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Registered number: 09982695









THE MONMORE GROUP LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
THE MONMORE GROUP LTD
 
 
COMPANY INFORMATION


Directors
Sukhdev Mehta 
Santosh Mehta 
Sanjay Mehta 
Aniel Mehta 




Registered number
09982695



Registered office
Unit 7 Phoenix Industrial Estate
Loxdale Street

Bilston

West Midlands

WV14 0PR




Independent auditors
Lancaster  Clements Limited
Chartered Certified Accountants

Stanley House

27 Wellington Road

Bilston

West Midlands

WV14 6AH




Bankers
Barclays Bank
Queen Square

Wolverhampton

West Midlands

WV1 1DS





 
THE MONMORE GROUP LTD
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated statement of financial position
 
9 - 10
Company statement of financial position
 
11
Consolidated statement of changes in equity
 
12 - 13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Consolidated analysis of net debt
 
17
Notes to the financial statements
 
18 - 37


 
THE MONMORE GROUP LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The principal activity of The Monmore Group Limited is that if investment and management of its subsidiary undertaking. The principal activity of the subsidiary undertakings Monmore Confectionery (Midlands) Limited, Superbweets Limited and Corolldraw Limited is that of confectionery wholesalers.

Business review
 
All of the income of the parent company is derived from trading through the subsidiary undertakings. During the year the subsidiary undertaking Superbsweets Limited commenced trade and the subsidiary undertaking Corolldraw Limited was acquired. The Group turnover has increased by £6,616,503 from £15,146,015 to £21,762,518. The gross profit margin has seen an increase of 1.9% this year following good management of costs despite the global economic uncertainty. The Group has no defined key performance indicators other than turnover, gross profit, trading profit and cash. Cash flow has been identified as the principal risk affecting the Group, however, there are sufficent funds currently availbale within the businesses. 
Current trading and open order levels year to date, along with the level of working capital available, gives the directors confidence in the company's long-term future. The overall trading outlook for the next financial year is positive.

Principal risks and uncertainties
 
The company has financial risks and seeks to minimise these by incorporating and rigorously implementing controls into key functions as part of the normal business operations.
Management review sale prices on a continuous basis to account for fluctuations in costs in order to minimise the risk of gross margin erosion, whilst also managing procurement to take advantage of fluctuating comodity prices at the lowest levels.
This policy is supporting by have the liquid reserves to invest in stock whilst commodity prices are at their lowest. It is therefore recognised that cash reserves and cash flows are the principle risks facing the business.

Financial key performance indicators
 
The Group's key performance indicators continue to be turnover, gross profit, operating profit and cash, which have all met the desired performance levels.
There has been an increase in turnover in the year and also an increase in the gross profit margin. On a year to year basis turnover increased by 43.7% and the gross profit margin increased from 19.6% to 21.5%.

Other key performance indicators
 
There are no key performance indicators. 


This report was approved by the board on 19 February 2025 and signed on its behalf.



Sukhdev Mehta
Director

Page 1

 
THE MONMORE GROUP LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

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

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.

Results and dividends

The profit for the year, after taxation, amounted to £786,447 (2023 - £618,439).

The directors do not propose to recommend payment of a dividend.

Directors

The directors who served during the year were:

Sukhdev Mehta 
Santosh Mehta 
Sanjay Mehta 
Aniel Mehta 

Future developments

The directors consider that there are no future developments of the company required to be disclosed.

Page 2

 
THE MONMORE GROUP LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 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 significant events affecting the Group since the year end.

Auditors

The auditorsLancaster  Clements Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 February 2025 and signed on its behalf.
 





Santosh Mehta
Director

Page 3

 
THE MONMORE GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MONMORE GROUP LTD
 

Opinion


We have audited the financial statements of The Monmore Group Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2024, which comprise the Consolidated statement of comprehensive income, 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 May 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.


Page 4

 
THE MONMORE GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MONMORE GROUP LTD (CONTINUED)


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.


