Company registration number 06914048 (England and Wales)
MONTE CARVOEIRO UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
MONTE CARVOEIRO UK LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
Stocks
4,620
-
Debtors
4
20,108
16,835
Cash at bank and in hand
635,223
656,719
659,951
673,554
Creditors: amounts falling due within one year
5
(659,949)
(673,552)
Net current assets
2
2
Capital and reserves
Called up share capital
2
2

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 August 2025 and are signed on its behalf by:
Mr P G Kennedy
Director
Company Registration No. 06914048
MONTE CARVOEIRO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
1
Accounting policies
Company information

Monte Carvoeiro UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Mary's House, St Mary's Road, Market Harborough, Leicestershire, LE16 7DS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Turnover

Turnover represents the total invoice value of maintenance fees for the year. Rentals are accounted for on a holiday year basis. Turnover is stated net of VAT. The profits due to the company on the resale of timeshare weeks, and levy fees are all accounted for on a receipts basis.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises cleaning products and spare inventory items which are available to replace items damaged, they are not ordinarily sold.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

MONTE CARVOEIRO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes all mutual trading items of income or expense that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MONTE CARVOEIRO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -
1.8
Foreign exchange

During the period t ransactions in currencies other than pounds sterling are recorded at the rate of exchange agreed by the directors in setting the annual budgets, other than purchases of currency which are recorded at the cost of purchase.

At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on maintenance fees received in euros in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Currency movements

The directors consider the material uncertainties in setting budgets to be estimating the currency rate especially in light of the UK voting to leave the EU.

To reduce the risk of the pound devaluing the directors have allowed overseas owners to pay in Euro's and have forward purchased the majority of the balance of funds required for the year.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
20,108
16,835
MONTE CARVOEIRO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 5 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
164,406
296,145
Amounts due to associated undertaking
404,133
320,300
Corporation tax
1,959
1,603
Other creditors
89,451
55,504
659,949
673,552
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its 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.

Senior Statutory Auditor:
Mr Adrian Neal BA (Hons) FCA
Statutory Auditor:
TAG Berry Audit Limited
Date of audit report:
19 August 2025
7
Operating lease commitments

During the previous year the company renewed its contract with Poterreno SA.

The contract to assign rights is renewed on a rolling 5 year term, the assigned rights charge increased to €10,000 per annum from £5,800 per annum on renewal.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
34,482
43,102
MONTE CARVOEIRO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 6 -
8
Financial commitments, guarantees and contingent liabilities

During the previous year the committee of Monte Carvoeiro resort agreed an extension of Resort Solutions Limited management contract to 31 May 2028.

The contractual obligations are accounted for as they fall due and the amounts owed under the contract are not included as liabilities within these financial statements.

9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The company operates on a cost-recovery basis to manage the properties on behalf of Monte Carvoeiro Resort members. During the year the company generated a surplus of £174,813 (2024 - £110,919) all of which was transferred to the reserve fund of Monte Carvoeiro Resort. Refurbishment costs of £90,980( 2024- £57,461) were incurred in the year.

As at the year end the balance due from the company is £404,133 (2024- £320,300).

The directors are committee members of Monte Carvoeiro Resort.

The directors have been reimbursed for valid expenses necessarily incurred for the management of the resort.

10
Controlling party

The share capital is held by Crowncharm Limited and FNTC Third Nominee Limited on behalf of the members of Monte Carvoeiro resort.

11
Auditor's liability limitation agreement

The company signed on 4 July 2025 an engagement letter with the Auditor, agreeing that the total aggregate liability to the company, of whatever nature, whether in contract, tort or otherwise, of the Auditor for any losses whatsoever and howsoever caused arising from or in any way connected with this agreement shall not exceed £100,000.

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