayable on demand
 

Income and receivables from related parties

2024

Subsidiary
£

Transfers under finance arrangements (including loans and equity contributions)

900,000

2023

Subsidiary
£

Transfers under finance arrangements (including loans and equity contributions)

500,000

Expenditure with and payables to related parties

2024

2023

Parent
£

Transfers under finance arrangements (including loans and equity contributions)

1,148,622

 

Marsden Holdco Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

10 Related party transactions (cont)

 

Loans to related parties

2024

Parent
£

Subsidiary
£

Total
£

At start of period

(1,104,032)

1,178,818

74,786

Advanced

-

900,000

900,000

Repaid

-

(967,872)

(967,872)

At end of period

(1,104,032)

1,110,946

6,914

2023

Parent
£

Subsidiary
£

Total
£

At start of period

749,875

2,096,994

2,846,869

Advanced

1,148,622

500,000

1,648,622

Repaid

(3,002,529)

(1,418,176)

(4,420,705)

At end of period

(1,104,032)

1,178,818

74,786

11

Parent and ultimate parent undertaking

The company's immediate parent is Cornhill Bond Consulting Limited, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is Cornhill Bond Consulting Limited. These financial statements are available upon request from Companies House. The parent entity's registered office is 1st Floor, 46 Bow Lane, London EC4M 9DL.

 

As at 30 June 2024 80.4% (2023: 77.2%)of the shares were held by an employee ownership trust as the Cornhill Bond Employee Ownership Trust ("the Trust") with options to obtain the remaining issued share capital over the next 9 years. The company is controlled by Trident Trust Company (U.K.) Limited, acting as trustee for the Trust.