Marlborough Consulting LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2025
Accounts for filing with the Registrar
Limited Liability Partnership Registration No. OC400141 (England and Wales)
Marlborough Consulting LLP
Contents
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3
Notes to the financial statements
4 - 10
Marlborough Consulting LLP
Balance Sheet
As at 31 March 2025
Page 1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,196
2,647
Current assets
Debtors
4
390,789
713,316
Cash and cash equivalents
894,092
492,068
1,284,881
1,205,384
Creditors: amounts falling due within one year
5
(736,289)
(820,552)
Net current assets
548,592
384,832
Total assets less current liabilities and net assets attributable to members
552,788
387,479
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
552,788
387,479
Total members' interests
Loans and other debts due to members
552,788
387,479
552,788
387,479

T he members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members have not yet required the limited liability partnership to obtain an audit of its financial statements for the year in question in accordance with section 476. The members acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

Marlborough Consulting LLP
Balance Sheet (Continued)
As at 31 March 2025
Page 2
The financial statements were approved by the members and authorised for issue on 19 May 2025 and are signed on their behalf by:
19 May 2025
A B Eccleston
Designated member
Limited Liability Partnership Registration No. OC400141
Marlborough Consulting LLP
Reconciliation of Members' Interests
For the year ended 31 March 2025
Page 3
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Other amounts
Total
Total
2025
£
£
£
Members' interests at 1 April 2024
387,479
387,479
387,479
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
1,839,344
1,839,344
1,839,344
Members' interests after loss and remuneration for the year
2,226,823
2,226,823
2,226,823
Drawings on account and distributions of profit
(1,674,035)
(1,674,035)
(1,674,035)
Members' interests at 31 March 2025
552,788
552,788
552,788
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Other amounts
Total
Total
2024
£
£
£
Members' interests at 1 July 2023
344,909
344,909
344,909
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
994,306
994,306
994,306
Members' interests after loss and remuneration for the period
1,339,215
1,339,215
1,339,215
Drawings on account and distributions of profit
(951,736)
(951,736)
(951,736)
Members' interests at 31 March 2024
387,479
387,479
387,479
Marlborough Consulting LLP
Notes to the Financial Statements
For the year ended 31 March 2025
Page 4
1
Accounting policies
Limited liability partnership information

Marlborough Consulting LLP is a limited liability partnership incorporated in England and Wales. The registered office is 6th Floor Charlotte Building, 17 Gresse Street, London, United Kingdom, W1T 1QL.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The previous financial statements are presented for a period shorter than one year, due to the company has changed its reporting year to align with the financial year end, effective from 1 July 2023. Therefore, the comparative information (including the related notes) is not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with section 1A of 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 limited liability partnership. Monetary a mounts 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.

1.3
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.5
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Marlborough Consulting LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 5
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
3 years straight line
Computer equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.9
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

Marlborough Consulting LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 6
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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 limited liability partnership 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 limited liability partnership after deducting all of its liabilities.

Marlborough Consulting LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 7
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Marlborough Consulting LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 8
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits and post retirement payments to members

Retiring members are repaid their capital at par.

1.13
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
Employees

The average number of persons (excluding members) employed by the partnership during the year is :

2025
2024
Number
Number
Total
1
1
Marlborough Consulting LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 9
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
8,275
Additions
3,908
At 31 March 2025
12,183
Depreciation and impairment
At 1 April 2024
5,628
Depreciation charged in the year
2,359
At 31 March 2025
7,987
Carrying amount
At 31 March 2025
4,196
At 31 March 2024
2,647
4
Debtors: amounts falling due within one year
2025
2024
£
£
Trade debtors
390,224
658,589
Other debtors
565
54,727
390,789
713,316
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
73,726
79,767
Taxation and social security
13,187
68,115
Other creditors
250,332
531,027
Accruals and deferred income
399,044
141,643
736,289
820,552
Marlborough Consulting LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 10
6
Loans and other debts due to members
2025
2024
£
£
Analysis of loans
Amounts falling due within one year
552,788
387,479
552,788
387,479

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

7
Related party transactions

A B Eccleston is a designated member of the LLP and has a material interest in Marlborough Advisors Limited.

During the year, Marlborough Advisors Limited invoiced the company £386,234 (202 4: £415,476) for management fees.

At the year end, included in other creditors is a balance of £247,302 (202 4: £527,096) due to Marlborough Advisors Limited.

8
Control

The ultimate controlling party is A B Eccleston by virtue of his voting rights of the LLP.

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