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Registered number: 12545293









ADENA BRANDS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

 
ADENA BRANDS LIMITED
 
 
COMPANY INFORMATION


Directors
P Simon 
N Stowe 
M Holloway 




Registered number
12545293



Registered office
Yellow Building
1 Nicholas Road

London

W11 4AN




Independent auditors
Duncan & Toplis Audit Limited

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR




Bankers
Barclays Bank plc
1 Churchill Place

London

E14 5HP





 
ADENA BRANDS LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 6
Directors' Report
7 - 9
Independent Auditors' Report
10 - 13
Consolidated Income Statement
14
Consolidated Statement of Comprehensive Income
15
Consolidated Statement of Financial Position
16
Company Statement of Financial Position
17
Consolidated Statement of Changes in Equity
18 - 19
Company Statement of Changes in Equity
20 - 21
Consolidated Statement of Cash Flows
22 - 23
Notes to the Financial Statements
24 - 47


 
ADENA BRANDS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

Business review
 
The Group’s financial results for the period covered by this review, from September 2023 through the end of August 2024, were disappointing and a step back from the prior year, with sales down (11)% and a pre-exceptional EBITDA loss of £(2.4) million.  They reflected a challenging environment, with weak consumer demand and steep wage and other cost inflation, but also underperformance in several areas, and the results reflect both that underperformance and the investments made to turn the performance around. 
During the period, as part of our ongoing turnaround efforts, we turned our focus to three underperforming areas: our Monsoon retail portfolio; our Monsoon childrenswear business; and several key international markets (the Kingdom of Saudi Arabia, Italy and Germany). The actions we took have addressed the underperformance, but they required investment and involved transitions that led to lower sales, significantly impacting our results for the period. These realignments are largely complete as we trade through our current fiscal year, and we are seeing the benefits. 
Despite these challenges, our core UK Accessorize business and our core Monsoon Women’s business (that together account for approximately 70% of sales) continued to perform well in a difficult retail environment. The strength of those businesses meant that we were able to absorb the cost of the above-mentioned realignments, continue to invest in our brands, and continue our multi-year program of core technology systems upgrades.
In the current financial year that began in September 2024, despite continued weak consumer spending and a new round of wage cost increases, the Group is seeing positive results from the investments made last year and the continued strong performance of our core UK Accessorize and Monsoon Women’s businesses. At the time of writing, with 8 months of our current fiscal year complete (including our important Black Friday through Christmas and Ramadan trading periods, with our summer peak ahead) the Group has seen a return to sales growth, profitability and much better performance in the areas that caused such concern last year.

Course corrections taken during the year

As noted, during the period we took actions on three underperforming areas. 
First, within our Monsoon retail portfolio we continued to close legacy dual-format stores (older large-format stores that combine Monsoon and Accessorize in a single store) at lease expiration but paused our rollout of Monsoon boutique stores to give time to create a supporting outlet business and to test a revised shopping centre format and station and airport travel locations. As a result, our Monsoon retail sales for the period were lower than we originally planned as reduced sales from store closures outweighed new sales from store openings. 
Second, we realigned our Monsoon childrenswear business, rebuilding the leadership team and completely redesigning our childrenswear collections. Given the time required to design new collections and sell through existing inventory, we absorbed the impact of lower childrenswear sales and markdown costs during the period and absorbed the additional cost of investments in the new team and new designs. 
 
Third, we took several actions on our international business. We transitioned our two largest international businesses during the period, moving to a new franchise partner in the Kingdom of Saudi Arabia, and transitioning away from a franchise partner to an owned subsidiary in Italy. In addition to the sales impact of not trading these markets to their normal levels in 2023-2024, the transitions came with significant costs. Both these transitions are complete as we trade the current fiscal year. In January 2025 we also closed a small trial of 5 Accessorize airport stores in Germany, and we have provided for some of the costs of the closure in the accounts for this period. This was a hard decision, but relatively weak German airport recovery post-Covid, together with wider economic headwinds impacted the profitability of the stores and the viability of turning the trial into a long-term position. The end of this trial has not impacted operations outside of Germany.

As noted above, these realignments to our Monsoon retail, Monsoon childrenswear business and international markets represented a significant investment during the period in expense and foregone sales. But they have
Page 1

 
ADENA BRANDS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

proved to be productive, and we are seeing the benefits in our current fiscal year. As with many turnarounds, and especially in the volatile and challenging retail environment we have seen over the past few years, initial plans need to adjust and course corrections are a necessary part of the journey. As a private company, with a profitable core business and without the constraints of debt, we are able to simply get on with improving the business and fixing issues where needed, with the long term health of the brands in mind.

New developments

During the period we opened 13 new Accessorize stores and refitted 4. With these new openings and refits, the majority of our Accessorize retail portfolio is now our latest store design, representing a significant step forward over the past three years. Our new stores have performed well and in line with our business cases, supporting our approach to expanding our footprint and continuing to invest in physical retail. During the year we opened two new Accessorize store formats, both of which have proved productive and are now part of our focus as we roll out new stores. A smaller, jewellery-focused store in London provides a template for smaller, higher-margin stores; and a larger format opened in Harrogate, with a full range of product including clothing and gifting, provides a template for larger, higher-revenue stores.
Our core Monsoon Women’s business continued its evolution, with improved product and digital expansion driving robust sales in a challenging women’s clothing market. During the year, in addition to expanding our owned and third-party digital partnerships, we opened several new Monsoon stores as we test formats with a broader future portfolio in mind. Our travel-focused format in Waterloo station provides a template for a higher-density store format with shopping centres and other travel formats in mind (including two London Gatwick locations that we opened in early 2025). And several outlet locations opened in the year provide a commercial foundation to support a broader full-price retail footprint.
Finally, we continued our multi-year investment in our core operating and technology platform by upgrading our warehouse management system, aligned with a renewal of our distribution centre lease. This follows our successful transition of our ERP system the previous year and provides a contemporary platform that enables us to create efficiencies in our operations and build out new functionality to support our omni-channel experience across our brands (for example, the new express click & collect service recently deployed to our Accessorize stores). 

