| REGISTERED NUMBER: 06995545 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| MONTE LAGUNA LIMITED |
| REGISTERED NUMBER: 06995545 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| MONTE LAGUNA LIMITED |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 7 |
| Consolidated Income Statement | 11 |
| Consolidated Other Comprehensive Income | 12 |
| Consolidated Balance Sheet | 13 |
| Company Balance Sheet | 14 |
| Consolidated Statement of Changes in Equity | 15 |
| Company Statement of Changes in Equity | 16 |
| Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Cash Flow Statement | 18 |
| Notes to the Consolidated Financial Statements | 19 |
| MONTE LAGUNA LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| DIRECTORS: |
| SECRETARIES: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| 30 - 34 North Street |
| Hailsham |
| East Sussex |
| BN27 1DW |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 August 2024. |
| REVIEW OF BUSINESS |
| The company continued to trade consistently during the twelve months to 31 August 2024. |
| Trading conditions remained highly competitive and the leadership team focused on key performance metrics in order to drive operational efficiency. Investment in infrastructure, operations, human resources and training remained a priority. |
| The leadership team continued to exploit opportunities to grow the business both organically, as well as develop the team in order to maximise the value provided to their customers across the company. During the year, two new stores were successfully built and opened for trade. |
| The company maintained strong sales and retained a significant market share as a franchisee of a global brand. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The management of the business and execution of the group's strategy are subject to a number of risks. The principal risks and uncertainties affecting the group are considered to relate to competition from both national and independent retailers, employee retention and cost inflation. |
| Competition remains tough, which ultimately benefits the customer through the provision of numerous offers. Increasing the group's market share through expansion and customer retention enables the group to continue to grow. |
| Employee retention is a key focus of the group. There is a recognition and reward culture, which helps staff to feel valued and build an employee centric culture. |
| Recognition of skills continues, with training for employees provided on multiple levels. Learning and development initiatives include a regular training programme, both in the classroom and online. |
| Cost inflation has continued to increase during the year, including wages, utilities, direct product costs and interest rates. In order to keep costs to a minimum there is a focus on reducing waste. Store inventory is carefully managed with fresh food deliveries three times a week, tailored to meet customer demand in the local area. |
| SECTION 172(1) STATEMENT |
| Section 172 of the Companies Act 2006 requires a Director of a company to act in the way he or she |
| considers, in good faith, would most likely promote the success of the company and group for the benefit of its members as a whole. In this respect the Directors have had regard, amongst other matters, to the: |
| - Likely consequences of any decisions in the long-term; |
| - Interests of the Company's employees; |
| - Need to foster the Company's business relationships with suppliers, customers and others; |
| - Impact of the Company's operations on the community and environment; |
| - Desirability of the Company maintaining a reputation for high standards of business conduct; and |
| - Need to act fairly between members of the Company. |
| The Directors seek to ensure that their decision making process not only takes into account the Company's purpose, vision and values, together with its strategic priorities, but also reflects, as far as practical and possible, the interests of all stakeholders. |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| KEY PERFORMANCE INDICATORS |
| The group manages the business by reference to key performance indicators. Each trading outlet is |
| recognised as a profit centre and is measured accordingly. Individual store monitoring is paramount and is measured daily. |
| Competent management reporting tools are in place to provide essential current, timely reporting in a clear and precise manner. The principal indicators used by the group include, but are not limited to; |
| 1. Turnover - total turnover and like-for-like turnover |
