Me Today announces result for the Year Ended 30 June 2025
1
28 August 2025
Me Today Ltd results for the year ended 30 June 2025
• Me Today branded and agency gross sales grows 44% from $4.07m in
FY24 to $5.85m for the full FY25 year.
• King Honey receivership to provide net benefit to the Group balance
sheet in FY26
• Capital raise of $2.6m underwritten to $1.5m by founding shareholders
Me Today Limited (NZX: MEE) has released its audited Group results for the twelve months ended 30
June 2025.
Results show Group revenue of $7.45m and a loss after tax of $6.02m. Contributing to the loss in the
year was the King Honey business with a net loss of $3.65m. With the decision of the King Honey
Limited directors to place King Honey into receivership and liquidation on 27 July 2025 the losses
from this business unit will not continue in FY26.
Because the receivership decision was made post year end the impact of this decision is not
reflected in the 2025 financial statements.
As explained in the financial statements, the receivership will have a positive impact on the balance
sheet of the Me Today group in FY26. The liabilities relating to King Honey exceed the carrying value
of assets at year-end by $4.2m. The receivership on 27 July means that the net liabilities for King
Honey Limited are no longer the responsibility of the Me Today Group and therefore a gain on
disposal of the King Honey group will be reported in the 2026 financial year.
The balance of this announcement will focus on the Me Today business including a summary of the
result and a discussion of the opportunities ahead.
Capital Raise
As advised on 20 August the Group plans to undertake a capital raise in October 2025. The capital
raise will feature a one for one rights issue at 6 cents per share raising $2.6m if fully subscribed. The
raise also includes a warrant to be issued on the basis of one warrant for every two shares held post
the rights issue. The warrant will entitle the holder to subscribe for shares at an issue price of 6 cents
in a window between 1 October 2026 and 31 October 2026. The capital raise is partially
underwritten by trusts associated with founding shareholders Grant Baker and Stephen Sinclair in
the amount of $1.5m.
Chairman Grant Baker said
“We remain committed to growing the brand and believe in the opportunity ahead. Our decision to
support the capital raise represents our commitment to the brand. We are proud of the Me Today
brand and believe it is positioned well for the next stage of growth.”
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Me Today Brand Performance in FY25
The Me Today brand and agency business recorded revenue before marketing costs paid to a
customer of $5.85m which is growth of 44% on FY24. The costs of marketing services provided by
customers were $1.05m, down slightly on FY24 where costs were $1.09m, however, on a much
higher level of revenue in FY25.
The net loss for the brand and agency business was $1.22m, which is an improvement of 21% on the
loss of $1.54m in FY24.
In addition to the brand and agency business the Group incurred head office and listed company
costs of $1.15m for FY25 which was down 9% on costs of $1.25m in FY24.
Me Today Brand Update
The Me Today strategy is to focus on New Zealand as the core market with success at home
providing a platform to grow internationally. Outside of New Zealand the brand continues a
targeted strategy with the Chinese partnership being the biggest opportunity. Other priority markets
include the USA, Japan, UAE and Ireland.
Alongside the market expansion the brand continues to focus on growing its presence through
above-the-line marketing activity and investment in new product development. FY25 has seen the
continuation of an increase in marketing presence through radio and outdoor advertising together
with investment online through social media and other online channels.
FY25 has seen the launch of 10 products, and the brand has 7 new products launching in October
2025. The new product development pipeline into the 2026 calendar year remains strong with a
number of new products under development for launch. The brand recognises the importance of a
product-lead strategy with the consumer looking for new and trending ingredients which provide a
unique point of difference.
Manuka Honey
Me Today remains committed to Manuka honey. It sees Manuka honey as an important and sought
after product from New Zealand with large interest from international markets.
Me Today has an agreement with a contract packer who will pack Manuka honey on behalf of Me
Today and is in discussions with other parties in respect to the ongoing supply of Manuka honey. In
the current market Me Today is able to source Manuka honey and contract pack services at a cost
that is better than what it had been achieving from its King Honey subsidiary.
