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Registered number: 05157928










MARSH INDUSTRIES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
MARSH INDUSTRIES LIMITED
 
 
COMPANY INFORMATION


Directors
S M Boyer 
P Boyer 
C L Harrison 
L A Beaumont 
B Fisher 
Professor T Stephenson (resigned 3 April 2025)




Company secretary
P Boyer



Registered number
05157928



Registered office
Addington Park Industrial Estate
Little Addington

Kettering

Northamptonshire

NN14 4AS




Independent auditors
Ashleys (Hitchin) Limited
Chartered Certified Accountants & Statutory Auditors

Invision House

Wilbury Way

Hitchin

Hertfordshire

SG4 0TY





 
MARSH INDUSTRIES LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 4
Directors' report
 
5 - 8
Independent auditors' report
 
9 - 12
Statement of income and retained earnings
 
13
Statement of financial position
 
14
Statement of changes in equity
 
15
Statement of cash flows
 
16 - 17
Analysis of net debt
 
18
Notes to the financial statements
 
19 - 36


 
MARSH INDUSTRIES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Executive summary
 
Marsh Industries Ltd. is at a pivotal stage in its growth trajectory, where the synergy between technical excellence and strategic alignment is critical. This report outlines key strategic initiatives to ensure compliance with commercial terms by builder merchants, mitigate credit exposure—particularly among civil engineering contractors and private equity-backed distributors—advance our R&D focus to develop phosphate reduction technology in package sewage treatment systems, and reinforce our long-standing commitment to high-certification, value-engineered products. Long-term, the modernization of our production facility in Bridgwater, Somerset, remains central to sustaining manufacturing competitiveness and operational resilience.

Business overview
 
Marsh Industries continues to specialise in the manufacture and supply of off-mains wastewater treatment solutions, serving the domestic, commercial, and industrial markets. Our product range—including sewage treatment plants, separators, pump stations, and rainwater harvesting systems—continues to serve a broad customer base across the UK and abroad.
Despite macroeconomic challenges and sector-specific disruptions, the Company maintained its commitment to delivering high-quality, environmentally compliant wastewater systems. Operational stability, consistent material costs, and a dedicated workforce allowed Marsh Industries to navigate a turbulent market and continue pursuing long-term strategic objectives.

Weather impacts and trading performance

The Company’s trading performance during the first six months of the financial year—from October 2023 through April 2024—was significantly affected by adverse weather conditions. The period was marked by consistent rainfall, localized flooding, and waterlogged ground conditions, particularly in key service areas across the Midlands and South of England.
These environmental factors restricted site access and installation opportunities, delaying a significant number of scheduled projects. While our operations and logistics teams demonstrated commendable flexibility in managing these challenges, the cumulative effect was a noticeable dampening of revenue during the affected period.
Despite these setbacks, installation volumes picked up as conditions improved in late April, and forward orders indicate growing confidence among our customer base and merchant partners. Marsh Industries responded quickly by rebalancing production volumes and maintaining healthy inventory levels to meet resurgent demand.

Operational performance and workforce stability

The Company maintained strong operational performance throughout the year, supported by a stable and experienced workforce. While the broader manufacturing sector has experienced considerable churn and labour shortages, Marsh Industries has been successful in retaining skilled employees across production, engineering, and logistics functions.
There were no significant labour disputes or disruptions during the reporting period. We are proud of our high employee retention rates, which reflect both our commitment to staff development and the positive internal culture we have nurtured over recent years.
Importantly, raw material costs remained stable across the financial year, aided by effective supplier relationships and early procurement strategies. This consistency provided a reliable basis for pricing and cost control, allowing the business to maintain competitive margins despite wider market volatility.

Page 1

 
MARSH INDUSTRIES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Principal risks and uncertainties
 
Our major concern is the negative impact of changes in Government Policy relating to the various forms of taxation and planning changes. Raw material prices are currently stable but could be adversely affected by geo-political actions.
A slow down in global  manufacturing  means demand is suppressing all material price increases.
We continue to monitor bad debts thoroughly, the industry as a whole is concerned about insurance thresholds being reduced and the rising costs of credit insurance.
We continue to monitor the availability of labour across all sites but at the moment the position has eased since previous years.

