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Company registration number: 04059678







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024


LUNAR VENTURES LIMITED






































img2c2a.png                        

 


LUNAR VENTURES LIMITED
 


 
COMPANY INFORMATION


Directors
S E Macatonia 
P J Moston 
M R Palmer 
V V Stevens 
B J Styche 
J A Torz 
S R Ollendorff (appointed 17 May 2024)




Company secretary
S E Macatonia



Registered number
04059678



Registered office
29 The Green
Winchmore Hill

London

N21 1HS




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ





 


LUNAR VENTURES LIMITED
 



CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Income and Retained Earnings
9
Consolidated Statement of Financial Position
10
Company Statement of Financial Position
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 35


 


LUNAR VENTURES LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Introduction
 
The directors present their Strategic Report for the year ended 31 August 2024.

Business review and future developments
 
The external environment for the year ending 31st August 2024 was characterised by volatility and uncertainty due to unsettled economic conditions impacting both supply and consumer sides of the coffee industry. Despite these challenges, Lunar demonstrated resilience and adaptability, enabling continued growth. While inflationary pressures moderated somewhat, they continued to affect consumer discretionary spending. Flexible working patterns also influenced sales channel performance, but the company’s diversified strategy across wholesale Grocery, Out of Home, B2B, and D2C ensured overall revenue growth.
The directors remain committed to this strategy, meeting customers' aspirations for high-quality, ethically produced coffee wherever they shop or drink.
During the period, the company successfully navigated challenges such as high green coffee prices driven by the New York market, alongside freight costs and transit times impacted by Red Sea and Suez Canal restrictions stemming from geopolitical conflicts. Through sustainable, long-term arrangements with origin producers, Lunar mitigated the effects of these disruptions, ensuring stability in the supply chain.
In response to these external challenges, the business invested in its people and operations, focusing on driving efficiencies and upgrading production equipment to support sustainable growth. These efforts delivered strong results, with revenue exceeding forecasts and reaching £21m—a continued double-digit increase to revenue growth. This growth was fuelled by organic expansion with long-standing national partners and the successful acquisition of significant new business. A notable highlight was the addition of Cunard to Lunar’s portfolio, complementing the premium partnership with British Airways and further establishing Lunar as a leading aspirational British brand.
Beyond commercial success, Lunar maintained its commitment to creating positive change within its supply base. The company’s annual impact report highlights its dedication to sourcing coffee from smallholder communities and paying sustainable premiums above world market rates. This approach helps producers navigate global climate and economic challenges while reinforcing Lunar’s mission-driven ethos.
Looking ahead, the company anticipates continued challenges, including record-high New York green coffee prices and a weak USD:GBP exchange rate. Despite these headwinds, Lunar remains confident in its strategy and ability to deliver sustainable growth while adapting to evolving market conditions.


Principal risks and uncertainties
 
The principal risks for the group remain tied to green coffee costs and foreign exchange. The New York coffee market has reached a 13-year high, with a 71% increase over the last year. With green coffee sourced from 13 countries, volatility in prices, currency fluctuations, and supply shortages can pose risks to performance. These risks are mitigated through maintaining appropriate stock levels, leveraging long-term supplier relationships, driving efficiencies within the supply chain and implementing price increases where necessary to sustain operational stability.
Union’s strong producer relationships have allowed the company to maintain market-leading quality, which is a key differentiator in a highly competitive environment. These relationships continue to enable the company to defend existing business and secure new opportunities at sustainable margins.
With a clear set of strategic objectives, the Board remains confident in Lunar’s ability to deliver another strong year of topline growth while staying true to its mission and values.

Page 1

 


LUNAR VENTURES LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Financial key performance indicators
 
The Group's key performance indicators are; turnover and gross profit.
                                        
 Year to August 2024   Year to August 2023          Year to August 2022
Turnover                          £21,278,457                     £19,014,837                      £16,497,760
Turnover (decline)/growth                        12%                                      15%                                       29% 
Gross profit                           £7,266,179                        £6,169,143                             £6,563,397
Gross profit margin                     34%                                      32%                               40%
                      
Non Financial KPIs are not produced here because given the nature of the business, the companies directors are of the opinion that analysis using such KPI's is not necessary to gain an understanding of the development, performance or position of the Group.


This report was approved by the board and signed on its behalf.



