MORECO HOLDCO LIMITED

• ◆

  Audit opinion: Qualified

  Latest auditor's report carried a non-clean opinion.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

HW Bedford Limited

Audit opinion

Qualified

Going concern

Affirmed

“The Directors have conducted a comprehensive review of the Group's financial position and its ability to continue as a going concern, in accordance with the principles set out in UK GAAP (FRS 102, Section 3.8). This assessment has considered the Group's operations, cash flows, liquidity, and broader financial arrangements within the context of the business environment in which it operates. The Group has moved to sourcing its milk directly, supported by the parent company's logistics network, enhancing both cost-effectiveness and supply chain reliability. Management and administrative overhaul - achieved cost savings through the reduction of previous Parent management charges, a head office restructure, and the optimisation of the Group call centre operations through relocation. Operational efficiencies focused on the removal of non-value-added activities and overheads, alongside a strategic reduction in intensive capital expenditure, to streamline operations and improve financial performance. The Directors are confident that these measures have positioned the Group on a path to profitability in the second half of FY25 and ensure its long-term success. The positive impacts of these initiatives have already begun to materialize, with improved operational efficiencies and reduced costs contributing to the financial stability of the Group. Furthermore, in assessing the Group's ability to continue as a going concern, the Directors have prepared cash flow forecasts for a period of not less than twelve months from the date of signing these accounts. These forecasts take into account the Group's current financial position, and the expected impact of the strategic measures implemented. Based on these forecasts and current financial indicators, the Directors believe that the Group has adequate resources to continue in operational existence for the foreseeable future.”

Group structure

1. MORECO HOLDCO LIMITED · parent
   1. Moreco Group Limited 100% · United Kingdom · Retail sale of milk- and related grocery products
   2. Watson's Pantry Limited 100% · United Kingdom · Retail sale of milk- and related grocery products

Significant events

• “The group was incorporated on 13th November 2023 and commenced trading on 30th December 2023.”
• “Moreco Holdco Limited was party to a restructuring process whereby Muller UK & Ireland Group LLP ceased to be a party with significant control over the Group. The restructuring process was finalised on 31 December 2023.”
• “On 31 December 2023, the Moreco Holdco Limited obtained control over Moreco Group Limited - a UK Company which is a retailer and seller of milk- and related grocery products, and its subsidiary Moreco Property Limited - a UK property management Company, by acquiring 100% of the shares and voting rights of the Company.”
• “The interest in Moreco Group Limited was acquired for a consideration of £10,898,329 which was pursuant to a novation agreement.”
• “The interest in Moreco Property Limited was acquired for a consideration of £16,630,001 which comprised a cash amount of £1 and an additional premium of £16,630,000 in line with the fair value of the properties held by the Company.”
• “On 18 September 2024, the Moreco Holdco Limited obtained control over Watson's Pantry Limited - a UK Company which is a retailer and seller of milk- and related grocery products, by acquiring 100% of the shares and voting rights of the Company.”
• “The interest in Watson's Pantry Limited was acquired for a consideration of £1.”
• “During December 2023, the Group undertook a strategic restructuring initiative to enhance operational efficiency and align its resources with long-term business objectives. As a result, redundancy costs amounting to £1,145,731 were incurred during the current period, primarily related to severance packages and associated employee transition support.”
• “Acquisition of subsidiaries 1,716,077”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.