MENHADEN CAPITAL MANAGEMENT LLP

• ⚠

  Material uncertainty over going concern

  The loss of its sole client means that MCM cannot continue to trade in its current form. The members agreed that GDM Thomas, L S Alves and E Pybus would step down from the LLP and that B Goldsmith would be responsible for taking the LLP forwards with new members, pursuing new business opportunities. The members therefore consider that, whilst the LLP itself is a going concern, the current trade is not a going concern. The financial position as at 31 March 2025 (as shown in these financial statements) reflects that position.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Auditor

Wellers

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The loss of its sole client means that MCM cannot continue to trade in its current form. The members agreed that GDM Thomas, L S Alves and E Pybus would step down from the LLP and that B Goldsmith would be responsible for taking the LLP forwards with new members, pursuing new business opportunities. The members therefore consider that, whilst the LLP itself is a going concern, the current trade is not a going concern. The financial position as at 31 March 2025 (as shown in these financial statements) reflects that position.”

Significant events

• “MPLC announced a strategic review in September 2024 in order to address the issues it faced prior to its continuation vote in 2025.”
• “MPLC held a General Meeting in March 2025, where a resolution to approve the voluntary liquidation was passed.”
• “The sale of the quoted equity portfolio followed during April and May 2025, in conjunction with MCM. The sales of two of the private investments were completed on 1 July 205, with the remaining two expected to complete in the remainder of that month.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -30.9%

  £2,319,339 → £1,602,285

• Cash

  -28.6%

  £122,225 → £87,295

• Net assets

  -78.8%

  £1,092,531 → £231,543

• Employees

  —

  Not reported

• Operating profit

  -34.2%

  £2,133,003 → £1,402,638

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers