Company Registration No. 14968025 (England and Wales)
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
COMPANY INFORMATION
Directors
Mr D G S Swali
Mr J G S Swali
Mr B G S Swali
Mr S G S Swali
Company number
14968025
Registered office
Suite 1 Aqueous Ii
Aston Cross Business Park
Birmingham
United Kingdom
B6 5RQ
Auditor
TC Group
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 10
Group statement of comprehensive income
11
Group balance sheet
12 - 13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
CONTENTS
Notes to the financial statements
19 - 38
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Fair review of the business

The Group continues to demonstrate strong operational performance and strategic progression within the global healthcare market. Marva Group has established itself as a leading healthcare recruitment organisation, recognised for delivering high-quality workforce solutions across the UK and international markets.

During the year, the Group has taken deliberate steps to evolve its business model beyond traditional recruitment. While recruitment remains a core revenue driver, Marva is actively transitioning towards becoming an integrated healthcare provider, leveraging its recruitment infrastructure to support and scale direct service delivery.

This strategic shift is underpinned by our deep understanding of workforce challenges, enabling us not only to supply talent but also to design, manage, and deliver healthcare services directly to end users.

Key developments during the year include:

Expansion of international recruitment channels to address global workforce shortages

- Strengthening of client relationships within NHS and private healthcare sectors

- Investment in operational systems to support future service delivery models

- Initial groundwork for healthcare provision capabilities, including community-based services

The Group’s financial position remains stable and continues to support its long-term strategic ambitions, including diversification into direct healthcare delivery.

Strategic Transformation: Recruitment to Healthcare Provision

A key strategic priority for Marva Group is the transition from a recruitment-led organisation to a healthcare-led service provider.

This evolution is driven by:

- Increasing demand for outsourced healthcare service delivery

- System pressures within the NHS and global healthcare systems

- The Group’s unique position in controlling both talent supply and service execution

Marva intends to utilise its recruitment businesses as a growth engine, enabling:

- Rapid mobilisation of clinical workforces

- End-to-end service delivery (staffing, operations, and outcomes)

- Entry into community-based and specialist healthcare services

This model enhances margin potential, improves client retention, and positions the Group as a long-term strategic partner rather than a transactional supplier.

Principal risks and uncertainties
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The Directors continue to monitor key risks that may impact performance and strategic delivery:

Workforce Supply Risk

Ongoing shortages of qualified healthcare professionals remain a structural challenge. The Group mitigates this through international recruitment pipelines and long-term candidate engagement strategies.

Economic and Funding Pressures

Macroeconomic uncertainty and public sector budget constraints may reduce demand for recruitment services. However, the shift toward service delivery is expected to partially offset this exposure.

Regulatory and Compliance Risk

Changes in healthcare regulation, immigration policy, and commissioning frameworks present ongoing complexity. The Group maintains robust compliance systems and governance oversight.

Execution Risk (Strategic Transition)

The transition into healthcare provision introduces operational and clinical delivery risks. These are managed through phased implementation, experienced leadership hires, and strong governance frameworks.

Competitive Market Dynamics

The healthcare recruitment market remains highly competitive. Differentiation through integrated service delivery is a key strategic response.

Future Strategic Roadmap

Over the next 12 months, the Group will focus on scaling both its recruitment operations and its emerging healthcare service delivery model.

Strategic priorities include:

1. Healthcare Service Development

- Launch and scale community-based healthcare services

- Develop specialist service lines aligned with market demand

- Establish operational frameworks for direct care delivery

2. Integrated Workforce Model

- Align recruitment operations with service delivery needs

- Build dedicated workforce pipelines for owned services

- Improve workforce planning and utilisation efficiency

3. International Expansion

- Target high-growth regions with critical workforce shortages

- Establish local partnerships and delivery capability

- Adapt models to local regulatory and cultural environments

4. Operational Excellence

- Standardise processes across recruitment and service delivery

- Invest in technology to improve efficiency and reporting

- Enhance quality assurance and clinical governance systems

5. Strategic Partnerships

- Deepen relationships with NHS bodies, ICBs, and private providers

- Position Marva as a long-term delivery partner

- Explore joint ventures and commissioning opportunities

6. Financial Sustainability and Growth

- Improve margins through service-based revenue streams

- Reinvest profits into scalable healthcare operations

- Maintain disciplined cost control during expansion

Innovation and Responsibility (ESG)

Marva Group remains committed to responsible and sustainable growth. Environmental, Social, and Governance (ESG) principles are embedded within the Group’s strategy and operations.