Financial key performance indicator
 
The Company closely monitors daily invoice and sales figures.  This is made widely available within the business on a daily basis, with a comparison to budget and last year.  The appalling weather from October 2023 through to March 2024 hampered sales significantly with Q2 being the worst quarter, 17% down on the previous year before recovering as the financial year ended.  The trend has continued since September 2024.  Margins have been under pressure in a competitive market, accompanied by ever increasing costs.  Cash collection is closely monitored and considered a critical KPI for the business resulting in an improved cash position at the end of the financial year.  We also monitor debtor and creditor days, with detailed reports prepared weekly.  The Company also assesses that sufficient provision is provided for all merchant rebates.  

Other key performance indicators
 
Transport costs as a percentage of sales remained consistent with previous years at 7%.
Average delivery times have improved by approx. 5% on the previous year from 10 to 9.5 days.
Health and safety is monitored by 2 full time health and safety staff with detailed weekly reports to Directors. Compliancy scores were introduced during the year and have remained in Little Addington site at 88% and are up  by 1% at our Bridgwater plant to 95%.
Our policies on Environmental, Social and Governance (ESG) are now well established within the Company.
Employee absenteeism is on average 4%, June 2024 had a maximum 1,820 working days, with absenteeism of 83 days. Staff turnover in 2024 was 6%, down 2% of the prior year.
Our ISO standard compliance is monitored and assessed by third party verification.

Page 2

 
MARSH INDUSTRIES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Directors' statement of compliance with duty to promote the success of the Company
 
1. Enforcing Commercial Compliance Across Builder Merchant Networks
The reliability of commercial relationships with builder merchants is a cornerstone of Marsh Industries’ distribution model. However, persistent variance in honouring trading terms poses a material risk to financial predictability and cash flow stability.
1.1. Digital Contract Management Integration
To ensure that agreed trading proposals are executed consistently, Marsh Industries will deploy a Contract Lifecycle Management (CLM) platform. This cloud-based system will:
• Log and track key terms per merchant agreement (discount structures, payment terms, volume commitments).
• Send automated alerts on deviations or contract breaches.
• Provide audit trails for dispute resolution.
This initiative will improve accountability while enabling our Commercial and Finance teams to respond proactively to non-compliance.
1.2. Merchant Tier Classification and Incentivisation
Builder merchants will be segmented into compliance tiers (Gold, Silver, Bronze) based on adherence to trading terms. Higher tiers will receive:
• Preferential lead times and stock allocation.
• Co-branded marketing support.
• Early access to product launches and training.
This structured incentive model will drive behavioural alignment without requiring direct penalisation measures.
2. Reducing Phosphate Discharge in Domestic Sewage Treatment
With tightening environmental regulations—particularly around phosphate pollution into watercourses—there is an urgent requirement for technological innovation in package sewage treatment plant (PSTP) performance.
2.1. Strategic R&D Programme
Marsh Industries will initiate a dedicated R&D programme in collaboration with UKAS-accredited Independent Testing Centres and academic partners. The project will focus on the +50PE sector:
• Chemical precipitation techniques using ferric or alum-based additives to bind phosphate.
• Advanced media filtration, leveraging porous ceramic or ion-exchange resin media.
• Bio-reactor retrofits with genetically-optimised microbial cultures that metabolize phosphate more efficiently.
The scope will include lab-scale testing, pilot installations, and full compliance testing to EN 12566-3 and UK Building Regulations.
2.2. Regulatory & Environmental Positioning
All R&D will be aligned with DEFRA’s Water Industry National Environment Programme (WINEP) objectives and EA standards under the Environmental Permitting Regulations (EPR). Our goal is to offer a fully certifiable phosphate-reducing PSTP system by Q2 2026, delivering both compliance and market differentiation.
3. Mitigating Credit Risk: Civil Engineering and PE-Backed Contractors
Trade credit risk has become increasingly concentrated among civil engineering firms and PE-backed merchants, where project-based payment structures and leveraged financial models increase our exposure.
3.1. Predictive Risk Analytics Model
A proprietary credit scoring engine will be deployed, incorporating:
• Payment behaviour patterns.
• Project cash flow forecasts and retentions.
• Director/company linkage analysis (using data from Companies House and Experian).
• Private equity ownership structures and fund solvency ratings.
This model will produce forward-looking exposure scores, enabling dynamic adjustment of credit limits and payment terms.
3.2. Controlled Exposure Framework
In parallel, Marsh Industries will enforce a controlled exposure framework:
• Credit insurance will be mandated for contracts above £50,000 with PE-backed firms or contractors without secure frameworks.
• Advance payment milestones will be written into contracts for long-lead or custom-fabricated units.
• Direct project invoicing will be explored in lieu of merchant-based procurement for large civil schemes.
 
