Company registration number 09603561 (England and Wales)
MARLBOROUGH SELECT PLATFORM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
MARLBOROUGH SELECT PLATFORM LIMITED
COMPANY INFORMATION
Directors
Dom Clarke
Nicholas Bridge
Sarah Peaston
Philip Gilder
Franziska Zuch
(Appointed 29 January 2024)
Secretary
Norah Burns
Company number
09603561
Registered office
Marlborough House
59 Chorley New Road
Bolton
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
Bankers
HSBC Bank Plc
60 Queen Victoria Street
London
MARLBOROUGH SELECT PLATFORM LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 16
MARLBOROUGH SELECT PLATFORM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
The key performance indicators for the company are as follows:
2024
2023
£
£
Turnover
96,729
47,925
Loss before taxation
(970,938)
(1,079,903)
Net current assets
1,567,195
2,295,398
The company has permissions from the FCA to enable it to act as a Model B platform provider. The platform provides a high level of automated processes and has advanced integrations to third party systems including Salesforce for the servicing model. The pension capabilities of digital drawdown bring efficiencies that are ahead of what is typically available for the industry.
The company generated a net loss during the year of £728k (2023: loss of £842k). Losses had been expected in the early stages of operation. A recent restructure of the company’s expenses has resulted in a reduction in the fixed cost base, which is expected to lead to significant falls in expenditure and capital requirement.
The company is focussed on growth of its assets under administration (£130m at year end) as the Marlborough Select Platform is now fully established and being actively marketed. Growth of assets under administration and reduction in the cost base is expected to improve profitability of the company.
At the year end, the company had net assets of £1.6m (2023: £2.3m), with the fall in net assets being due to losses generated during the year. Recent restructure of expenses is expected to lead to a reduction in losses and slower erosion of capital as a result. The company continues to hold substantially in excess of its capital and liquidity requirements, with cash of £0.8m at year end.
Agreement for a change in ownership of the company has been reached post-year end. Contracts have exchanged, with completion remaining subject to FCA approval.
Principal risks and uncertainties
Marlborough Select Platform Limited meets a broad range of regulatory requirements which are periodically monitored internally, and its accounts are audited by statutory auditors, Barlow Andrews LLP.
The company finances operations through its cash reserves and management ensure that the business continues to retain sufficient funds of its own and liquid assets to enable it to meet its capital and liquidity requirements and meet its day-to-day obligations as they fall due.
The company have embedded the FCA’s Consumer Duty directive and have robust Information Governance and Data Protection policies and procedures in place, in line with ICO and FCA criteria. All staff have received and continue to receive ongoing training.
MARLBOROUGH SELECT PLATFORM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Statement by the directors in performance of their statutory duties in accordance with s172(1) Companies Act 2006
The board of directors of Marlborough Select Platform Limited consider that in their decision-making they have acted in a manner most likely to promote the success of the company for the benefit of its members as a whole. In doing so, they have considered their statutory duties as follows:
a) The likely consequence of any decision in the long term;
b) The interests of the company’s employees;
c) The need to foster the company’s business relationships with suppliers, customers and others;
d) The impact of the company’s operations on the community and the environment;
e) The desirability of the company maintaining a reputation for high standards of business conduct;
f) The need to act fairly between members of the company.
The following demonstrates how the directors take these factors into consideration in their decision making.
The company is focussed on working strategically with existing partners to deliver growth in assets under administration, while also forming new partnerships to achieve growth. The directors are confident that the business employs people with the appropriate talent and experience to meet its objectives, while maintaining the culture of the business. The directors believe strong relationships with stakeholders will enable the business to overcome the economic, regulatory and other challenges it faces in the year ahead. This strategy and the company’s key strategic relationships are not expected to change following the change in ownership post-year end.
The company currently forms part of a wider group, with environmental and employee relations considered at group level. In addition to key financial performance indicators referred to above, the business is aware of its environmental responsibilities and endeavours to minimise its operational impact on the environment.
In line with the best available science, the group acknowledges there is an urgent need to accelerate the transition towards global net zero. After a recent review, the group has acknowledged that its original target of achieving net zero by 2040 was highly ambitious and has amended this to 2050. While the group’s commitment to net zero remains as strong as ever, this target is viewed as more realistic.
The business recognises that employee relations are a critical factor requiring careful attention. To foster a positive workplace culture, we have completed and reviewed comprehensive employee engagement surveys. Based on the insights gained, we are setting strategic objectives to address key areas of employee satisfaction and organisational growth. We are committed to maintaining robust policies that prioritise both the remuneration and welfare of our employees.
Dom Clarke
Director
15 January 2025
MARLBOROUGH SELECT PLATFORM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
Marlborough Select Platform Limited owns the Marlborough Select Platform, which is an investment platform designed to allow financial advisers and discretionary fund managers to manage portfolios of their clients’ money and assets. Through both professional and client-user portals, the platform provides investment administration and custody services.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Dom Clarke
Nicholas Bridge
Sarah Peaston
Philip Gilder
Franziska Zuch
(Appointed 29 January 2024)
Auditor
The auditor, Barlow Andrews LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company. The company has therefore taken advantage of exemptions from the disclosure requirements relating to energy and carbon reporting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Dom Clarke
Director
15 January 2025
MARLBOROUGH SELECT PLATFORM LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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 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.