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 2, 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 5

 
THE MONMORE GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MONMORE GROUP LTD (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:

Identifying and assessing potential risks related to irregularities
We obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, tax legislation and regulations relating to the employed workforce.
In assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- The clients evaluation of compliance with laws and regulations and whether they were aware of any instances of none compliance, along with the measures in place to mitigate any such instances.
- Methods in place to detect and respond to the risk of fraud and whether there was any actual, suspected or alleged fraud, along with controls established to mitigate such risks.
- Where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of those procedures we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential being in relation to, stock pilferage or misappropriation,
management override of controls and transactions outside the normal course of business, particularly with
related parties.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
- Testing of material journal entries, paying particular attention to the period immediately prior to and following the reporting date.
- Evaluation of the business rationale behind transactions made between related parties that are unusual or outside the normal course of business.
- An assessment of whether the judgements made in making accounting estimates are indicative of a potential bias.
- Making enquiries of management concerning actual or potential litigation and claims.
We have designed our procedures to best identify the likelihood or occurrence of irregularities, whether or not arising due to fraud. However, it is accepted that there is an inherent difficulty in detecting irregularities and our findings are subject to the timing and extent of the audit procedures performed.


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 6

 
THE MONMORE GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MONMORE GROUP LTD (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.





Mark Antony Cupitt (Senior statutory auditor)
  
for and on behalf of
Lancaster  Clements Limited
 
Chartered Certified Accountants
  
Stanley House
27 Wellington Road
Bilston
West Midlands
WV14 6AH

19 February 2025
Page 7

 
THE MONMORE GROUP LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
21,762,518
15,146,015

Cost of sales
  
(17,076,677)
(12,183,323)

Gross profit
  
4,685,841
2,962,692

Administrative expenses
  
(3,664,811)
(2,193,842)

Other operating income
 5 
18,350
-

Fair value movements
  
17,316
(34,824)

Operating profit
 6 
1,056,696
734,026

Income from fixed assets investments
  
1,891
5,415

Profit/loss on disposal of current asset investm
  
-
39,836

Interest receivable and similar income
 11 
31,759
3,287

Interest payable and similar expenses
 12 
(276)
(576)

Profit before taxation
  
1,090,070
781,988

Tax on profit
 13 
(303,623)
(163,549)

Profit for the financial year
  
786,447
618,439

  

Total comprehensive income for the year
  
786,447
618,439

Profit for the year attributable to:
  

Owners of the parent Company
  
786,447
618,439

  
786,447
618,439

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
786,447
618,439

  
786,447
618,439

The notes on pages 18 to 37 form part of these financial statements.

Page 8

 
THE MONMORE GROUP LTD
REGISTERED NUMBER: 09982695

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 16 
556,330
285,390

Tangible assets
 17 
745,669
316,810

  
1,301,999
602,200

Current assets
  

Stocks
 19 
2,969,274
1,288,604

Debtors: amounts falling due within one year
 20 
3,068,644
2,616,584

Current asset investments
 21 
3,105
518,121

Cash at bank and in hand
 22 
1,099,078
1,782,220

  
7,140,101
6,205,529

Creditors: amounts falling due within one year
 23 
(3,165,288)
(2,330,688)

Net current assets
  
 
 
3,974,813
 
 
3,874,841

Total assets less current liabilities
  
5,276,812
4,477,041

Creditors: amounts falling due after more than one year
 24 
(6,358)
(20,748)

Provisions for liabilities
  

Deferred taxation
 25 
(156,275)
(59,074)

  
 
 
(156,275)
 
 
(59,074)

Net assets excluding pension asset
  
5,114,179
4,397,219

Net assets
  
5,114,179
4,397,219


Capital and reserves
  

Called up share capital 
 26 
100
100

Capital redemption reserve
  
100
100

Profit and loss account
  
5,113,979
4,397,019

Equity attributable to owners of the parent Company
  
5,114,179
4,397,219

  
5,114,179
4,397,219


Page 9

 
THE MONMORE GROUP LTD
REGISTERED NUMBER: 09982695
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 February 2025.




Sukhdev Mehta
Director

The notes on pages 18 to 37 form part of these financial statements.

Page 10

 
THE MONMORE GROUP LTD
REGISTERED NUMBER: 09982695

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 18 
457,308
1

  
457,308
1

Current assets
  

Debtors: amounts falling due within one year
 20 
2,077,762
1,715,933

Current asset investments
 21 
-
518,121

Cash at bank and in hand
 22 
119,829
246,036

  
2,197,591
2,480,090

Creditors: amounts falling due within one year
 23 
(7,590)
(28,807)

Net current assets
  
 
 
2,190,001
 
 
2,451,283

Total assets less current liabilities
  
2,647,309
2,451,284

  

  

Net assets excluding pension asset
  
2,647,309
2,451,284

Net assets
  
2,647,309
2,451,284


Capital and reserves
  

Called up share capital 
 26 
100
100

Capital redemption reserve
  
100
100

Profit and loss account brought forward
  
2,451,084
2,423,736

Profit for the year
  
265,512
31,348

Other changes in the profit and loss account

  

(69,487)
(4,000)

Profit and loss account carried forward
  
2,647,109
2,451,084

  
2,647,309
2,451,284


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 February 2025.


Sukhdev Mehta
Director

The notes on pages 18 to 37 form part of these financial statements.

Page 11

 
THE MONMORE GROUP LTD
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 June 2023
100
100
4,397,019
4,397,219
4,397,219


Comprehensive income for the year

Profit for the year

-
-
786,447
786,447
786,447


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
786,447
786,447
786,447


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(69,487)
(69,487)
(69,487)


Total transactions with owners
-
-
(69,487)
(69,487)
(69,487)


At 31 May 2024
100
100
5,113,979
5,114,179
5,114,179


The notes on pages 18 to 37 form part of these financial statements.

Page 12

 
THE MONMORE GROUP LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 June 2022
100
100
3,782,580
3,782,780
3,782,780


Comprehensive income for the year

Profit for the year

-
-
618,439
618,439
618,439


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
618,439
618,439
618,439


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(4,000)
(4,000)
(4,000)


Total transactions with owners
-
-
(4,000)
(4,000)
(4,000)


At 31 May 2023
100
100
4,397,019
4,397,219
4,397,219


The notes on pages 18 to 37 form part of these financial statements.

Page 13

 
THE MONMORE GROUP LTD
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 June 2022
100
100
2,423,736
2,423,936


Comprehensive income for the year

Profit for the year

-
-
31,348
31,348


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
31,348
31,348


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(4,000)
(4,000)


Total transactions with owners
-
-
(4,000)
(4,000)



At 1 June 2023
100
100
2,451,084
2,451,284


Comprehensive income for the year

Profit for the year

-
-
265,512
265,512


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
265,512
265,512


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(69,487)
(69,487)


Total transactions with owners
-
-
(69,487)
(69,487)


At 31 May 2024
100
100
2,647,109
2,647,309


The notes on pages 18 to 37 form part of these financial statements.

Page 14

 
THE MONMORE GROUP LTD
 

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

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
786,447
618,439

Adjustments for:

Amortisation of intangible assets
63,486
32,632

Depreciation of tangible assets
149,806
90,323

Loss on disposal of tangible assets
14,077
3,125

Investment income
-
(45,251)

Interest paid
276
576

Interest received
(33,650)
(3,287)

Taxation charge
303,623
163,549

(Increase) in stocks
(1,226,376)
(497,751)

(Increase) in debtors
(92,915)
(311,219)

Increase in creditors
126,402
729,275

Net fair value (gains)/losses recognised in P&L
(17,316)
34,824

Corporation tax (paid)
(316,516)
(143,332)