Results highlights

Group sales for the year were £204.6 million, a fall of (11)% on the prior year. Sales were impacted as noted above by the actions taken on our retail portfolio, the realignment of the childrenswear business and the transition of the Group’s two largest international markets.
EBITDA was a loss of £(2.4) million and loss before tax was £(7.5) million, driven by the above-mentioned transitions as well as by significant cost inflation in the Group’s wage expenses, driven largely by the UK National Minimum Wage increases.
Cash was managed well, with £14.9 million of cash and zero debt at year end.
The complete results for the wider group companies, including Adena Brands Limited as well as its affiliate Middle-East venture, Monsoon Accessorize LLC, were sales of £218.7 million, EBITDA of £(2.2) million, and cash of £15.6 million.

Page 2

 
ADENA BRANDS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

Current Trading

The Group entered its new fiscal year in September 2024 in a similar environment to that experienced over the prior year, with continued headwinds from ongoing cost-of-living pressures and a weak retail sales environment for women’s and children’s clothing. However, as noted, after 8 months of our current fiscal year, the actions taken in the prior year have driven much improved performance and a return to growth and profitability. In the current fiscal year, the most significant challenges faced by the business are continued cost pressures, driven by increases in the National Minimum Wage, new employment regulations and increases in employer National Insurance contributions. We expect to manage those pressures by improving our store productivity, and via a renewed focus on managing our overall headcount and wage increases, and efforts around automation and the use of technology to drive efficiency in our operations, stores and digital business. 

Group strategy and outlook

The Group strategy has five main elements: product and brand renewal; digital transformation; continued retail portfolio realignment and format expansion; international development via digital as well as retail and franchise partner expansion; and smart investment allocation as we modernize our operating and technology platform. The changes we have made to the business since its restructuring, and the changes we have made over the past year, have put us in a stronger position compared to where the business was pre-pandemic and pre-restructuring: we have more profitable stores and a range of new formats we can invest in; a much stronger owned and third-party digital presence; a better positioned and profitable international presence; a lower and more flexible cost base; and a contemporary technology and operating platform underpinning the business. 
Above all, it is the strength of our product and our brands that will determine our success. We have made significant progress on our product offer and continue to invest, across our Accessorize business with new team members and an expanded offer, as well as Monsoon including the relaunch of our new childrenswear collections. Our brands are a strong advantage for us in a highly competitive retail landscape, each with their long heritage and established, unique handwriting, and a shared commitment to environmental standards and ethical trading. After a difficult year, our continued investment in the business is yielding improved results and we believe we are well positioned for the years ahead.

Principal risks and uncertainties
 
The following are risks and uncertainties which could impact the Group’s ability to achieve its strategic and operational objectives or embrace opportunities as they arise. They are broadly grouped as market conditions, cost and supply chain risks, liquidity risk and foreign currency fluctuations.

Market conditions – The Group constantly reviews and monitors its trading operations to ensure pricing and promotional strategies remain competitive, product design remains attractive whilst staying in line with the Monsoon and Accessorize brand values. The Group continues to manage actively and minimise its exposure to the high fixed costs, including those associated with retail store operations as well as central and shared costs, to ensure that it can remain profitable and react to changes in the external environment. Whilst market conditions continue to be uncertain because of the lingering impact of the coronavirus pandemic and potential disruption from further variants, the Directors believe that the strength of the business’ restructured and more flexible retail portfolio, its digital channels (which now contributes over half the revenue in the UK), its stronger international position, and a much leaner and more variable cost base will ensure that the Group is well-positioned to mitigate risk, as has been proven to date
Cost and supply chain risks – The challenges of rising inflation as well as supply chain disruptions are factors that the Group manages constantly. Thus far, the Group has been able to negotiate improved terms with its product vendors as well as pass along additional costs by way of price increases without negative impacts to the business. Cost increases from wage inflation and from increased freight costs remain a concern, but the Group has been able to navigate these through a combination of re pricing and changing its air/sea freight mix and product sourcing locations. The Directors believe that the Group will be able to manage these risks via similar strategies going forward.
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ADENA BRANDS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

Liquidity risk – The availability of cash and liquidity could have a material effect on operational and financial conditions of the business. The management team has been able to successfully improve the cash generation of the business, paying back bridging financing taken on during the pandemic, ending the period with positive cash and no debt. The risk to the Group from liquidity concerns is considered to be manageable.
Foreign currency risk – The Group's presentational currency is sterling. It has subsidiary operations outside of the UK and the Group buys goods denominated in currencies other than sterling. The value of non sterling revenues, purchases, financial assets and liabilities and cash flows can be affected by movements in exchange rates in general and the US Dollar in particular.