New Zealand
The home market of New Zealand continues to grow with the expanded shelf presence creating a lift
in sales within NZ pharmacy and grocery during FY25. Through the introduction of new products and
a growth in sales the brand is looking to continue growth through increased presence within the
channels. The retail partnerships remain important as a larger footprint in store will provide a
continued increase in sales.
China
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In China the partnership with the Nutrition Family Company continues to expand. During FY25 our
partner achieved revenue targets contained within the commercial agreements and gave notice to
acquire a 20% ownership in the Me Today China trademark per those agreements. The focus in
China includes promoting Me Today across the Chinese TikTok platform, Douyin and now expanding
further into other online platforms and direct to consumer sales models. During the year Me Today
has taken part in a number of live streaming events in partnership with famous influencers such as
Liu Yuan Yuan, Momo and Li Xiao Meng. The activations have been very successful for the brand in
China by creating large sales and a significant increase in brand profile.
The licence fee payable to Me Today was set as a fixed fee in year one and for year two onwards it is
calculated as a percentage of revenue. The first licence year finished on 31 March 2025, with total
licence fee revenue of $445,000 received; so, the increasingly positive impact of a revenue-based
licence fee will flow in the 2026 financial year.
Other Markets.
Outside New Zealand and China, Me Today is focusing on opportunities it has in the USA, Japan, UAE
and Ireland. We have established partnerships in these markets and will continue to invest in the
brand alongside those partners.
The USA market continues to grow with a focus on both offline and online channels. We have
secured an online presence in the USA and continue to build on the strategy for growth in that
channel. The offline business in the USA is Manuka honey focused with partnerships in the grocery
and consumer retail channels, the change in business model for Manuka honey making it easier to
access these channels.
In Japan we have an established partner in the Me Today brand across Manuka honey, Skincare and
Supplements. We have been building the sales channel with our Japanese partner and trialing new
format opportunities. Our partner has secured an opportunity to list Me Today in a large retail chain.
We shipped products for this opportunity in March 2025, and we are spending time in the market
working with our partner in developing this opportunity further.
Full Year Results Further explained. –
Group operating EBITDA loss for the year was $4.76m. The reconciliation from operating EBITDA loss
to the net loss for the full year is shown below.
June 25 June 24
Me Today and Agency $(1.21m) $(1.53m)
King Honey $(2.62m) $(1.85m)
Head Office Costs $(0.93m) $(1.10m)
Total Operating EBITDA $(4.76m) $(4.48m)
Less other expenses
Net Finance Costs $0.76m $0.72m
Depreciation and Amortisation $0.50m $0.47m
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King Honey related write downs $- $5.61m
Total Expenses deducted from EBITDA $1.26m $6.80m
Net loss for the full year ($6.02m) ($11.28m)
The net tangible assets at 30 June 2025 is calculated as negative $(0.0463) per share. The impact of
the subsequent King Honey receivership decision on 27 July 2025 and the associated $4.2m gain on
disposal increases net tangible assets to positive $0.0302 per share.
