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Registered number: 12451069
















MARATHON COLLECTIVE LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2024

































img2be4.png


MARATHON COLLECTIVE LIMITED

 
COMPANY INFORMATION


DIRECTORS
Y Borgne 
J Le Bris 




REGISTERED NUMBER
12451069



REGISTERED OFFICE
27 Commercial Road

London

N18 1TP




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






MARATHON COLLECTIVE LIMITED


CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated statement of financial position
 
10
Company statement of financial position
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 29



MARATHON COLLECTIVE LIMITED

 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2024

INTRODUCTION
 
The directors present their Strategic report and business review, which includes the principal risks and uncertainties of the business, key performance indicators and future developments.

BUSINESS REVIEW
 
The group is engaged in the importation of Cypriot, Greek and other Mediterranean food and drinks for distribution in to the UK market.  The group has a mixed sales base including larger distributors, wholesalers as well as independent ethnic retailers and restaurants.
The group's market continues to be very challenging with changes in consumer behaviour accelerated from the covid pandemic and the UK cost of living crisis. The group continues to look at growth in product range to unlock new customers and markets for the future. 
Following quality issues with a supplier, the group made the decision to step back from a key piece of industrial business, this resulted in a reduction in revenue from £12,519,296 to £6,217,169 and profit after tax of £575,072 to £231,602. Whilst this was a challenging decision in the short term, the group prides itself on supplying to the highest quality standards possible for its customers, which in the longer term, will serve the group well. 
Despite the challenges in the market and the overall drop in financial performance the group remains resilient and with inflation cooling, the group is ready to capitalise on future opportunities.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The management team continually review, monitor and evaluate the risks the group is facing with a range of formal processes including weekly sales reviews, monthly management reviews, quarterly forecasting and quarterly board meetings.
Consumer behaviour
The local retail sales sector has slowly been declining with younger customers choosing to shop at national retailers, whose ethnic range has continued to expand, but also acts as a one stop shop. The covid pandemic and the cost of living crisis in the UK have also meant that a lot of local retailers have seen soaring costs, with their only option to pass on these costs. This has eroded consumers' brand loyalty, further pushing consumers to the larger retailers. 
The group has expanded its product offering during the year to some success, helping to offset some of the decline in the market. Having several other sales sectors means the group can also devote the required resources to help grow some of these, focussing further on foodservice and industrial business to help mitigate any continuing decline in local retail sales. 
Credit risk
The group’s credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers, and for a limited number of customers the company and group has protection against the default of those debts by using a credit insurer.

Page 1


MARATHON COLLECTIVE LIMITED


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2024

FINANCIAL KEY PERFORMANCE INDICATORS
 
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This report was approved by the board on 3 April 2025 and signed on its behalf.


Y Borgne
Director

Page 2


MARATHON COLLECTIVE LIMITED

 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2024

The directors present their report and the financial statements for the 52 week period ended 28 December 2024.

RESULTS AND DIVIDENDS

The profit for the period, after taxation, amounted to £231,602 (2023:£575,072).

DIRECTORS

The directors who served during the period were:

Y Borgne 
J Le Bris 

FUTURE DEVELOPMENTS

Whilst a drop against prior years, the results within the period are in line with expectations following the business review.  The board’s alignment on the quality decision around the group’s largest Halloumi supplier were clear, and the effects of that are shown in performance.  
However the signs for the future remain positive, the group has improved relationships with a wider supplier base increasing its competitiveness.  This has allowed the group to re-engage with key customers following the decision to step back from business in previous years, again, something the group targeted in the longer term business review.

DISCLOSURE OF INFORMATION TO AUDITORS

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

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

POST BALANCE SHEET EVENTS

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

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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






Y Borgne
Director

Date: 3 April 2025

27 Commercial Road
London
N18 1TP

Page 3


MARATHON COLLECTIVE LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 28 DECEMBER 2024

The directors are responsible for preparing the Group Strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

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

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

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

make judgments and accounting estimates that are reasonable and prudent;


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

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

Page 4


MARATHON COLLECTIVE LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARATHON COLLECTIVE LIMITED
OPINION


We have audited the financial statements of Marathon Collective Limited (the 'parent Company') and its subsidiaries (the 'Group') for the 52 weeks ended 28 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the consolidated Analysis of Net Debt, 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 28 December 2024 and of the Group's profit for the 52 weeks then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


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


CONCLUSIONS RELATING TO GOING CONCERN


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


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


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


OTHER INFORMATION


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


We have nothing to report in this regard.


Page 5


MARATHON COLLECTIVE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARATHON COLLECTIVE LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial 52 weeks 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 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 6


MARATHON COLLECTIVE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARATHON COLLECTIVE 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
The nature of the industry and sector, control environment and business performance;
Results of our enquiries of management and directors in relation to their own identification and assessment of the risks of irregularities within the Compant; and;
Any matters we identified having obtained and reviewed the Company's documentation amd their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override .