Key focus areas include:

- Ethical international recruitment practices

- Supporting workforce wellbeing and retention

- Investment in digital infrastructure to modernise healthcare delivery

- Contribution to improving healthcare access in underserved regions

Outlook

The Directors are confident in the Group’s strategic direction. The transition toward healthcare provision represents a significant opportunity to enhance long-term value, diversify revenue streams, and strengthen market positioning.

With a strong financial base, established market reputation, and clear strategic vision, Marva Group is well positioned to deliver sustainable growth in the evolving global healthcare landscape.

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Development and performance

6. Financial Sustainability and Growth

- Improve margins through service-based revenue streams

- Reinvest profits into scalable healthcare operations

- Maintain disciplined cost control during expansion

Innovation and Responsibility (ESG)

Marva Group remains committed to responsible and sustainable growth. Environmental, Social, and Governance (ESG) principles are embedded within the Group’s strategy and operations.

Key focus areas include:

- Ethical international recruitment practices

- Supporting workforce wellbeing and retention

- Investment in digital infrastructure to modernise healthcare delivery

- Contribution to improving healthcare access in underserved regions

Outlook

The Directors are confident in the Group’s strategic direction. The transition toward healthcare provision represents a significant opportunity to enhance long-term value, diversify revenue streams, and strengthen market positioning.

With a strong financial base, established market reputation, and clear strategic vision, Marva Group is well positioned to deliver sustainable growth in the evolving global healthcare landscape.

On behalf of the board

Mr D G S Swali
Director
30 April 2026
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Results and dividends

The loss for the year, after taxation and minority interests, amounted to £433,895 (2024: £70,885).

During the year a dividend of £162,700 (2024: 1,230,500) was recommended by the directors.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D G S Swali
Mr J G S Swali
Mr B G S Swali
Mr S G S Swali

All the directors, being eligible, offer themselves for election at the forthcoming first Annual General Meeting.

Auditor

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr D G S Swali
Director
30 April 2026
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

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 group and company, 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of Marva Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 March 2025 and of the group's 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.

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 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 group's and 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.

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
- 7 -

Other information

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' r eport 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.

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 identifie d material misstatements in the strategic report and the directors' r eport.

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 directors' r esponsibilities s tatement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
- 8 -
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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
- 9 -

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

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.

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
- 10 -
Mark Bullock FCA (Senior Statutory Auditor)
For and on behalf of TC Group
30 April 2026
Chartered Accountants
Statutory Auditor
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Year
period
ended
ended
31 March
31 March
2025
2024
Notes
£
£
Turnover
3
22,475,646
2,777,917
Cost of sales
(16,934,767)
(1,969,779)
Gross profit
5,540,879
808,138
Administrative expenses
(6,187,991)
(907,658)
Other operating income
109,900
45,562
Operating loss
4
(537,212)
(53,958)
Interest receivable and similar income
7
73
-
0
Interest payable and similar expenses
8
(192,024)
(13,592)
Loss before taxation
(729,163)
(67,550)
Tax on loss
9
38,050
(3,335)
Loss for the financial year
(691,113)
(70,885)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
10
2,988,065
3,326,337
Other intangible assets
10
9,300
13,047
Total intangible assets
2,997,365
3,339,384
Tangible assets
11
655,199
730,227
Investment properties
12
264,674
264,673
3,917,238
4,334,284
Current assets
Debtors
15
6,514,285
5,028,030
Cash at bank and in hand
379,661
442,915
6,893,946
5,470,945
Creditors: amounts falling due within one year
16
(5,520,808)
(2,988,130)
Net current assets
1,373,138
2,482,815
Total assets less current liabilities
5,290,376
6,817,099
Creditors: amounts falling due after more than one year
17
(374,560)
(1,014,117)
Provisions for liabilities
Deferred tax liability
19
9,733
43,086
(9,733)
(43,086)
Net assets
4,906,083
5,759,896
Capital and reserves
Called up share capital
21
1,000
1,000
Share premium account
7,060,281
7,060,281
Profit and loss reserves
(2,155,198)
(1,301,385)
Total equity
4,906,083
5,759,896
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 30 April 2026 and are signed on its behalf by:
30 April 2026
Mr D G S Swali
Director
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 14 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
7,061,280
7,061,280
Current assets
Cash at bank and in hand
20,578
21,462
Creditors: amounts falling due within one year
16
(21,643)
(21,450)
Net current (liabilities)/assets
(1,065)
12
Net assets
7,060,215
7,061,292
Capital and reserves
Called up share capital
21
1,000
1,000
Share premium account
7,060,281
7,060,281
Profit and loss reserves
(1,066)
11
Total equity
7,060,215
7,061,292