For further information, please contact:
Grant Baker
Chairman, Me Today Limited
021 729 800
Stephen Sinclair
CEO, Me Today Limited
021 330 053
stephen@metoday.com
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Me Today Limited
Consolidated Financial Statements
For the year ended 30 June 2025
Me Today Limited
Consolidated Financial Statements
For the year ended 30 June 2025
1
Contents
Page
Consolidated Statement of Profit or Loss and Other Comprehensive Income 2
Consolidated Statement of Changes in Equity 3
Consolidated Statement of Financial Position 4
Consolidated Statement of Cash Flows 5
Notes to the Consolidated Financial Statements 6
Independent Auditor’s Report 31
Me Today Limited
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
For the year ended 30 June 2025
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
2
Note2025 2024
NZ$000 NZ$000
Revenue57,4545,032
Changes in inventories of finished goods and work in progress(5,448)(2,789)
Selling and marketing expenses(1,951)(2,136)
Distribution expenses(671)(651)
Administrative and other operating expenses(4,638)(4,403)
Amortisation of customer relationship asset-(542)
Finance income5415
Finance expenses6(816)(731)
Loss before tax, fair value adjustments, restructuring and
impairment costs(6,016)(6,205)
Fair value loss on harvested honey-(82)
Restructuring costs6-(1,538)
Impairment of customer relationship asset16-(3,451)
Loss before income tax(6,016)(11,276)
Income tax expense8--
Loss for the year(6,016)(11,276)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations67(3)
Total comprehensive loss for the year
(5,949)(11,279)
Loss for the year attributable to:
Owners of the Company(6,016)(11,276)
Non-controlling interests19--
(6,016)(11,276)
Total comprehensive loss for the year attributable to:
Owners of the Company(5,949)(11,279)
Non-controlling interests19--
(5,949)(11,279)
Earnings/(loss) per share:
Basic and diluted loss per share (NZ$)9(0.111)(0.411)
Me Today Limited
Consolidated Statement of Changes in Equity
For the year ended 30 June 2025
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
3
Share Accumulated
Foreign
currency
translation
Attributable
to owners of
Non-
controllingTotal
Notecapitallossesreservethe Companyinterestsequity
NZ$000 NZ$000 NZ$000 NZ$000
At 1 July 202352,381(40,379)(69)11,933-11,933
Total comprehensive income
Loss for the year-(11,276)-(11,276)-(11,276)
Other comprehensive income--(3)(3)-(3)
Transactions with owners
Shares issued during the year193,111--3,111-3,111
Less: share issue costs(159)--(159)-(159)
At 30 June 202455,333(51,655)(72)3,606-3,606
Total comprehensive income
Loss for the year-(6,016)-(6,016)-(6,016)
Other comprehensive income--6767-67
At 30 June 202555,333(57,671)(5)(2,343)-(2,343)
Me Today Limited
Consolidated Statement of Financial Position
As at 30 June 2025
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
4
These financial statements were approved by the Board on 27 August 2025.
Signed on behalf of the Board by:
Grant Baker Stephen Sinclair
Note2025 2024
NZ$000 NZ$000
ASSETS
Current assets
Cash and cash equivalents101,2592,837
Trade and other receivables111,7941,760
Inventory1211,19214,518
Taxation receivable4721
14,29219,136
Assets classified as held for sale13-241
Total current assets14,29219,377
Non-current assets
Property, plant and equipment146541,637
Right-of-use assets15.183314
Intangible assets16171134
Total non-current assets9082,085
Total assets15,20021,462
LIABILITIES
Current liabilities
Trade and other payables171,6832,060
Lease liabilities15.263326
Borrowings1815,7601,000
Total current liabilities17,5063,386
Non-current liabilities
Lease liabilities15.237100
Borrowings18-14,370
Total non-current liabilities3714,470
Total liabilities17,54317,856
Net assets
(2,343)3,606
EQUITY
Share capital1955,33355,333
Accumulated losses(57,671)(51,655)
Foreign currency translation reserve(5)(72)
Equity attributable to owners of the Company(2,343)3,606
Non-controlling interests19--
Total equity
(2,343)3,606
Me Today Limited
Consolidated Statement of Cash Flows
For the year ended 30 June 2025
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
5
Note2025 2024
NZ$000 NZ$000
Cash flows from operating activities
Receipts from customers8,5336,679
Payments to suppliers and employees
(9,498)(9,795)
Interest received5415
Income tax paid(26)(12)
Net cash used in operating activities20(937)(3,113)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
5162
Proceeds from sale of assets held for sale
7762
Proceeds from sale of biological assets
-181
Payments for intangibles
(38)(36)
Payments for property, plant and equipment
-(12)
Net cash from investing activities44357
Cash flows from financing activities
Proceeds from bank borrowings21
1902,736
Interest paid on borrowings21
(605)(513)
Payment of lease liabilities21
(326)(406)
Interest paid on lease liabilities21
(11)(18)
Proceeds from issue of share capital
-3,042
Share capital issue costs
-(159)
Net cash flows from/(used in) financing activities(752)4,682
Net (decrease)/increase in cash and cash equivalents(1,645)1,926
Cash and cash equivalents at the beginning of the period2,837913
Effect of foreign exchange rates67(2)
Cash and cash equivalents at the end of the period
101,2592,837
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
6
1. General information
Me Today Limited (‘Me Today’ or ‘the Company’) is a limited liability company incorporated and domiciled
in New Zealand.
