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Registered number: 12543463









MONSOON STORES LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

 
MONSOON STORES LTD
 
 
COMPANY INFORMATION


Directors
P Simon  
N Stowe 
M Holloway 




Registered number
12543463



Registered office
Yellow Building
1 Nicholas Road

London

W11 4AN




Independent auditors
Duncan & Toplis Audit Ltd

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR





 
MONSOON STORES LTD
 

CONTENTS



Page
Strategic Report
1 - 4
Directors' Report
5 - 6
Independent Auditors' Report
7 - 10
Statement of Comprehensive Income
11
Statement of Financial Position
12
Statement of Changes in Equity
13 - 14
Notes to the Financial Statements
15 - 31


 
MONSOON STORES LTD
 
 
STRATEGIC REPORT
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

Business review
 
The Company's activities

Monsoon Stores Limited (the ‘Company’) is a wholly owned subsidiary of Adena Brands Limited (the ‘Group’). The Group contains several operating entities, of which the Company is one, that together run all aspects of the Monsoon, Accessorize and East brands. The different entities are responsible for different operating functions, sales channels and geographies, and although they are independent entities, there are various formal and informal services and collaborations between them to facilitate the operation of the brands and the Group as a whole. The Company’s primary activities are to operate mono brand Monsoon and dual branded Monsoon and Accessorize stores in the UK and Ireland. That includes developing a strategy around target locations, negotiating leases, hiring and managing employees, and the day to day operations of the stores. Other Group companies provide services that support the Monsoon and Accessorize brands in the UK and globally, including licensing the Monsoon and Accessorize trademarks, (Monsoon TM Limited and Accessorize TM Limited), developing products, promoting and managing the brand and its digital operations (Monsoon Brands Limited and Accessorize Brands Limited), operating mono branded Accessorize stores (Accessorize Stores Limited), and providing the necessary operating, technology, and administrative functions (Adena Services Limited). 

Group context

The Group’s financial results for the period covered by this review, from September 2023 through the end of August 2024, were a step back from the prior year, driven by a macro environment that continued to be challenging and by decisions made to realign and restructure certain businesses within the Group. 
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. 

Results highlights

The Company’s sales for the year were £20.2 million. Sales were impacted as noted above by the actions taken on our retail portfolio and the realignment of the childrenswear business.
Loss before tax was £2.7 million and loss after tax was £2.0 million, driven by the above-mentioned childrenswear realignment as well as by significant cost inflation in the Company’s wage expenses, driven largely by the UK National Minimum Wage increases.
Cash was managed well, with £1.6 million of cash and zero debt at year end.

Current trading

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.  
 
Page 1

 
MONSOON STORES LTD
 

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


The Company is an important part of the Group and integral to its strategy. 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: the Group’s brands are stronger and their product offering significantly improved; 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. 

Group commitment to social responsibility

The Group’s brands—Monsoon, Accessorize and East—share a commitment built up over almost 50 years to environmental sustainability, ethical trade and social responsibility. The brands have always focused on using considered materials and artisan, low impact fabrications and techniques in their products. They continue to test and adopt the latest sustainable fabrics as they are developed, and more broadly the business is introducing more reuse and circular business models and having moved the UK business to renewable energy sources, is now focused on doing the same for its international operations, partners and suppliers. The business was a founding member of the Ethical Trade Initiative (www.ethicaltrade.org), with a commitment to fair labour standards across its suppliers, and created the Monsoon Accessorize Trust as the focus of its charitable giving, directed to supporting women and children’s education and healthcare. 
The Group’s sustainability, ethical trade and social responsibility efforts are now organized around four main areas:

1.Planet. Consideration of the business’s overall carbon impact and energy use, with a focus on using renewable energy sources in stores and other facilities; reducing and adopting recycled packaging, eliminating plastic packaging use and waste such as landfill; reducing the environmental impact of freight and transportation.
2.Product. Continued improvement of product sustainability with a focus on adopting the most sustainable fabrics and least resource-intensive processes; and testing and developing new business models with a focus on increasing product re-use and circularity. 
3.People. Development of a clear understanding of the business’ status across diversity, equality and inclusion metrics and a structured approach to improvement. Initiatives include gender and broader diversity pay equality; diverse representation, inclusion and success across the business from the leadership team through to front line retail employees; and indirect support for gender equality and representation in the Group’s supplier base via the Ethical Trade Initiative efforts and partner selection and standards. 
4.Philanthropy. Ethical trade as a continued priority, with a focus on the latest Ethical Trade Initiative standards; giving back to associated causes via fundraising for the Monsoon Accessorize Trust as well as like-minded charities such as Turquoise Mountain and the Disasters Emergency Committee.

