Company registration number 10174153 (England and Wales)
MARSHALL RECORDS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
MARSHALL RECORDS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MARSHALL RECORDS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
31 December
31 December
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
4
100
100
Current assets
Debtors
5
30,540
23,100
Cash at bank and in hand
391
2,230
30,931
25,330
Creditors: amounts falling due within one year
6
(1,134,884)
(1,122,656)
Net current liabilities
(1,103,953)
(1,097,326)
Total assets less current liabilities
(1,103,853)
(1,097,226)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(1,103,953)
(1,097,326)
Total equity
(1,103,853)
(1,097,226)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 26 June 2026 and are signed on its behalf by:
M Axhamre
Director
Company Registration No. 10174153
MARSHALL RECORDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Marshall Records Limited is a private company limited by shares incorporated in England and Wales. The registered office is Denbigh Road, Denbigh Industrial Estate, Bletchley, Milton Keynes, MK1 1DQ.

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, [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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The financial statements of the company are included in the consolidated financial statements of Marshall Group AB which are available from https://group.marshall.com/investors/. The registered office of Marshall Group AB is Centralplan 15, 111 20 Stockholm, Sweden. This is the largest group, as well as the smallest group, for which group accounts are drawn up.

The company is a wholly owned subsidiary of Marshall Amplification PLC (Company No. 00805676), registered office, Denbigh Road, Denbigh Industrial Estate, Bletchley, Milton Keynes, MK1 1DQ.

1.2
Going concern

The directors acknowledge the deficit of £1,103,853 on the balance sheet but are of the opinion that the company will have future financial support from the parent Marshall Amplification PLC and therefore will continue to be prepared on the going concern basis.

MARSHALL RECORDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.4
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.

1.5
Financial instruments

The company 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 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.

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, 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.

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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

MARSHALL RECORDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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
Employees

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

2025
2024
Number
Number
Total
0
0
4
Fixed asset investments
31 December
31 December
2025
2024
£
£
Investments
100
100

On 8th February 2017, Marshall Records Limited incorporated Marshall Records Publishing Limited and own 100% of the share capital.

MARSHALL RECORDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2025 & 31 December 2025
100
Carrying amount
At 31 December 2025
100
At 31 December 2024
100
5
Debtors
31 December
31 December
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
29,320
22,000
Other debtors
1,220
1,100
30,540
23,100
6
Creditors: amounts falling due within one year
31 December
31 December
2025
2024
£
£
Trade creditors
-
0
2,412
Amounts due to group undertakings
1,128,884
1,114,244
Other creditors
6,000
6,000
1,134,884
1,122,656
7
Called up share capital
31 December
31 December
2025
2024
£
£
Ordinary share capital
Issued and fully paid
60 A Ordinary of £1 each
60
60
40 B Ordinary of £1 each
40
40
100
100
MARSHALL RECORDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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.

Senior Statutory Auditor:
Michael Broder BSc FCA
Statutory Auditor:
Simpson Wreford LLP
Date of audit report:
2 July 2026
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