Registration number: 05889630

Martel Instruments Holdings Limited

(Registration number: 05889630)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Investments	4	6,706,643	6,706,643
Current assets
Debtors	5	41,593	41,594
Creditors: Amounts falling due within one year	6	(5,544,321)	(5,303,070)
Net current liabilities		(5,502,728)	(5,261,476)
Total assets less current liabilities		1,203,915	1,445,167
Creditors: Amounts falling due after more than one year	6	(7,593,715)	(7,411,067)
Net liabilities		(6,389,800)	(5,965,900)
Capital and reserves
Called up share capital		64,167	64,167
Share premium reserve		677,250	677,250
Retained earnings		(7,131,217)	(6,707,317)
Shareholders' deficit		(6,389,800)	(5,965,900)

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

Approved and authorised by the Board on 29 April 2025 and signed on its behalf by:
 

......................................... Colin John Proudfoot Company secretary and director

Martel Instruments Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

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

Martel Instruments Holdings Limited ('the company') acts as a holding company, providing management support and services to the group.

The address of its registered office is:
Unit 9, Stanelaw Way
Tanfield Lea Industrial Estate South
Stanley
DH9 9XG
United Kingdom

These financial statements were authorised for issue by the Board on 29 April 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

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

These financial statements are presented in pounds sterling and are rounded to the nearest £.

Group accounts not prepared

In accordance with section 399 of the Companies Act 2006, the company is exempt from the requirement to prepare group accounts as at the end of the financial year, the company, and the group headed by the company, is subject to the small companies regime..

Going concern

At the balance sheet date, the company has net liabilities of £6,389,800 (£2023: £5,965,900), including £5,490,436 (2023: £5,252,185) owed to profitable group companies under the company's control, as well as liabilities including loan notes, accrued interest and other debt owed to funds under the management of Maven Capital Partners UK LLP totalling £6,299,605 (2023: £6,177,332). A group cross guarantee exists over £6,220,720 (2023: £6,101,447) of this debt, Maven Capital Partners UK LLP have confirmed that funding will not be withdrawn to the extent that the company's position as a going concern would be undermined for a period of 12 months following the approval of these financial statements.

The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future and therefore continue to adopt the going concern basis of accounting in these financial statements.

Martel Instruments Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 29 April 2025 was P. N. Newbold, BA, FCA, who signed for and on behalf of Torgersens.

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

Finance income and costs policy

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

Tax

The taxation expense for the year comprises current and deferred tax and is recognised in the profit and loss account.

Current tax is the amount of income tax payable in respect of the taxable profit for the current or past reporting periods. It is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences arise from the inclusion of transactions and events in the financial statements in periods different from those in which they are assessed for tax.

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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Investments

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

Martel Instruments Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Share based payments

The company provides share-based payment arrangements to certain employees of the subsidiary. The shares to which these options relate are currently held in an Employee Benefit Trust.

Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed in the subsidiary on a straight-line basis ove the vesting period, with a corresponding increase in equity. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.

The company has no employees, other than directors, and thus there is no charge in the profit and loss account for share-based payments. The charge for share-based payments is recognised as an increase in cost of investment in subsidiaries, with a corresponding increase in equity.

There are no cash-settled arrangements.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other accounts receivable and payable, cash and bank balances, and loans to or from related parties, including fellow group companies.

Debt instruments due within one year are measured initially and subsequently at the transaction price. Debt instruments due after one year are measured initially at the transaction price and subsequently at amortised cost using the effective interest method.

At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4	Investments

	2024 £	2023 £
Investments in subsidiaries	6,706,643	6,706,643