Company registration number 00448935 (England and Wales)
E.J.MARKHAM & SON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
E.J.MARKHAM & SON LIMITED
COMPANY INFORMATION
Directors
M R Brittain
R Weeks
Secretary
R Weeks
Company number
00448935
Registered office
45 Westerham Road
Bessels Green
Sevenoaks
Kent
TN13 2QB
Auditor
Mercer & Hole LLP
Trinity Court
Church Street
Rickmansworth
WD3 1RT
E.J.MARKHAM & SON LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 18
E.J.MARKHAM & SON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Principal activities

The principal activity of the company continued to be that of pawnbroking and specialise in the retail of watches, old gold, antique and modern silver, jewellery and gemstones.

Directors

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

M R Brittain
R Weeks
Auditor

In accordance with the company's articles, a resolution proposing that Mercer & Hole LLP be reappointed as auditor of the company will be put at a 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 company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M R Brittain
Director
23 May 2026
E.J.MARKHAM & SON LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

E.J.MARKHAM & SON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF E.J.MARKHAM & SON LIMITED
- 3 -
Opinion

We have audited the financial statements of E.J.Markham & Son Limited (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

Material uncertainty relating to going concern

We draw attention to note 1.2, on page 8 of the financial statements concerning the company's ability to continue as a going concern which indicates that despite net current assets of £675,847 at 31 March 202 5, the company's going concern assessment may be adversely affected by market conditions or developments in the wider group headed by SQIB Limited. The company is reliant on the ongoing support of its ultimate shareholders. However this support is itself dependent on a number of other events which are themselves uncertain.

As stated in note 1.2 on page 8, these events or conditions, along with the other matters identified, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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 directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

E.J.MARKHAM & SON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF E.J.MARKHAM & SON LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of FCA regulations and we considered the extent to which non-compliance may have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud;

- evaluation of the operating effectiveness of management's controls designed to prevent and detect irregularities;

- review correspondence with the FCA for evidence of breaches;

- identifying and testing journal entries.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

E.J.MARKHAM & SON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF E.J.MARKHAM & SON LIMITED (CONTINUED)
- 5 -

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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.

Anil Kapoor (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP, Statutory Auditor
Chartered Accountants
Trinity Court
Church Street
Rickmansworth
WD3 1RT
25 May 2026
E.J.MARKHAM & SON LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
2025
2024
as restated
Notes
£
£
Turnover
727,373
651,273
Cost of sales
(438,434)
(422,097)
Gross profit
288,939
229,176
Administrative expenses
(224,226)
(290,414)
Profit/(loss) before taxation
64,713
(61,238)
Tax on profit/(loss)
5
-
0
-
0
Profit/(loss) for the financial year
64,713
(61,238)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

E.J.MARKHAM & SON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 7 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
6
4,598
15,037
Current assets
Stocks
709,984
699,038
Debtors
7
412,198
310,892
Cash at bank and in hand
15,502
14,718
1,137,684
1,024,648
Creditors: amounts falling due within one year
8
(464,627)
(426,743)
Net current assets
673,057
597,905
Total assets less current liabilities
677,655
612,942
Provisions for liabilities
(1,808)
(1,808)
Net assets
675,847
611,134
Capital and reserves
Called up share capital
9
6,627
6,627
Other reserves
1,000
1,000
Profit and loss reserves
668,220
603,507
Total equity
675,847
611,134

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 23 May 2026 and are signed on its behalf by:
M R Brittain
Director
Company registration number 00448935 (England and Wales)
E.J.MARKHAM & SON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 March 2024:
Balance at 1 April 2023 as previously stated
6,627
1,000
681,786
689,413
Prior year adjustment
15
-
-
(17,041)
(17,041)
As restated
6,627
1,000
664,745
672,372
Year ended 31 March 2024:
Loss as previously stated
-
-
(58,942)
(58,942)
Prior year adjustment
15
(2,296)
(2,296)
Other comprehensive income:
Total comprehensive income as previously stated
-
-
(61,238)
(61,238)
Balance at 31 March 2024
6,627
1,000
603,507
611,134
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
64,713
64,713
Balance at 31 March 2025
6,627
1,000
668,220
675,847
E.J.MARKHAM & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
1
Accounting policies
Company information

E.J.Markham & Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

1.1
Basis of preparation

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

As at 31 March 2025, the company had net assets of £675,847 (2024: £611,134 as restated). The true directors have prepared a going concern assessment considering the company as part of the wider group headed by SQIB Limited. The company's forecasts and balance sheet position may be adversely affected by developments in the wider group.

The company is therefore reliant on the support of its ultimate shareholder s, which has been confirmed in writing for a period of at least 12 months from the date of approval of these financial statements. The ability of the shareholders to provide this support is predicated on market conditions to enable them to inject capital into the business or the continued trading of the wider the group in line with forecasts, certain subsidiaries within the group securing new finance or extending existing terms and the sale of certain assets within the group.