Page 3

 
MARSH INDUSTRIES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

This multi-tiered approach ensures that risk is both quantified and actively managed.
4. Product Strategy: High-Certification, Value-Engineered Offerings
In line with our brand values, Marsh Industries continues to prioritise value-led innovation anchored by independent certification. This is crucial in a market facing price erosion from low-cost imports and commoditisation.
4.1. Product Innovation Pipeline
We will continue to invest in the following areas:
• Compact Treatment Plants with modular form factors to reduce installation time and excavation.
• Above-Ground Pump Stations and Basement Pumps
• AdBlue® Separator Units to cater to transport and logistics depots, addressing DEFRA and EA compliance mandates.
All products undergo rigorous performance testing through PIA (Prüfinstitut für Abwassertechnik) or BSRIA protocols, ensuring full regulatory conformity and credibility in technical submittals.
4.2. Technical Training and Specification Support
To reinforce our technical proposition, we will expand our CPD-accredited training modules, delivered in partnership with CIWEM and the Chartered Institute of Building (CIOB). Additionally, we will roll out a specification support desk to assist engineers, consultants, and architects with compliant system selection.
5. Long-Term Investment in Production Modernization – Bridgwater Facility
Our flagship manufacturing site in Bridgwater, Somerset, has served as the nucleus of our operational capability. As demand increases and regulatory requirements tighten, production modernization is now imperative.
5.1. Smart Manufacturing Transition
The roadmap for modernization includes:
• Automated GRP lay-up stations and rotational moulding integration.
• Digital quality control systems with real-time defect tracking.
• Energy-efficient spray equipment to reduce power usage by 20% per unit produced.
This upgrade will increase capacity, consistency, and sustainability, enabling us to meet future demand with lower overheads.
5.2. Site Environmental Compliance
Alongside the physical upgrades, we are committing to ISO 14001 certification for environmental management at Bridgwater. Stormwater harvesting, VOC emission capture, and on-site recycling facilities will be introduced, positioning us for ESG transparency and compliance.

 
Marsh Industries is strategically aligning its operational, technical, and financial pillars to ensure long-term resilience and leadership in the wastewater and environmental infrastructure sector. By enforcing trading compliance, leading innovation in phosphate reduction, rigorously managing credit risk, and investing in production modernization, we are future-proofing both our business model and our product portfolio. Through this strategy, we remain committed to delivering exceptional value and technical assurance to our partners in the building material supply chain.


This report was approved by the board on 19 June 2025 and signed on its behalf.



................................................
S M Boyer
Director

Page 4

 
MARSH INDUSTRIES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.
The period under review has been one of significant external challenge, strategic adaptation, and ongoing commitment to product and environmental innovation.

Directors' responsibilities statement

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

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


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

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

Results and dividends

The profit for the year, after taxation, amounted to £97,250 (2023 - £393,151).

Interim dividends of £252,206 were paid during the year.  The directors do not propose a final dividend. 

Directors

The directors who served during the year were:

S M Boyer 
P Boyer 
C L Harrison 
L A Beaumont 
B Fisher 
Professor T Stephenson (resigned 3 April 2025)

Page 5

 
MARSH INDUSTRIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Market conditions and sector uncertainty

The year was characterised by sustained uncertainty in the merchant sector, particularly among companies operating under private equity ownership. This segment of the market has experienced growing volatility due to fluctuating investment cycles, rising scrutiny over environmental compliance, and strategic shifts driven by investor expectations.
This instability has had a knock-on effect on procurement patterns and supplier relationships. Decision-making in merchant procurement has become more fragmented, with longer lead times and increased pressure on margins. While Marsh Industries has maintained positive working relationships across the sector, the unpredictability has necessitated a more agile commercial response and closer monitoring of merchant performance and reliability.