We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included  health and safety regulations, employment legislation and data protection laws.

Our procedures to respond to risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; 
Challenging assumptions and judgements made by management in their significant accounting estimates;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Performing analytical procedures to identify and unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing board minutes; and
Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
 
We also communicated identified laws and regulations and potential fraud risks to all team members involved in the engagement and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
 
Page 7


MARATHON COLLECTIVE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARATHON COLLECTIVE LIMITED (CONTINUED)

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.



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.






Craig Sullivan FCCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

7 April 2025
Page 8


MARATHON COLLECTIVE LIMITED

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 DECEMBER 2024

52 weeks ended
28 December
Year ended
31 December
2024
2023
Note
£
£

  

Turnover
 4 
6,217,169
12,519,296

Cost of sales
  
(4,843,559)
(10,533,805)

Gross profit
  
1,373,610
1,985,491

Administrative expenses
  
(1,118,493)
(1,194,488)

Operating profit
 5 
255,117
791,003

Interest receivable and similar income
 8 
55,149
-

Interest payable and similar expenses
 9 
-
(8,083)

Profit before taxation
  
310,266
782,920

Tax on profit
 10 
(78,664)
(207,848)

Profit for the financial period/year
  
231,602
575,072

  

Profit for the period attributable to:
  

Owners of the parent Company
  
231,602
575,072

  
231,602
575,072

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

The notes on pages 16 to 29 form part of these financial statements.

Page 9


MARATHON COLLECTIVE LIMITED
REGISTERED NUMBER:12451069

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 28 DECEMBER 2024

28 December
31 December
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
60,347
75,838

  
60,347
75,838

Current assets
  

Stocks
 13 
1,433,207
1,659,646

Debtors: amounts falling due within one year
 14 
675,729
896,050

Cash at bank and in hand
 15 
4,916,865
4,313,210

  
7,025,801
6,868,906

Creditors: amounts falling due within one year
 16 
(290,767)
(376,972)

Net current assets
  
 
 
6,735,034
 
 
6,491,934

Total assets less current liabilities
  
6,795,381
6,567,772

Provisions for liabilities
  

Deferred tax
 17 
(14,864)
(18,857)

  
 
 
(14,864)
 
 
(18,857)

Net assets
  
6,780,517
6,548,915


Capital and reserves
  

Called up share capital 
 18 
3,500,100
3,500,100

Merger reserve
 19 
(3,499,998)
(3,499,998)

Profit and loss account
 19 
6,780,415
6,548,813

  
6,780,517
6,548,915


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





Y Borgne
Director

Date: 3 April 2025

The notes on pages 16 to 29 form part of these financial statements.

Page 10


MARATHON COLLECTIVE LIMITED
REGISTERED NUMBER:12451069

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 28 DECEMBER 2024

28 December
31 December
2024
2023
Note
£
£

Fixed assets
  

Investments
 12 
3,500,000
3,500,000

  
3,500,000
3,500,000

Current assets
  

Debtors: amounts falling due within one year
 14 
100
100

Cash at bank and in hand
 15 
5,310
6,037

  
5,410
6,137

Creditors: amounts falling due within one year
 16 
(6,057)
(6,057)

Net current (liabilities)/assets
  
 
 
(647)
 
 
80

Total assets less current liabilities
  
3,499,353
3,500,080

  

  

Net assets
  
3,499,353
3,500,080


Capital and reserves
  

Called up share capital 
 18 
3,500,100
3,500,100

Profit and loss account
  
(747)
(20)

  
3,499,353
3,500,080


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





Y Borgne
Director

Date: 3 April 2025

The notes on pages 16 to 29 form part of these financial statements.

Page 11


MARATHON COLLECTIVE LIMITED


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 DECEMBER 2024


Called up share capital
Merger reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
3,500,100
(3,499,998)
5,973,741
5,973,843


Comprehensive income for the year

Profit for the year
-
-
575,072
575,072
Total comprehensive income for the year
-
-
575,072
575,072



At 1 January 2024
3,500,100
(3,499,998)
6,548,813
6,548,915


Comprehensive income for the period

Profit for the period
-
-
231,602
231,602


At 28 December 2024
3,500,100
(3,499,998)
6,780,415
6,780,517


The notes on pages 16 to 29 form part of these financial statements.

Page 12


MARATHON COLLECTIVE LIMITED


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
3,500,100
(20)
3,500,080
Total comprehensive income for the year
-
-
-



At 1 January 2024
3,500,100
(20)
3,500,080


Comprehensive income for the year

Loss for the period
-
(727)
(727)


At 28 December 2024
3,500,100
(747)
3,499,353


The notes on pages 16 to 29 form part of these financial statements.