Net cash generated from operating activities

(242,656)
671,903


Cash flows from investing activities

Purchase of intangible fixed assets
(50,007)
-

Purchase of tangible fixed assets
(590,509)
(192,856)

Sale of tangible fixed assets
27,000
86,822

Sale of short-term unlisted investments
535,437
713,028

Purchase of fixed asset investments
-
(518,121)

Interest received
31,758
3,287

Purchase of Subsidiary (net of cash disposed)
(292,972)
(300,199)

Income from Investments
-
45,251

Dividends received
1,891
-

Net cash from investing activities

(337,402)
(162,788)
Page 15

 
THE MONMORE GROUP LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(33,321)
-

Dividends paid
(69,487)
(4,000)

Interest paid
(276)
(576)

Net cash used in financing activities
(103,084)
(4,576)

Net (decrease)/increase in cash and cash equivalents
(683,142)
504,539

Cash and cash equivalents at beginning of year
1,782,220
1,277,681

Cash and cash equivalents at the end of year
1,099,078
1,782,220


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,099,078
1,782,220

1,099,078
1,782,220


The notes on pages 18 to 37 form part of these financial statements.

Page 16

 
THE MONMORE GROUP LTD
 

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





At 1 June 2023
Cash flows
Acquisition and disposal of subsidiaries
At 31 May 2024
£

£

£

£

Cash at bank and in hand

1,782,220

(422,576)

(260,566)

1,099,078

Debt due after 1 year

-

-

(6,358)

(6,358)

Debt due within 1 year

(30,628)

-

15,902

(14,726)

Finance leases

-

-

(3,500)

(3,500)


1,751,592
(422,576)
(254,522)
1,074,494

The notes on pages 18 to 37 form part of these financial statements.

Page 17

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The company is registered in England and Wales. The company's registered office is Unit 7 Phoenix Industrial Estate, Loxdale Street, Bilston, West Midlands, WV14 0PR. The principal activity of the company is that of an investment holding company.

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 comprehensive income 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 comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.

Page 18

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company'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.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

 
2.7

Borrowing costs

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

Page 19

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


Page 20

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

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 comprehensive income 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.

 
2.11

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, on the following basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
straight line over the life of the lease
Plant and machinery
-
25% reducing balance/25% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance/25% straight line

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.

Page 21

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

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.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash 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 amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 22

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 23

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

To be able to prepare financial statements in accordance with FRS102, The Monmore Grop Ltd must make certain estimates and judgments that have an impact on the policies and the amounts reported in the annual accounts. The estimates and judgments are based on historical experiences and other factors including expectations of future events that are believed to be reasonable at the time such estimates and judgments are made. Actual experience may vary from these estimates. The estimates and assumptions which have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below:
Depreciation and amortisation:
The Monmore Group Ltd accounts for depreciation and amortisation in accordance with FRS102. The depreciation and amortisation expense is the recognition of the decline in the value of the assets and allocation of the cost of the asset over the periods in which the asset will be used. Judgments are made on the estimated useful life of the assets which are regularly reviewed to reflect the changing environment.
Impairment of stocks 
Certain factors could affect the realisable value of the company's stocks, including customer demand and market conditions. The company considers historic usage, expected demand, anticipated sales price, effect of new product introductions, product obsolscence and other factors when evaluating the value of stock.


4.


Turnover

The whole of the turnover is attributable to the company's principal business activity.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
21,751,060
15,130,660

Rest of the world
11,458
15,355

21,762,518
15,146,015



5.


Other operating income

2024
2023
£
£

Sundry income
18,350
-

18,350
-


Page 24

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(12,357)
-


7.


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
23,000
-


8.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
1,543,201
920,058

Social security costs
92,170
51,804

Cost of defined contribution scheme
269,064
11,597

1,904,435
983,459


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
4
4
4
4



Staff
53
29
-
-

57
33
4
4

Page 25

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
53,495
51,104

53,495
51,104


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


10.


Income from investments

2024
2023
£
£





Dividends received from unlisted investments
1,891
5,415

1,891
5,415



11.