Financial key performance indicators
 
53-Week Period ended 31 August
52-Week Period
ended
26 August
2024
2023
£m
£m


 
Turnover

204.6

231.0
 
Gross profit

128.3

143.7
 
Gross profit %

62.7%

62.2%
 
Operating (loss)/profit

(7.3)

14.2
 
EBITDA (pre-exceptional)

(2.4)

17.4
 
EBITDA %

(1.2%)

7.5%
 
(Loss)/profit before tax

(7.5)

14.1
 

Directors' statement of compliance with duty to promote the success of the Group
 
Section 172 Companies Act 2006
The report sets out how the directors comply with the requirement of Section 172 Companies Act 2006 and how these requirements have impacted the Board’s decision making throughout the period.
The Board ensures that decisions are always taken for the long term, and collectively and individually aims to uphold the highest standards of conduct. Similarly, it acknowledges that the Group’s employees and customers are their most important asset, and the business can only grow and prosper over the long term if it understands, respects and responds to their views and needs as well as those of other stakeholders with the environment we operate.
The Board has identified the following stakeholder groups with whom engagement is fundamental to the Group’s ongoing success:
Board and Senior Management Team: The Group operates with regular board and Senior Management meetings in place to ensure these groups are updated and communicated to regularly on business performance. Monthly board packs are prepared for the board to enable review of key performance metrics of the business and to receive any movements or significant changes to the business.
Employees: The Group recognises that the employees are at the heart of all operations and the success of the business is dependent on attracting, training and motivating them. The Directors work closely with their managers in the day to day running of the business and the Group routinely engages with its staff as appropriate and where relevant. The Group continues to invest in training programmes, career development opportunities and actively encourages employees where appropriate to take part. The Group gives full consideration to
Page 4

 
ADENA BRANDS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

applications from people with disabilities where the requirements of the job can be properly fulfilled and supports them, as necessary.
Relationships with Customers: The Directors delegate the day to day responsibility for the Company’s business relationships with customers and other stakeholders to the executive management team. The business engages with its customers in various ways including labelling, social media, customer and consumer feedback. 
Relationships with Suppliers: The Directors delegate the day to day responsibility for the Company’s business relationships with suppliers and other stakeholders to the executive management team. All the Group’s suppliers are asked to commit to the Monsoon Accessorize Code of Conduct, which is based on the Ethical Trading Initiative (ETI) Base Code. This sets out minimum standards relating to working conditions, pay and employment rights. The Group works with suppliers to achieve improvements where necessary through corrective action plans. This includes monitoring sub contractors. Progress is monitored through regular visits and audits, carried out by in house specialists and independent external auditors. This includes unannounced visits to ensure the Group has an accurate picture of progress.
As a founder member of the Ethical Trading Initiative (www.ethicaltrade.org), the Group benefits from shared learning and interaction with other members, including companies, non governmental organisations (NGOs) and trade unions. The ETI's ultimate goal is to ensure that the working conditions of those producing for the UK market meet or exceed international labour standards. The Group was a leading member of ETI Homeworkers Group and has made significant progress in rolling out the ETI piece rate methodology across its supply chain.
Further information on the Group’s work on Ethical Trade is available at: https://www.monsoon.co .uk/sustainability -pledge.html

The impact of the Group’s operations on the community and the environment

The Group continues to seek to reduce the carbon footprint through selecting sustainable fabrics and production methods for its products, effective direct energy management, working with suppliers to ensure environmental impacts are managed in a responsible way, and by minimising waste and packaging.
Examples of activities include:

Product working with suppliers to move to new materials that have less negative impact on the environment (illustrative examples include a broader use of organic cottons; adoption of sustainable synthetic materials such as LenzingTM EcoveroTM Viscose; development of sustainable vegan bags as an alternative to leather);
Planet working with suppliers to lower our carbon footprint through more energy efficient power and materials use (illustrative examples include integrating environmental criteria into shop design and refit programmes; ensuring all power to stores and other facilities is from renewable sources where under our control; working with logistics providers to move to lower-carbon transportation methods; removal of plastic bags from stores and reduction of inbound plastic packaging from suppliers, and adoption of paper-based products from sustainably managed forests);

We are continuing to review our goals and targets as we seek to become an ever more responsible and conscious business. 

Page 5

 
ADENA BRANDS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

Charitable donations

During the financial period the Group collected £76,000 (2023: £77,000) through single use plastic bag levy. The Group distributed the levy collected in England, Scotland & Wales to the Monsoon Accessorize Trust. The levy collected in Northern Ireland was paid to Department of Agriculture, Environment and Rural Affairs.
The Group made £128,000 (2023: £100,000) in charitable donations during the period. Donations made were in support of providing education and healthcare to those in developing countries through WaterHarvest and breast cancer support through Future Dreams. 

The Monsoon Accessorize Trust

Since 1994, the Monsoon Accessorize Trust has been supporting projects that impact the most disadvantaged and vulnerable women and children in communities across Asia. It is our mission to help provide education, healthcare, and employment initiatives which directly benefit vulnerable communities. 
The Trust’s primary goals remain:

1.Educational programmes to alleviate the cycle of poverty. 
2. Empowering woman and providing them with income generation opportunities
3. Supporting health initiatives through sustainable change. 

The Trustees continued to focus on providing crisis and emergency support, while still supporting our existing partnership projects.
The Monsoon Accessorize Trust, a registered charity, reg no. 1038446, prepares separate financial statements.
The Group strives to maintain a reputation for the highest standards of business conduct.


This report was approved by the board on 13 May 2025 and signed on its behalf.



N Stowe
Director

Page 6

 
ADENA BRANDS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

The Directors present their report and the financial statements for the period ended 31 August 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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

Principal activity

The principal activity of the Group is the retailing of women's and children's clothing, accessories, homeware and gifts.

Results and dividends

The loss for the 53-week period ended 31 August 2024, after taxation, amounted to £6,256,000 (2023 - profit for the 52-week period ended 26 August 2023 £11,669,000).

The Company paid a dividend of £2,000,000 to its parent entity during the 53-week period ended 31 August 2024.

Directors

The Directors who served during the 53-week period ended 31 August 2024 were:

P Simon 
N Stowe 
M Holloway 

Page 7

 
ADENA BRANDS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

Group's policy for payment of creditors

The Group does not follow any specific code or standard on payment practice but agrees payment terms during contractual negotiations with all prospective suppliers. Payment terms are clearly stated on purchase orders. It is the Group’s policy to abide by the agreed terms of payment where appropriate.