Environmental policy and regulatory landscape

One of the most pressing ongoing issues for our industry remains the regulatory ambiguity surrounding the discharge limits for phosphates and nitrates. The involvement of Natural England in setting new environmental frameworks has introduced additional complexity to the permitting and installation of wastewater systems, particularly in sensitive catchment areas.
At the time of writing, Natural England has yet to provide a definitive resolution or enforceable guideline that clearly defines an industry-wide approach to managing phosphate and nitrate levels in final effluent. This lack of clarity continues to hinder long-term planning and innovation, especially for small to mid-sized manufacturers and installers.
Marsh Industries remains committed to proactively engaging with regulatory authorities, trade bodies, and academic partners to better understand the direction of policy and to help shape realistic, scalable solutions that can be deployed industry-wide.

Overseas collaboration and innovation

In response to both regulatory pressure and market opportunity, Marsh Industries has intensified its efforts in developing natural, sustainable solutions for the elimination of phosphates from treated wastewater. These solutions are designed to meet or exceed expected discharge standards without the need for excessive chemical dosing or expensive retrofits.
Our R&D and technical teams are in active discussion with several overseas companies, including material scientists and ecological engineers, to explore innovative, nature-based phosphate removal technologies. These collaborative efforts have shown promise in the lab and in controlled environments, and we aim to progress to pilot installations during the next financial year.
This area of research is central to our long-term strategy. By positioning ourselves at the forefront of environmentally resilient water treatment solutions, we are not only responding to market need but helping to drive a wider transformation within the sector.

Sales and marketing strategy

Recognising the evolving nature of our market and the need to expand our reach, we have laid the groundwork for a significant strengthening of our sales team and an increase in marketing expenditure. This is a targeted investment aimed at maximising emerging opportunities both in the UK and overseas.
The company is restructuring its commercial operations to allow for regional specialisation and greater alignment between product lines and customer sectors. The new sales strategy includes increased digital outreach, presence at key industry exhibitions, and enhanced support for merchant partners with bespoke marketing and training material.
We believe that proactive engagement—through both traditional and digital channels—will be essential to building long-term customer loyalty and establishing Marsh Industries as a trusted voice in a changing environmental landscape.

Page 6

 
MARSH INDUSTRIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Environmental, social and governance (ESG)

Marsh Industries remains deeply committed to its ESG responsibilities. This year, we have taken concrete steps to reduce our carbon footprint, enhance our recycling rates, and expand the use of renewable materials in our production processes.
We have also updated our internal sustainability policy, set new benchmarks for energy usage, and introduced waste-to-energy initiatives at our main manufacturing facility. Socially, the company continues to support local community initiatives and educational outreach, with a focus on water conservation and environmental engineering.
As the legislative framework for corporate sustainability continues to evolve, Marsh Industries is well-positioned to meet new requirements and deliver value beyond financial performance.

Outlook and future planning

The directors remain cautiously optimistic about the coming financial year. While external risks remain—particularly those linked to regulation, economic volatility, and environmental disruption—the core fundamentals of the business are strong.
Key priorities for the coming year include:
• Continued investment in R&D to refine phosphate and nitrate removal technologies.
• Expansion of the sales and marketing function, with a focus on merchant relationships and overseas growth.
• Proactive response to regulatory developments, including early-stage product adaptations and close liaison with Natural England and other bodies.
• Enhanced digital transformation, including CRM integration and customer support automation.
The directors believe that Marsh Industries is well-positioned to adapt, innovate, and grow within an increasingly complex operating environment.
The Board extends its sincere thanks to all employees, customers, partners, and suppliers for their commitment and collaboration during a demanding year. While the market has faced considerable disruption, Marsh Industries remains resilient, focused, and committed to delivering best-in-class environmental engineering solutions.
The year ahead will require continued adaptability and innovation, but we are confident in the strength of our team, the relevance of our product offering, and the clarity of our long-term strategy.