Interest receivable

2024
2023
£
£


Other interest receivable
31,759
3,287

31,759
3,287


12.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
276
-

Other interest payable
-
576

276
576

Page 26

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
208,455
162,265

Adjustments in respect of previous periods
(2,033)
13


206,422
162,278


Total current tax
206,422
162,278

Deferred tax


Origination and reversal of timing differences
97,201
1,271

Total deferred tax
97,201
1,271


Tax on profit
303,623
163,549

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,090,070
781,988


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20%)
272,518
156,398

Effects of:


Adjustments to tax charge in respect of prior periods
(2,033)
13

Other differences leading to an increase (decrease) in the tax charge
33,138
7,138

Total tax charge for the year
303,623
163,549


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 27

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

14.


Dividends

2024
2023
£
£


Ordinary 'A' shares
1,000
2,000


Ordinary 'B' shares
1,000
2,000


Ordinary 'C' shares
67,487
-

69,487
4,000


15.


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 comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £265,512 (2023 - £31,348).


16.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 June 2023
322,072


Additions
332,876



At 31 May 2024

654,948



Amortisation


At 1 June 2023
36,682


Charge for the year on owned assets
61,936



At 31 May 2024

98,618



Net book value



At 31 May 2024
556,330



At 31 May 2023
285,390



Page 28

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

17.


Tangible fixed assets

Group






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

£
£
£
£
£



Cost or valuation


At 1 June 2023
21,457
485,087
131,309
3,387
-


Additions
-
153,997
286,519
149,993
-


Acquisition of subsidiary
-
-
2,831
20,821
5,583


Disposals
-
(15,291)
(68,730)
-
-



At 31 May 2024

21,457
623,793
351,929
174,201
5,583



Depreciation


At 1 June 2023
21,457
260,139
40,201
2,633
-


Charge for the year on owned assets
-
83,829
51,954
13,559
465


Disposals
-
(9,854)
(33,089)
-
-



At 31 May 2024

21,457
334,114
59,066
16,192
465



Net book value



At 31 May 2024
-
289,679
292,863
158,009
5,118



At 31 May 2023
-
224,948
91,108
754
-
Page 29

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

           17.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 June 2023
641,240


Additions
590,509


Acquisition of subsidiary
29,235


Disposals
(84,021)



At 31 May 2024

1,176,963



Depreciation


At 1 June 2023
324,430


Charge for the year on owned assets
149,807


Disposals
(42,943)



At 31 May 2024

431,294



Net book value



At 31 May 2024
745,669



At 31 May 2023
316,810

Page 30

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

18.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
1


Additions
457,307



At 31 May 2024
457,308






Net book value



At 31 May 2024
457,308



At 31 May 2023
1


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Monmore Confectionery (Midlands) Limited
Ordinary
100%
Corolldraw Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 31 May 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Monmore Confectionery (Midlands) Limited
2,522,311
794,868

Corolldraw Limited
336,810
162,372

Page 31

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

19.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
2,969,274
1,288,604

2,969,274
1,288,604


The difference between purchase price or production cost of stocks and their replacement cost is not material.


20.


Debtors

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


Trade debtors
1,302,746
801,770
-
-

Amounts owed by group undertakings
-
-
484,427
963

Other debtors
1,627,345
1,752,989
1,593,335
1,714,970

Prepayments and accrued income
138,553
61,825
-
-

3,068,644
2,616,584
2,077,762
1,715,933



21.


Current asset investments

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

Unlisted investments
3,105
518,121
-
518,121

3,105
518,121
-
518,121



22.


Cash and cash equivalents

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

Cash at bank and in hand
1,099,078
1,782,220
119,829
246,036

1,099,078
1,782,220
119,829
246,036


Page 32

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

23.