Page 13


MARATHON COLLECTIVE LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 DECEMBER 2024

52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
231,602
575,072

Adjustments for:

Depreciation of tangible assets
16,406
20,091

Loss on disposal of tangible assets
-
342

Interest paid
-
8,083

Interest received
(55,149)
-

Taxation charge
78,664
207,848

Decrease in stocks
226,439
780,874

Decrease/(increase) in debtors
352,097
(108,032)

(Increase)/decrease in amounts owed by groups
(274,856)
4,004,773

Increase/(decrease) in creditors
74,907
(1,481,207)

Corporation tax (paid)
(100,689)
(1,050,865)

Net cash generated from operating activities

549,421
2,956,979


Cash flows from investing activities

Purchase of tangible fixed assets
(915)
(7,545)

Interest received
55,149
-

Net cash from investing activities

54,234
(7,545)

Cash flows from financing activities

Interest paid
-
(8,083)

Net cash used in financing activities
-
(8,083)

Net increase in cash and cash equivalents
603,655
2,941,351

Cash and cash equivalents at beginning of period
4,313,210
1,371,859

Cash and cash equivalents at the end of period
4,916,865
4,313,210


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
4,916,865
4,313,210

4,916,865
4,313,210


The notes on pages 16 to 29 form part of these financial statements.

Page 14


MARATHON COLLECTIVE LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 28 DECEMBER 2024




At 1 January 2024
Cash flows
At 28 December 2024
£

£

£

Cash at bank and in hand

4,313,210

603,655

4,916,865



4,313,210
603,655
4,916,865

The notes on pages 16 to 29 form part of these financial statements.

Page 15


MARATHON COLLECTIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

1.


GENERAL INFORMATION

Marathon Collective Limited is a Company limited by shares incorporated in England and Wales. The registered office is 27 Commercial Road, London, United Kingdom, N18 1TP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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

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

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

The following principal accounting policies have been applied:

  
2.2

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 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 ther 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.



 
2.3

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 16


MARATHON COLLECTIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 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.

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

 
2.5

REVENUE

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

INTEREST INCOME

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

 
2.7

FINANCE COSTS

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

Page 17


MARATHON COLLECTIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

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

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

 
2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the 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; 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.


 
2.10

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 18


MARATHON COLLECTIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)


2.10
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 methods described below.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
3
years straight line

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

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

 
2.11

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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

 
2.13

DEBTORS

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

 
2.14

CASH AND CASH EQUIVALENTS

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

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

 
2.15

CREDITORS

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

Page 19


MARATHON COLLECTIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.16

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.


 
2.17

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.

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.

Basic 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.

Page 20


MARATHON COLLECTIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of the estimation means that actual outcomes could differ from those estimates. Whilst there is a level of assumption on these judgements, the director feels these are unlikely to have a significant effect on, or cause material error to the amounts recognised in the financial statements.
The following are key areas of the accounts which require the use of management estimates and judgements:
Stock provision
Managements view is that there is no requirement for a stock provision due to the length in life of the products and use by dates and sell by dates. Whilst there is a degree of uncertainty around this estimate managment view this as a prudent approach when calculating the value of stock at the year end.


4.


TURNOVER

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


52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£

Sales
6,217,169
12,519,296

6,217,169
12,519,296


All turnover arose within the United Kingdom.


5.


OPERATING PROFIT

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

52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£

Exchange differences
25,778
54,642

Page 21


MARATHON COLLECTIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

6.


AUDITORS' REMUNERATION

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


52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
30,000
24,375


7.


EMPLOYEES

Staff costs were as follows:


Group
28 December
Group
31 December
2024
2023
£
£


Wages and salaries
498,731
529,703

Social security costs
47,410
45,454

Cost of defined contribution scheme
9,830
9,603

555,971
584,760


The Company has no employees other than the directors, who did not receive any remuneration (2023:£NIL)

8.


INTEREST RECEIVABLE

52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£


Bank interest receivable
55,149
-

55,149
-

Page 22


MARATHON COLLECTIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

9.


INTEREST PAYABLE AND SIMILAR EXPENSES

52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£


Other interest payable
-
8,083

-
8,083


10.


TAXATION


52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
82,657
187,326

Adjustments in respect of previous periods
-
23,845


TOTAL CURRENT TAX
82,657
211,171

DEFERRED TAX


Origination and reversal of timing differences
(3,993)
(2,835)

Changes to tax rates
-
(488)

TOTAL DEFERRED TAX
(3,993)
(3,323)


78,664
207,848
Page 23


MARATHON COLLECTIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE PERIOD/YEAR

The tax assessed for the period/year is higher than (2023:higher than) the standard rate of corporation tax in the UK of25% (2023:23.52%). The differences are explained below:

52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£


Profit on ordinary activities before tax
310,266
782,920


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023:23.52%)
77,567
184,228

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
999
431

Adjustments to tax charge in respect of prior periods
-
23,357

Remeasurement of deferred tax for changes in tax rates
(83)
(168)

Unrelieved tax losses carried forward
181
-

TOTAL TAX CHARGE FOR THE PERIOD/YEAR
78,664
207,848


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.