| 2. Gross Margin - percentage of sales |
| 3. Wages and Employees - wages as a percentage of sales |
| 2023 2022 |
| Turnover £15,572,873 £14,851,514 |
| Turnover Growth 4.86% 15.35% |
| Gross Profit Margin 24.29% 24.33% |
| Wages As A % Of Sales 38.05% 36.70% |
| Gross profit margin has decreased from 24.33 to 24.29%. This is due to continued cost pressure on raw materials and direct cost due to the current economic environment in the UK. |
| FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
| The group's operations expose it to a variety of financial risks that include the effects of price risk and liquidity risk. The group has in place policies and procedures that seek to limit the potentially adverse effects on the financial performance of the group of such risks. These policies are set by the Directors. |
| Price risk |
| Due to the market the group operates in, the group is exposed to price risk from its suppliers and |
| competitors. |
| However, given the group is a franchisee of a nationwide fast food outlet and in addition to the actions identified above, the potential exposure to the group is managed through supplier agreements. |
| Liquidity risk |
| Liquidity risk is the risk that the group will encounter difficulty in meeting obligations associated with its |
| financial liabilities. The risk is mitigated as the group has sufficient cash resources available to it through either its own funds or access to further bank facilities. |
| FUTURE DEVELOPMENTS & EVENTS OCCURRING SINCE THE YEAR END |
| The company continues to achieve growth by exploring new ways to increase the revenue and reduce costs. This includes marketing initiatives, cost reduction exercises and identifying new opportunities to increase the store count. Since the year end, one additional store has been successfully built and opened. |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| ENGAGEMENT WITH EMPLOYEES |
| Our employees are a key part of our operations. We share with them our strategy and actively engage with employees on significant decisions that may impact them. This is achieved through activities such as regular management and supervisor meetings, and company notices. |
| Engagement with Suppliers, Customers and Others |
| Our customers and suppliers are central to our business. We engage and build relationships via face to face interactions, events, promotional activity and visits to our sites. We constantly strive to improve working relationships with both suppliers and customers to ensure our continued strength and growth. We feel it is very important to have a good relationship with our suppliers and customers. |
| Employee involvement |
| The company's policy is to consult and discuss the interests of employees through staff meetings and |
| discussions. Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance. |
| Disabled persons |
| The company's policy is to recruit disabled workers for those vacancies that they are able to fill. All |
| necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. |
| ON BEHALF OF THE BOARD: |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 August 2024. |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
| - | make judgements 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 company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| AUDITORS |
| The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| MONTE LAGUNA LIMITED |
| Opinion |
| We have audited the financial statements of Monte Laguna Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 affairs as at 31 August 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our 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. |
| In connection with our audit of the financial statements, 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 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| MONTE LAGUNA LIMITED |
| Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors 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 Report of the Directors. |
| We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page five, 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 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| MONTE LAGUNA LIMITED |
| 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and indirect taxes, and we considered the extent to which non-compliance might have a material effect on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates. Audit procedures performed by the engagement team included, but were not limited to: |
| - enquiries with management including consideration of known or suspected instances of fraud and |
