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Registered number: 15170700
MONTANA WORLD LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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MONTANA WORLD LIMITED
REGISTERED NUMBER: 15170700
BALANCE SHEET
AS AT 31 OCTOBER 2025
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Debtors: amounts falling due after more than one year
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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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Page 1
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MONTANA WORLD LIMITED
REGISTERED NUMBER: 15170700
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2025
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 year 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 profit and loss account 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 by by:
The notes on pages 4 to 10 form part of these financial statements.
Page 2
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MONTANA WORLD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
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Shares issued during the year
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The notes on pages 4 to 10 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 YEAR ENDED 31 OCTOBER 2025
Montana World Limited ("the company") is a private company, incorporated and domiciled in England and Wales. 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 year ended 31 October 2025 (2024: 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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. It also requires management to exercise judgment in applying the company’s accounting policies (see note 3).
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 it is headed by, 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 on a going concern basis. In making this assessment, the directors has considered the Group’s financial performance, cash flow forecasts, and liquidity position for a period of at least twelve months from the date of approval of these financial statements.
The directors has prepared detailed forecasts which indicate that the Group is expected to meet its obligations as they fall due. These forecasts reflect current trading performance, anticipated future revenues, and expected cost levels.
The Group continues to benefit from ongoing support from its investors, who have confirmed their intention to continue providing funding as required. The Group also has access to funding facilities which, together with forecast operating cash flows, are expected to be sufficient to meet working capital requirements.
Accordingly, the directors considers it appropriate to prepare the financial statements on a going concern basis.
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 year in which they are incurred.
Page 4
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MONTANA WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account 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 subsidiaries are assessed for impairment at each reporting date. Any impairment losses or reversals of impairment losses are recognised in the profit and loss account.
Page 5
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MONTANA WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of 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 director has 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 director determines 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 year was 1 (2024: 2).
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During the prior period, £250,000 of exceptional costs were recognised in relation to a legal dispute concerning a share pledge made. This legal dispute was settled during the current financial year.
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Page 6
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MONTANA WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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Investments in subsidiary companies
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At 1 November 2024 (as previously stated)
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At 1 November 2024 (as restated)
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At 1 November 2024 (as restated) and 31 October 2025
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Please see details of the prior period adjustment included in note 13.
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The following were subsidiary undertakings of the company during the year:
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Attraction World Group Limited
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First Floor New Oxford House, Waterloo Street, Birmingham, United Kingdom, B2 5UG
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Attraction World Ventures Limited*
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First Floor New Oxford House, Waterloo Street, Birmingham, United Kingdom, B2 5UG
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Attraction World Holdings Limited*
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First Floor New Oxford House, Waterloo Street, Birmingham, United Kingdom, B2 5UG
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Attraction World Limited*
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First Floor New Oxford House, Waterloo Street, Birmingham, United Kingdom, B2 5UG
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Sale of attraction tickets
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* = indirectly held
In the opinion of the director, the value of these investments as at 31 October 2025 is not less than the aggregate amount in the balance sheet at that date.
The reporting year-ends of the subsidiary undertakings are co-terminus with the company.
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Page 7
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MONTANA WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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Due after more than one year
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Please see details of the prior period adjustment included in note 13.
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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.
Please see details of the prior period adjustment included in note 13.
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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.
Please see details of the prior period adjustment included in note 13.
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Creditors: Amounts falling due after more than one year
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Other loans (see note 10)
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Page 8
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MONTANA WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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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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The company receives funding from its ultimate parent company in the form of a term loan totalling £1,600,000. Interest is charged at the Bank of England's Base Rate plus a 10% margin. Up to 50% of interest is allowed to be capitalised as PIK and added to the outstanding principal. The outstanding balance is due for repayment on 31 October 2028.
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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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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Page 9
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MONTANA WORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
12.Share capital (continued)
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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 16 May 2025 and 23 May 2025, 20,000 Ordinary B shares of £0.001 each were transferred from the former directors of the company to Highmore Financing Co XII LP and Questor Group B.V. The total issued share capital of the company remained unchanged.
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For the period ended 31 October 2024, fixed asset investments and amounts owed to group undertakings have been reduced by £75,364. This reclassification is to accurately reflect fixed asset investments and amounts owed to group undertakings at 31 October 2024. This reclassification has had no impact on the profit and loss account or total net assets for the current or prior period.
For the period ended 31 October 2024, deferred taxation has been reclassified from debtors due within one year to debtors due after more than one year. This reclassification is to accurately reflect the nature of the deferred taxation balance at 31 October 2024. This reclassification has had no impact on the profit and loss account or total net assets for the current or prior period.
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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.
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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.
The immediate parent company is Highmore Financing Co XII LP.Highmore Financing Co XII LPis 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 is headed by 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 10
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