Engagement with employees

The Group informs employees of the development of the business through regular town hall meetings.
The Group seeks to work with each individual employee, enabling them to reach and maximise their potential in the context of their own personal circumstances.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group monitors its electricity usage and is seeking ways to reduce its carbon footprint.
The Group’s Streamlined Energy and Carbon Reporting statement has been prepared in line with the requirements of Streamlined Energy and Carbon Reporting regulations and the relevant areas of greenhouse gas (‘GHG’) Protocol Corporate Accounting and Reporting Standard.
A ‘Dual Reporting’ methodology has been used to indicate emissions using UK electricity grid average emission factors (known as the ‘Location Based’ method), and also emissions using supplier specific generation emission factors (the ‘Market Based’ method).




Location Based Method
Market Based Method

Amount
Unit
Amount
Unit
Energy
5,370,542.32
kWh
5,370,542.32
kWh
Scope 1 emissions
44.478
tCO2e
44.478
tCO2e
Scope 2 emissions
1,053.978
tCO2e
326.409
tCO2e
Scope 3 emissions
105.396
tCO2e
41.091
tCO2e
Total emissions
1,203.851
tCO2e
411.977
tCO2e

The location based carbon intensity ratio, using the Group's UK only sales revenue of £175.7 million, is 6.851 Tonnes of CO2e/£m.
The Market based carbon intensity ratio, using the Group's UK only sales revenue of £175.7 million, is 2.344 Tonnes of CO2e/£m.
During the period, the Group's strategy has been to purchase renewable energy backed by Renewable Electricity  of Origin (REGO) certificates. Through this strategy, within the above 2023/2024 total energy consumption, the Group has sourced a total of 4,208,605.86 kWh of REGO backed (zero emission) electricity equating to 82.68% of total electricity use. 




 
Page 8

 
ADENA BRANDS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024



Location Based Comparison
Market Based Comparison
Item
2023/2024
(12 months)
2022/2023 
(12 months)
2023/2024
(12 months)
2022/2023 
(12 months)
Total energy consumption (12 months)
5,370,542.32
6,128,529.78
5,370,542.32
6,128,529.78
Associated Carbon Emissions (tCO2e)
1,203.851
1,370.717
411.977
471.056
Metric - Emissions of tCO2e per £m Sales Revenue
6.851
7.073
2.344
2.431

Energy consumption and associated carbon emissions have decreased compared to the previous year, driven by the following factors: 
 
Reduced energy usage at the company’s distribution centre due to decreased usage of heating and air conditioning.
The closure of some larger format retail stores, replaced with smaller stores with lower energy consumption.
Lower staff road mileage, resulting in reduced travel-related emissions.

Additionally, to enhance energy efficiency, all newly opened or refurbished stores during the period were equipped with LED lighting as part of updated specifications.

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

See note 28 for further details on post balance sheet events since the 53-week the period ended 31 August 2024. 

Auditors

Under section 487(2) of the Companies Act 2006Duncan & Toplis Audit Limited 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 on 13 May 2025 and signed on its behalf.
 





N Stowe
Director

Page 9

 
ADENA BRANDS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADENA BRANDS LIMITED
 

Opinion


We have audited the financial statements of Adena Brands Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 August 2024, which comprise the Consolidated Income Statement, 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 August 2024 and of the Group's loss for the period 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 10

 
ADENA BRANDS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADENA BRANDS LIMITED (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 period 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 7, 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 11

 
ADENA BRANDS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADENA BRANDS 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.
Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws and regulations as part of our financial statements audit. This included the identification and testing of unusual material journal entries and challenging management on key areas of uncertainty being the estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies.
Secondly, the group and parent company are subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Employment law and Environmental regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statements items.
Our work included a review of the external audits conducted within the year for any evidence of non-compliance, reading minutes of meetings of those charged with governance and correspondence held with regulators, in addition to an assessment of any legal expenses and possible contingencies. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.


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 12

 
ADENA BRANDS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADENA BRANDS 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.





Alistair Main BFP FCA (Senior Statutory Auditor)
  
for and on behalf of
Duncan & Toplis Audit Limited, Statutory Auditor
 
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

15 May 2025
Page 13

 
ADENA BRANDS LIMITED
 
 
CONSOLIDATED INCOME STATEMENT
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

53-Week Period ended
31 August
52-Week Period
ended
26 August
2024
2023
Note
£000
£000

  

Turnover
 4 
204,635
231,030

Cost of sales
  
(76,341)
(87,316)

Gross profit
  
128,294
143,714

Administrative expenses
  
(136,289)
(130,431)

Exceptional administrative expenses
  
-
(106)

Other operating income
 5 
666
989

Operating (loss)/profit
 6 
(7,329)
14,166

Interest receivable and similar income
  
22
2

Interest payable and similar expenses
 10 
(231)
(80)

(Loss)/profit before tax
  
(7,538)
14,088

Tax on (loss)/profit
 11 
1,282
(2,419)

(Loss)/profit for the financial period
  
(6,256)
11,669

(Loss)/profit for the period attributable to:
  

Owners of the parent Company
  
(6,256)
11,669

  
(6,256)
11,669

The notes on pages 24 to 47 form part of these financial statements.

Page 14

 
ADENA BRANDS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

53-Week Period ended
31 August
52-Week Period
ended
26 August
2024
2023
£000
£000


(Loss)/profit for the financial period
  
(6,256)
11,669

Total comprehensive income for the period
  
(6,256)
11,669

(Loss)/profit for the period attributable to:
  


Owners of the parent Company
  
(6,256)
11,669

  
(6,256)
11,669

Total comprehensive income attributable to:
  


Owners of the parent Company
  
(6,256)
11,669

  
(6,256)
11,669

The notes on pages 24 to 47 form part of these financial statements.