| non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these; |
| - reading key correspondence with regulatory authorities in relation to compliance with certain employment laws and indirect tax matters; |
| - understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities; |
| - challenging assumptions and judgements made by management in their significant accounting estimates, in particular, in relation to accrued income cut off |
| - identifying and testing journal entries in particular and journal entries posted with unusual account combinations and postings by unusual users. |
| There are inherent limitations in the audit procedures described above 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. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
| 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 Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| MONTE LAGUNA LIMITED |
| 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 2006. Our 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 a Report of the Auditors 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. |
| for and on behalf of |
| Statutory Auditor |
| 30 - 34 North Street |
| Hailsham |
| East Sussex |
| BN27 1DW |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| CONSOLIDATED INCOME STATEMENT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 | 15,572,873 | 14,851,514 |
| Cost of sales | (11,790,417 | ) | (11,238,271 | ) |
| GROSS PROFIT | 3,782,456 | 3,613,243 |
| Administrative expenses | (3,609,756 | ) | (3,845,201 | ) |
| 172,700 | (231,958 | ) |
| Other operating income | - | 2,815 |
| OPERATING PROFIT/(LOSS) | 5 | 172,700 | (229,143 | ) |
| Interest receivable and similar income | 89,083 | 58,810 |
| 261,783 | (170,333 | ) |
| Interest payable and similar expenses | 7 | 18 | (1,783 | ) |
| PROFIT/(LOSS) BEFORE TAXATION | 261,801 | (172,116 | ) |
| Tax on profit/(loss) | 8 | (209,947 | ) | (53,464 | ) |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| Profit/(loss) attributable to: |
| Owners of the parent | 51,854 | (225,580 | ) |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT/(LOSS) FOR THE YEAR | 51,854 | (225,580 | ) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
51,854 |
(225,580 |
) |
| Total comprehensive income attributable to: |
| Owners of the parent | 51,854 | (225,580 | ) |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| CONSOLIDATED BALANCE SHEET |
| 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 197,905 | 559,199 |
| Tangible assets | 11 | 1,660,470 | 1,108,639 |
| Investments | 12 | - | - |
| 1,858,375 | 1,667,838 |
| CURRENT ASSETS |
| Stocks | 13 | 79,045 | 69,467 |
| Debtors | 14 | 542,074 | 488,421 |
| Cash at bank and in hand | 3,101,998 | 3,005,681 |
| 3,723,117 | 3,563,569 |
| CREDITORS |
| Amounts falling due within one year | 15 | (2,861,239 | ) | (2,730,148 | ) |
| NET CURRENT ASSETS | 861,878 | 833,421 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
2,720,253 |
2,501,259 |
| PROVISIONS FOR LIABILITIES | 17 | (354,508 | ) | (187,368 | ) |
| NET ASSETS | 2,365,745 | 2,313,891 |
| CAPITAL AND RESERVES |
| Called up share capital | 18 | 100 | 100 |
| Retained earnings | 19 | 2,365,645 | 2,313,791 |
| SHAREHOLDERS' FUNDS | 2,365,745 | 2,313,891 |
| The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2025 and were signed on its behalf by: |
| K S Gosal - Director |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| COMPANY BALANCE SHEET |
| 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Stocks | 13 |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Retained earnings | 19 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 95,640 | 20,405 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 September 2022 | 100 | 2,539,371 | 2,539,471 |
| Changes in equity |
| Total comprehensive income | - | (225,580 | ) | (225,580 | ) |
| Balance at 31 August 2023 | 100 | 2,313,791 | 2,313,891 |
| Changes in equity |
| Total comprehensive income | - | 51,854 | 51,854 |
| Balance at 31 August 2024 | 100 | 2,365,645 | 2,365,745 |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 September 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 August 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 August 2024 |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 739,925 | 774,938 |
| Interest paid | 18 | (1,783 | ) |
| Tax paid | 30,036 | (255,826 | ) |
| Net cash from operating activities | 769,979 | 517,329 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (762,745 | ) | (200,088 | ) |