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
Page 2

 
MONSOON STORES LTD
 

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

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.
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
      £000
      £000
Turnover

20.2

26.5
 
Gross profit

11.5

15.2
 
Gross profit %

57.0%

57.4%
 
Operating profit

(2.7)

(1.8)
 
EBITDA (pre-exceptional)

(2.2)

(1.4)
 
EBITDA %

(10.8%)

(5.2%)
 
Loss before tax

(2.7)

(1.8)
 


 
Average number of staff

484

595
 


 

Page 3

 
MONSOON STORES LTD
 

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

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 Company’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 within the environment we operate. The Board has identified the key stakeholders with whom engagement is fundamental to the Company’s ongoing success, as well as considerations for the Company’s impact on the community and the environment, and these have been addressed in the Group’s Annual Report.
The Company continues to invest in training programmes, career development opportunities and actively encourages employees where appropriate to take part. The Company gives full consideration to applications from people with disabilities where the requirements of the job can be properly fulfilled and supports them, as necessary.
We are continuing to review our goals and targets as we seek to become an ever more responsible and conscious business.

Charitable donations

During the financial period the Company collected £19,000 (2023: £17,000) through the single use plastic bag levy. The Company 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 Company 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 4

 
MONSOON STORES LTD
 
 
 
DIRECTORS' REPORT
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

The Directors present their report and the financial statements for the 53-week period ended 31 August 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is the retailing of women's and children's clothing, accessories, homeware and gifts through its physical stores.

Results and dividends

The loss for the 53-week period ended 31 August 2024, after taxation, amounted to £1,964,000 (2023 - loss  for the 52-week period ended 26 August 2023 £1,373,000).

No dividend was paid or proposed by the Company 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 5

 
MONSOON STORES LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

Engagement with employees

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

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'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's auditors are aware of that information.

Auditors

The auditorsDuncan & Toplis Audit Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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




N Stowe
Director

Page 6

 
MONSOON STORES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONSOON STORES LTD
 

Opinion


We have audited the financial statements of Monsoon Stores Ltd (the 'Company') for the 53-week period ended 31 August 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 Company's affairs as at 31 August 2024 and of its loss for the 53-week 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 Company 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 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 7

 
MONSOON STORES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONSOON STORES 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 Strategic Report and the Directors' Report for the financial 53-week period for which the financial statements are prepared is consistent with the financial statements; and
the 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 5, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
MONSOON STORES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONSOON STORES 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 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 as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, reperforming the calculation and reviewing the outcome of current year estimates since the financial reporting date.
Secondly, the company is 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 are the Health and Safety regulations, Anti Money Laundering legislation and Employment laws. 
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. This inspection 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 the company's 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.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Page 9

 
MONSOON STORES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONSOON STORES LTD (CONTINUED)




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.


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 10

 
MONSOON STORES LTD
 
 
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
Note
£000
£000

  

Turnover
 4 
20,218
26,503

Cost of sales
  
(8,693)
(11,282)

Gross profit
  
11,525
15,221

Administrative expenses
  
(15,544)
(18,353)

Other operating income
 5 
1,285
1,358

Operating loss
 6 
(2,734)
(1,774)

Interest receivable and similar income
  
1
-

Interest payable and similar expenses
 10 
(3)
-

Loss before tax
  
(2,736)
(1,774)

Tax on loss
 11 
772
401

Loss for the financial 53-week period
  
(1,964)
(1,373)

Other comprehensive income for the 53-week period
  

Total comprehensive income for the 53-week period
  
(1,964)
(1,373)

The notes on pages 15 to 31 form part of these financial statements.