These financial statements are for Me Today and its subsidiaries (together ‘the Group’). Me Today is the
legal holding company for the Group. Details of subsidiary companies and their principal activities are set
out in note 22.
2. Basis of preparation
2.1. Basis of measurement
The consolidated financial statements have been prepared on a historical cost basis, except for assets
classified as held for sale which are valued at the lower of costs and fair value less cost to sell. Historical
cost is generally based on the fair value of the consideration given in exchange for goods and services.
The consolidated financial statements are presented in New Zealand dollars which is the Company’s
functional and Group’s presentation currency, rounded to the nearest thousand dollars unless otherwise
stated.
2.2. Statement of compliance and reporting framework
The consolidated financial statements have been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (‘NZ GAAP’). The Group is a for-profit entity for the purposes of
complying with NZ GAAP. The consolidated financial statements comply with New Zealand Equivalents to
IFRS Accounting Standards ('NZ IFRS'), IFRS
®
Accounting Standards, and other applicable New Zealand
Financial Reporting Standards as appropriate for for-profit entities.
The Company is an FMC reporting entity under the Financial Markets Conduct Act 2013. These
consolidated financial statements have been prepared in accordance with the requirements of the
Financial Markets Conduct Act 2013 and the NZX Main Board Listing Rules.
3. Material accounting policy information
The material accounting policies adopted are set out below. There have been no changes in accounting
policies since the previous reporting date unless otherwise stated.
3.1. Principles of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions
between members of the Group are eliminated in full on consolidation.
Non-controlling interests represent the equity in subsidiaries not attributable, directly or indirectly, to the
Company. They are presented separately within equity in the Consolidated Statement of Financial
Position. Those interests of non‑controlling shareholders that are ownership interests entitling their holders
to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the
non‑controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The
choice of measurement depends on the accounting policy choice made for each business combination.
Subsequent to acquisition, the carrying amount of non‑controlling interests is the amount of those interests
at initial recognition plus the non‑controlling interests’ share of subsequent changes in equity.
Changes in the Group’s interests in subsidiaries that do not result in a loss of control are accounted for as
equity transactions. Gains or losses arising from changes in ownership interests are recognised directly in
equity.
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
7
3.2. Revenue recognition
The Group recognises revenue from the following major sources:
• sale of goods;
• agency services; and
• licencing fees.
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract
with a customer and excludes amounts collected on behalf of third parties, such as goods and service tax
and customs duties.
3.2.1. Sale of goods
The Group sells goods such as health and wellbeing products, and honey products. The Group considers
the performance obligation is satisfied when control of the goods has transferred, being when the goods
have been delivered to the customer. Revenue derived from the sale of goods is recognised at the point in
time the performance obligation is satisfied. Marketing payments paid to a customer for the purchase of
health and wellbeing products, are treated as a reduction in revenue.
3.2.2. Agency services
For revenues derived from agency services, where the Group acts as a sales agent for other health and
wellness brands, the Group considers its performance obligations are satisfied over time, on the basis that
agency services are provided and consumed by the customer on a simultaneous basis, and so will
recognise the related revenue as the performance obligation is satisfied. Revenue is measured on an
output method basis.
3.2.3. Licencing fees
The Group receives a licence fee for the use of the Me Today brand in China. Fees are earned as a
percentage of sales generated under the licence. The Group considers its performance obligations are
satisfied over time over the term of the licence agreement and as it provides branding support.
3.3. Income Tax
Income tax expense comprises both current and deferred tax.
3.3.1. Current tax
The tax currently payable is based on taxable profit for the period. Taxable profit differs from ‘profit before
tax’ as reported in the consolidated statement of profit or loss and other comprehensive income because
of items of income or expense that are taxable or deductible in other periods and items that are never
taxable or deductible.
3.3.2. Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable temporary differences except for the initial
recognition of an asset or liability in a transaction which is not a business combination and at the time of
the transaction affects neither accounting or taxable profit. Deferred tax assets are recognised for all
deductible temporary differences to the extent that it is probable that taxable profits will be available
against which those deductible temporary differences can be utilised. Such deferred tax assets and
liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a
business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit.
