MARKS AND SPENCER P.L.C. (00214436) Corporate Spotlight
Executive Summary
MARKS AND SPENCER P.L.C. (company number 00214436) is the principal operating and contracting entity of the Marks & Spencer retail group. Incorporated in June 1926, the company operates across fashion, home, beauty, and food retail, generating £13.70bn in statutory turnover and £797.4m in profit before tax for the financial year ended 29 March 2025. The balance sheet displays net assets of £5.19bn and cash reserves of £863.7m, supported by a 100% corporate ownership structure under listed parent Marks And Spencer Group Plc. Primary operational risks centre on post-balance sheet cyber incident recovery costs estimated at £300m gross, ongoing UK store estate rationalisation, and long-term property lease commitments.
What the Numbers Show: Financial Performance and Balance Sheet Structure
Analysis of five-year financial filings reveals a pronounced profitability recovery following the initial pandemic disruption in FY2021. Statutory revenue grew from £12.90bn in the period ended 30 March 2024 to £13.70bn in the period ended 29 March 2025, representing a year-on-year increase of 6.2%. Profit before tax rose by 16.1% over the same period, reaching £797.4m compared to £686.6m in FY2024 and £432.6m in FY2023.
Five-Year Financial Summary
| Financial Metric | FY2021 (03/04/21) | FY2022 (02/04/22) | FY2023 (01/04/23) | FY2024 (30/03/24) | FY2025 (29/03/25) |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Statutory Turnover / Revenue | £9.00bn | £10.89bn | £11.85bn | £12.90bn | £13.70bn |
| Profit Before Tax (PBT) | (£259.9m)* | £404.7m | £432.6m | £686.6m | £797.4m |
| Profit After Tax (PAT) | (£259.9m)* | £323.1m | £322.8m | £447.7m | £586.3m |
| Net Assets | £4.22bn | £4.82bn | £4.68bn | £4.75bn | £5.19bn |
| Cash at Bank | £674.4m | £1.20bn | £1.06bn | £995.4m | £863.7m |
| Average Employee Count | 64,267 | 61,881 | 61,224 | 63,332 | 62,547 |
Note: FY2021 statutory figure reflects loss before tax on a 53-week basis as reported in audited accounts.
Capital Structure and Debt Obligations
The company retains a substantial fixed asset base of £5.18bn as of March 2025, offset by long-term liabilities of £3.05bn. Debt obligations comprise four Medium-Term Notes maturing between 2025 and 2037, alongside substantial lease liabilities of £2.19bn under IFRS 16 standards. Lease commitments are weighted toward full-line retail stores (average remaining term to break of approximately 16 years) and food halls (average remaining term to break of approximately 10 years).
Liquidity remains healthy, with cash at bank recorded at £863.7m alongside an undrawn revolving credit facility of £850m. The balance sheet reflects net funds exceeding £400m when excluding lease liabilities, marking the company's strongest overall cash position in recent history.
Ownership Structure, Corporate Control, and Directors
Corporate ownership of MARKS AND SPENCER P.L.C. is fully concentrated within its immediate parent entity:
- Person with Significant Control (PSC): Marks And Spencer Group Plc (company number 04256886), holding 75% to 100% of ordinary shares, 75% to 100% of voting rights, and the statutory right to appoint and remove directors under the Companies Act 2006 s.790VA.
Executive Board and Officers
The public register records two active directors and one active secretary:
- Ms Alison Ann Dolan (Director, appointed 1 April 2025): Recorded as resident in England, Irish nationality, born December 1969.
- Mr Nick James Folland (Director and Company Secretary, appointed 1 February 2019): Recorded as resident in the United Kingdom, British nationality, born October 1965.
Historical register entries record past director terms for executive officers including Mr Jeremy Townsend (resigned 2024), Mr Eoin Tonge (resigned 2023), Mr Stephen Rowe (resigned 2022), and Mr Marc Bolland (resigned 2016). No personal insolvency actions or disqualifications attach to individual officers on the corporate record; governance functions are fully integrated with the executive committee of Marks And Spencer Group Plc.
Recent Filing Activity, Audits, and Statutory Record
A review of public filings confirms that independent statutory audits have been performed continuously by Deloitte LLP.
Audit Opinions and Key Audit Matters
Deloitte LLP issued an unqualified audit opinion for the financial year ended 29 March 2025, confirming compliance with UK-adopted International Accounting Standards and the Companies Act 2006. The auditor set materiality at £37.0m (based on 4.16% of profit before tax and adjusting items) and highlighted two Key Audit Matters:
1. Accounting for the Store Estate Programme: Valuations and estimation uncertainty surrounding store closures, dilapidation provisions, sublet income, discount rates, and lease surrender costs.
2. Classification of Adjusting Items: Scrutiny of non-recurring operational charges within alternative performance measures to prevent distortion of statutory profitability.
Statutory Gazette Search and Register Charges
No insolvency notices, winding-up petitions, or strike-off proposals appear in The Gazette register for company number 00214436. Secured facilities and bond issuances are registered against corporate assets under formal debentures. Lenders and legal counterparties should perform a direct company charge check to verify fixed and floating charges registered with Companies House.
