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REGISTERED NUMBER: 09121546 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MARSHMX HOLDINGS LIMITED

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


MARSHMX HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: A Marsh
G Marsh





REGISTERED OFFICE: Unit 1
Cyfarthfa Industrial Estate
Merthyr Tydfil
CF47 8PE





REGISTERED NUMBER: 09121546 (England and Wales)





AUDITORS: Baker Knoyle Audit Limited
Chartered Certified Accountants
Orbit Business Centre
Rhydycar Business Park
Merthyr Tydfil
CF48 1DL

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The MarshMX Holdings Limited Group comprises the parent company and its wholly owned trading subsidiary, MarshMX Ltd. MarshMX Ltd operates in the UK motorcycle retail and service market, specialising in the sale of new and used motorcycles, motorcycle parts, and labour services. The parent company generates income primarily through property rental and management functions within the group.

This is the first year that the group has qualified as a medium-sized company under the Companies Act 2006, and therefore is preparing consolidated financial statements for the first time.

For the year ended 31 March 2024, the group recorded:

- Turnover of £10,628,609

- Rental income of £105,986

- Gross profit of £1,229,764

- Profit before tax of £2,527,756

Group profit before tax reflects the trading activity of MarshMX Ltd and a significant upward revaluation of property assets held by the parent company.

PRINCIPAL RISKS AND UNCERTAINTIES
Retail Sector Volatility: Consumer spending on motorcycles can be cyclical and is influenced by broader economic trends.

Margin Compression: Increased procurement and labour costs continue to affect gross margins.

Supply Chain Risk: Disruptions to global parts supply can affect stock availability and lead times.

Property Market Exposure: Property revaluations can lead to volatility in reported earnings.

Subsidiary Dependence: The group’s profitability is concentrated in its operating company, MarshMX Ltd.

FINANCIAL KEY PERFORMANCE INDICATORS
(As this is the first year of consolidation, no comparative figures are presented.)


KPI 2024
Group Turnover £10,628,609
Rental Income £105,986
Gross Profit £1,206,544
Profit Before Tax £2,527,756
Gross Margin 11.4%


The board reviews these financial KPIs alongside operational indicators within MarshMX Ltd, including stock turnover, labour utilisation, and online sales performance.


MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

FUTURE DEVELOPMENTS
The group plans to:

- Expand and optimise workshop capacity to improve gross margin recovery

- Enhance digital and e-commerce platforms for retail sales

- Maintain a stable rental yield through ongoing property management

- Continue strategic oversight and governance from the parent company to support sustainable subsidiary growth

No acquisitions or divestments are planned in the next financial year.

ON BEHALF OF THE BOARD:





A Marsh - Director


27 June 2025

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of

DIVIDENDS
Interim dividends per share were paid as follows:
360,000 - 30 April 2023
84,000 - 21 December 2023
444,000

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 444,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

A Marsh
G Marsh

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, Baker Knoyle Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Marsh - Director


27 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARSHMX HOLDINGS LIMITED

Opinion
We have audited the financial statements of Marshmx Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 group's and the parent 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARSHMX HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards).
- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting (including related trade union legislation) and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers.
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARSHMX HOLDINGS LIMITED


Other Matter - Comparative Information
The financial statements for the year ended 31 March 2024 are the first financial statements of the company that have been audited. Accordingly, the comparative information presented as at and for the year ended 31 March 2023 took advantage of audit exemption under s. 477 of the Companies Act 2006. Therefore the prior period financial statements were not subject to audit.

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




Richard Phillips FCCA (Senior Statutory Auditor)
for and on behalf of Baker Knoyle Audit Limited
Chartered Certified Accountants
Orbit Business Centre
Rhydycar Business Park
Merthyr Tydfil
CF48 1DL

27 June 2025

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 10,628,609 10,089,082

Cost of sales 9,398,845 8,664,764
GROSS PROFIT 1,229,764 1,424,318

Administrative expenses 1,206,544 993,726
23,220 430,592

Other operating income 408,356 385,827
OPERATING PROFIT 4 431,576 816,419

Interest receivable and similar income 764 458
432,340 816,877
Gain/loss on revaluation of investment
property

2,109,737

-
2,542,077 816,877

Interest payable and similar expenses 5 14,321 35,358
PROFIT BEFORE TAXATION 2,527,756 781,519

Tax on profit 6 701,046 134,856
PROFIT FOR THE FINANCIAL YEAR 1,826,710 646,663
Profit attributable to:
Owners of the parent 1,826,710 646,663

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,826,710 646,663


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,826,710

646,663

Total comprehensive income attributable to:
Owners of the parent 1,826,710 646,663

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 337,041 424,472
Investments 11 - -
Investment property 12 4,312,500 2,201,563
4,649,541 2,626,035

CURRENT ASSETS
Stocks 13 5,265,429 4,510,704
Debtors 14 309,674 212,251
Cash at bank and in hand 216,975 328,669
5,792,078 5,051,624
CREDITORS
Amounts falling due within one year 15 4,515,943 3,540,745
NET CURRENT ASSETS 1,276,135 1,510,879
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,925,676

4,136,914

CREDITORS
Amounts falling due after more than one
year

16

(779,674

)

(948,239

)

PROVISIONS FOR LIABILITIES 20 (726,043 ) (151,426 )
NET ASSETS 4,419,959 3,037,249

CAPITAL AND RESERVES
Called up share capital 21 4 4
Other reserves 22 2,365,292 643,129
Retained earnings 22 2,054,663 2,394,116
SHAREHOLDERS' FUNDS 4,419,959 3,037,249

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by:





A Marsh - Director


MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 448 597
Investments 11 4 4
Investment property 12 4,312,500 2,201,563
4,312,952 2,202,164

CURRENT ASSETS
Debtors 14 150,379 148,611
Cash at bank 320,882 13,362
471,261 161,973
CREDITORS
Amounts falling due within one year 15 231,639 173,666
NET CURRENT ASSETS/(LIABILITIES) 239,622 (11,693 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,552,574

2,190,471

CREDITORS
Amounts falling due after more than one
year

16

(582,502

)

(720,463

)

PROVISIONS FOR LIABILITIES 20 (726,043 ) (151,426 )
NET ASSETS 3,244,029 1,318,582

CAPITAL AND RESERVES
Called up share capital 21 4 4
Other reserves 22 2,365,292 643,129
Retained earnings 22 878,733 675,449
SHAREHOLDERS' FUNDS 3,244,029 1,318,582

Company's profit for the financial year 2,369,447 618,490

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by:





A Marsh - Director


MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 April 2022 4 2,086,981 643,129 2,730,114

Changes in equity
Dividends - (339,528 ) - (339,528 )
Total comprehensive income - 646,663 - 646,663
Balance at 31 March 2023 4 2,394,116 643,129 3,037,249

Changes in equity
Dividends - (444,000 ) - (444,000 )
Total comprehensive income - 104,547 1,722,163 1,826,710
Balance at 31 March 2024 4 2,054,663 2,365,292 4,419,959

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 April 2022 4 396,487 643,129 1,039,620

Changes in equity
Dividends - (339,528 ) - (339,528 )
Total comprehensive income - 618,490 - 618,490
Balance at 31 March 2023 4 675,449 643,129 1,318,582

Changes in equity
Dividends - (444,000 ) - (444,000 )
Total comprehensive income - 647,284 1,722,163 2,369,447
Balance at 31 March 2024 4 878,733 2,365,292 3,244,029

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 712,086 928,272
Interest paid (127 ) (23,415 )
Interest element of hire purchase payments
paid

(14,194

)

(11,943

)
Tax paid (135,004 ) (92,592 )
Net cash from operating activities 562,761 800,322

Cash flows from investing activities
Purchase of tangible fixed assets (27,426 ) (249,928 )
Purchase of investment property (1,200 ) (201,563 )
Sale of tangible fixed assets - 91,363
Interest received 764 458
Net cash from investing activities (27,862 ) (359,670 )

Cash flows from financing activities
Loan repayments in year (138,668 ) (115,719 )
Capital repayments in year (30,604 ) 110,041
Amount introduced by directors 927,333 383,236
Amount withdrawn by directors (960,654 ) (482,241 )
- 100,000
Equity dividends paid (444,000 ) (339,528 )
Net cash from financing activities (646,593 ) (344,211 )

(Decrease)/increase in cash and cash equivalents (111,694 ) 96,441
Cash and cash equivalents at beginning of
year