Page 15

 
ADENA BRANDS LIMITED
REGISTERED NUMBER: 12545293

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£000
£000

Fixed assets
  

Intangible Assets
 13 
10,657
11,005

Tangible Fixed Assets
 14 
10,308
8,565

  
20,965
19,570

Current assets
  

Stocks
 16 
42,180
46,417

Debtors: amounts falling due within one year
 17 
18,025
17,082

Cash at bank and in hand
  
14,881
16,441

  
75,086
79,940

Creditors: amounts falling due within one year
 18 
(58,511)
(53,353)

Net current assets
  
 
 
16,575
 
 
26,587

Total assets less current liabilities
  
37,540
46,157

Provisions for liabilities
  

Deferred taxation
 20 
(1,636)
(1,926)

Provisions
 21 
(735)
(810)

  
 
 
(2,371)
 
 
(2,736)

Net assets
  
35,169
43,421


Capital and reserves
  

Other Reserves
 23 
167
163

Retained earnings
 23 
35,002
43,258

Equity attributable to owners of the parent Company
  
35,169
43,421


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 May 2025.




N Stowe
Director

The notes on pages 24 to 47 form part of these financial statements.

Page 16

 
ADENA BRANDS LIMITED
REGISTERED NUMBER: 12545293

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£000
£000

Fixed assets
  

Intangible assets
 13 
2,244
2,638

Investments
 15 
38
38

  
2,282
2,676

Current assets
  

Debtors: amounts falling due within one year
 17 
131
5,772

Bank and cash balances
  
140
191

  
271
5,963

Creditors: amounts falling due within one year
 18 
(2,267)
(7,779)

Net current liabilities
  
 
 
(1,996)
 
 
(1,816)

Total assets less current liabilities
  
286
860

  

  

Net assets
  
286
860


Capital and reserves
  

Retained earnings
 23 
286
860

  
286
860


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 May 2025.




N Stowe
Director

The notes on pages 24 to 47 form part of these financial statements.

Page 17

 
ADENA BRANDS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024


Other reserves
Retained earnings
Equity attributable to owners of parent Company
Total equity

£000
£000
£000
£000

At 27 August 2023
163
43,258
43,421
43,421


Changes in equity

Total comprehensive income
-
(6,256)
(6,256)
(6,256)

Dividend
-
(2,000)
(2,000)
(2,000)

Foreign exchange movement
4
-
4
4


At 31 August 2024
167
35,002
35,169
35,169


The notes on pages 24 to 47 form part of these financial statements.

Page 18

 
ADENA BRANDS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 52-WEEK PERIOD ENDED 26 AUGUST 2023


Other reserves
Retained earnings
Equity attributable to owners of parent Company
Total equity

£000
£000
£000
£000

At 28 August 2022
151
32,589
32,740
32,740


Changes in equity

Total comprehensive income
-
11,669
11,669
11,669

Dividend
-
(1,000)
(1,000)
(1,000)

Foreign exchange movement
12
-
12
12


At 26 August 2023
163
43,258
43,421
43,421


The notes on pages 24 to 47 form part of these financial statements.

Page 19

 
ADENA BRANDS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024


Called up share capital
Retained earnings
Total equity

£000
£000
£000

At 27 August 2023
-
860
860


Changes in equity

Total comprehensive income
-
1,426
1,426

Dividend
-
(2,000)
(2,000)


At 31 August 2024
-
286
286


The notes on pages 24 to 47 form part of these financial statements.

Page 20

 
ADENA BRANDS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE 52-WEEK PERIOD ENDED 26 AUGUST 2023


Called up share capital
Retained earnings
Total equity

£000
£000
£000

At 28 August 2022
-
1,239
1,239


Changes in equity

Total comprehensive income
-
621
621

Dividend
-
(1,000)
(1,000)


At 26 August 2023
-
860
860


The notes on pages 24 to 47 form part of these financial statements.

Page 21

 
ADENA BRANDS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

53-Week
Period ended
31 August
52-Week
Period
ended
26 August
2024
2023
£000
£000

Cash flows from operating activities

(Loss)/profit for the financial period
(6,256)
11,669

Adjustments for:

Amortisation of intangible assets
2,302
1,480

Depreciation of tangible assets
2,619
1,610

Impairments of fixed assets
518
-

Loss on disposal of tangible assets
69
102

Interest payable
231
80

Interest receivable
(22)
(2)

Taxation charge
(1,282)
2,419

Decrease in stocks
4,238
3,007

Decrease/(increase) in debtors
1,689
(263)

Increase/(decrease) in creditors
3,760
(7,667)

(Decrease) in provisions
(75)
(259)

Net fair value losses recognised in P&L
111
17

Corporation tax (paid)
(359)
(2,122)

Net cash generated from operating activities

7,543
10,071


Cash flows from investing activities

Purchase of intangible fixed assets
(1,954)
(3,395)

Purchase of tangible fixed assets
(4,940)
(6,238)

Interest received
22
2

Net cash from investing activities

(6,872)
(9,631)

Cash flows from financing activities

New loans from associates
9,500
4,687

Loans from associates repaid
(9,500)
(4,687)

Dividends paid
(2,000)
(1,000)

Interest payable
(231)
(80)

Net cash used in financing activities
(2,231)
(1,080)

Net (decrease) in cash and cash equivalents
(1,560)
(640)

Cash and cash equivalents at beginning of period
16,441
17,081
Page 22

 
ADENA BRANDS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

53-Week Period ended
31 August
52-Week Period ended
26 August

2024
2023

£000
£000


Cash and cash equivalents at the end of period
14,881
16,441


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
14,881
16,441

14,881
16,441


The notes on pages 24 to 47 form part of these financial statements.

