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They get £35 credit, and that doesn’t apply to all stock available. It also depends on the type of account you have with Madison.
It’s actually a bit of a pain. Think at one point I had 5 bikes just hanging there for a few months taking up space.Be nice to whomever starts the process for you. It’s tedious and in some cases not worth that credit.
The shop gets £35 from Shimano for each crank they inspect as referenced in this recent article:
https://road.cc/content/news/bike-shop-claims-shimano-wont-let-it-inspect-cranks-310707
Some of the cranks are many many years old. They won't expect to see proof of purchase. I had a set replaced that I had bought used and had ridden for a couple of years before they failed. Just got my local shop to send them to Madison.