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Registered number: 15170700
MONTANA WORLD LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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MONTANA WORLD LIMITED
REGISTERED NUMBER: 15170700
BALANCE SHEET
AS AT 31 OCTOBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.
The notes on pages 4 to 11 form part of these financial statements.
Page 1
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MONTANA WORLD LIMITED
REGISTERED NUMBER: 15170700
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
Page 2
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MONTANA WORLD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2024
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Shares issued during the period (note 12)
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The notes on pages 4 to 11 form part of these financial statements.
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Page 3
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MONTANA WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
Montana World Limited ("the company") is a private company, incorporated and domiciled in the United Kingdom. The address of its registered office is First Floor New Oxford House, Waterloo Street, Birmingham, B2 5UG. The financial statements are prepared in Sterling (£), which is the functional currency of the company, and are rounded to the nearest whole £.
The financial statements are for the period from 28 September 2023 to 31 October 2024.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
The financial statements have been prepared under the historical cost convention, in accordance with applicable accounting standards and on a going concern basis. The company made a net loss of £481,396 during the financial period, and at the period end it had net liabilities and a deficit of shareholders funds of £481,396.
At the time of signing the accounts, the forecasts indicate that the company will continue to trade for a period of at least 12 months and that the company will be able to operate within the banking facilities available to it. On this basis, the directors have prepared these financial statements on a going concern basis.
The directors consider that it is appropriate for the financial statements to be prepared on a going concern basis due to their confidence that they will be able to access funding to meet their working capital requirements for a period of at least 12 months from the date of signing these accounts.
Finance costs are charged to the profit and loss account 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.
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
Page 4
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MONTANA WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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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 balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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Provisions for liabilities
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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.
The company only enters into basic financial instrument transactions that result in the recognition of
Page 5
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MONTANA WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans with related parties and investments in ordinary shares.
All financial assets are initially measured at transaction price and subsequently measured at amortised cost.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is
an approximation of the amount that the company would receive for the asset if it were to be sold at
the balance sheet date.
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Judgements in applying accounting policies and key sources of estimation
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In preparing these financial statements, the directors have had to make judgements, estimates and assumptions that effect the application of policies and reported amounts of assets, liabilities, income and expenses.
The estimates and associated assumptions are based on historical experiences and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities and are not readily apparent from other sources. Actual results may differ from these estimates. The judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are:
Carrying value of investments
In determining the recoverable amount, it is necessary to make a series of assumptions to estimate the higher of fair value less costs to sell and the present value of future cash flows. In each case these assumptions have been made by management reflecting past experience and are consistent with relevant external sources of information. The directors determine whether there are indicators of impairment of the company's investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the subsidiary companies.
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The average monthly number of employees, including directors, during the period was 2.
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Page 6
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MONTANA WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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Subsequent to the year-end, the company reached a settlement in relation to a legal dispute concerning a share pledge made during the financial year. A former shareholder initiated legal proceedings disputing the validity of the pledge.
Although the settlement was finalised after the reporting date, the dispute relates to conditions that existed at the balance sheet date. In accordance with FRS 102 Section 32, this event is considered an adjusting event, and the financial statements have been updated to reflect the outcome.
A settlement cost of £250,000 has been recognised in the financial statements as an expense and corresponding liability. This reflects management’s assessment of the obligation arising from the dispute and ensures the financial statements present a true and fair view of the company’s financial position.
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Investments in subsidiary companies
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Page 7
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MONTANA WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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The following were subsidiary undertakings of the company:
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Attraction World Group Limited
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Attraction World Ventures Limited*
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Attraction World Holdings Limited*
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Attraction World Limited*
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*= indirectly held
On 6 October 2023, the company acquired 100% of the share capital of Attraction World Group Limited for total consideration of £1,000,000. In connection with this acquisition, professional fees of £430,480 were incurred and capitalised as part of the investment cost. The investment has been recognised at cost in accordance with the company’s accounting policy for investments.
The acquisition was funded by the company’s shareholder. The directors consider this investment to be significant to the company’s operations and future strategy.
The registered office of all subsidiaries is First Floor New Oxford House, Waterloo Street, Birmingham, United Kingdom, B2 5UG.