Page 23

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

1.


General information

Adena Brands Limited is a Company incorporated in England and Wales under the Companies Act. It is a Company limited by shares. The address of the registered office is given on the Company information page and the nature of the Company’s operations and principal activities are given in the Directors’ Report.

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 Income Statement 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 Income Statement 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.

 
2.3

Going concern

The directors have carried out a detailed and comprehensive review of the business, its future projects and its ability to meet its obligations as they fall due. In the opinion of the directors, the Group is expected to be able to continue trading within the current arrangements and consequently the financial statements have been prepared on a going concern basis.

Page 24

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

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.

Page 25

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.6

Operating leases

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.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

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

 
2.9

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.

 
2.10

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.

Page 26

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the period 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;
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.


 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.13

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 Income Statement 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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair
Page 27

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.13
Intangible assets (continued)

value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 Amortisation is provided on the following bases:

Trademarks
-
%
Straight-line basis over 10 years
Computer Software
-
%
Straight line basis over 5-10 years

 
2.14

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
-
Over the period of the lease
Fixtures and fittings
-
Straight line over 5-10 years

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.

 
2.15

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 Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 28

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.16

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 weighted average 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.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation. 
Provisons are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligations, taking into account relevant risks and uncertainties. 
 
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. 
 
 
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.
 

Page 29

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 30

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the Directors have had to make the following judgements:
Determine whether leases entered into by the Group either as a lessor or a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Determine whether there are indicators of impairment of the Group's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Stock provisioning
Stock is carried in the balance sheet at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving stock. The Directors have used their knowledge and experience of the industry to determine the level of provisioning required based on the ageing profile of stock.
Dilapidations provisions
A provision for costs, which will be incurred in returning a leased property to the condition that it was in at the inception of the lease, is made based on estimates provided by external surveyors. The actual costs of the work that needs to be completed could vary from the estimates.


 
Page 31

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

3.Judgments in applying accounting policies (continued)

Recognition of deferred tax assets
Estimates may be required in determining the level of deferred tax assets and liabilities, which the Directors believe are reasonable. Various factors may have favourable or adverse effects on the deferred tax assets and liabilities. These include changes in tax legislation, tax rates and allowances, future levels of spending, the Group's level of future earning and estimated future taxable profits.
Goodwill amortisation
Judgment was applied by the Directors in determining the useful life of Goodwill. Goodwill is considered to have a finite life of 10 years and is amortised on a straight-line basis over its life.


4.


Turnover

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


53-Week Period ended
31 August
52-Week Period ended
26 August
2024
2023
£000
£000

Retail
204,635
231,030

204,635
231,030


Analysis of turnover by country of destination:

53-Week Period ended
31 August
52-Week Period ended
26 August
2024
2023
£000
£000

United Kingdom
175,784
193,770

International
28,851
37,260

204,635
231,030


Page 32

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

5.


Other operating income

53-Week Period ended
31 August
52-Week Period
ended
26 August
2024
2023
£000
£000

Other operating income
666
989

666
989


Operating income for the Group consists of licensing income, service fees and other non trade income.


6.


Operating (loss)/profit

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

53-Week Period ended
31 August
52-Week Period ended
26 August
2024
2023
£000
£000

Exchange differences
(113)
(94)

Depreciation of tangible fixed assets
2,619
1,610

Amortisation of intangible fixed assets
2,302
1,480

Other operating lease rentals
20,387
19,046


7.


Auditors' remuneration

53-Week Period ended
31 August
52-Week Period
ended
26 August
2024
2023
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
141
138

Fees payable to the Group's auditors and its associates in respect of:

Taxation compliance services
28
23

Page 33

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

8.


Employees

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


Group
53-Week
Period
ended
31 August
Group
52-Week
Period
ended
26 August
2024
2023
£000
£000


Wages and salaries
47,137
44,638

Social security costs
3,510
3,323

Cost of defined contribution scheme
941
881

51,588
48,842


The average monthly number of employees, including the Directors, during the period was as follows:


53-Week Period ended
       31 August
52-Week Period ended
       26 August
        2024
        2023
            No.
            No.







Retail and Distribution
1,671
1,668



Administration
291
281

1,962
1,949

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL)
Page 34

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

9.


Directors' remuneration

53-Week Period ended
31 August
52-Week Period
ended
26 August
2024
2023
£000
£000

Directors' emoluments
548
1,030

Group contributions to defined contribution pension schemes
-
30

548
1,060


The highest paid Director received remuneration of £462,000 (2023 - £945,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2023 - £30,000).

Key management personnel are those individuals who have the authority and responsibility for planning, directing and controlling the activities of the Group. The Directors are considered to represent the key management personnel of the Group and therefore the Director's remuneration represents the remuneration of the key management.


10.


Interest payable and similar expenses

53-Week Period ended
31 August
52-Week Period
ended
26 August
2024
2023
£000
£000


Loan interest payable
231
80

231
80

Page 35

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

11.