The directors have concluded that the above circumstances represent a material uncertainty that may cast significant doubt upon the company's ability to continue as a going concern as the availability of additional funds Is not certain. Nevertheless, after making enquiries and considering the uncertainties described above, the directors have a reasonable expectation that the company will have adequate resources to continue operating for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the financial statements.

1.3
Revenue

Turnover recognised in the the profit and loss accounts represents finance charge income earned over the period of the underlying loan agreements made principally in connection with pawn broking.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Income from the sale of gold, watches, precious stones and other goods i s recorded at the point of sale and recognised when the significant risks and rewards of ownership of the goods have passed to the buyer at the point of sale.

1.4
Tangible fixed assets

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

E.J.MARKHAM & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 10 -

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

Fixtures and fittings
10% reducing balance / 4 years straight line
Computers
10% reducing balance

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company 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 company 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.

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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.

E.J.MARKHAM & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, 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.

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 company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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.

E.J.MARKHAM & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
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.

1.11
Retirement benefits

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

1.12
Leases
As lessee

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 s asset are consumed.

E.J.MARKHAM & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2
Judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

Critical judgements

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Stock provision

The directors have assessed whether a provision is required against inventories to ensure that items are stated at the lower of cost and estimated selling price less costs to complete and sell.

In making this assessment, the directors have exercised judgement in evaluating the impact of stock ageing and the nature of the inventory, which comprises jewellery items whose demand is influenced by changes in fashion and customer preferences. The directors consider that such factors do not, in isolation, indicate that net realisable value is below cost.

This conclusion is supported by historical trading performance, including the absence of significant discounting to realise aged stock and the maintenance of consistent gross margins across product lines. Accordingly, no provision against inventory has been recognised, as the directors consider that the carrying value is recoverable through future sale in the ordinary course of business.

Recoverability of debtors

The directors have assessed the recoverability of amounts due from customers, including accrued interest on loans secured against pledged assets, in determining whether an impairment allowance is required. This assessment requires judgement in estimating expected credit losses at an individual balance level.

In forming this assessment, the directors consider the secured nature of the lending arrangements, whereby recovery is primarily achieved through redemption of the loan or realisation of the underlying collateral. Factors considered include the ageing profile of balances, historical redemption patterns, subsequent cash receipts, and the expected net proceeds from the disposal of unredeemed pledged assets, after deducting associated costs.

Based on this assessment, the directors are satisfied that the carrying value of receivables, net of any impairment recognised, is appropriate and reflects the amounts expected to be recovered.

Balances due from group undertakings and related parties are assessed separately and are considered to be fully recoverable, having regard to the financial position of those entities and the support available from the wider group and its controlling shareholders.

3
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
10,599
5,681
Cost of stocks recognised as an expense
430,653
404,970
Operating lease charges
8,000
12,000
Government grants
-
(10,733)
Group service charges
7,583
73,685
Movement reflects the prior year release of an over‑accrual compared to current year charges, including a balancing adjustment relating to earlier periods.
E.J.MARKHAM & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
4
Employees

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

2025
2024
Number
Number
5
5

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
109,432
102,734
Social security costs
1,651
1,165
Pension costs
2,882
2,780
113,965
106,679
5
Taxation

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit/(loss) before taxation
64,713
(61,238)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
16,178
(15,310)
Effects of:
Expenses that are not deductible in determining taxable profit
117
156
Change in unrecognised deferred tax assets
(12,909)
15,154
Adjustments in respect of prior years
(3,386)
-
0
Taxation charge in the financial statements
-
-
E.J.MARKHAM & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
6
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2024
87,224
2,210
89,434
Additions
-
0
160
160
Disposals
(2,593)
(2,210)
(4,803)
At 31 March 2025
84,631
160
84,791
Depreciation and impairment
At 1 April 2024
72,187
2,210
74,397
Depreciation charged in the year
10,593
6
10,599
Eliminated in respect of disposals
(2,593)
(2,210)
(4,803)
At 31 March 2025
80,187
6
80,193
Carrying amount
At 31 March 2025
4,444
154
4,598
At 31 March 2024
15,037
-
0
15,037
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
152,632
111,618
Corporation tax recoverable
84
84
Amounts owed by group undertakings
232,401
164,741
Other debtors
27,081
34,449
412,198
310,892
8
Creditors: amounts falling due within one year
2025
2024
£
£
as restated
Bank loans and overdrafts
192
144
Trade creditors
34,798
32,391
Amounts owed to group undertakings
73,292
44,421
Taxation and social security
1,393
1,736
Other creditors
354,952
348,051
464,627
426,743

E.J.MARKHAM & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6,627
6,627
6,627
6,627
10
Related party transactions
Transactions with related parties

At the year end the company had the following loan balances outstanding with related parties. Lustrum Investments Limited is a company in the Armatire Group. This company is related by virtue of being under common control.

