MONARK GLOBAL LIMITED


Directors	GULLAN, Leonard Lawrence Curle
	GULLAN, Lynette Denita
	GULLAN, Philip Lawrence Curle
	JACOBS, André Martin
	SWIFT, Julie Ann


Company Secretary	CARGIL MANAGEMENT SERVICES LIMITED


Registered Address	27-28 Eastcastle Street
	London
	W1W 8DH


Registered Number	03977053 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Borrowing costs
	Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

	Finance costs
	Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Related parties
	For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	0		0

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 January 25	96,502	96,502
At 31 December 25	96,502	96,502
Amortisation and impairment
At 01 January 25	70,282	70,282
Charge for year	3,956	3,956
At 31 December 25	74,238	74,238
Net book value
At 31 December 25	22,264	22,264
At 31 December 24	26,220	26,220

4.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 January 25	3,000	3,000
At 31 December 25	3,000	3,000
Depreciation and impairment
At 01 January 25	3,000	3,000
At 31 December 25	3,000	3,000
Net book value
At 31 December 25	-	-
At 31 December 24	-	-

5.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 January 25	124,940	124,940
At 31 December 25	124,940	124,940
Net book value
At 31 December 25	124,940	124,940
At 31 December 24	124,940	124,940

	Notes
	¹Investments in group undertakings and participating interests

6.	Stocks
	As of the year-end, stocks consisted entirely of finished goods and goods for resale totaling £248,767 (2024: £204,597)

	2025	2024
	£	£
Other stocks	248,767	204,597
Total	248,767	204,597

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	125,742	76,523
Bank borrowings and overdrafts	-	176
Amounts owed to related parties	289,501	286,389
Taxation and social security	87,881	53,019
Other creditors	4	205
Accrued liabilities and deferred income	55,283	107,390
Total	558,411	523,702


	Included within creditors falling due within one year is an amount of £289,501 (2025: £286,389) owed to a director of the company. This loan is attracts interest at 1% per annum, unsecured, and repayable on demand

8.	Creditors: amounts due after one year

	2025	2024
	£	£
Amounts owed to related parties	400,000	399,616
Total	400,000	399,616


	At the balance sheet date, the company owed a commercial loan of £400,000 to its parent company. The loan is unsecured and bears interest at 8.64% per annum. The repayment date is 30 September 2028.

9.	Related party transactions
	Director's Loan: The loan from the director is unsecured, carries interest charged at 1% per annum, and is repayable on demand Total interest charged during the year amounted to £4,250. Parent Company Loan: The loan from the ultimate parent company is unsecured, carries interest at a commercial rate of 8.64% per annum, and is due for repayment on 30 September 2028. Total interest charged during the year amounted to £32,580.

Related party transactions

Director's Loan: The loan from the director is unsecured, carries interest charged at 1% per annum, and is repayable on demand Total interest charged during the year amounted to £4,250.

Parent Company Loan: The loan from the ultimate parent company is unsecured, carries interest at a commercial rate of 8.64% per annum, and is due for repayment on 30 September 2028. Total interest charged during the year amounted to £32,580.

10.	Controlling party
	The ultimate controlling party is TROUVAILLE INTERNATIONAL LIMITED by virtue of their ownership of 100% of the ordinary share capital.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		22,264		26,220
Investments	5		124,940		124,940
			147,204		151,160
Current assets
Stocks	6	248,767		204,597
Debtors		301,320		258,576
Cash at bank and on hand		302,086		284,493
		852,173		747,666
Creditors amounts falling due within one year	7	(558,411)		(523,702)
Net current assets (liabilities)			293,762		223,964
Total assets less current liabilities			440,966		375,124
Creditors amounts falling due after one year	8		(400,000)		(399,616)
Net assets			40,966		(24,492)
Capital and reserves
Called up share capital			500,000		500,000
Profit and loss account			(459,034)		(524,492)
Shareholders' funds			40,966		(24,492)