Company registration number: 04059678
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
The directors present their Strategic Report for the year ended 31 August 2025.
The external environment for the year ending 31st August 2025 was characterised by uncertainty due to unsettled economic and climate conditions particularly on the supply side of the coffee industry. Despite these challenges, Lunar demonstrated resilience and adaptability, enabling continued growth. While general inflationary pressures reduced, extreme volatility in both the price of green coffee and the GBP/USD exchange rate had ramifications across the industry. The company’s diversified global supply strategy and its multi channel sales mix across Wholesale, Grocery, Out of Home, B2B, and D2C ensured overall revenue growth.
The directors remain committed to this strategy, meeting customers' aspirations for high-quality, ethically produced coffee wherever they shop or drink.
During the period, the company continued to successfully navigate the external challenges such as high green coffee prices driven by the New York market, alongside freight costs and transit times impacted by the continuation of the Red Sea and Suez Canal restrictions stemming from geopolitical conflicts. Through sustainable, long-term arrangements with origin producers, Lunar mitigated the effects of these disruptions, ensuring stability in the supply chain.
In response to these external challenges, the business invested in its people and operations, focusing on driving efficiencies and upgrading production equipment to support sustainable growth. These efforts delivered strong results, with revenue exceeding forecasts and exceeding £23m—a double-digit percentage growth year-on-year. This growth was fuelled by organic expansion with long-standing national partners and the successful acquisition of significant new customers. A notable highlight was the addition of ITSU to Lunar’s portfolio. Debtors and stock days have reduced year on year in line with the business objectives.
Beyond commercial success, Lunar maintained its commitment to raise and set the standards in speciality coffee.
The directors remain committed to this strategy, meeting customers' aspirations for high-quality, ethically produced coffee wherever they shop or drink.
During the period, the company continued to successfully navigate the external challenges such as high green coffee prices driven by the New York market, alongside freight costs and transit times impacted by the continuation of the Red Sea and Suez Canal restrictions stemming from geopolitical conflicts. Through sustainable, long-term arrangements with origin producers, Lunar mitigated the effects of these disruptions, ensuring stability in the supply chain.
In response to these external challenges, the business invested in its people and operations, focusing on driving efficiencies and upgrading production equipment to support sustainable growth. These efforts delivered strong results, with revenue exceeding forecasts and exceeding £23m—a double-digit percentage growth year-on-year. This growth was fuelled by organic expansion with long-standing national partners and the successful acquisition of significant new customers. A notable highlight was the addition of ITSU to Lunar’s portfolio. Debtors and stock days have reduced year on year in line with the business objectives.
Beyond commercial success, Lunar maintained its commitment to raise and set the standards in speciality coffee.
∙The company’s annual impact report highlights its long standing commitment to meaningful relationships throughout the supply chain.
∙The dedication to sourcing coffee from smallholder communities and paying sustainable premiums above world market rates.
∙The pride gained from having the support from customers who share the businesses values. This approach helps producers navigate global climate and economic challenges while reinforcing Lunar’s mission-driven ethos.
Looking ahead, the company anticipates continued challenges, including volatile and high New York green coffee prices as well as volatility in USD:GBP exchange rate. Despite these headwinds, Lunar remains confident in maintaining its strategy for sustainable growth while adapting to evolving market conditions.
The principal risks for the group remain tied to green coffee costs and foreign exchange. The New York coffee markets volatility has not waned in recent months. With green coffee sourced from 13 countries, volatility in prices, currency fluctuations, and supply shortages can pose risks to performance. These risks are mitigated through maintaining appropriate stock levels, leveraging long-term supplier relationships, driving efficiencies within the supply chain and implementing price increases where necessary to sustain operational stability.
Lunar’s strong producer relationships have allowed the company to maintain market-leading quality, which is a key differentiator in a highly competitive environment. These relationships continue to enable the company to defend existing business and secure new opportunities at sustainable margins.
With a clear set of strategic objectives, the Board remains confident in Lunar’s ability to deliver another strong year of topline growth while staying true to its mission and values.
Lunar’s strong producer relationships have allowed the company to maintain market-leading quality, which is a key differentiator in a highly competitive environment. These relationships continue to enable the company to defend existing business and secure new opportunities at sustainable margins.
With a clear set of strategic objectives, the Board remains confident in Lunar’s ability to deliver another strong year of topline growth while staying true to its mission and values.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
The Group's key performance indicators are turnover and gross profit.
Year to August 2025 Year to August 2024 Year to August 2023
Turnover £23,479,676 £21,278,457 £19,014,837
Turnover (decline)/growth 10% 12% 15%
Gross profit £7,645,679 £7,266,179 £6,169,143
Gross profit margin 33% 34% 32%
Non Financial KPIs are not produced here because given the nature of the business, the companies directors are of the opinion that analysis using such KPI's is not necessary to gain an understanding of the development, performance or position of the Group.