The other balances owed are to related parties that are 100% subsidiaries of Venus Topco Limited, a company registered in Guernsey and the controlling parent of Markerstudy Group Holdings Limited. Venus Topco Limited has shareholders in common with the Armatire Group. The ultimate parent undertaking is PSC Nominee 4 Limited, as nominee for PSC IV LP, PSC IV B LP and PSC IV (C) SCSp. The Company's ultimate controlling party are PSC IV LP, PSC IV B LP and PSC IV (C) SCSp, funds managed by Pollen Street Capital Limited (a subsidiary of Pollen Street Capital Holdings Limited).

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Markerstudy Insurance Services Limited
635
635
Lustrum Investments Limited
268,000
268,000
Insurance Factory Limited
22,582
19,854

The company has taken advantage of the exemptions available under Section 33 of FRS102 from the requirement to disclose transactions with group companies where these are fellow 100% owned subsidiaries.

11
Parent company

The immediate parent undertaking is SQIB Limited, a company registered in England and Wales. Copies of the immediate parent company's consolidated financial statements may be obtained from 45 Westerham Road, Bessels Green, Sevenoaks, Kent TN13 2QB.

SQIB Limited is the parent undertaking of the smallest group for which group accounts will be drawn up, and of which the company is a member. The registered office address of SQIB Limited, incorporated in England and Wales, is 45 Westerham Road, Sevenoaks, Kent, TN13 2QB.

The ultimate parent undertaking is Armatire Limited, which owns a 75% shareholding in SQIB Limited. Armatire Limited is a company registered in England and Wales, and represents the largest group for which consolidated accounts including 55VS No1 Limited are prepared. Copies of these financial statements may be obtained from 45 Westerham Road, Bessels Green, Sevenoaks, Kent TN13 2QB.

Armatire Limited is controlled by K R Spencer and A Spencer.

E.J.MARKHAM & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
12
Charges on assets

The company entered into an agreement on 27 January 2020 with fellow group companies to secure a group loan by means of fixed charges, floating charges and security over the assets of the company.

The company has entered into a debenture on 13 July 2021 with Markerstudy Limited. The ultimate parent company of Markerstudy Limited is Venus Topco Limited, a company registered in Guernsey and the controlling parent of Markerstudy Group Holdings Limited.

On 13 January 2023, SQIB Ltd entered into an agreement with Glas Trust Corporation Ltd who holds fixed and floating charges over all land and intellectual property.

13
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2023
2024
Notes
£
£
Adjustments to prior year
Pawn broker creditor
1
(17,041)
(19,337)
Equity as previously reported
689,413
630,471
Equity as adjusted
672,372
611,134
Analysis of the effect upon equity
Profit and loss reserves
(17,041)
(19,337)
Reconciliation of changes in loss for the previous financial period
2024
Notes
£
Adjustments to prior year
Pawn broker creditor
1
(2,296)
Loss as previously reported
(58,942)
Loss as adjusted
(61,238)
Changes to the balance sheet
As previously reported
Adjustment at 1 Apr 2023
Adjustment at 31 Mar 2024
As restated at 31 Mar 2024
£
£
£
£
Creditors due within one year
Other creditors
(405,526)
(17,041)
(2,296)
(424,863)
Capital and reserves
Profit and loss reserves
622,844
(17,041)
(2,296)
603,507
E.J.MARKHAM & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Prior period adjustment
(Continued)
- 18 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2024
£
£
£
Turnover
653,569
(2,296)
651,273
Loss for the financial period
(58,942)
(2,296)
(61,238)
Notes to reconciliation
Pawn broker creditor

During the year ended 31 March 2025, management identified an error in the prior period relating to amounts due to customers following the sale of defaulted pawn broker items.

Under the terms of the arrangements, where pledged items are not redeemed and are subsequently sold, any surplus proceeds (being the excess of sale proceeds over the outstanding loa n, accrued interest and fees) are payable to the customer. It was identified that certain amounts due to customers had not been fully recognised as a liability in prior periods.

Accordingly, a prior year adjustment has been recognised in accordance with FRS 102 Section 10 to correct this understatement of liabilities.

The correction has been accounted for as:

- a debit to retained earnings and a corresponding credit to other creditors at 1 April 2023 for £17,041; and

- a debit to sales and a corresponding credit to other creditors in the year ended 31 March 2024 for £2,296.

Comparative amounts for the year ended 31 March 2024 have been restated accordingly. The adjustment for the year ended 31 March 2025 has been recognised within the current year income statement and reflects amounts identified during the period.

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