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £1,077 (2024 - £11 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 April 2026 and are signed on its behalf by:
30 April 2026
Mr D G S Swali
Director
Company Registration No. 14968025
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 28 June 2023
-
0
-
0
-
0
-
Period ended 31 March 2024:
Loss and total comprehensive income for the period
-
-
(70,885)
(70,885)
Issue of share capital
21
1,000
7,060,281
-
7,061,281
Dividends
-
-
(1,230,500)
(1,230,500)
Balance at 31 March 2024
1,000
7,060,281
(1,301,385)
5,759,896
Year ended 31 March 2025:
Loss and total comprehensive income for the year
-
-
(691,113)
(691,113)
Dividends
-
-
(162,700)
(162,700)
Balance at 31 March 2025
1,000
7,060,281
(2,155,198)
4,906,083
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 28 June 2023
-
0
-
0
-
0
-
Period ended 31 March 2024:
Profit and total comprehensive income for the period
-
-
11
11
Issue of share capital
21
1,000
7,060,281
-
7,061,281
Balance at 31 March 2024
1,000
7,060,281
11
7,061,292
Year ended 31 March 2025:
Loss and total comprehensive income for the year
-
-
(1,077)
(1,077)
Balance at 31 March 2025
1,000
7,060,281
(1,066)
7,060,215
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
233,823
(1,759,593)
Interest paid
(192,024)
(13,592)
Income taxes (paid)/refunded
(335,682)
904,739
Net cash outflow from operating activities
(293,883)
(868,446)
Investing activities
Purchase of intangible assets
-
(3,382,716)
Proceeds on disposal of intangibles
-
(13,608)
Purchase of tangible fixed assets
(26,063)
(9,405)
Proceeds on disposal of tangible fixed assets
-
(998,798)
Receipts arising from loans made
(101,863)
(707,069)
Interest received
73
-
0
Net cash used in investing activities
(127,853)
(5,111,596)
Financing activities
Proceeds from issue of shares
-
7,061,281
Repayment of borrowings
649,303
12,478
Repayment of bank loans
(446,642)
579,698
Dividends paid to equity shareholders
(162,700)
(1,230,500)
Net cash generated from financing activities
39,961
6,422,957
Net (decrease)/increase in cash and cash equivalents
(381,775)
442,915
Cash and cash equivalents at beginning of year
442,915
-
0
Cash and cash equivalents at end of year
61,140
442,915
Relating to:
Cash at bank and in hand
379,661
442,915
Bank overdrafts included in creditors payable within one year
(318,521)
-
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(884)
21,461
Investing activities
Proceeds on disposal of subsidiaries
-
0
(7,061,280)
Net cash used in investing activities
-
(7,061,280)
Financing activities
Proceeds from issue of shares
-
7,061,281
Net cash (used in)/generated from financing activities
-
7,061,281
Net (decrease)/increase in cash and cash equivalents
(884)
21,462
Cash and cash equivalents at beginning of year
21,462
-
0
Cash and cash equivalents at end of year
20,578
21,462
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
1
Accounting policies
Company information

Marva Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Suite 1 Aqueous Ii, Aston Cross Business Park, Birmingham, United Kingdom, B6 5RQ.

The group consists of Marva Group Limited and all of its subsidiaries.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Marva Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The financial statements have been prepared on a going concern basis following the review by the directors of the future profitability, cash flow forecasts and expected future levels of trade. The directors confirm that the entity will continue to receive sufficient support from their shareholders, in order to meet its liabilities as they fall due from at least 12 months from the date of approval of the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software costs
evenly over its estimated useful life of five years
Development costs
evenly over its estimated useful life of three years
1.8
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:

Improvements to property
25% on reducing balance and 15% on reducing balance
Fixtures and fittings
25% on cost, 25% on reducing balance and 20% on reducing balance
Motor vehicles
25% on cost
Equipment
33% on cost and 20% on reducing balance
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -

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.