................................................
J A Torz
Director

Date: 24 January 2025

Page 2

 


LUNAR VENTURES LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors

The directors who served during the year were:

S E Macatonia 
P J Moston 
M R Palmer 
V V Stevens 
B J Styche 
J A Torz 
S R Ollendorff (appointed 17 May 2024)

Principal activities

The principal activity of the Group continued to be that of the roasting and selling of coffee.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Matters covered in the Group Strategic Report

The Group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties. 

Page 3

 


LUNAR VENTURES LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no other significant events affecting the Group since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
J A Torz
Director

Date: 24 January 2025

Page 4

 


LUNAR VENTURES LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUNAR VENTURES LIMITED

Opinion


We have audited the financial statements of Lunar Ventures Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2024, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 August 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


LUNAR VENTURES LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUNAR VENTURES LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


LUNAR VENTURES LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUNAR VENTURES LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:

The Companies Act 2006;
Financial Reporting Standard 102;
UK Employment Legislation;
UK Health and Safety Legislation; and
General Data Protection Regulations.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the Group is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of legal expenditure and board minutes for the year.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount;
Timing of revenue recognition; and
The use of management override of controls to manipulate results.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 


LUNAR VENTURES LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUNAR VENTURES LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Tom Woods FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
1st Floor
Midas House
62 Goldsworth Road
Woking
Surrey
GU21 6LQ

27 January 2025
Page 8

 


LUNAR VENTURES LIMITED
 


 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 4 
21,278,457
19,014,837

Cost of sales
  
(14,012,278)
(12,845,694)

Gross profit
  
7,266,179
6,169,143

Distribution costs
  
(1,094,544)
(1,156,816)

Administrative expenses
  
(5,674,529)
(5,116,691)

Foreign exchange gains/(losses)
  
(2,399)
3,423

Operating profit/(loss)
 5 
494,707
(100,941)

Interest receivable and similar income
 9 
1,154
193

Interest payable and similar expenses
 10 
(202,794)
(171,267)

Profit/(loss) before tax
  
293,067
(272,015)

Profit/(loss) after tax
  
293,067
(272,015)

  

  

Retained earnings at the beginning of the year
  
(3,732,333)
(3,460,318)

  
(3,732,333)
(3,460,318)

Profit/(loss) for the year attributable to the owners of the parent
  
293,067
(272,015)

Retained earnings at the end of the year
  
(3,439,266)
(3,732,333)

  

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 16 to 35 form part of these financial statements.

Page 9

 


LUNAR VENTURES LIMITED
REGISTERED NUMBER:04059678



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
128,457
178,683

Tangible assets
 14 
959,276
1,207,010

  
1,087,733
1,385,693

Current assets
  

Stocks
 16 
1,446,135
1,875,587

Debtors: amounts falling due after more than one year
 17 
37,171
131,142

Debtors: amounts falling due within one year
 17 
2,125,517
2,012,494

Cash at bank and in hand
  
431,939
251,528

  
4,040,762
4,270,751

Creditors: amounts falling due within one year
 18 
(4,482,709)
(5,512,244)

Net current liabilities
  
 
 
(441,947)
 
 
(1,241,493)

Total assets less current liabilities
  
645,786
144,200

Creditors: amounts falling due after more than one year
 19 
(272,993)
(64,474)

  

Net assets
  
372,793
79,726


Capital and reserves
  

Called up share capital 
 22 
386,340
386,340

Share premium account
 23 
3,425,719
3,425,719

Profit and loss account
 23 
(3,439,266)
(3,732,333)

  
372,793
79,726


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J A Torz
Director

Date: 24 January 2025

The notes on pages 16 to 35 form part of these financial statements.

Page 10

 


LUNAR VENTURES LIMITED
REGISTERED NUMBER:04059678



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible fixed assets
 13 
128,457
178,683

Tangible fixed assets
 14 
959,276
1,171,763

  
1,087,733
1,350,446

Current assets
  

Stocks
 16 
1,446,013
1,859,529

Debtors: amounts falling due after more than one year
 17 
37,171
131,142

Debtors: amounts falling due within one year
 17 
2,139,740
2,014,614

Cash at bank and in hand
  
394,156
201,052

  
4,017,080
4,206,337

Creditors: amounts falling due within one year
 18 
(4,456,459)
(5,404,405)

Net current liabilities
  
 
 
(439,379)
 
 
(1,198,068)

Total assets less current liabilities
  
648,354
152,378

  

Creditors: amounts falling due after more than one year
 19 
(272,993)
(39,474)

  

Net assets
  
375,361
112,904


Capital and reserves
  

Called up share capital 
 22 
386,340
386,340

Share premium account
 23 
3,425,719
3,425,719

Profit and loss account brought forward
 23 
(3,699,155)
(3,103,039)

Profit/(loss) for the year
 23 
262,457
(596,116)

Profit and loss account carried forward
 23 
(3,436,698)
(3,699,155)

  
375,361
112,904


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
J A Torz
Director

Date: 24 January 2025

The notes on pages 16 to 35 form part of these financial statements.

