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REGISTERED NUMBER: 09401482 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MONTREUX GROUP (HOLDINGS) LIMITED

MONTREUX GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09401482)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MONTREUX GROUP (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: G M Mullan
O S Harris





REGISTERED OFFICE: Thameside House
Hurst Road
East Molesey
Surrey
KT8 9AY





REGISTERED NUMBER: 09401482 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
2nd Floor
Medway Bridge House
1-8 Fairmeadow
Maidstone
Kent
ME14 1JP

MONTREUX GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09401482)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 227,955 243,860
Investments 5 5,456 5,456
233,411 249,316

CURRENT ASSETS
Debtors 6 992,284 2,543,784
Cash at bank 571 13,257
992,855 2,557,041
CREDITORS
Amounts falling due within one year 7 3,734,376 3,024,357
NET CURRENT LIABILITIES (2,741,521 ) (467,316 )
TOTAL ASSETS LESS CURRENT LIABILITIES (2,508,110 ) (218,000 )

CREDITORS
Amounts falling due after more than one year 8 (68,939 ) (92,771 )

PROVISIONS FOR LIABILITIES 9 - (469 )
NET LIABILITIES (2,577,049 ) (311,240 )

CAPITAL AND RESERVES
Called up share capital 10 54,456 54,456
Retained earnings 11 (2,631,505 ) (365,696 )
SHAREHOLDERS' FUNDS (2,577,049 ) (311,240 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30 May 2024 and were signed on its behalf by:





G M Mullan - Director


MONTREUX GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09401482)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Montreux Group (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company has the support of the directors via a creditor which is a group company and has confirmed it will not demand repayment of amounts owing to it to the detriment of the company's ability to meet its liabilities as they fall due for the foreseeable future. The directors confirm that financial facilities will remain available to the company for at least the next 12 months.

Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over it's estimated useful life.

Fixtures and fittings depreciated at 25% straight line
Plant and machinery depreciated at 25% straight line
Computer equipment depreciated at 25% straight line
Motor vehicles depreciated at 20% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
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 transaction. Exchange differences are taken into account in arriving at the operating result.

MONTREUX GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09401482)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Cash and Equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known accounts of cash with no significant risk of change in value.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial
statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 6,351 112,280 253,273 106,952 478,856
Additions - - 100,000 5,709 105,709
Disposals - - (66,363 ) - (66,363 )
At 31 December 2023 6,351 112,280 286,910 112,661 518,202
DEPRECIATION
At 1 January 2023 1,624 110,955 33,030 89,387 234,996
Charge for year 1,587 1,325 56,821 9,897 69,630
Eliminated on disposal - - (14,379 ) - (14,379 )
At 31 December 2023 3,211 112,280 75,472 99,284 290,247
NET BOOK VALUE
At 31 December 2023 3,140 - 211,438 13,377 227,955
At 31 December 2022 4,727 1,325 220,243 17,565 243,860

MONTREUX GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09401482)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 5,456
NET BOOK VALUE
At 31 December 2023 5,456
At 31 December 2022 5,456

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Montreux Capital Management (UK) Limited
Registered office: Thameside House, Hurst Road, East Molesey, Surrey, England, KT8 9AY
Nature of business: Capital management
%
Class of shares: holding
Ordinary 100.00
Growth 100.00
2023 2022
£    £   
Aggregate capital and reserves 2,456,481 468,420
Profit for the year 1,988,061 1,384,259

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 3,700
Amounts owed by group undertakings 810,520 507,112
Other debtors 6,600 2,031,766
Deferred tax asset 174,879 -
Prepayments 285 1,206
992,284 2,543,784

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 23,832 22,209
Trade creditors 5,760 31,511
Amounts owed to group undertakings 3,619,286 2,931,412
Social security and other taxes 47,327 24,166
Other creditors 23,547 4,413
Accruals and deferred income 14,624 10,646
3,734,376 3,024,357

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 68,939 92,771

The hire purchase creditor is secured against the asset it relates to.

MONTREUX GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09401482)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. PROVISIONS FOR LIABILITIES
2022
£   
Deferred tax 469

Deferred
tax
£   
Balance at 1 January 2023 469
Provided during year (175,348 )
Balance at 31 December 2023 (174,879 )

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
54,456 Ordinary £1 54,456 54,456

11. RESERVES
Retained
earnings
£   

At 1 January 2023 (365,696 )
Deficit for the year (2,265,809 )
At 31 December 2023 (2,631,505 )

12. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £24,313 (2022: £24,361). Included in other creditors is the balance outstanding to the fund as at the year end £3,299 (2022: £4,050).

MONTREUX GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09401482)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Montreux Group Overseas Limited
Common control

During the year the company made loan advancements to Montreux Group Overseas Limited of £1,523,086 (2022: £2,025,166). Due to repayments of £2,330,218 and the transfer of £1,218,034 of the balance to Montreux Healthcare Partners Limited, as at 31 December 2023 the net balance due was £Nil (2022: £2,025,166). Interest on the loan was charged at 12% per annum in the prior year. The loan was repayable on demand.

Montreux Healthcare Partners Limited
Common control

During the year the company made loan advances of £86,565 and transferred a loan from Montreux Group Overseas Limited of £1,215,469 (2022: £Nil) to Montreux Healthcare Partners Limited. The company has included a provision at the balance sheet date to write off the full balance of £1,302,034. The loan was interest free.

Little Bears Day Care Limited
Common control

During the year, the company received loan advances from Little Bears Day Care Limited of £29,854. These were settled or transferred to Montreux Group Overseas Limited by the year end.

The Warehouse Gyms Holding Limited
Common control

During the year, the company received loan advances from The Warehouse Gyms Holding Limited of £18,000 and and made loan advances of £13,344.45. These were settled or transferred to Montreux Group Overseas Limited by the end year.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Revolution Employee Ownership Trust.