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
8
3.4. Goods and services tax
Revenue, expenses, assets and liabilities are recognised net of the amount of goods and services tax
(GST) except:
• where the amount of GST incurred is not recovered from the taxation authority, it is recognised as
part of the cost of acquisition of an asset or as part of an item of expense; or
• for receivables and payables, which are recognised inclusive of GST.
3.5. Inventories
Inventories are stated at the lower of cost and net realisable value. The deemed cost for the Group’s
honey inventory is fair value at harvest less estimated point-of-sale costs. Costs of inventories are
determined on a first-in-first-out basis. Net realisable value represents the estimated selling price for
inventories less estimated costs of completion and costs necessary to make the sale.
3.6. Leasing
The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease
arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of
12 months or less) and lease of low value assets.
The lease liability is initially measured at the present value of the future lease payments, discounted by
using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental
borrowing rate. The lease liability is measured at amortised cost using the effective interest method. It is
remeasured if the Group changes its assessment of whether it will exercise an extension or termination
option, with a corresponding adjustment made to the carrying value of the right-of-use asset.
The right-of-use assets comprise the initial measurement of the corresponding lease liability. They are
subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets
are depreciated over the shorter period of lease term and the useful life of the underlying asset.
3.7. Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated
impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values, over their useful
lives using the diminishing value method. The estimated useful lives, residual values and depreciation
method are reviewed at the end of each reporting period, with the effect of any changes in estimate
accounted for on a prospective basis.
The following depreciation rates are used in the calculation:
Plant, vehicles and equipment 6% - 67%
Office equipment and furniture 10% - 50%
Leasehold improvements 6% - 25%
An item of property, plant and equipment is derecognised upon disposal or when no future economic
benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal
or retirement of an item of property, plant and equipment is determined as the difference between the
sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
The Group recognised a significant write-off of assets associated with King Honey Limited (note 14), as
certain items of property, plant and equipment were no longer in use and were derecognised in
accordance with accounting standards.
3.8. Assets held for sale
Non‑current assets classified as held for sale are measured at the lower of carrying amount and fair value
less costs to sell. Non‑current assets are classified as held for sale if their carrying amount will be
recovered through a sale transaction rather than through continuing use. This condition is regarded as met
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
9
only when the sale is highly probable and the asset is available for immediate sale in its present condition.
The Group must be committed to the sale which should be expected to qualify for recognition as a
completed sale within one year from the date of classification.
3.9. Intangible assets
Acquired intangible assets with finite useful lives are carried at cost less accumulated amortisation and
accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated
useful lives. Intangible assets with indefinite useful lives that are acquired separately are carried at cost
less accumulated impairment losses.
The following amortisation rates are used in the calculation:
Website 50%
Trademarks & domains indefinite useful life
Customer relationship 12.5%
3.10. Financial instruments
The Group’s financial assets at amortised cost include cash and cash equivalents and trade receivables.
Cash and cash equivalents include cash in hand and deposits held on call with banks.
Financial liabilities include trade and other payables, and borrowings.
3.11. Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker, who is responsible for allocating resources
and assessing performance of the operating segments, has been identified as the Board of Directors.
3.12. Foreign currency translation
Transactions entered into by Group entities in a currency other than the currency of the primary economic
environment in which they operate (their "functional currency") are recorded at the rates ruling when the
transactions occur.
Foreign currency monetary assets and liabilities are translated at the rates ruling at the reporting date.
Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are
recognised immediately in profit or loss, except for foreign currency borrowings qualifying as a hedge of a
net investment in a foreign operation, in which case exchange differences are recognised in other
comprehensive income and accumulated in the foreign exchange reserve along with the exchange
differences arising on the retranslation of the foreign operation.
For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s
foreign operations are translated at exchange rates prevailing on the reporting date. Income and expense
items are translated at the average exchange rates for the period. Exchange differences arising, if any,
are recognised in other comprehensive income and accumulated in a foreign exchange translation
reserve.