2

328,669

232,228

Cash and cash equivalents at end of year 2 216,975 328,669

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 2,527,756 781,519
Depreciation charges 112,357 77,811
Loss/(profit) on disposal of fixed assets 2,500 (43,143 )
Gain on revaluation of fixed assets (2,109,737 ) -
- 856
Finance costs 14,321 35,358
Finance income (764 ) (458 )
546,433 851,943
Increase in stocks (754,725 ) (1,425,843 )
Increase in trade and other debtors (64,102 ) (34,213 )
Increase in trade and other creditors 984,480 1,536,385
Cash generated from operations 712,086 928,272

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 216,975 328,669
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 328,669 232,228


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 328,669 (111,694 ) 216,975
328,669 (111,694 ) 216,975
Debt
Finance leases (258,377 ) 30,604 (227,773 )
Debts falling due within 1 year (116,535 ) 708 (115,827 )
Debts falling due after 1 year (620,463 ) 137,961 (482,502 )
(995,375 ) 169,273 (826,102 )
Total (666,706 ) 57,579 (609,127 )

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Marshmx Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The comparative figures for the year ended 31 March 2023 were unaudited and are included for comparative purposes only.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

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

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

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 741,706 662,652
Social security costs 960 -
Other pension costs 13,843 11,722
756,509 674,374

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

Directors 2 2
Staff 24 22
26 24

The average number of employees by undertakings that were proportionately consolidated during the year was 26 (2023 - 24 ) .

2024 2023
£    £   
Directors' remuneration 25,157 23,832

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 4,621 6,257
Depreciation - owned assets 68,459 48,651
Depreciation - assets on hire purchase contracts 43,898 29,160
Loss/(profit) on disposal of fixed assets 2,500 (43,143 )
Auditors' remuneration 8,750 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
HMRC fines & charges 25 -
Mortgage 101 23,415
Interest payable 1 -
Hire purchase 14,194 11,943
14,321 35,358

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 126,430 135,004

Deferred tax 574,616 (148 )
Tax on profit 701,046 134,856

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

2024 2023
£    £   
Profit before tax 2,527,756 781,519
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

631,939

148,489

Effects of:
Expenses not deductible for tax purposes (525,291 ) 46
Capital allowances in excess of depreciation - (13,531 )
Depreciation in excess of capital allowances 19,782 -
Deferred tax 574,616 (148 )
Total tax charge 701,046 134,856

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 444,000 339,528

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 65,000
AMORTISATION
At 1 April 2023
and 31 March 2024 65,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

10. TANGIBLE FIXED ASSETS

Group
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 346,746 340,161 686,907
Additions 27,426 - 27,426
Disposals (16,446 ) - (16,446 )
At 31 March 2024 357,726 340,161 697,887
DEPRECIATION
At 1 April 2023 200,817 61,618 262,435
Charge for year 42,721 69,636 112,357
Eliminated on disposal (13,946 ) - (13,946 )
At 31 March 2024 229,592 131,254 360,846
NET BOOK VALUE
At 31 March 2024 128,134 208,907 337,041
At 31 March 2023 145,929 278,543 424,472

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 237,208
DEPRECIATION
At 1 April 2023 61,618
Charge for year 43,898
At 31 March 2024 105,516
NET BOOK VALUE
At 31 March 2024 131,692
At 31 March 2023 175,590

Company
Plant and
machinery
£   
COST
At 1 April 2023
and 31 March 2024 5,981
DEPRECIATION
At 1 April 2023 5,384
Charge for year 149
At 31 March 2024 5,533
NET BOOK VALUE
At 31 March 2024 448
At 31 March 2023 597

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 4
NET BOOK VALUE
At 31 March 2024 4
At 31 March 2023 4

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Marshmx Ltd
Registered office: Unit 1 Cyfartha Industrial Estate, Merthyr Tydfil, CF47 8PE
Nature of business: motorbike and quad sales.
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,175,932 1,718,668
Profit for the year 137,262 528,174

Marshmx Properties Ltd
Registered office: Unit 1 Cyfartha Industrial Estate, Merthyr Tydfil, CF47 8PE
Nature of business: Property letting company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2 2


MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2023 2,201,563
Additions 1,200
Revaluations 2,109,737
At 31 March 2024 4,312,500
NET BOOK VALUE
At 31 March 2024 4,312,500
At 31 March 2023 2,201,563