Disclosure of information to auditors

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

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

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 7

 
MARSH INDUSTRIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Auditors

The auditorsAshleys (Hitchin) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 June 2025 and signed on its behalf.
 





................................................
S M Boyer
Director

Page 8

 
MARSH INDUSTRIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARSH INDUSTRIES LIMITED
 

Opinion


We have audited the financial statements of Marsh Industries Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included:
 - understanding the relevant controls relating to the assessment of the appropriateness of the going concern assumptions;
 analysing the current financing facilities including the nature of the facilities, maturity of credit facilities and covenants;
 - considering the linkage of management's forecasts to business model and medium term risks;
 - challenging the appropriateness of the assumptions used in the forecasts (including the related risks where relevant);
 - assessing the level of headroom in the forecasts;
 - evaluating the integrity of the model used to prepare the forecasts, which includes testing the clerical accuracy of those forecasts and our assessment of the historical accuracy of forecasts prepared by management. 

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.
However, as we cannot predict all future events or conditions and as subsequent may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation.  
Page 9

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




Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 10

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


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 - Enquiries with management and those charged with governance, including consideration of known or suspected instances of non compliance with laws and regulation and fraud;
 - Enquiries with management and those charged with governance around actual and potential litigation and  claims;
  - Evaluation of management controls designed to prevent and detect irregularities;
 - Performing audit work over the risk of management override of controls, completeness of revenue and related party transactions, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
 - Identifying and testing journal entries, in particular journal entries posted with unusual account combinations which result in an impact to revenue;
 - Reviewing minutes of meetings of those charged with governance;
 - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 11

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


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.







Martin Van Beek (Senior statutory auditor)
  
for and on behalf of
Ashleys (Hitchin) Limited
 
Chartered Certified Accountants
Statutory Auditors
  
Invision House
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

19 June 2025
Page 12

 
MARSH INDUSTRIES LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
16,013,867
17,616,825

Cost of sales
  
(12,151,523)
(13,464,428)

Gross profit
  
3,862,344
4,152,397

Administrative expenses
  
(3,782,892)
(3,619,180)

Operating profit
 5 
79,452
533,217

Interest receivable and similar income
 9 
33,735
14,530

Interest payable and similar expenses
 10 
(10,028)
(14,748)

Profit before tax
  
103,159
532,999

Tax on profit
 11 
(5,909)
(139,848)

Profit after tax
  
97,250
393,151

  

  

Retained earnings at the beginning of the year
  
3,832,168
3,511,017

  
3,832,168
3,511,017

Profit for the year
  
97,250
393,151

Dividends declared and paid
  
(252,206)
(72,000)

Retained earnings at the end of the year
  
3,677,212
3,832,168
The notes on pages 19 to 36 form part of these financial statements.

Page 13

 
MARSH INDUSTRIES LIMITED
REGISTERED NUMBER: 05157928

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
469,465
384,421

Tangible assets
 14 
1,022,065
1,041,034

Financial assets
 15 
1
-

  
1,491,531
1,425,455

Current assets
  

Stocks
 16 
1,230,197
1,351,733

Debtors: amounts falling due within one year
 17 
3,853,328
3,580,540

Cash at bank and in hand
  
2,306,703
2,058,687

  
7,390,228
6,990,960

Creditors: amounts falling due within one year
 18 
(5,031,471)
(4,381,148)

Net current assets
  
 
 
2,358,757
 
 
2,609,812

Total assets less current liabilities
  
3,850,288
4,035,267

Creditors: amounts falling due after more than one year
 19 
(29,166)
(79,167)

Provisions for liabilities
  

Deferred tax
 21 
(142,910)
(122,932)

  
 
 
(142,910)
 
 
(122,932)

Net assets
  
3,678,212
3,833,168


Capital and reserves
  

Called up share capital 
 22 
1,000
1,000

Profit and loss account
  
3,677,212
3,832,168

  
3,678,212
3,833,168


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 June 2025.


................................................
S M Boyer
................................................
P Boyer
Director
Director

The notes on pages 19 to 36 form part of these financial statements.