Page 11

 


LUNAR VENTURES LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 September 2022
386,340
3,425,719
(3,460,318)
351,741



Loss for the year
-
-
(272,015)
(272,015)



At 1 September 2023
386,340
3,425,719
(3,732,333)
79,726



Profit for the year
-
-
293,067
293,067


At 31 August 2024
386,340
3,425,719
(3,439,266)
372,793


The notes on pages 16 to 35 form part of these financial statements.

Page 12

 


LUNAR VENTURES LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 September 2022
386,340
3,425,719
(3,103,039)
709,020



Loss for the year
-
-
(596,116)
(596,116)



At 1 September 2023
386,340
3,425,719
(3,699,155)
112,904



Profit for the year
-
-
262,457
262,457


At 31 August 2024
386,340
3,425,719
(3,436,698)
375,361


The notes on pages 16 to 35 form part of these financial statements.

Page 13

 


LUNAR VENTURES LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
293,067
(272,015)

Adjustments for:

Amortisation of intangible assets
50,226
99,251

Depreciation of tangible assets
338,797
212,065

Profit on disposal of tangible assets
(78,752)
-

Interest paid
202,794
171,267

Decrease/(increase) in stocks
360,014
(498,805)

(Increase)/decrease in debtors
(19,051)
1,060,938

Increase/(decrease) in creditors
(710,394)
664,313

Interest receivable
(1,154)
(193)

Net cash generated from operating activities

435,547
1,436,821


Cash flows from investing activities

Purchase of intangible fixed assets
-
(108,185)

Purchase of tangible fixed assets
(52,873)
(201,398)

Sale of tangible fixed assets
110,000
-

Interest received
1,154
193

Net cash from investing activities

58,281
(309,390)

Cash flows from financing activities

Repayment of loans
(25,000)
(15,000)

New loan and finance leases
645,000
86,600

Repayment of other loans
(114,818)
(102,003)

Repayment of finance leases
(98,424)
(76,142)

Interest paid
(202,794)
(171,267)

Movement on invoice financing
(517,381)
(777,520)

Net cash used in financing activities
(313,417)
(1,055,332)

Net increase in cash and cash equivalents
180,411
72,099

Cash and cash equivalents at beginning of year
251,528
179,429

Cash and cash equivalents at the end of year
431,939
251,528


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
431,939
251,528

431,939
251,528


The notes on pages 16 to 35 form part of these financial statements.

Page 14

 


LUNAR VENTURES LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024






At 1 September 2023
Cash flows
New other loans
New finance leases
At 31 August 2024
£

£

£

£

£

Cash at bank and in hand

251,528

180,411

-

-

431,939

Debt due after 1 year

(64,474)

60,819

(34,898)

(234,440)

(272,993)

Debt due within 1 year

(97,850)

177,423

(215,102)

(160,560)

(296,089)









89,204
418,653
(250,000)
(395,000)
(137,143)

The notes on pages 16 to 35 form part of these financial statements.

Page 15

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Lunar Ventures Limited is a private Company limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The registered office is 29 The Green, Winchmore Hill, London, N21 1HS. The principal place of business is 7a South Crescent, London, E16 4TL. The Company's principal activity continued to be that of coffee roasters. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
Lunar Ventures Limited has provided Third Wave Coffee Ltd with a guarantee under S479A relating to the audit of the financial statements of Third Wave Coffee Ltd, and that subsidiary has exercised the exemption available, see note 15.

