Marsden International Legal Search Limited - Period Ending 2023-06-30

MARSDEN INTERNATIONAL LEGAL SEARCH LIMITED - Company Information

Marsden International Legal Search Limited 05173876 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is legal recruitment Digita Accounts Production Advanced 6.30.9574.0 false false true 05173876 2022-07-01 2023-06-30 05173876 2023-06-30 05173876 bus:OrdinaryShareClass1 2023-06-30 05173876 core:CurrentFinancialInstruments 2023-06-30 05173876 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 05173876 core:FurnitureFittingsToolsEquipment 2023-06-30 05173876 core:AllSubsidiaries 2023-06-30 05173876 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-06-30 05173876 core:ParentEntities 2023-06-30 05173876 bus:SmallEntities 2022-07-01 2023-06-30 05173876 bus:Audited 2022-07-01 2023-06-30 05173876 bus:FullAccounts 2022-07-01 2023-06-30 05173876 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 05173876 bus:RegisteredOffice 2022-07-01 2023-06-30 05173876 bus:CompanySecretary1 2022-07-01 2023-06-30 05173876 bus:Director1 2022-07-01 2023-06-30 05173876 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 05173876 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 05173876 core:FurnitureFittings 2022-07-01 2023-06-30 05173876 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 05173876 core:AllSubsidiaries 2022-07-01 2023-06-30 05173876 core:AllSubsidiaries core:RenderingOrReceivingServices 2022-07-01 2023-06-30 05173876 core:AllSubsidiaries core:TransfersUnderFinanceArrangements 2022-07-01 2023-06-30 05173876 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-07-01 2023-06-30 05173876 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:RenderingOrReceivingServices 2022-07-01 2023-06-30 05173876 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:TransfersUnderFinanceArrangements 2022-07-01 2023-06-30 05173876 core:ParentEntities 2022-07-01 2023-06-30 05173876 core:ParentEntities core:RenderingOrReceivingServices 2022-07-01 2023-06-30 05173876 core:ParentEntities core:TransfersUnderFinanceArrangements 2022-07-01 2023-06-30 05173876 core:Subsidiary1 2022-07-01 2023-06-30 05173876 core:Subsidiary1 1 2022-07-01 2023-06-30 05173876 core:Subsidiary1 countries:AllCountries 2022-07-01 2023-06-30 05173876 1 2022-07-01 2023-06-30 05173876 countries:EnglandWales 2022-07-01 2023-06-30 05173876 2022-06-30 05173876 core:CostValuation 2022-06-30 05173876 core:FurnitureFittingsToolsEquipment 2022-06-30 05173876 core:AllSubsidiaries 2022-06-30 05173876 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-06-30 05173876 core:ParentEntities 2022-06-30 05173876 2021-07-01 2022-06-30 05173876 2022-06-30 05173876 bus:OrdinaryShareClass1 2022-06-30 05173876 core:CurrentFinancialInstruments 2022-06-30 05173876 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 05173876 core:FurnitureFittingsToolsEquipment 2022-06-30 05173876 core:AllSubsidiaries 2022-06-30 05173876 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-06-30 05173876 core:ParentEntities 2022-06-30 05173876 core:AllSubsidiaries 2021-07-01 2022-06-30 05173876 core:AllSubsidiaries core:RenderingOrReceivingServices 2021-07-01 2022-06-30 05173876 core:AllSubsidiaries core:TransfersUnderFinanceArrangements 2021-07-01 2022-06-30 05173876 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-07-01 2022-06-30 05173876 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:RenderingOrReceivingServices 2021-07-01 2022-06-30 05173876 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:TransfersUnderFinanceArrangements 2021-07-01 2022-06-30 05173876 core:ParentEntities 2021-07-01 2022-06-30 05173876 core:ParentEntities core:RenderingOrReceivingServices 2021-07-01 2022-06-30 05173876 core:ParentEntities core:TransfersUnderFinanceArrangements 2021-07-01 2022-06-30 05173876 core:Subsidiary1 1 2021-07-01 2022-06-30 05173876 2021-06-30 05173876 core:AllSubsidiaries 2021-06-30 05173876 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-06-30 05173876 core:ParentEntities 2021-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05173876