Page 11

 
MONSOON STORES LTD
REGISTERED NUMBER: 12543463

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible Fixed Assets
 12 
1,889
2,072

  
1,889
2,072

Current assets
  

Stocks
 13 
2,776
4,462

Debtors: amounts falling due within one year
 14 
5,793
5,712

Bank and cash balances
  
1,607
2,608

  
10,176
12,782

Creditors: amounts falling due within one year
 15 
(9,972)
(10,584)

Net current assets
  
 
 
204
 
 
2,198

Total assets less current liabilities
  
2,093
4,270

Provisions for liabilities
  

Deferred tax
 17 
-
(200)

Provisions
 18 
(312)
(325)

  
 
 
(312)
 
 
(525)

Net assets
  
1,781
3,745


Capital and reserves
  

Retained earnings
 20 
1,781
3,745

  
1,781
3,745


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 15 to 31 form part of these financial statements.

Page 12

 
MONSOON STORES LTD
 

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
-
3,745
3,745


Changes in equity

Total comprehensive income
-
(1,964)
(1,964)


At 31 August 2024
-
1,781
1,781


The notes on pages 15 to 31 form part of these financial statements.

Page 13

 
MONSOON STORES LTD
 

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
-
5,118
5,118


Changes in equity

Total comprehensive income
-
(1,373)
(1,373)


At 26 August 2023
-
3,745
3,745


The notes on pages 15 to 31 form part of these financial statements.

Page 14

 
MONSOON STORES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

1.


General information

Monsoon Stores 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Adena Brands Limited as at 31 August 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
2.3

Going concern

The Directors have carried out a detailed and comprehensive review of the business, its future prospects and its ability to meet its obligations as they fall due. In the opinion of the Directors, the Company 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 15

 
MONSOON STORES LTD
 
 
 
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 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.

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.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
2.6

Operating leases: The Company

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

Interest income

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

Page 16

 
MONSOON STORES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the 53-week 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 operates and generates 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.


 
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.

Page 17

 
MONSOON STORES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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 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.

 
2.12

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.

 
2.13

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.

 
2.14

Financial instruments

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

The Company 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 Company's Statement of Financial Position when the Company 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.

Page 18

 
MONSOON STORES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.
Page 19

 
MONSOON STORES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

Page 20

 
MONSOON STORES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

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 Company 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 Company's tangible assets. 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.
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 Company's level of future earning and estimated future taxable.


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
20,218
26,503

20,218
26,503

Page 21

 
MONSOON STORES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

4.Turnover (continued)


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
17,638
23,118

International
2,580
3,385

20,218
26,503



5.


Other operating income

53-week period ended
31 August
52-week period 
ended
26 August
2024
2023
£000
£000

Other operating income
1,285
1,358

1,285
1,358


Other operating income relates to management recharge income from other companies within the Group.


6.


Operating loss

The operating loss is stated after charging:

53-week period ended
31 August
52-week period 
ended
26 August
2024
2023
£000
£000

Exchange differences
4
133

Other operating lease rentals
2,683
2,826

Depreciation of tangible fixed assets
549
383

Page 22

 
MONSOON STORES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

7.


Auditors' remuneration

During the 53-week period, the Company obtained the following services from the Company's auditors:


53-week period ended
31 August
52-week period 
ended
26 August
2024
2023
£000
£000

Fees payable to the Company's auditors for the audit of the Company's financial statements
24
24

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs were as follows:


53-week period ended
31 August
52-week period
 ended
26 August
2024
2023
£000
£000

Wages and salaries
4,075
4,162

Social security costs
269
232

Cost of defined contribution scheme
41
42

4,385
4,436


The average monthly number of employees, including the Directors, during the 53-week period was as follows:


53-week period ended
       31 August
52-week period ended
       26 August
            No.
            No.







Retail and Distribution
484
595

Page 23

 
MONSOON STORES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

9.


Interest receivable

53-week period ended
31 August
52-week period ended
26 August
2024
2023
£000
£000


Other interest receivable
1
-

1
-


10.