 
2.3

Going Concern

The Group has net current liabilities of £441,947 (2023 - £1,241,493) and total net assets of £372,793 (2023 total net assets - £79,726) at the balance sheet date. 
The directors have prepared a cashflow forecast which covers a period of at least 12 months from the date of signing these financial statements and shows sufficient cash is available to continue to pay liabilities as they fall due. This has been further reinforced by increased trading for the first quarter delivering turnover and net profit ahead of budget.
During the year a subsidiary, Third Wave Coffee Limited sold its trade and assets. Where cash shortfalls were being made by this entity, it decreased the available cashflow to the Group. With the trade being sold, this is no longer an issue going forward.
The directors have a reasonable expectation that the Company and Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts with no material uncertainty.

Page 16

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, value added tax and other sales taxes.
Revenue from the sale of goods is recognised across the group based on when the significant risks and rewards are transferred to the buyer. The form of this ranges in substance between Lunar Ventures, where it is based on delivery date to the customer, and Third Wave Coffee, where it is based on the customer physically receiving the stock on premise.
The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
10
years straight line
Website
-
3
years straight line
Goodwill
-
5
years straight line
Computer software
-
5
years straight line

Page 17

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
on cost
Plant and machinery
-
10%
-  25% on cost
Fixtures and fittings
-
25%
on cost
Office equipment
-
33%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 18

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

  
2.9

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Income and Retained Earnings.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.10

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings. within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 19

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.12

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.13

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.14

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 20

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.16

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

Estimates and assumptions:
The directors consider that the key sources of estimation are the tangible and intangible assets lives, in particular the useful economic life and residual values of plant and machinery. The directors have concluded that the asset value and residual value are appropriate.

Judgments:
Critical judgments have also been made in respect of stock provision and the recoverability of trade debtors. The directors have concluded that the stock and debtor valuations are appropriately included in the financial statements.
The directors consider that the value of the share options issued in the year to be trivial. The directors consider that the conditions under which the existing options may be exercised are unlikely to be met in the near future and no movements on these options are therefore reflected in the financial statements.

Page 21

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Coffee and ancillaries
21,278,457
19,014,837

21,278,457
19,014,837


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
20,911,218
18,691,991

Rest of Europe
110,449
123,947

Rest of the world
256,790
198,899

21,278,457
19,014,837



5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
338,797
212,065

Loss/(profit) on disposal of fixed assets
(78,752)
-

Amortisation of intangible assets
50,226
99,251

Defined contribution pension cost
73,781
81,747

Exchange (gains)/losses
2,399
(3,423)


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
39,450
36,285

Fees payable to the Group's auditor and its associates in respect of all other services
5,500
4,950

Page 22

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,361,566
3,577,864
3,231,645
3,308,295

Social security costs
384,713
397,841
375,881
376,486

Cost of defined contribution scheme
73,781
81,747
72,400
78,322

3,820,060
4,057,452
3,679,926
3,763,103


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
5
5
5
5



Staff
66
78
58
64

71
83
63
69


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
580,068
472,568

Company contributions to defined contribution pension schemes
15,535
13,563

595,603
486,131


During the year retirement benefits were accruing to 5 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £162,250 (2023 - £131,504).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,079 (2023 - £3,900).

Page 23

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
1,154
193

1,154
193


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
131,780
150,335

Finance leases and hire purchase contracts
58,866
16,758

Other interest payable
12,148
4,174

202,794
171,267


11.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Tax on profit/(loss)
-
-
Page 24

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21.52%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
293,067
(272,015)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.52%)
73,267
(58,538)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
10,443
5,950

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,446
50,489

Capital allowances for year in excess of depreciation
1,238
499

Utilisation of tax losses
(92,394)
-

Movements in deferred taxation not recognised
-
1,600

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements. The profit after tax of the parent Company for the year was £262,457 (2023 - loss £596,116).


13.


Intangible assets

Group





Patents
Website
Computer software
Total

£
£
£
£



Cost


At 1 September 2023
194,912
103,920
248,250
547,082


Disposals
(194,912)
(103,920)
-
(298,832)



At 31 August 2024

-
-
248,250
248,250



Amortisation


At 1 September 2023
194,912
103,920
69,567
368,399


Charge for the year on owned assets
-
-
50,226
50,226


On disposals
(194,912)
(103,920)
-
(298,832)



At 31 August 2024

-
-
119,793
119,793



Net book value



At 31 August 2024
-
-
128,457
128,457



At 31 August 2023
-
-
178,683
178,683



Page 26

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
           13.Intangible assets (continued)

Company




Patents
Website
Computer software
Goodwill
Total

£
£
£
£
£



Cost


At 1 September 2023
194,912
103,920
248,250
414,738
961,820


Disposals
(194,912)
(103,920)
-
(414,738)
(713,570)



