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Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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MARSH INDUSTRIES LIMITED
COMPANY INFORMATION
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MARSH INDUSTRIES LIMITED
CONTENTS
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MARSH INDUSTRIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
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.
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.
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.
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MARSH INDUSTRIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
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.
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.
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MARSH INDUSTRIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
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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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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.
The directors who served during the year were:
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MARSH INDUSTRIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
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.
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.
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.
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MARSH INDUSTRIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
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.
There have been no significant events affecting the Company since the year end.
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MARSH INDUSTRIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The auditors, Ashleys (Hitchin) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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MARSH INDUSTRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARSH INDUSTRIES LIMITED
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 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).
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.
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.
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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.
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 Report. 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. 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.
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.
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.
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MARSH INDUSTRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARSH INDUSTRIES LIMITED (CONTINUED)
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.
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MARSH INDUSTRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARSH INDUSTRIES LIMITED (CONTINUED)
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 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.
for and on behalf of
Chartered Certified Accountants
Statutory Auditors
Invision House
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY
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MARSH INDUSTRIES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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MARSH INDUSTRIES LIMITED
REGISTERED NUMBER: 05157928
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 36 form part of these financial statements.
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MARSH INDUSTRIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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MARSH INDUSTRIES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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MARSH INDUSTRIES LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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MARSH INDUSTRIES LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1.Accounting policies
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:
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.
Functional and presentation currency
Transactions and balances
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1.Accounting policies (continued)
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1.Accounting policies (continued)
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:
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1.Accounting policies (continued)
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:
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.
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1.Accounting policies (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.
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 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.
Analysis of turnover by country of destination:
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Page 26
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Page 30
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
21.Deferred taxation (continued)
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.
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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).
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MARSH INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The ultimate controlling parties of the Company are S M Boyer and P Boyer by virtue of their shareholdings.
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