MARLBOROUGH SELECT PLATFORM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARLBOROUGH SELECT PLATFORM LIMITED
- 5 -
Opinion
We have audited the financial statements of Marlborough Select Platform Limited (the 'company') for the year ended 30 September 2024 which comprise the Profit And Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 loss 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the 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 auditor's 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
MARLBOROUGH SELECT PLATFORM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARLBOROUGH SELECT PLATFORM LIMITED (CONTINUED)
- 6 -
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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
Auditor's 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 auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and FCA regulations;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
MARLBOROUGH SELECT PLATFORM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARLBOROUGH SELECT PLATFORM LIMITED (CONTINUED)
- 7 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with relevant regulators.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.
Emma Woods (Senior Statutory Auditor)
For and on behalf of Barlow Andrews LLP, Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
15 January 2025
MARLBOROUGH SELECT PLATFORM LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
96,729
47,925
Administrative expenses
(1,142,664)
(1,127,828)
Operating loss
3
(1,045,935)
(1,079,903)
Interest receivable and similar income
6
74,997
Loss before taxation
(970,938)
(1,079,903)
Tax on loss
7
242,735
237,802
Loss for the financial year
(728,203)
(842,101)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There is no other comprehensive income for the year. The total comprehensive loss is the loss for the financial year shown above.
MARLBOROUGH SELECT PLATFORM LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
8
782,252
302,427
Cash at bank and in hand
812,731
2,147,954
1,594,983
2,450,381
Creditors: amounts falling due within one year
9
(27,788)
(154,983)
Net current assets
1,567,195
2,295,398
Capital and reserves
Called up share capital
10
5,000,000
5,000,000
Profit and loss reserves
(3,432,805)
(2,704,602)
Total equity
1,567,195
2,295,398
The financial statements were approved by the board of directors and authorised for issue on 15 January 2025 and are signed on its behalf by:
Dom Clarke
Director
Company registration number 09603561 (England and Wales)
MARLBOROUGH SELECT PLATFORM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Balance at 1 October 2022
3,000,000
(1,862,501)
1,137,499
Year ended 30 September 2023:
Loss and total comprehensive loss for the year
-
(842,101)
(842,101)
Issue of share capital
2,000,000
-
2,000,000
Balance at 30 September 2023
5,000,000
(2,704,602)
2,295,398
Year ended 30 September 2024:
Loss and total comprehensive loss for the year
-
(728,203)
(728,203)
Balance at 30 September 2024
5,000,000
(3,432,805)
1,567,195
MARLBOROUGH SELECT PLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
1
Accounting policies
Company information
Marlborough Select Platform Limited is a private company limited by shares incorporated in England and Wales. The registered office is Marlborough House, 59 Chorley New Road, Bolton.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
Marlborough Select Platform Limited is a wholly owned subsidiary of Marlborough Group Holdings Limited and the results of Marlborough Select Platform Limited are included in the consolidated financial statements of Marlborough Group Holdings Limited which are available from Companies House, Crown Way, Cardiff.
1.2
Going concern
Per note true11, an agreement for a change in ownership of the company has been reached post-year end and it is expected that the incoming directors will continue to trade the company for the foreseeable future. In the event that contracts do not complete in the next 12 months, the current directors have a reasonable expectation that the company has sufficient funds to continue trading for at least 12 months from the date of signing the accounts. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand.
MARLBOROUGH SELECT PLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments'.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, including cash at bank and amounts due from group, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
MARLBOROUGH SELECT PLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.7
Taxation
The taxation currently included within the financial statements represents the sum of the tax currently receivable.
Current tax
The tax currently receivable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s debtor for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
When tax losses are surrendered to companies within the same group, a charge is made to the company receiving the tax relief. The charge is equivalent to the tax saved by the receiving company arising from the group relief.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Turnover
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Platform fees
96,729
47,925
3
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Operating lease charges
82,137
67,635
MARLBOROUGH SELECT PLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,988
7,294
For other services
Other assurance services
1,200
All other non-audit services
1,000
1,000
2,200
1,000
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
5
4
All staff and directors were employed and paid on behalf of the company by the parent company, Marlborough Group Holdings Limited.
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
74,997
MARLBOROUGH SELECT PLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(242,735)
(237,315)
Adjustments in respect of prior periods
(487)
Total current tax
(242,735)
(237,802)
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(970,938)
(1,079,903)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
(242,735)
(237,579)
Tax effect of expenses that are not deductible in determining taxable profit
39
245
Under/(over) provided in prior years
(487)
Under/(over) provided in current year
(39)
19
Taxation credit for the year
(242,735)
(237,802)
A tax credit has arisen in the year due to the company surrendering its tax losses through group relief. When tax losses are surrendered to companies within the same group, a charge is made, to the company receiving the tax relief, equivalent to the tax saved by the receiving company.
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
237,315
Amounts owed by group undertakings
757,434
Other debtors
10,762
Prepayments and accrued income
24,818
54,350
782,252
302,427
MARLBOROUGH SELECT PLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,835
11,251
Amounts owed to group undertakings
78,373
Accruals and deferred income
23,953
65,359
27,788
154,983
10
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,000,000
5,000,000
5,000,000
5,000,000
The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.
11
Events after the reporting date
Agreement for a change in ownership of the company has been reached post-year end. Contracts have exchanged, with completion remaining subject to FCA approval.
12
Ultimate controlling party
The parent company is Marlborough Group Holdings Limited.
UFC Fund Management Plc is the ultimate group parent.
The company is included in the consolidated accounts of Marlborough Group Holdings Limited and UFC Fund Management Plc, both incorporated in England and Wales. The registered office of these companies is Marlborough House, 59 Chorley New Road, Bolton. Copies of the group accounts for both entities can be obtained from the registered office.
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