3.13. Application of new and revised New Zealand IFRS Accounting Standards
All new and amended standards were implemented and the impact deemed not to be material.
The Group has not early adopted any standards, interpretations or amendments that have been issued
but are not yet effective.
NZ IFRS 18 Presentation and Disclosure in Financial Statements, issued in May 2024, is effective for
annual reporting periods beginning on or after 1 January 2027, and entities can early adopt this
accounting standard. NZ IFRS 18 sets out requirements for the presentation and disclosure of information
in general purpose financial statements to help ensure they provide relevant information that faithfully
represents an entity’s assets, liabilities, equity, income and expenses.
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
10
The Group is yet to assess NZ IFRS 18’s full impact. The Group intends to apply the standard when it
becomes mandatory from 1 August 2027.
There are no other new or amended standards that are issued but not yet effective, that are expected to
have a material impact on the Group.
4. Critical accounting estimates and judgements
In the application of the Group’s accounting policies, which are described in note 3, the directors of the
Group are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future
periods. Below are the critical accounting judgements.
4.1. Going concern
The consolidated financial statements have been prepared on a going concern basis, which assumes that
the Group has the intention and ability to continue its operations for the foreseeable future.
The Group incurred an after-tax loss of $6.0 million in the year to 30 June 2025 (30 June 2024: $11.3
million loss). The Group’s net cash outflows from operating activities during the year was $0.9 million
(30 June 2024: $3.1 million net operating cash outflow).
At the reporting date the Group had cash of $1.3 million (2024: $2.8 million), negative working capital of
$3.2 million (2024: positive $16.0 million) and net liabilities of $2.3 million (2024: $3.6 million net assets).
At 30 June 2025 the Group had fully drawn down its $2.7 million cash overdraft facility (2024: a drawdown
of $2.5m), had total bank loans of $7.3 million (2024: $7.3 million), and a subordinated note payable of
$5.8 million (2024: $5.6 million).
On 27 July 2025 the directors of King Honey Holdings Limited and King Honey Limited, both wholly-owned
subsidiaries of Me Today, requested that the Bank of New Zealand (‘BNZ’) appoint receivers and
managers over the assets of each subsidiary (refer note 27.1). Simultaneously, the directors appointed
liquidators. From the date of the receivership the Me Today group has no responsibility for the operations
or cashflows of the King Honey business. The going concern assumption therefore considers just the
business and operations of the remaining Me Today group.
As disclosed in note 7: Segment Information, the King Honey segment which consisted of King Honey
Holdings Limited and King Honey Limited had net liabilities of $4.1 million including bank borrowings of
$7.7 million and a subordinated note payable of $5.8 million. On being placed into receivership the net
liabilities of King Honey Holdings Limited and King Honey Limited are removed from the Group’s financial
statements, improving the Group’s net assets position and reducing the Group’s ongoing borrowing
commitments.
In 2024 the King Honey business was ring-fenced from the Me Today Group through an agreement with
the Group’s lenders to remove Me Today from the King Honey debt security group (refer note 18 for
details of borrowing facilities at the reporting date). As a result, Me Today Limited has no financial
obligations in relation to the debts of King Honey Holdings Limited and King Honey Limited.
The Group continues to work closely with its bank, the Bank of New Zealand (‘BNZ’). The BNZ is
continuing to provide financial support to the business. The BNZ has agreed to extend the term of the $2.3
million CARL facility (refer note 18) for a further 3 years to 16 September 2028 with payments of interest
only during this term.
The Board has agreed to undertake a further capital raise in September 2025. The funds raised will be
used to continue to build on the Me Today platform that has been created and the opportunities that lie
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
11
ahead. The major shareholders of Me Today remain committed to supporting the growth and ongoing
investment required to expand the brand. To assist the capital raise the trustees of the Baker Investment
Trust No 2 and the trustees of the Sinclair Investment Trust, which are entities associated with Grant
Baker and Stephen Sinclair, have together agreed to underwrite the first $1.5 million. Given the underwrite
is from the major shareholders of the Company, the capital raise and the underwriting requires approval
by an ordinary resolution of shareholders. A shareholders meeting is planned for September. The trustees
of the Baker Investment Trust No 2 and the trustees of the Sinclair Investment Trust are not able to vote
on these resolutions.