Page 24


MARATHON COLLECTIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

11.


TANGIBLE FIXED ASSETS

Group








Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



COST


At 1 January 2024
128,464
101,139
79,724
1,936
311,263


Additions
563
-
352
-
915


Disposals
(63,464)
(37,089)
(28,854)
-
(129,407)



At 28 December 2024

65,563
64,050
51,222
1,936
182,771



DEPRECIATION


At 1 January 2024
105,651
69,891
59,035
848
235,425


Charge for the period on owned assets
4,075
7,812
4,017
502
16,406


Disposals
(63,464)
(37,089)
(28,854)
-
(129,407)



At 28 December 2024

46,262
40,614
34,198
1,350
122,424



NET BOOK VALUE



At 28 December 2024
19,301
23,436
17,024
586
60,347



At 31 December 2023
22,813
31,248
20,689
1,088
75,838


12.


FIXED ASSET INVESTMENTS

Company








Investments in subsidiary companies

£



COST


At 1 January 2024
3,500,000



At 28 December 2024
3,500,000




Page 25


MARATHON COLLECTIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Marathon Food Ltd
Ordinary
100%

The aggregate of the share capital and reserves as at 28 December 2024 and the profit or loss for the period ended on that date for the subsidiary undertaking was as follows:

Name
Profit/(Loss)

Marathon Food Ltd
232,329


13.


STOCKS

Group
28 December
Group
31 December
2024
2023
£
£

Finished goods and goods for resale
1,433,207
1,659,646

1,433,207
1,659,646


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


14.


DEBTORS

Group
28 December
Group
31 December
Company
28 December
Company
31 December
2024
2023
2024
2023
£
£
£
£


Trade debtors
391,570
733,082
-
-

Amounts owed by group undertakings
113,744
-
-
-

Other debtors
100,981
82,949
100
100

Prepayments and accrued income
69,434
80,019
-
-

675,729
896,050
100
100


Page 26


MARATHON COLLECTIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

15.


CASH AND CASH EQUIVALENTS

Group
28 December
Group
31 December
Company
28 December
Company
31 December
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
4,916,865
4,313,210
5,310
6,037

4,916,865
4,313,210
5,310
6,037



16.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
28 December
Group
31 December
Company
28 December
Company
31 December
2024
2023
2024
2023
£
£
£
£

Trade creditors
233,012
153,639
-
-

Amounts owed to group undertakings
-
161,112
6,057
6,057

Other taxation and social security
4,048
20,998
-
-

Accruals and deferred income
53,707
41,223
-
-

290,767
376,972
6,057
6,057


Page 27


MARATHON COLLECTIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

17.


DEFERRED TAXATION


Group



2024


£






At beginning of year
(18,857)


Charged to profit or loss
3,993



AT END OF YEAR
(14,864)

Company


2024






AT END OF YEAR
-



Group
28 December
Group
31 December
2024
2023
£
£

Accelerated capital allowances
(15,087)
(18,857)

Short term timing differences
223
-

(14,864)
(18,857)

18.


SHARE CAPITAL

28 December
31 December
2024
2023
£
£
ALLOTTED, CALLED UP AND PARTLY PAID



3,500,100 (2023:3,500,100) Ordinary shares of £1.00 each
3,500,100
3,500,100



19.


RESERVES

Merger Reserve

The merger reserve represents the estimated value of the subsidiary acquired in the previous years less the issued share capital at the time.

Profit and loss account

This reserve includes all current retained profits and losses. All are considered to be distributable.

Page 28


MARATHON COLLECTIVE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

20.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £9,830 (2023: £9,603). Contributions totalling £2,166 (2023: £1,840) were payable to the fund at the reporting date and are included in creditors.


21.


COMMITMENTS UNDER OPERATING LEASES

At 28 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
28 December
Group
31 December
2024
2023
£
£

Not later than 1 year
160,000
160,000

Later than 1 year and not later than 5 years
160,000
320,000

320,000
480,000


22.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption included within FRS102 s33.1A not to disclose transactions with other wholly owned members of the group.


23.


PARENT UNDERTAKING

The immediate parent undertaking is Laita incorporated in France. 
The ultimate controlling party is Compagnie Laita, 4 Rue Becquerel, Brest, France, 29200. A company registered in France.

Page 29