Creditors: Amounts falling due within one year

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

Other loans
6,031
10,000
-
-

Trade creditors
2,393,911
1,610,783
-
78

Corporation tax
53,340
162,266
340
8,102

Other taxation and social security
470,692
186,881
-
-

Obligations under finance lease and hire purchase contracts
3,500
-
-
-

Other creditors
145,154
322,447
7,250
20,627

Accruals and deferred income
92,660
38,311
-
-

3,165,288
2,330,688
7,590
28,807



24.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
6,358
20,748

6,358
20,748





25.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
59,074
57,803


Charged to profit or loss
97,201
1,271



At end of year
156,275
59,074

Page 33

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
25.Deferred taxation (continued)

Company


2024
2023






At end of year
-
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
156,275
59,074

156,275
59,074


26.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



71 (2023 - 71) Ordinary 'A' shares of £1.00 each
71
71
25 (2023 - 25) Ordinary 'B' shares of £1.00 each
25
25
4 (2023 - 4) Ordinary 'C' shares of £1.00 each
4
4

100

100


Page 34

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

27.
 

Business combinations

On 9 February 2024 the Group acquired control of Corolldraw Limited through the purchase of 100% of the share capital for total consideration of £457,307.
On 21 April 2023 the Group acquired control of Superbsweets Limited through the purchase of 100% of the share capital for total consideration of £301,500.
Management have estimaed the useful life of the goodwill to be 10 years. The acquired businesses are  established in their market and have a track record of stable revenue.
The following table summarises the consideration paid by the Group, the fair value of assets acquired, liabilities assumed at the acquisition date.

Acquisition of Corolldraw Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value adjustments
Fair value
£
£
£

Fixed Assets

Tangible
29,235
-
29,235

29,235
-
29,235

Current Assets

Stocks
454,293
-
454,293

Debtors
359,150
-
359,150

Investments
3,105
-
3,105

Cash at bank and in hand
164,335
-
164,335

Total Assets
1,010,118
-
1,010,118

Creditors

Due within one year
(825,440)
-
(825,440)

Due after more than one year
(9,073)
-
(9,073)

Deferred taxation
(1,167)
-
(1,167)

Total Identifiable net assets
174,438
-
174,438


Goodwill
282,869

Total purchase consideration
457,307

Page 35

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

27.Business combinations (continued)

Consideration

£


Cash
457,307

Total purchase consideration
457,307

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
457,307

457,307

Less: Cash and cash equivalents acquired
(164,335)

Net cash outflow on acquisition
292,972

Acquisition of Superbsweets Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value adjustments
Fair value
£
£
£

Fixed Assets

Intangible
325
-
325

325
-
325

Current Assets

Debtors
31,738
-
31,738

Cash at bank and in hand
1,301
-
1,301

Total Assets
33,364
-
33,364

Creditors

Due within one year
(26,188)
-
(26,188)

Due after more than one year
(20,748)
-
(20,748)

Total Identifiable net liabilities
(13,572)
-
(13,572)


Goodwill
315,072

Total purchase consideration
301,500

Page 36

 
THE MONMORE GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

27.Business combinations (continued)

Consideration

£


Cash
301,500

Total purchase consideration
301,500

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
301,500

301,500

Less: Cash and cash equivalents acquired
(1,301)

Net cash outflow on acquisition
300,199


28.


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 £269,064 (2023 - £11,597). Contributions totalling £4,779 (2023 - £2,527) were payable to the fund at the reporting date and are included in creditors.


29.


Transactions with directors

During the year Aniel Mehta received advances of £3,345. This amount remained outstanding at the balance sheet date.


30.


Controlling party

The controlling interest in the company is held by Sukhdev and Santosh Mehta. 


31.


Limitation of Auditors' liability

The company has entered into a liability limitation agreement, the principal terms being as follows:-
Any liability is limited, pursuant to Section 537 of the Companies Act 2006, to no less than such amount as is considered fair and reasonable in each individual circumstance and to a maximum of ten times the level of the fee for the audit service being carried out.
The resolution approving this agreement is dated 1 May 2024.

Page 37