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Amounts owed by group undertakings
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The amounts owed by group undertakings are free from interest, are unsecured, and have no fixed date of repayment.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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The amounts owed to group undertakings are free from interest, are unsecured, and have no fixed date of repayment.
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Page 8
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MONTANA WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due 2-5 years
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During the period, Montana World Limited entered into a revolving credit facility with its lenders for £1,552,503. The termination date on the loan is 31 October 2028 and the amount outstanding at any time on the revolving credit facility is subject to interest at 10% over base rate.
In connection with the arrangement of the loan, the company incurred a loan arrangement fee of £100,000 and legal fees of £22,368. These costs are directly attributable to the establishment of the facility and have been capitalised and are being amortised over the life of the loan in accordance with the company's accounting policy.
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Page 9
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MONTANA WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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At beginning of the period
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Credited to the profit and loss account
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The deferred tax asset is made up as follows:
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Losses and other deductions
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Allotted, called up and partly paid
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80,000 A Ordinary shares of £0.001 each
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20,000 B Ordinary shares of £0.001 each
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On 28 September 2023, the date of incorporation, 1 Ordinary share of £0.001 was issued at par.
On 4 October 2023, 79,999 A Ordinary and 20,000 B Ordinary shares of £0.001 were issued at par.
The rights and restrictions attached to the A Ordinary shares and B Ordinary shares are as disclosed within sections 15.1-15.3 of the Articles of Association.
On 24 October 2024, 44,200 Ordinary A shares of £0.001 each were transferred from Questor Group BV and Pinnacle 123 Limited to Highmore Financing Co XII LP. The total issued share capital of the company remained unchanged.
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Page 10
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MONTANA WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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Related party transactions
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The company has taken advantage of the exemption conferred by FRS 102 section 33 'Related Party Disclosures' not to disclose transactions with companies within the group of which it is a member, where these transactions occur between entities which are 100% owned members of that group.
During the period, the company received funding from its immediate parent company in the form of a revolving credit facility totalling £1,552,503. The termination date on the loan is 31 October 2028 and the amount outstanding at any time on the revolving credit facility is subject to interest at 10% over base rate. In connection with the arrangement of the loan, the company incurred a loan arrangement fee of £100,000 and legal fees of £22,368. These costs are directly attributable to the establishment of the facility and have been capitalised and are being amortised over the life of the loan in accordance with the company's accounting policy.
Interest charged on the facility during the period amounted to £262,346, which has been expensed in the profit and loss account. At 31 October 2024, £131,350 of accrued interest was outstanding.
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On 6 October 2023, fixed and floating charges over all property and undertaking of the company and the group were registered by Highmore Financing CO XII, LP, in respect of group debentures.
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Post balance sheet events
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Subsequent to the year-end, the company reached a settlement in relation to a legal dispute concerning a share pledge made during the financial year. A former shareholder initiated legal proceedings disputing the validity of the pledge.
Although the settlement was finalised after the reporting date, the dispute relates to conditions that existed at the balance sheet date. In accordance with FRS 102 Section 32, this event is considered an adjusting event, and the financial statements have been updated to reflect the outcome.
A settlement cost of £250,000 has been recognised in the financial statements as an expense and corresponding liability. This reflects management’s assessment of the obligation arising from the dispute and ensures the financial statements present a true and fair view of the company’s financial position.
On 16 May 2025, 20,000 Ordinary B shares were transferred from the directors of the company, to Highmore Financing Co XII LP.
The immediate parent company is Highmore Financing Co XII LP. Highmore Financing Co XII LP is incorporated and domiciled in the Delaware, United States, and has a registered office at 750 Lexington Avenue, 24th Floor, New York, 10022.
At the balance sheet date, the ultimate parent undertaking of the group is Highmore Trade Finance Fund, LP. Highmore Trade Finance Fund, LP was incorporated and domiciled incorporated and domiciled in the Delaware, United States, and has a registered office at 750 Lexington Avenue, 24th Floor, New York, 10022.
The company, and the group it heads, qualify as small as set out in section 383 of the Companies Act 2006 and are therefore considered eligible for the exemption to prepare consolidated accounts.
Page 11
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