Page 14

 
MARSH INDUSTRIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2023
1,000
3,832,168
3,833,168


Comprehensive income for the year

Profit for the year
-
97,250
97,250


Contributions by and distributions to owners

Dividends: Equity capital
-
(252,206)
(252,206)


At 30 September 2024
1,000
3,677,212
3,678,212


The notes on pages 19 to 36 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2022
1,000
3,511,017
3,512,017


Comprehensive income for the year

Profit for the year
-
393,151
393,151


Contributions by and distributions to owners

Dividends: Equity capital
-
(72,000)
(72,000)


At 30 September 2023
1,000
3,832,168
3,833,168


The notes on pages 19 to 36 form part of these financial statements.

Page 15

 
MARSH INDUSTRIES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
97,250
393,151

Adjustments for:

Amortisation of intangible assets
23,499
24,047

Depreciation of tangible assets
154,681
158,995

Loss on disposal of tangible assets
3,797
2,564

Interest paid
10,027
14,748

Interest received
(33,735)
(14,530)

Taxation charge
5,909
139,848

Decrease in stocks
121,535
382,223

(Increase)/decrease in debtors
(237,110)
945,341

(Increase)/decrease in amounts owed by groups
450
-

Increase/(decrease) in creditors
629,485
(572,847)

Increase/(decrease)) in amounts owed to factoring company
138,916
(589,534)

Corporation tax (paid)/received
(140,137)
2,456

Net cash generated from operating activities

774,567
886,462


Cash flows from investing activities

Purchase of intangible fixed assets
(108,542)
(3,960)

Purchase of tangible fixed assets
(139,510)
(37,262)

Purchase of fixed asset investments
(1)
-

Interest received
33,735
14,530

Net cash from investing activities

(214,318)
(26,692)

Cash flows from financing activities

Repayment of loans
(50,000)
(87,376)

Dividends paid
(252,206)
(72,000)

Interest paid
(10,027)
(14,748)

Net cash used in financing activities
(312,233)
(174,124)

Net increase in cash and cash equivalents
248,016
685,646

Cash and cash equivalents at beginning of year
2,058,687
1,373,041

Cash and cash equivalents at the end of year
2,306,703
2,058,687
Page 16

 
MARSH INDUSTRIES LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£



Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,306,703
2,058,687

2,306,703
2,058,687


The notes on pages 19 to 36 form part of these financial statements.

Page 17

 
MARSH INDUSTRIES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2022
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

2,058,687

248,016

2,306,703

Debt due after 1 year

(79,167)

50,001

(29,166)

Debt due within 1 year

(1,021,250)

(135,923)

(1,157,173)


958,270
162,094
1,120,364

The notes on pages 19 to 36 form part of these financial statements.

Page 18

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

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

The company is exempt from preparing group accounts under Section 402 of the Companies Act. All subsidiary undertakings could be excluded from consolidation in accordance with Section 405. Therefore, only individual financial statements are presented for this accounting period
Figures in the accounts are rounded to the nearest £. 

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

The following principal accounting policies have been applied:

 
1.2

Going concern

The financial statements have been prepared on a going concern basis.  The Directors have considered relevant information, including the annual budget, forecast future cashflows and the impact of subsequent events in making their assessment.  
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 19

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)

 
1.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable and is stated net of rebates, excluding discounts, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

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

 
1.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
1.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.

 
1.7

Interest income

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

 
1.8

Finance costs

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

 
1.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 20

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)

 
1.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
1.11

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

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

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


 
1.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Intellectual property
-
5%
straight line
Trademarks
-
10%
reducing balance

Page 21

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)

 
1.13

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold improvements
-
over the remaining lease term
Plant and machinery
-
20%
straight-line
Fixtures and fittings
-
20%
straight-line
Moulds and mandrels
-
5%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
1.15

Stocks

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

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

 
1.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 22

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)

 
1.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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

 
1.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.19

Provisions for liabilities

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

 
1.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Page 23

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)


1.20
Financial instruments (continued)



If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
1.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 24

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.