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 636,407
Valuation in 2021 185,039
Valuation in 2022 (27,210 )
Valuation in 2024 2,109,737
Cost 1,408,527
4,312,500

Company
Total
£   
FAIR VALUE
At 1 April 2023 2,201,563
Additions 1,200
Revaluations 2,109,737
At 31 March 2024 4,312,500
NET BOOK VALUE
At 31 March 2024 4,312,500
At 31 March 2023 2,201,563

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 636,407
Valuation in 2021 185,039
Valuation in 2022 (27,210 )
Valuation in 2024 2,109,737
Cost 1,408,527
4,312,500

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

13. STOCKS

Group
2024 2023
£    £   
Stocks 5,265,429 4,510,704

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 111,839 74,064 33,567 33,300
Amounts owed by group undertakings - - - 31,794
Other debtors 81,023 54,696 - 26
Directors' current accounts 116,812 83,491 116,812 83,491
309,674 212,251 150,379 148,611

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 115,827 116,535 115,827 116,535
Hire purchase contracts (see note 18) 30,601 30,601 - -
Trade creditors 3,954,037 2,928,106 2,441 6,783
Amounts owed to group undertakings - - 1,326 2
Tax 126,376 134,950 53,202 27,994
Social security and other taxes 17,328 14,236 872 701
VAT 94,465 75,762 23,396 20,686
Other creditors 32,860 30,236 - -
Accruals and deferred income 144,449 210,319 34,575 965
4,515,943 3,540,745 231,639 173,666

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 482,502 620,463 482,502 620,463
Hire purchase contracts (see note 18) 197,172 227,776 - -
Accruals and deferred income 100,000 100,000 100,000 100,000
779,674 948,239 582,502 720,463

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 115,827 116,535 115,827 116,535
Amounts falling due between two and five years:
Bank loans - 2-5 years 231,965 299,803 231,965 299,803
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 250,537 320,660 250,537 320,660

At the balance sheet date, MarshMX Holdings Limited had Charges in place on the property known as Unit 1, Cyfarthfa Industrial Estate Merthyr Tydfil, and land alongside the property know as Martin Evans House. A fixed and floating charge is also in place relating to assets held in this, and all subsidiaries.

At the balance sheet date, MarshMX Ltd had two charges registered in favour of National Westminster Bank PLC:

A fixed and floating charge dated 29 August 2022, covering all assets and undertakings of the company,

including a negative pledge. A fixed charge dated 16 January 2023 over specific assets, also subject to a negative pledge.

Both charges were registered at Companies House and remain outstanding.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 30,601 30,601
Between one and five years 197,172 227,776
227,773 258,377

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 300 300
Between one and five years 975 1,275
1,275 1,575

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

19. SECURED DEBTS

The following secured debts are included within creditors:

Company
2024 2023
£    £   
Bank loans 598,329 736,998

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 726,043 151,426 726,043 151,426

Group
Deferred
tax
£   
Balance at 1 April 2023 151,426
Provided during year 574,617
Balance at 31 March 2024 726,043

Company
Deferred
tax
£   
Balance at 1 April 2023 151,426
Provided during year 574,617
Balance at 31 March 2024 726,043

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4 Ordinary £1 4 4

MARSHMX HOLDINGS LIMITED (REGISTERED NUMBER: 09121546)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

22. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 April 2023 2,394,116 643,129 3,037,245
Profit for the year 1,826,710 1,826,710
Dividends (444,000 ) (444,000 )
Movement in year (1,722,163 ) 1,722,163 -
At 31 March 2024 2,054,663 2,365,292 4,419,955

Company
Retained Other
earnings reserves Totals
£    £    £   

At 1 April 2023 675,449 643,129 1,318,578
Profit for the year 2,369,447 2,369,447
Dividends (444,000 ) (444,000 )
Movement in year (1,722,163 ) 1,722,163 -
At 31 March 2024 878,733 2,365,292 3,244,025


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
A Marsh
Balance outstanding at start of year 41,745 (7,757 )
Amounts advanced 308,970 271,830
Amounts repaid (292,310 ) (222,328 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 58,405 41,745

G Marsh
Balance outstanding at start of year 41,745 (7,757 )
Amounts advanced 308,970 271,830
Amounts repaid (292,310 ) (222,328 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 58,405 41,745