Interest payable and similar expenses

53-week period ended
31 August
52-week period ended
26 August
2024
2023
£000
£000


Other loan interest payable
3
-

3
-

Page 24

 
MONSOON STORES LTD
 
 
 
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
(258)
(657)

Adjustments in respect of previous periods
-
(5)


(258)
(662)


Total current tax
(258)
(662)

Deferred tax


Deferred tax - current year
(481)
235

Deferred tax - prior year
(33)
26

Total deferred tax
(514)
261


Tax on loss
(772)
(401)
Page 25

 
MONSOON STORES LTD
 
 
 
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 53-week period ended 31 August 2024 is lower 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 on ordinary activities before tax
(2,736)
(1,774)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.44%)
(684)
(380)

Effects of:


Adjustments to tax charge in respect of prior period
(33)
21

Expenses not deductible for tax purposes
8
24

Excess capital allowances over depreciation
(83)
(71)

Non-taxable income
20
(28)

Other differences leading to an increase (decrease) in the tax charge
-
33

Total tax charge for the 53-week period/period
(772)
(401)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 26

 
MONSOON STORES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

12.


Tangible fixed assets







Long-term leasehold property
Fixtures and fittings
Total

£000
£000
£000



Cost or valuation


At 27 August 2023
749
1,889
2,638


Additions
255
139
394


Disposals
(17)
(36)
(53)



At 31 August 2024

987
1,992
2,979



Depreciation


At 27 August 2023
200
366
566


Charge for the 53-week period on owned assets
176
373
549


Disposals
(14)
(11)
(25)



At 31 August 2024

362
728
1,090



Net book value



At 31 August 2024
625
1,264
1,889



At 26 August 2023
549
1,523
2,072

Page 27

 
MONSOON STORES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

13.


Stocks

2024
2023
£000
£000

Finished goods and goods for resale
2,776
4,462

2,776
4,462





14.


Debtors

2024
2023
£000
£000


Trade debtors
34
206

Amounts owed by Group undertakings
3,774
3,957

Corporation tax repayable
329
118

Prepayments and accrued income
1,342
1,431

Deferred taxation
314
-

5,793
5,712



15.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Trade creditors
574
728

Amounts owed to Group undertakings
5,788
4,850

Other taxation and social security
894
1,281

Other creditors
363
313

Accruals and deferred income
2,353
3,412

9,972
10,584


Page 28

 
MONSOON STORES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

16.


Financial instruments

2024
2023
£000
£000

Financial assets


Financial assets measured at amortised cost
5,415
6,771


Financial liabilities


Financial liabilities measured at amortised cost
(7,618)
(7,172)


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


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


17.


Deferred taxation






Deferred taxation


£000






At 27 August 2023
(200)


Charged to profit or loss
481


Deferred tax charge
33



At 31 August 2024
314

The deferred taxation balance is made up as follows:

31 August
26 August
2024
2023
£000
£000


Fixed assets
268
301

Tax losses
(488)
-

Other
(94)
(101)

Total
(314)
200

Page 29

 
MONSOON STORES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

18.


Provisions






Provisions

£000





At 27 August 2023
325


Charged to profit or loss
90


Utilised in 53-week period
(103)



At 31 August 2024
312

These are provisions for terminal dilapidations costs for stores. 


19.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



9,550 (2023 - 9,550) Ordinary A shares of £0.001 each
-
-
450 (2023 - 450) Ordinary B shares of £0.001 each
-
-

-

-



20.


Reserves

Share premium account

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

Retained earnings

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

Page 30

 
MONSOON STORES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53-WEEK PERIOD ENDED 31 AUGUST 2024

21.


Capital commitments


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

2024
2023
£000
£000


Contracted for but not provided in these financial statements
421
45

421
45


22.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The 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 £41,000 (2023: £42,000). At the period ended 31 August 2024, £11,000 (2023: £13,000) was unpaid and accrued.


23.


Commitments under operating leases

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

2024
2023
£000
£000


Not later than 1 year
1,139
1,730

Later than 1 year and not later than 5 years
2,566
3,353

Later than 5 years
765
1,474

4,470
6,557


24.


Related party transactions

During the period, the Company was invoiced property related costs of £2,000 (2023: £3,000) in relation to the occupation of properties owned by the ultimate controlling party of the Company. The balance outstanding at the period end was a creditor of £NIL (2023: £2,000).


25.


Controlling party

The Company's immediate parent undertaking is Adena Brands Limited. 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 Company.

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