Taxation


53-Week Period ended
31 August
52-Week Period ended
26 August
2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
(955)
1,363

Adjustments in respect of previous periods
(37)
(195)


Total current tax
(992)
1,168

Deferred tax


Deferred tax (credit)/charge
(356)
1,339

Adjustments in respect of prior periods
66
(88)

Total deferred tax
(290)
1,251


Tax on (loss)/profit
(1,282)
2,419
Page 36

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024
 
11.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 21.44%). The differences are explained below:

53-Week Period ended
31 August
52-Week Period ended
26 August
2024
2023
£000
£000


(Loss)/profit on ordinary activities before tax
(7,538)
14,088


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.44%)
(1,885)
3,020

Effects of:


Expenses not deductible for tax purposes
27
21

Capital allowances for period in excess of depreciation
(402)
(565)

Effect of differing tax rate in overseas territories
96
(50)

Adjustments to tax charge in respect of prior periods
41
(283)

Non-taxable income
(71)
(86)

Effect of change in tax rate of deferred tax
-
190

Losses not recognised
421
172

Losses relieved at lower rate
186
-

Unrelieved losses carried forward
305
-

Total tax charge for the period
(1,282)
2,419


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 37

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

12.


Exceptional items

53-Week Period ended
31 August
52-Week Period
ended
26 August
2024
2023
£000
£000


Group restructuring
-
106

-
106


13.


Intangible assets

Group







Patents
Computer software
Goodwill
Negative goodwill
Total

£000
£000
£000
£000
£000



Cost


At 27 August 2023
2,280
8,200
4,233
(72)
14,641


Additions
-
1,954
-
-
1,954



At 31 August 2024

2,280
10,154
4,233
(72)
16,595



Amortisation


At 27 August 2023
741
1,596
1,350
(51)
3,636


Charge for the period on owned assets
228
1,648
429
(3)
2,302



At 31 August 2024

969
3,244
1,779
(54)
5,938



Net book value



At 31 August 2024
1,311
6,910
2,454
(18)
10,657



At 26 August 2023
1,539
6,604
2,883
(21)
11,005



Page 38

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024
 
           13.Intangible assets (continued)

Company






Patents
Goodwill
Total

£000
£000
£000



Cost


At 27 August 2023
30
3,854
3,884



At 31 August 2024

30
3,854
3,884



Amortisation


At 27 August 2023
10
1,236
1,246


Charge for the year
3
391
394



At 31 August 2024

13
1,627
1,640



Net book value



At 31 August 2024
17
2,227
2,244



At 26 August 2023
20
2,618
2,638

Page 39

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

14.


Tangible fixed assets

Group








Long-term leasehold property
Fixtures and fittings
Total

£000
£000
£000



Cost or valuation


At 27 August 2023
4,792
6,033
10,825


Additions
2,323
2,617
4,940


Other
14
329
343


Disposals
(100)
(136)
(236)


Impairment
(612)
(144)
(756)


Exchange adjustments
(24)
(9)
(33)



At 31 August 2024

6,393
8,690
15,083



Depreciation


At 27 August 2023
1,061
1,198
2,259


Charge for the period on owned assets
1,116
1,503
2,619


Other
14
329
343


Disposals
(90)
(110)
(200)


Impairment
(127)
(111)
(238)


Exchange adjustments
(5)
(3)
(8)



At 31 August 2024

1,969
2,806
4,775



Net book value



At 31 August 2024
4,424
5,884
10,308



At 26 August 2023
3,730
4,835
8,565

Page 40

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

15.


Fixed asset investments


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Adena Services Limited
1 Nicholas Road, London, W11 4AN, UK
Service provider
Ordinary
100%
Monsoon TM Limited*
1 Nicholas Road, London, W11 4AN, UK
Holder of Trademarks
Ordinary
95.5%
Monsoon Brands Limited
1 Nicholas Road, London, W11 4AN, UK
Retailer of fashion wear
Ordinary
95.5%
Monsoon Stores Limited
1 Nicholas Road, London, W11 4AN, UK
Retailer of fashion wear
Ordinary
95.5%
Accessorize TM Limited*
1 Nicholas Road, London, W11 4AN, UK
Holder of Trademarks
Ordinary
95.5%
Accessorize Brands Limited
1 Nicholas Road, London, W11 4AN, UK
Retailer of fashion wear
Ordinary
95.5%
Accessorize Stores Limited
1 Nicholas Road, London, W11 4AN, UK
Retailer of fashion wear
Ordinary
95.5%
Drillgreat International Limited*
1 Nicholas Road, London, W11 4AN, UK
Holding Company
Ordinary
100%
Monsoon Accessorize Switzerland AG
c/o Confia Baden AG, Husmatt, 1; Dättwil AG; 5405; Switzerland
Retailer of fashion wear
Ordinary
100%
East Heritage 1994 Limited*
1 Nicholas Road, London, W11 4AN, UK
Retailer of fashion wear
Ordinary
90%
Monsoon Accessorize Norway AS
c/o Amesto Account House, 0804 Oslo, Norway
Retailer of fashion wear
Ordinary
100%
Adena Stores Italy S.r.l.
Piazza Belgioioso 2, Milan, Italy
Retailer of fashion wear
Ordinary
100%
Adena Stores Germany GmbH
c/o Fieldfisher Plog Partnerschaft von Rechtsanwälten mbB, Turmcenter, Eschersheimer Landstraße 14, 60322 Frankfurt am Main, Germany
Retailer of fashion wear
Ordinary
100%
Adena Stores Denmark ApS
Vestvej 1, 2770 Kastrup, Denmark
Retailer of fashion wear
Ordinary
100%

* For the period ended 31 August 2024, the companies noted above were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The members of these companies have not required them to obtain an audit of their financial statements. In accordance with 479C of the Companies Act 2006, the Company will guarantee the debts and liabilities of these UK subsidiary undertakings.
During the period ended 26 August 2023, Plus Com Trade OU was liquidated and Monsoon Accessorize Latvia entered into administration. They were both 100% subsidiary undertakings of the Company.

Page 41

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

16.


Stocks

Group
Group
2024
2023
£000
£000

Finished goods and goods for resale
42,180
46,417

42,180
46,417


As at 31 August 2024 a provision of £0.1M (2023: £0.1M) was recognised in relation to potential stock loss. 