General information

Marsh Industries Limited is a private company, limited by shares and registered in England and Wales.
Its Registered Number is : 05157928
Its Registered office is:
Addington Park Industrial Estate
Little Addington
Kettering
Northamptonshire
NN14 4AS
Its Principal places of business are:
Addington Business Park
Little Addington
Kettering
Northamptonshire
NN14 4AS
Unit 25 Axe Road
Colley Lane Industrial Estate
Bridgwater
Somerset
TA6 5LN


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the course of preparing the financial statements, no judgements have been made in the process of applying the Company's accounting policies, other than those involving estimations, that have a significant effect on the amounts recognised in the financial statements.
The Company does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing material adjustment to the carrying value of assets and liabilities within the next financial year.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
16,013,867
17,616,825

16,013,867
17,616,825


Page 25

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
21,907
28,325

Exchange differences
107
-

Operating lease rentals
634,732
613,031


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,275
13,500

7.


Employees

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


2024
2023
£
£

Wages and salaries
4,257,853
4,336,315

National insurance
465,692
474,192

Cost of defined contribution scheme
98,459
96,913

4,822,004
4,907,420


During the year, a total key management personnel compensation of £759,833 (2023:£792,898) was paid by the company. 

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


        2024
        2023
            No.
            No.







Directors
6
6



Production
62
65



Sales
9
11



Administration
16
15

93
97

Page 26

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
366,645
467,791

Company contributions to defined contribution pension schemes
36,327
34,284

402,972
502,075


During the year retirement benefits were accruing to 5 directors (2023 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £83,588 (2023 - £142,833).

The value of the Company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £16,500 (2023 - £15,500).

The total accrued pension provision of the highest paid director at 30 September 2024 amounted to £NIL (2023 - £NIL).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
33,735
14,530

33,735
14,530


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
3,284
6,153

Other loan interest payable
6,744
7,721

Other interest payable
-
874

10,028
14,748

Page 27

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
22,058
140,137

Adjustments in respect of previous periods
(36,126)
-


Total current tax
(14,068)
140,137

Deferred tax


Origination and reversal of timing differences
19,977
(289)

Total deferred tax
19,977
(289)


Tax on profit
5,909
139,848

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25 (2023 - 22% hybrid rate). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
103,159
532,999


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
25,790
117,260

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
19,079
24,243

Capital allowances for year in excess of depreciation
(20,926)
(1,261)

Adjustments to tax charge in respect of prior periods
(36,126)
-

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
(1,885)
(105)

Short term timing difference leading to an increase (decrease) in taxation
19,977
(289)

Total tax charge for the year
5,909
139,848


Factors that may affect future tax charges

Each year the Company, with the assistance of a third party specialist, submits a research and development tax claim to HMRC relating to the the previous financial year, should it be successful then a repayment of corporation tax previously paid will be due.

Page 28

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Dividends

2024
2023
£
£


Dividends
252,206
72,000

252,206
72,000


13.


Intangible assets




Intellectual property
Trademarks
Total

£
£
£



Cost


At 1 October 2023
340,733
80,871
421,604


Additions
108,542
-
108,542



At 30 September 2024

449,275
80,871
530,146



Amortisation


At 1 October 2023
17,037
20,146
37,183


Charge for the year on owned assets
17,249
6,249
23,498



At 30 September 2024

34,286
26,395
60,681



Net book value



At 30 September 2024
414,989
54,476
469,465



At 30 September 2023
323,696
60,725
384,421



Page 29

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Tangible fixed assets





Short-term leasehold improvem't
Plant and machinery
Fixtures and fittings
Moulds and mandrels
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
138,261
368,024
50,231
1,031,244
1,587,760


Additions
-
72,561
30,455
36,495
139,511


Disposals
-
(6,261)
(21,880)
(2,715)
(30,856)



At 30 September 2024

138,261
434,324
58,806
1,065,024
1,696,415



Depreciation


At 1 October 2023
109,995
249,955
32,728
154,048
546,726


Charge for the year on owned assets
23,511
64,591
13,127
53,454
154,683


Disposals
-
(6,261)
(20,391)
(407)
(27,059)



At 30 September 2024

133,506
308,285
25,464
207,095
674,350



Net book value



At 30 September 2024
4,755
126,039
33,342
857,929
1,022,065



At 30 September 2023
28,266
118,069
17,503
877,196
1,041,034

Page 30

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
1



At 30 September 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

E H Mouldings Limited - dormant
UK
Ordinary
100%


16.