1.9
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

The directors have considered the fair value of the investment properties at the reporting date. The fair value has been calculated based on historic purchase price and review of trends in the property market. No professional valuation has been obtained. The methods and assumptions applied in determining the fair value of the investment property include consideration into; property market trends local to the investment property and recent property sales local to the investment property.

1.10
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 23 -
1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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 company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 24 -
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 m ethod 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 group 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 group after deducting all of its liabilities.

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 25 -
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. 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.

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 being measured at 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 group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 26 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
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 lease d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
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.

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2025
2024
£
£
Other significant revenue
Interest income
73
-
4
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging:
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
-
4,291
Depreciation of owned tangible fixed assets
101,091
13,303
Amortisation of intangible assets
342,019
56,940
Operating lease charges
81,135
14,832
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group, company and company's subsidiaries
116,016
35,780
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
84
20
4
5

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,387,180
546,597
-
0
-
0
Social security costs
228,179
49,376
-
-
Pension costs
16,038
4,205
-
0
-
0
3,631,397
600,178
-
0
-
0
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
73
-
0

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
73
-
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
165,654
-
Other finance costs:
Other interest
26,370
13,592
Total finance costs
192,024
13,592
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
19,518
4,718
Adjustments in respect of prior periods
(25,493)
-
0
Total current tax
(5,975)
4,718
Deferred tax
Origination and reversal of timing differences
(32,075)
(1,383)
Total tax (credit)/charge
(38,050)
3,335
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Taxation
(Continued)
- 30 -

The actual (credit)/charge 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:

2025
2024
£
£
Loss before taxation
(729,163)
(67,550)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(182,291)
(16,888)
Tax effect of expenses that are not deductible in determining taxable profit
40,173
988
Tax effect of utilisation of tax losses not previously recognised
(54)
-
0
Unutilised tax losses carried forward
167,279
10
Group relief
13,814
-
0
Permanent capital allowances in excess of depreciation
(6,547)
1,405
Amortisation on assets not qualifying for tax allowances
84,568
14,095
Under/(over) provided in prior years
(25,493)
-
0
Deferred tax adjustments in respect of prior years
(32,075)
(1,383)
Subject to overseas tax
(97,424)
5,108
Taxation (credit)/charge
(38,050)
3,335
10
Intangible fixed assets
Group
Goodwill
Software costs
Development costs
Total
£
£
£
£
Cost
At 1 April 2024 and 31 March 2025
3,382,716
18,000
15,660
3,416,376
Amortisation and impairment
At 1 April 2024
56,379
5,100
15,513
76,992
Amortisation charged for the year
338,272
3,600
147
342,019
At 31 March 2025
394,651
8,700
15,660
419,011
Carrying amount
At 31 March 2025
2,988,065
9,300
-
0
2,997,365
At 31 March 2024
3,326,337
12,900
147
3,339,384
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Intangible fixed assets
(Continued)
- 31 -
11
Tangible fixed assets
Group
Improvements to property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2024
567,752
205,955
13,500
330,975
1,118,182
Additions
-
0
21,713
-
0
4,350
26,063
Disposals
-
0
-
0
-
0
(2,700)
(2,700)
At 31 March 2025
567,752
227,668
13,500
332,625
1,141,545
Depreciation and impairment
At 1 April 2024
28,524
165,708
10,688
183,035
387,955
Depreciation charged in the year
5,007
25,088
3,375
67,621
101,091
Eliminated in respect of disposals
-
0
-
0
-
0
(2,700)
(2,700)
At 31 March 2025
33,531
190,796
14,063
247,956
486,346
Carrying amount
At 31 March 2025
534,221
36,872
(563)
84,669
655,199
At 31 March 2024
539,228
40,247
2,812
147,940
730,227
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
12
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 April 2024 and 31 March 2025
264,674
-

The investment property was valued on an open market basis on 31 March 2025 by the directors.