| Interest received | 89,083 | 54,941 |
| Net cash from investing activities | (673,662 | ) | (145,147 | ) |
| Cash flows from financing activities |
| Loan repayments in year | - | (38,506 | ) |
| Capital repayments in year | - | (51,088 | ) |
| Amount introduced by directors | - | 59,470 |
| Amount withdrawn by directors | - | (59,470 | ) |
| Net cash from financing activities | - | (89,594 | ) |
| Increase in cash and cash equivalents | 96,317 | 282,588 |
| Cash and cash equivalents at beginning of year |
2 |
3,005,681 |
2,723,093 |
| Cash and cash equivalents at end of year |
2 |
3,101,998 |
3,005,681 |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit/(loss) before taxation | 261,801 | (172,116 | ) |
| Depreciation charges | 572,208 | 647,525 |
| Finance costs | (18 | ) | 1,783 |
| Finance income | (89,083 | ) | (58,810 | ) |
| 744,908 | 418,382 |
| (Increase)/decrease in stocks | (9,578 | ) | 4,307 |
| (Increase)/decrease in trade and other debtors | (139,346 | ) | 8,653 |
| Increase in trade and other creditors | 143,941 | 343,596 |
| Cash generated from operations | 739,925 | 774,938 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 August 2024 |
| 31.8.24 | 1.9.23 |
| £ | £ |
| Cash and cash equivalents | 3,101,998 | 3,005,681 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 3,005,681 | 2,723,093 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 3,005,681 | 96,317 | 3,101,998 |
| 3,005,681 | 96,317 | 3,101,998 |
| Total | 3,005,681 | 96,317 | 3,101,998 |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 1. | STATUTORY INFORMATION |
| Monte Laguna Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Critical accounting judgements and key sources of estimation uncertainty |
| No significant judgements have had to be made by management in preparing these financial statements. |
| There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Acquired goodwill is written off in equal instalments over its estimated useful economic life of 10 years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Franchise fees are being amortised evenly over their estimated useful life of ten years. |
| Tangible fixed assets |
| Short leasehold | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. |
| Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | TURNOVER |
| The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the group. |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 5,506,836 | 5,082,653 |
| Social security costs | 349,652 | 304,490 |
| Other pension costs | 68,452 | 62,623 |
| 5,924,940 | 5,449,766 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 24,000 | 24,000 |
| 5. | OPERATING PROFIT/(LOSS) |
| The operating profit (2023 - operating loss) is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets | 210,914 | 194,546 |
| Goodwill amortisation | 361,294 | 439,392 |
| Franchise fees amortisation | - | 13,588 |
| Auditors' remuneration | 20,648 | 13,648 |
| 6. | EXCEPTIONAL ITEMS |
| 2024 | 2023 |
| £ | £ |
| Write-off irrecoverable debt |
| due from group company | - | 48,700 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest | - | (291 | ) |
| Bank loan interest | (18 | ) | 2,074 |
| (18 | ) | 1,783 |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 24,127 | 33,113 |
| Prior year adjustment | 18,680 | (165 | ) |
| Total current tax | 42,807 | 32,948 |
| Deferred tax | 167,140 | 20,516 |
| Tax on profit/(loss) | 209,947 | 53,464 |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit/(loss) before tax | 261,801 | (172,116 | ) |
| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 21.515 %) |
65,450 |
(37,031 |
) |
| Effects of: |
| Expenses not deductible for tax purposes | (2,665 | ) | 1,186 |
| Income not taxable for tax purposes | - | (10,499 | ) |
| Capital allowances in excess of depreciation | (38,658 | ) | - |
| Depreciation in excess of capital allowances | - | 79,456 |
| Adjustments to tax charge in respect of previous periods | 18,680 | (164 | ) |
| Deferred tax | 167,140 | 20,516 |
| Total tax charge | 209,947 | 53,464 |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Franchise |
| Goodwill | fees | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 | 5,018,453 | 170,270 | 5,188,723 |
| AMORTISATION |
| At 1 September 2023 | 4,460,699 | 168,825 | 4,629,524 |
| Amortisation for year | 361,294 | - | 361,294 |
| At 31 August 2024 | 4,821,993 | 168,825 | 4,990,818 |
| NET BOOK VALUE |
| At 31 August 2024 | 196,460 | 1,445 | 197,905 |
| At 31 August 2023 | 557,754 | 1,445 | 559,199 |
| Company |
| Franchise |