At 31 August 2024

-
-
248,250
-
248,250



Amortisation


At 1 September 2023
194,912
103,920
69,567
414,738
783,137


Charge for the year
-
-
50,226
-
50,226


On disposals
(194,912)
(103,920)
-
(414,738)
(713,570)



At 31 August 2024

-
-
119,793
-
119,793



Net book value



At 31 August 2024
-
-
128,457
-
128,457



At 31 August 2023
-
-
178,683
-
178,683

Page 27

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
438,374
3,175,838
136,593
250,288
4,001,093


Additions
-
41,471
676
10,726
52,873


Disposals
(155,548)
(48,423)
(53,562)
(13,765)
(271,298)


Transfers from stock
-
69,438
-
-
69,438



At 31 August 2024

282,826
3,238,324
83,707
247,249
3,852,106



Depreciation


At 1 September 2023
311,147
2,110,704
132,075
240,157
2,794,083


Charge for the year on owned assets
29,850
301,880
676
6,391
338,797


Disposals
(136,741)
(43,117)
(49,044)
(11,148)
(240,050)



At 31 August 2024

204,256
2,369,467
83,707
235,400
2,892,830



Net book value



At 31 August 2024
78,570
868,857
-
11,849
959,276



At 31 August 2023
127,227
1,065,134
4,518
10,131
1,207,010

The net book value of assets held under hire purchase contracts, included above are £383,651 (2023: £170,328). Depreciation was charged of £40,927 (2023: £16,831) in respect of the assets held under hire purchase contracts.

Page 28

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           14.Tangible fixed assets (continued)


Company






Short-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£

Cost or valuation


At 1 September 2023
282,826
3,127,415
83,031
236,523
3,729,795


Additions
-
41,471
676
10,726
52,873


Transfers from stock
-
69,438
-
-
69,438



At 31 August 2024

282,826
3,238,324
83,707
247,249
3,852,106



Depreciation


At 1 September 2023
178,405
2,067,587
83,031
229,009
2,558,032


Charge for the year on owned assets
25,851
301,880
676
6,391
334,798



At 31 August 2024

204,256
2,369,467
83,707
235,400
2,892,830



Net book value



At 31 August 2024
78,570
868,857
-
11,849
959,276



At 31 August 2023
104,421
1,059,828
-
7,514
1,171,763

The net book value of assets held under hire purchase contracts, included above are £383,651 (2023: £170,328). Depreciation was charged of £40,927 (2023: £16,831) in respect of the assets held under hire purchase contracts.






Page 29

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Fixed Asset Investments

Subsidiary undertakings
The following were subsidiary undertakings of the Company: 
Name      Registered Office   Class of Shares Holding
Third Wave Coffee Ltd   272 Bath Street, Glasgow  Ordinary  100%
      G2 4JR
Brew Lab Cold Brew Limited   272 Bath Street, Glasgow  Ordinary  100%
      G2 4JR
Lunar Ventures Limited has provided a guarantee under S479A and Third Wave Coffee Ltd have exercised the exemption available under S479A. Therefore, Lunar Ventures Limited have fully guaranteed all the liabilities of the subsidiary, Third Wave Coffee Ltd. The subsidiary, Third Wave Coffee Ltd, is therefore exempt from audit obligations in accordance with section 479A of the Companies Act.
Brew Lab Cold Brew Limited is a dormant company (currently in strike off) and therefore exempt from audit obligations under s480 and its shares are held indirectly. It was fully impaired in 2023.
Third Wave Coffee Ltd and Brew Lab Cold Brew Limited have been included within these consolidated accounts. 


16.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
1,446,135
1,875,587
1,446,013
1,859,529

1,446,135
1,875,587
1,446,013
1,859,529


Page 30

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
37,171
131,142
37,171
131,142

37,171
131,142
37,171
131,142


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
1,491,953
1,645,795
1,506,971
1,645,752

Other debtors
297,766
124,612
296,971
123,562

Prepayments and accrued income
335,798
242,087
335,798
245,300

2,125,517
2,012,494
2,139,740
2,014,614



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
26,250
15,000
-
-

Other loans
128,558
39,524
128,558
39,524

Trade creditors
2,362,843
3,018,577
2,362,843
2,985,705

Other taxation and social security
98,604
154,689
98,604
102,773

Obligations under finance lease and hire purchase contracts
141,281
43,326
141,281
43,326