Risk Indicators and Monitoring Watchlist
1. Cyber Security Incident Impact (Post-Balance Sheet Event)
In April and May 2025, the company experienced a sophisticated cyber security incident. Management estimated an initial unmitigated impact of approximately £300m on operating profit for FY2025/26. While cost management, insurance coverage, and trading adjustments are expected to reduce the ultimate net loss, direct incident costs will be treated as an adjusting item in future statutory accounts.
2. Scottish Limited Partnership Pension Commitment
The company acts as general partner in the Marks and Spencer Scottish Limited Partnership, which holds £1.3bn of commercial properties leased back to the operating business. Under agreements revised in February 2025, annual distribution rights are structured to fund the UK Defined Benefit Pension Scheme until June 2035. As of March 2025, the IAS 19 net retirement benefit position registered a deficit of £122.7m (down from a £77.2m surplus in FY2024).
3. Store Estate Rotation and Lease Liabilities
The ongoing 'Reshaping M&S for Growth' strategy entails structural store closures and modernisations. With total lease liabilities standing at £2.19bn, financial advisers must monitor cash outflows related to lease surrenders and onerous contract provisions over the six-year transformation horizon.
Step-by-Step Counterparty Due Diligence Framework
When evaluating credit limits, joint venture contracts, or major supply agreements with MARKS AND SPENCER P.L.C., corporate intelligence professionals should follow this decision framework:
1. Verify Operating Status and Ultimate Ownership: Confirm active status and cross-check parent company filings via the Companies House register.
2. Run Winding Up Search: Perform an exact-match winding up search across High Court cause lists and Gazette records to verify the absence of active petitions or creditor enforcement.
3. Review Charges and Security Interests: Conduct a company charge check to review outstanding debentures, Medium-Term Notes, and negative pledge covenants.
4. Analyze Off-Balance Sheet and Contingent Liabilities: Inspect notes on property lease commitments (£2.19bn), pension partnership distributions, and post-balance sheet risk disclosures.
5. Set Continuous Monitoring Alerts: Activate free company monitoring to receive instant notifications on director appointments, annual account filings, or charge satisfactions.
Manual Validation vs Automated Intelligence
Performing counterparty due diligence manually requires cross-referencing multiple public registries. An analyst must manually extract accounts from WebCHeck, inspect High Court cause lists for petition filings, search The Gazette for statutory notices, and parse pension scheme disclosures.
Using an automated platform streamlines this workflow into a single audit trail. Analysts can perform a comprehensive winding up petition search alongside automated charge tracking and continuous daily filing alerts.
Practical Scenario: Assessing Major Supply Chain Exposure
Consider an enterprise logistics provider negotiating a five-year £50m warehousing and freight contract with MARKS AND SPENCER P.L.C.
While the retailer demonstrates robust creditworthiness with £863.7m in cash reserves and £797.4m in profit before tax, the supplier's risk committee must account for specific contractual dynamics:
- Change of Control Provisions: Debt and credit agreements contain clauses that allow noteholders to demand prepayment if a change of control occurs alongside a credit rating downgrade.
- Cyber Impact Mitigation: The £300m gross cyber incident impact in mid-2025 requires verifying whether IT integration points between the supplier and M&S systems comply with updated security protocols.
- Parent Company Guarantee: Standard due diligence dictates securing a parent guarantee from Marks And Spencer Group Plc (company number 04256886) to backstop trading liabilities of the operating entity.
A pre-contract winding up search before contract execution confirms clean legal standing across court cause lists.
For Credit Teams, Lawyers and Lenders
Credit managers, solicitors, and institutional lenders engaging with MARKS AND SPENCER P.L.C. must complete mandatory counterparty verification prior to loan drawdown, lease signing, or credit extension. Failing to identify registered charges or pending court petitions can jeopardize security priority under the Insolvency Act 1986 s.127. Professional credit teams should inspect the complete live register record directly at the MARKS AND SPENCER P.L.C. company profile and integrate real-time alerting into their risk management workflow.
Frequently Asked Questions
Is MARKS AND SPENCER P.L.C. the main operating entity of M&S?
Yes. MARKS AND SPENCER P.L.C. (00214436) is the principal contracting, trading, and employing entity of the M&S retail group, holding UK store leases, customer contracts, and supplier agreements.
Who owns MARKS AND SPENCER P.L.C.?
The company is a 100% subsidiary of Marks And Spencer Group Plc (company number 04256886), which holds all voting rights and share capital as recorded on the Persons with Significant Control (PSC) register.
How did the mid-2025 cyber incident affect financial performance?
The company reported a post-balance sheet cyber security incident in April and May 2025 with an estimated initial gross operating profit impact of £300m for FY2025/26, which management expects to mitigate through insurance, cost controls, and commercial actions.
Does MARKS AND SPENCER P.L.C. have registered charges or outstanding bonds?
Yes. The company has issued several Medium-Term Notes maturing between 2025 and 2037 and maintains secured credit arrangements. Lenders can review registered security via a company charge check.
How can professionals run a winding up petition search on M&S?
Advisers and risk teams can execute an instant winding up petition search on Corp Intel to verify live court cause lists and Gazette notices prior to transaction exchange.