Stocks

2024
2023
£
£

Raw materials and consumables
845,792
703,844

Work in progress
170,007
112,998

Finished goods
214,398
534,891

1,230,197
1,351,733



17.


Debtors

2024
2023
£
£


Trade debtors
3,482,460
3,212,241

Amounts owed by connected company
50
500

Other debtors
52,817
8,528

Prepayments
313,741
359,271

Accrued income
4,260
-

3,853,328
3,580,540


Page 31

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Loans owed to credit institutions
50,000
50,000

Trade creditors
2,570,192
2,106,676

Factored debts
1,080,869
941,953

Corporation tax
22,058
140,137

Other taxation and social security
496,339
447,346

Other creditors
278,979
174,699

Accruals
527,133
520,337

Deferred income
5,901
-

5,031,471
4,381,148


The following liabilities were secured:

2024
2023
£
£



Coronavirus business interruption loan
50,000
50,000

Factored debts
1,080,869
941,953

1,130,869
991,953

Details of security provided:

The Coronavirus business interruption loan is secured by a government backed guarantee.  The loan has a fixed interest rate of 3.09% and is repayable over a term of 5 years, with repayments commencing in May 2021.

The factored debts are secured by way of a debenture over all monies due or to become due from the company to the chargee on any account whatsoever.

Page 32

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Loans owed to credit institutions
29,166
79,167

29,166
79,167


The following liabilities were secured:

2024
2023
£
£



Coronavirus business interruption loan
29,166
79,167

29,166
79,167

Details of security provided:

The Coronavirus business interruption loan is secured by a government backed guarantee.  The loan has a fixed interest rate of 3.09% and is repayable over a term of 5 years, with repayments commencing in May 2021.


20.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit and loss
2,306,703
2,058,687




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


21.


Deferred taxation




2024


£






At beginning of year
(122,933)


Charged to profit or loss
(19,977)



At end of year
(142,910)

Page 33

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
21.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(142,910)
(122,933)

(142,910)
(122,933)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



400 Ordinary A shares of £1 each
400
400
400 Ordinary B shares of £1 each
400
400
100 Ordinary C shares of £1 each
100
100
100 Ordinary D shares of £1 each
100
100

1,000

1,000



23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £98,459 (2023 - £96,913). Contributions totalling £8,302 (2023 - £15,841) were payable to the fund at the reporting date and are included in creditors.

Page 34

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

24.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and buildings


Not later than 1 year
150,261
110,173

Later than 1 year and not later than 5 years
209,000
185,922

359,261
296,095

During the previous financial year the existing leases on the Bridgwater properties ended and the Company entered into tenancy at will agreements with a minimum notice period to October 2024.  New 10 year leases for all Bridgwater units were entered into post year end in December 2024, with a total initial annual rental of £387,027.
The lease on the Raunds units ended during the financial year.  Post year end in February 2025, the Company entered into a new 5 year lease with an initial annual rental of £39,786.
Post year end on 1 March 2025, the Company entered into a new 1 year lease for the offices at Riverside House, with an annual rental of £41,908.

2024
2023

£
£

Other


Not later than 1 year
158,875
128,300

Later than 1 year and not later than 5 years
200,995
137,648

359,870
265,948

Post year end the Company entered into 5 new vehicle leases, each with 3 year terms, with a total annual commitment of £41,099.


25.Other financial commitments

The Company has entered into a box licence agreement with the Rugby Football Union for the period 1 July 2021 to 30 June 2025, the commitment outstanding at 30 September 2024 was £44,250 (2023 - £88,350).

Page 35

 
MARSH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

26.


Related party transactions


Balance 2023
Addition 2024
Repaid   2024
Balance 2024
£
£
£
£

Directors current accounts
(13,456)
(327,707)
323,162
(18,001)


27.


Controlling party

The ultimate controlling parties of the Company are S M Boyer and P Boyer by virtue of their shareholdings.

 
Page 36