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
7,061,280
7,061,280
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
7,061,280
Carrying amount
At 31 March 2025
7,061,280
At 31 March 2024
7,061,280
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
iCare24 Group Limited
UK
Supply of agency staff
Ordinary
100.00
iCare24 Limited
UK
Supply of agency staff
Ordinary
100.00
Raven Medical Staffing Limited
UK
Supply of agency staff
Ordinary
100.00
VItality24 Limited
UK
Supply of agency staff
Ordinary
100.00
iCare24 S.A. Pty
South Africa
Dormant
Ordinary
100.00
Muve Children's Residential Limited
UK
Dormant
Ordinary
100.00
Muve People Group Limited
UK
Dormant
Ordinary
100.00
Muve USA LLC
UK
Holding company
Ordinary
100.00
Muve Healthcare LLC
USA
Supply of agency staff
Ordinary
100.00
Muve People Limited
UK
Supply of agency staff
Ordinary
100.00
Muve Homecare Limited
UK
Supply of agency staff
Ordinary
100.00
Muve Canada
Canada
Dormant
Ordinary
100.00
Muve People Ireland Limited
Ireland
Supply of agency staff
Ordinary
100.00
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,390,799
2,970,500
-
0
-
0
Corporation tax recoverable
273,014
-
0
-
0
-
0
Other debtors
1,660,308
1,758,645
-
0
-
0
Prepayments and accrued income
190,164
298,885
-
0
-
0
6,514,285
5,028,030
-
-
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
432,501
99,609
-
0
-
0
Other borrowings
18
306,297
-
0
-
0
-
0
Trade creditors
782,481
592,015
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
21,643
21,450
Corporation tax payable
797,623
343,438
-
0
-
0
Other taxation and social security
297,174
266,470
-
-
0
Other creditors
502,794
1,476,309
-
0
-
0
Accruals and deferred income
2,401,938
210,289
-
0
-
0
5,520,808
2,988,130
21,643
21,450
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
19,076
480,089
-
0
-
0
Other borrowings
18
355,484
12,478
-
0
-
0
Corporation tax payable
-
0
521,550
-
0
-
0
374,560
1,014,117
-
-
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
17
Creditors: amounts falling due after more than one year
(Continued)
- 34 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
(173,963)
-
-
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
133,056
579,698
-
0
-
0
Bank overdrafts
318,521
-
0
-
0
-
0
Other loans
661,781
12,478
-
0
-
0
1,113,358
592,176
-
-
Payable within one year
738,798
99,609
-
0
-
0
Payable after one year
374,560
492,567
-
0
-
0
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
9,733
43,086
The company has no deferred tax assets or liabilities.
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
19
Deferred taxation
(Continued)
- 35 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
43,086
-
Credit to profit or loss
(33,353)
-
Liability at 31 March 2025
9,733
-
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
16,038
4,205

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 0p each
100,000
100,000
1,000
1,000
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 36 -
22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
97,440
58,777
-
-
Between two and five years
-
14,041
-
-
97,440
72,818
-
-
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
-
122,510
Other information

Included within other debtors is a balance of £1,145,726 (2024: £1,013,142) owed from companies where a director has common control. Balances are unsecured and deemed repayable on demand.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the Financial statements.

24
Dividends

Ordinary shares of .01 each

Equity dividends on ordinary shares £162,700 (2024: £1,230,500)

CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 37 -
25
Cash generated from/(absorbed by) group operations
2025
2024
£
£
Loss for the year after tax
(691,113)
(70,885)
Adjustments for:
Taxation (credited)/charged
(38,050)
3,335
Finance costs
192,024
13,592
Investment income
(73)
-
0
Amortisation and impairment of intangible assets
342,019
56,940
Depreciation and impairment of tangible fixed assets
101,091
13,303
Movements in working capital:
Increase in debtors
(1,111,379)
(4,320,961)
Increase in creditors
1,439,304
2,545,083
Cash generated from/(absorbed by) operations
233,823
(1,759,593)
26
Cash (absorbed by)/generated from operations - company
2025
2024
£
£
(Loss)/profit for the year after tax
(1,077)
11
Movements in working capital:
Increase in creditors
193
21,450
Cash (absorbed by)/generated from operations
(884)
21,461
27
Analysis of changes in net debt - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
442,915
(63,254)
379,661
Bank overdrafts
-
0
(318,521)
(318,521)
442,915
(381,775)
61,140
Borrowings excluding overdrafts
(592,176)
(202,661)
(794,837)
(149,261)
(584,436)
(733,697)
CONSOLIDATED RECORD FOR MARVA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 38 -
28
Analysis of changes in net funds - company
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
21,462
(884)
20,578
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