Marsden International Legal Search Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2023

Marsden International Legal Search Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 11

Marsden International Legal Search Limited

Company Information

Director

J D Marsden

Company secretary

D Wilkins

Registered office

35A Hazlemere Road
Penn
High Wycombe
Buckinghamshire
HP10 8AD

Auditors

Cohen Arnold
Chartered Accountants and Registered Auditor
New Burlington House
1075 Finchley Road
London
NW11 0PU

Marsden International Legal Search Limited

(Registration number: 05173876)
Balance Sheet as at 30 June 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	5	10,256	5,092
Investments	6	10,583	10,583
		20,839	15,675
Current assets
Debtors	7	4,473,507	2,281,379
Cash at bank and in hand		1,879,681	1,764,568
		6,353,188	4,045,947
Creditors: Amounts falling due within one year	8	(3,462,031)	(2,484,339)
Net current assets		2,891,157	1,561,608
Total assets less current liabilities		2,911,996	1,577,283
Provisions for liabilities		(2,564)	(969)
Net assets		2,909,432	1,576,314
Capital and reserves
Called up share capital	9	100	100
Retained earnings		2,909,332	1,576,214
Shareholders' funds		2,909,432	1,576,314

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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

Approved and authorised by the director on 7 March 2024

.........................................
J D Marsden
Director

Marsden International Legal Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1	General information

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

The address of its registered office is:
35A Hazlemere Road
Penn
High Wycombe
Buckinghamshire
HP10 8AD
England

The principal place of business is:
46 Bow Lane
London
EC4M 9DL

These financial statements were authorised for issue by the director on 7 March 2024.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

Group accounts not prepared

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and are considered eligible for exemption from preparing consolidated financial statements as determined by reference to sections 384 and 399(2A) of the Act.

Marsden International Legal Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

2 Accounting policies (cont'd)

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 7 March 2024 was Keith Sussman, who signed for and on behalf of Cohen Arnold.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Marsden International Legal Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

2 Accounting policies (cont'd)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixture and fittings	straight line over 3 years

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 27 (2022 - 22).

4	Auditors' remuneration

The audit fees associated with the current year audit has been accounted for and will be settled by the company’s ultimate parent undertaking.

Marsden International Legal Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

5	Tangible assets

	Furniture, fittings and equipment £	Total £
Cost or valuation
At 1 July 2022	49,711	49,711
Additions	8,736	8,736
Disposals	(2,891)	(2,891)
At 30 June 2023	55,556	55,556
Depreciation
At 1 July 2022	44,619	44,619
Charge for the year	3,571	3,571
Eliminated on disposal	(2,890)	(2,890)
At 30 June 2023	45,300	45,300
Carrying amount
At 30 June 2023	10,256	10,256
At 30 June 2022	5,092	5,092

6	Investments

	2023 £	2022 £
Investments in subsidiaries	10,583	10,583

Subsidiaries	£
Cost or valuation
At 1 July 2022	10,583
Provision
Carrying amount
At 30 June 2023	10,583
At 30 June 2022	10,583

Marsden International Legal Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

6 Investments (cont'd)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2023	2022
Subsidiary undertakings
Marsden International FZ-LLC	Office 1 Business Centre Block 9 Dubai Knowledge Park Dubai UAE PO Box 502221 UAE	Ordinary	100%	100%

Subsidiary undertakings

Marsden International FZ-LLC

The principal activity of Marsden International FZ-LLC is legal recruitment.