17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Trade debtors
3,812
7,144
-
-

Amounts owed by group undertakings
-
-
-
5,598

Other debtors
2,890
2,357
-
-

Prepayments and accrued income
8,688
7,513
116
106

Corporation tax
2,635
68
-
68

Deferred taxation
-
-
15
-

18,025
17,082
131
5,772



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Trade creditors
16,352
18,675
-
-

Amounts owed to group undertakings
-
-
2,267
7,779

Corporation tax
1,396
329
-
-

Other taxation and social security
7,754
8,120
-
-

Other creditors
3,766
1,606
-
-

Accruals and deferred income
29,243
24,623
-
-

58,511
53,353
2,267
7,779


Page 42

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

19.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Financial assets

Financial assets measured at amortised cost
24,170
25,942
255
5,789


Financial liabilities

Financial liabilities measured at amortised cost
(29,297)
(28,401)
(2,267)
(7,779)


Financial assets measured at amortised cost comprise cash at bank and in hand, trade debtors, other debtors and intercompany balances (Company only).


Financial liabilities measured at amortised cost comprise, trade creditors, other taxation and social security, other creditors, and intercompany balances (Company only).


20.


Deferred taxation


Group



2024


£000






At beginning of year
(1,926)


Credited to the profit or loss
356


Adjustments in respect of prior periods
(66)



At end of year
(1,636)

Page 43

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024
 
20.Deferred taxation (continued)

Company


2024


£000






At beginning of year
-


Charged to profit or loss
15



At end of year
15

Group
31 August
Group
26 August
Company
31 August
2024
2023
2024
£000
£000
£000

Fixed assets
(3,147)
(2,295)
-

Tax losses
1,246
109
15

Other
265
260
-

(1,636)
(1,926)
15


21.


Provisions


Group



Provisions

£000





At 27 August 2023
810


Charged to profit or loss
225


Utilised in period
(300)



At 31 August 2024
735

These are provisions for terminal dilapidations costs for stores.

Page 44

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

22.


Share capital

2024
2023
£000
£000
Authorised, allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
-
-



23.


Reserves

Share premium account

The share premium reserve relates to amounts paid for share capital in excess of nominal value. 

Foreign exchange reserve

Foreign exchange reserve relates to exchange differences arising on translating the opening net assets of overseas operations at opening rate and the results of overseas operations at actual rate.

Retained earnings

The retained earnings represent cumulative profits and losses net of dividends paid and other adjustments. 


24.


Capital commitments




At 31 August 2024 the Group and Company had capital commitments as follows:


Group
Group
2024
2023
£000
£000

Contracted for but not provided in these financial statements
1,176
929

1,176
929


25.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The amount charged against profits for this scheme represents the contributions payable to the scheme in respect of the 53-week period ended 31 August 2024 totalled £941,000 (2023: £881,000). At the period ended 31 August 2024, £156,000 (2023: £140,000) was unpaid and accrued.

Page 45

 
ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

26.


Commitments under operating leases

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


Group
Group
2024
2023
£000
£000

Not later than 1 year
10,648
11,306

Later than 1 year and not later than 5 years
21,484
24,044

Later than 5 years
1,441
13,156

33,573
48,506

27.


Related party transactions

During the financial period key management personnel were the statutory directors of the company who are named in the company information section of these financial statements. Their total remuneration is set out in note nine of these financial statements.
The following other related party transactions occurred during the period:
During the period, the Group was invoiced £74,000 (2023: £70,000) by a third party consultant who is a direct relative of a Director of the Group. The creditor balance outstanding as at the period end was £NIL (2023: £6,000).
During the period, an amount of £5,185,000 (2023: £6,705,000) was invoiced to an entity, beneficially owned by the parent entity of the Group for goods and services. The debtor balance at 31 August 2024 was £377,000 (2023: £306,000).
During the period, the Group entered into a loan facility with an entity controlled by the ultimate controlling party of the group. The facility amount was £7,200,000 (2023: £3,500,000) which was fully repaid by the period end. Total interest and associated fees were £229,000 (2023: £55,000).
During the period, the Group was invoiced property related costs of £793,000 (2023: £1,138,000) in relation to the occupation of properties owned by an entity controlled by the ultimate controlling party of the Group. The creditor balance outstanding at the period end was £2,000 (2023: £187,000).
During the period, the Group was invoiced property related costs of £2,000 (2023: £2,800) in relation to the occupation of properties owned by the ultimate controlling party of the Group. The creditor balance outstanding at the period end was £NIL (2023: £2,000).
During the period, the Group was invoiced consultancy fees of £482,000 (2023: £499,000) by entities controlled by the Directors of the Group. The creditor balance outstanding at the period end was £100,000 (2023: £21,000).
As at 31 August 2024, unsecured loan balances were owed by Monsoon Accessorize Switzerland AG and Monsoon Accessorize Norway AS of £47,000 (2023: £57,000) and £253,000 (2023: £339,800) to an entity controlled by the ultimate controlling party of the group.

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ADENA BRANDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

28.


Post balance sheet events

Adena Stores Germany Gmbh, a subsidiary of the Group, entered into liquidation on 15 January 2025. As
a result, bad debt provisions have been recognised in relation to all amounts due from Adena Stores Germany Gmbh, which are reflected in the relevant subsidiaries' financial statements. Furthermore, the tangible fixed assets in Adena Store Germany Gmbh have been impaired to £nil. The overall impairment recognised totals £518,000. 


29.


Controlling party

As at 31 August 2024, the Directors consider that Peter Simon, in his capacity as beneficial owner of 100 per cent of the shares in MA Brands Ltd, to be the ultimate controlling party of the Group.

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