| Goodwill | fees | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| AMORTISATION |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Improvemen |
| Short | Long | to |
| leasehold | leasehold | property |
| £ | £ | £ |
| COST |
| At 1 September 2023 | 115,130 | 46,039 | 714,917 |
| Additions | - | - | - |
| At 31 August 2024 | 115,130 | 46,039 | 714,917 |
| DEPRECIATION |
| At 1 September 2023 | 105,281 | 46,039 | 526,894 |
| Charge for year | 9,849 | - | 78,507 |
| At 31 August 2024 | 115,130 | 46,039 | 605,401 |
| NET BOOK VALUE |
| At 31 August 2024 | - | - | 109,516 |
| At 31 August 2023 | 9,849 | - | 188,023 |
| Fixtures |
| Plant and | and |
| machinery | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 | 1,054,931 | 1,823,030 | 3,754,047 |
| Additions | - | 762,745 | 762,745 |
| At 31 August 2024 | 1,054,931 | 2,585,775 | 4,516,792 |
| DEPRECIATION |
| At 1 September 2023 | 1,024,093 | 943,101 | 2,645,408 |
| Charge for year | 11,253 | 111,305 | 210,914 |
| At 31 August 2024 | 1,035,346 | 1,054,406 | 2,856,322 |
| NET BOOK VALUE |
| At 31 August 2024 | 19,585 | 1,531,369 | 1,660,470 |
| At 31 August 2023 | 30,838 | 879,929 | 1,108,639 |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertaking |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Every Bite Right Limited |
| Registered office: 30 The Court Yard, London Street, Chertsey, England, KT16 8AA |
| Nature of business: Take away food and delivery outlet |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | 2,883,494 | 2,918,786 |
| Profit/(loss) for the year | 135,418 | (35,292 | ) |
| R & H Jones Limited |
| Registered office: 30 The Court Yard, London Street, Chertsey, England, KT16 8AA |
| Nature of business: Take away food and delivery outlet |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| This entity was dissolved via voluntary strike-off on 24 January 2023. |
| Monte Laguna Leisure Limited |
| Registered office: 30 The Court Yard, London Street, Chertsey, England, KT16 8AA |
| Nature of business: Gymnasium |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | (302,094 | ) | (302,094 | ) |
| Included within the consolidated accounts is the dormant entity Monte Laguna Leisure Limited. The company has been dormant since 2016. |
| 13. | STOCKS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Stocks | 79,045 | 69,467 |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 9,027 | 8,484 |
| Other debtors | 374,139 | 274,939 |
| Tax | - | 85,693 |
| Prepayments | 158,908 | 119,305 |
| 542,074 | 488,421 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade creditors | 322,599 | 263,841 |
| Amounts owed to group undertakings | - | - |
| Tax | 20,263 | 33,113 |
| Social security and other taxes | 71,337 | 76,584 |
| VAT | 899,633 | 805,566 | 593,791 | 506,028 |
| Other creditors | 447,974 | 673,447 |
| Accruals and deferred income | 1,099,433 | 877,597 |
| 2,861,239 | 2,730,148 |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable | operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year | 335,188 | 279,225 |
| Between one and five years | 1,169,033 | 961,221 |
| In more than five years | 1,815,121 | 1,133,508 |
| 3,319,342 | 2,373,954 |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 16. | LEASING AGREEMENTS - continued |
| Company |
| Non-cancellable | operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 17. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax | 354,508 | 187,368 | 315,702 | 160,233 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 | 187,368 |
| Provided during year | 167,140 |
| Balance at 31 August 2024 | 354,508 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 |
| Provided during year |
| Balance at 31 August 2024 |
| MONTE LAGUNA LIMITED (REGISTERED NUMBER: 06995545) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | £1 | 38 | 38 |
| Ordinary B | £1 | 38 | 38 |
| Ordinary C | £1 | 12 | 12 |
| Ordinary D | £1 | 12 | 12 |
| 100 | 100 |
| 19. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 September 2023 | 2,313,791 |
| Profit for the year | 51,854 |
| At 31 August 2024 | 2,365,645 |
| Company |
| Retained |
| earnings |
| £ |
| At 1 September 2023 |
| Profit for the year |
| At 31 August 2024 |
| 20. | POST BALANCE SHEET EVENTS |
| In December 2024, Monte Laguna Limited opened a new store, Storrington. |
| 21. | SECURITIES HELD |
| The following securities were in place with HSBC at the year-end: |
| Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 18 October 2011. |
| Composite Company Unlimited Multilateral Guarantee dated 23 February 2017 given by Monte Laguna Limited, Monte Laguna 2 Limited, Every Bite Right Ltd. |