Debtors

Current	Note	2023 £	2022 £
Trade debtors		717,659	1,685,597
Amounts owed by related parties	11	3,697,759	523,422
Prepayments		58,089	54,310
Other debtors		-	18,050
		4,473,507	2,281,379

Marsden International Legal Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Trade creditors		55,263	44,688
Amounts owed to group undertakings	11	1,560,799	844,014
Taxation and social security		946,067	777,378
Accruals and deferred income		878,243	802,289
Other creditors		21,659	15,970
		3,462,031	2,484,339

9	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Dividends

	2023	2022
	£	£
Interim dividend of £5,000.00 (2022 - £17,500.00) per ordinary share	500,000	1,750,000

Marsden International Legal Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

11	Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

	2023 £	2022 £
Remuneration	200,000	150,000

Summary of transactions with parent

Immediate parent company and ultimate parent company
Transactions with parent companies comprise management fees chargeable to the company and dividend payments made to the ultimate parent on behalf of the intermediate parent company
All loans between group companies are interest-free and repayable on demand

Summary of transactions with entities with joint control or significant interest

Fellow subsidiary companies
Transactions relate to share of recruitment placement fees, administrative services and management charges
All inter-company balances are repayable on demand and are interest-free

Summary of transactions with all subsidiaries

Subsidiaries of Marsden International Legal Search Limited
Transactions relate to share of recruitment fees, administrative services and management charges
All loan balances are repayable on demand and are interest-free

Income and receivables from related parties

2023	Entities with joint control or significant influence £	Subsidiary £
Receipt of services	1,623,460	31,341

2022	Entities with joint control or significant influence £	Subsidiary £
Receipt of services	52,007	55,100

Marsden International Legal Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

11 Related party transactions (cont'd)

Expenditure with and payables to related parties

2023	Parent £	Entities with joint control or significant influence £	Subsidiary £
Rendering of services	161,710	322,660	871,244
Transfers under finance arrangements (including loans and equity contributions)	500,000	-	-
	661,710	322,660	871,244

2022	Parent £	Entities with joint control or significant influence £	Subsidiary £
Rendering of services	209,308	425,537	204,051
Transfers under finance arrangements (including loans and equity contributions)	1,750,000	-	-
	1,959,308	425,537	204,051

Loans to related parties

2023	Parent £	Entities with joint control or significant influence £	Subsidiary £	Total £
At start of period	125,407	171,083	226,933	523,423
Advanced	1,774,875	2,019,375	-	3,794,250
Repaid	(194,053)	(198,928)	(226,933)	(619,914)
At end of period	1,706,229	1,991,530	-	3,697,759

2022	Parent £	Entities with joint control or significant influence £	Subsidiary £	Total £
At start of period	57,003	29,441	403,714	490,158
Advanced	259,573	193,341	-	452,914
Repaid	(191,169)	(51,699)	(176,781)	(419,649)
At end of period	125,407	171,083	226,933	523,423

Marsden International Legal Search Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

11 Related party transactions (cont'd)

Loans from related parties

2023	Parent £	Entities with joint control or significant influence £	Subsidiary £	Total £
At start of period	844,014	-	-	844,014
Advanced	151,279	161,856	644,311	957,446
Repaid	-	-	(240,661)	(240,661)
At end of period	995,293	161,856	403,650	1,560,799

2022	Parent £	Entities with joint control or significant influence £	Subsidiary £	Total £
At start of period	570,358	276,801	100	847,259
Advanced	273,656	-	-	273,656
Repaid	-	(276,801)	(100)	(276,901)
At end of period	844,014	-	-	844,014

12	Parent and ultimate parent undertaking

The company's immediate parent is Marsden Holdco Limited, incorporated in England and Wales.

The ultimate parent is Cornhill Bond Consulting Limited, incorporated in England and Wales.

The most senior parent entity producing publicly available financial statements is Cornhill Bond Consulting Limited. These financial statements are available upon request from Companies House. The registered office of the ultimate controlling party is 1st Floor, 46 Bow Lane, London EC4M 9DL.

On 28 February 2023, 77.2% of the parent company's issued share capital was acquired by an employee ownership trust as the Cornhill Bond Employee Ownership Trust ("the Trust") with options to obtain the remaining issued share capital over the next 10 years. Since this date the company has been controlled by Trident Trust Company (U.K.) Limited, acting as trustee for the Trust.