Other creditors
1,393,523
1,953,643
1,393,523
1,950,183

Accruals and deferred income
331,650
287,485
331,650
282,894

4,482,709
5,512,244
4,456,459
5,404,405


Bank loans of £26,250 (2023: £15,000) are unsecured and relate to a Coronavirus Business Interruption Loan.
Other loans of £128,558 (2023: £39,524) are secured via a fixed and floating charge over the assets of the Company.
Within other creditors the Group has an invoice finance facility of £1,017,851 (2023: £1,535,232) which is secured via a fixed and floating charge over the assets of the Group. Two directors have given a corporate and personal guarantee as security.
Obligations under hire purchase contracts of £141,281 (2023: £43,326) are secured against the individual assets to which they relate.

Page 31

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
25,000
-
-

Other loans
34,898
-
34,898
-

Obligations under finance leases and hire purchase contracts
238,095
39,474
238,095
39,474

272,993
64,474
272,993
39,474


Bank loans of £Nil (2023: £25,000) are unsecured and relate to a Coronavirus Business Interruption Loan.
Other loans of £34,898 (2023: £Nil) are secured by the Company.
Obligations under hire purchase contracts of £238,095 (2023: £39,474) are secured against the individual assets to which they relate.


20.


Loans


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
26,250
15,000
-
-

Other loans
128,558
39,524
128,558
39,524


154,808
54,524
128,558
39,524

Amounts falling due 1-2 years

Other loans
34,898
-
34,898
-

Amounts falling due 2-5 years

Bank loans
-
25,000
-
-


-
25,000
-
-


189,706
79,524
163,456
39,524


Page 32

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

21.


Hire purchase


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
141,281
43,326
141,281
43,326

Between 1-5 years
238,095
39,474
238,095
39,474

379,376
82,800
379,376
82,800


22.


Share capital

2024
2023
£
£
Allotted and called up



386,340 (2023 - 386,340) Ordinary shares of £1.00 each
386,340
386,340

Each ordinary share carries voting rights and there are no restrictions on the distributions of dividends.



23.


Reserves

Share premium account

The share premium account records the amount paid above of the par value on the issue of Ordinary Share Capital.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 33

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

24.


Share-based payments

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

485

25,280

485
 
25,280
 
Granted during the year


-

 
-
 
Expired during the year


-

 
-
 
Outstanding at the end of the year
485

25,280

485
 
25,280
 

During the year none (2023: none) of the share options expired. The remaining options have a expected life of between 1 to 6 years. There is no performance criteria is attached to these options and on exercise, the options must be paid for in cash.
The directors consider that the value of the options issued in the year to be trivial. The directors consider that the conditions under which the existing options may be exercised are unlikely to be met in the near future and no movements or a share based payment reserve on these options are reflected in the financial statements.




25.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension costs charge represents contributions payable by the Company to the fund and amounted to £73,781 (2023: £81,747). Contributions were payable to the fund at balance sheet date of £10,875 (2023: £16,954).


26.


Commitments under operating leases

At 31 August 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
589,450
622,056
589,450
601,056

Later than 1 year and not later than 5 years
464,869
1,168,952
464,869
1,074,952

Later than 5 years
-
121,000
-
-

1,054,319
1,912,008
1,054,319
1,676,008

Page 34

 


LUNAR VENTURES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

27.


Related party transactions

Transactions with directors:
At the year end the Group was owed by two directors £23,423 (2023: £31,310). The loans are unsecured, repayable on demand and interest free.
The Company owed £12,963 (2023: £23,530) to a Company under the control of the two directors. 
At the year end the Group was due £93,971 (2023: £109,166) from one (2023: one) of the directors in respect of share capital purchased on a deferred payment arrangement.
Two directors have provided limited guarantees to the Company's bankers of £350,000. A fixed and floating charge to the invoice financing provider, along with a corporate guarantee from Torzmac Limited a company owned by two of the directors.
Related party transactions:
During the year the Group was invoiced £56,420 (2023: £95,953) by companies controlled by two directors. Included in trade creditors at the year end was £13,680 (2023: £37,750) due to a company controlled by a director.
The Company has taken the exemption available from disclosing related party transactions with entities that are 100% owned by Lunar Ventures Limited.


28.


Controlling party

There is no ultimate controlling party.

 
Page 35