Year to August 2025 Year to August 2024 Year to August 2023
Turnover £23,479,676 £21,278,457 £19,014,837
Turnover (decline)/growth 10% 12% 15%
Gross profit £7,645,679 £7,266,179 £6,169,143
Gross profit margin 33% 34% 32%
Non Financial KPIs are not produced here because given the nature of the business, the companies directors are of the opinion that analysis using such KPI's is not necessary to gain an understanding of the development, performance or position of the Group.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
The directors present their report and the financial statements for the year ended 31 August 2025.
The directors who served during the year were:
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.
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 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.
The Group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
There have been no other significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LUNAR VENTURES LIMITED
We have audited the financial statements of Lunar Ventures Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2025, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting 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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LUNAR VENTURES LIMITED (CONTINUED)
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 year 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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LUNAR VENTURES LIMITED (CONTINUED)
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 Auditor's 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:
The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
∙The Companies Act 2006;
∙Financial Reporting Standard 102;
∙UK Employment Legislation;
∙UK Health and Safety Legislation; and
∙General Data Protection Regulations.
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the Group is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of legal expenditure and board minutes for the year.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
∙Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙Challenging assumptions and judgments made by management in its significant accounting estimates; and
∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
∙Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount;
∙Timing of revenue recognition; and
∙The use of management override of controls to manipulate results.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LUNAR VENTURES LIMITED (CONTINUED)
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 an Auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
2nd Floor, Midas House
62 Goldsworth Road
Surrey
GU21 6LQ
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CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 34 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 34 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Lunar Ventures Limited is a private Company limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The registered office is 29 The Green, Winchmore Hill, London, N21 1HS. The principal place of business is 7a South Crescent, London, E16 4TL. The Company's principal activity continued to be that of coffee roasters.
2.Accounting policies
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 Income and Retained Earnings in these financial statements.
The following principal accounting policies have been applied:
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 Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
Lunar Ventures Limited has provided Third Wave Coffee Ltd with a guarantee under S479A relating to the audit of the financial statements of Third Wave Coffee Ltd, and that subsidiary has exercised the exemption available, see note 15.
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 Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
Lunar Ventures Limited has provided Third Wave Coffee Ltd with a guarantee under S479A relating to the audit of the financial statements of Third Wave Coffee Ltd, and that subsidiary has exercised the exemption available, see note 15.
The Group has net current assets of £431,733 (2024 net current liabilities - £441,947) and total net assets of £1,210,677 (2024 - £372,793) at the balance sheet date.
The directors have prepared a cashflow forecast which covers a period of at least 12 months from the date of signing these financial statements and shows sufficient cash is available to continue to pay liabilities as they fall due. This has been further reinforced by increased trading for the first quarter delivering turnover and net profit ahead of budget.
The directors have a reasonable expectation that the Company and Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts with no material uncertainty.
The directors have prepared a cashflow forecast which covers a period of at least 12 months from the date of signing these financial statements and shows sufficient cash is available to continue to pay liabilities as they fall due. This has been further reinforced by increased trading for the first quarter delivering turnover and net profit ahead of budget.
The directors have a reasonable expectation that the Company and Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts with no material uncertainty.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
Revenue from the sale of goods is recognised across the group based on when the significant risks and rewards are transferred to the buyer.
The following criteria must also be met before revenue is recognised:
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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 the Consolidated Statement of Income and Retained Earnings.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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 the Consolidated Statement of Income and Retained Earnings.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
Estimates and assumptions:
Estimations have been made in respect of stock provision and the recoverability of trade debtors. The directors have concluded that the stock and debtor valuations are appropriately included in the financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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 Income and Retained Earnings in these financial statements. The profit after tax of the parent Company for the year was £815,557 (2024 - £262,457 ).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
14.Tangible fixed assets (continued)
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Page 28
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Other loans of £Nil (2024: £34,898) are secured by the Company.
Obligations under hire purchase contracts of £126,969 (2024: £238,095) are secured against the individual assets to which they relate.
Obligations under hire purchase contracts of £126,969 (2024: £238,095) are secured against the individual assets to which they relate.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
During the year the Company issued 4,938 Ordinary £1 shares, for consideration of £28,789, resulting in a movement of share premium £23,851.
Page 32
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Share premium account
Profit and loss account
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension costs charge represents contributions payable by the Company to the fund and amounted to £81,373 (2024: £73,781). Contributions were payable to the fund at balance sheet date of £19,123 (2024: £10,875).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
There is no ultimate controlling party.
Page 34