The Directors are satisfied that based on their review of the Group’s current financial forecasts, the
underwriting of the upcoming capital raise and the extension agreement with the BNZ, that, during the 12
months after the date of signing these consolidated financial statements, there will be adequate cash flows
available to meet the financial obligations of the Group as they arise. Should shareholder approval not be
obtained for the capital raise, the Group’s cash flow forecasts indicate that the Group would not have
sufficient cash reserves to meets its obligations as and when they fall due. The Directors acknowledge
that this leads to material uncertainties in the cash flow forecast that may cast significant doubt over the
Group’s ability to continue as a going concern. Should this occur, the Board will need to consider future
options available such as significantly reducing costs, negotiating an alternative plan with the Group’s
lenders or selling the Me Today brand. In the Board’s opinion none of these options will provide the same
potential to create shareholder value compared to the capital raise.
Also, whilst the Group continues to build commercial relationships with new and existing customers, future
looking forecasts are inherently uncertain. The Directors consider the Group’s cash balances post the
capital raise will provide it with sufficient headroom should it be required if sales or cost forecasts are not
achieved.
The considered view of the Board is that, after making due enquiries and considering relevant factors,
there is a reasonable expectation that the Group will have access to adequate resources and
commitments from its shareholders and borrowers, that will enable it to meet its financial obligations for
the foreseeable future.
The consolidated financial statements do not include any adjustments that may be made to reflect a
situation where the Group is unable to continue as a going concern. Such adjustments may include
realising assets at amounts different to which they are recorded in the consolidated financial statements.
4.2. Inventory net realisable value
Inventories are carried at the lower of cost and net realisable value. Historically, the calculation of net
realisable value has been based on past and projected sales, utilising actual sales data alongside the King
Honey Limited budget and forecasts, and calculating net realisable value by referencing the likely manner
in which the honey inventory will be used. At the current reporting date, due to King Honey Limited being
placed into receivership (note 27.1), there are no sales projections to support this approach.
Consequently, the methodology was adjusted to value inventory based on current market values in its
current state.
There is judgement involved in estimating the net realisable value of the honey inventory (note 12).
4.3. Discontinued activities
The Group has previously announced that it was working to sell the King Honey Limited subsidiary. NZ
IFRS 5 Non-current Assets Held for Sale and Discontinued Activities requires the sale of a disposal group,
such as King Honey Limited, to be highly probable in order to be classified as held for sale. The Board
have assessed the guidance of highly probable in NZ IFRS 5 and consider that, in their judgment, the
potential for a sale of King Honey at the reporting date did not meet the criteria to be classified as held for
sale. No sale of King Honey Limited eventuated subsequent to the reporting date and the company was
placed into receivership (note 27.1).
The classification of whether King Honey Limited should be held for sale fundamentally alters the
disclosure of the operations of the company in the Consolidated Statement of Financial Performance,
Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows.
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
12
4.4. Trademark licence arrangement
The Group has entered into a Trademark Licence Agreement (‘TMLA’), Share Option Agreement (‘SoA’)
and Shareholders’ Agreement (‘SHA’) with a customer in China. The licence provides the customer with
exclusive rights to use the Me Today Trademark in China, which is held by Me Today’s subsidiary, Me
Today China Limited (‘MTCL’), for an initial term of 10 years. The SoA allows the customer the option to
receive up five tranches of 10% of the shares in MTCL as it achieves increasing sales targets, as well as a
corresponding percentage discount in the licence fee payable. The shares received by the customer
entitle them to appoint one director and to a share of the net equity on wind up of MTCL. The shares do
not carry a right to receive dividends.
Judgement is required in determining that:
• the appropriate treatment is to recognise the licence fee as revenue, with the Group’s revenue
recognition policy disclosed in note 3.2.3; and
• the arrangement does not create joint control of MTCL at 30 June 2025. MTCL is therefore
consolidated as a subsidiary and the consolidated financial statements recognise the non-controlling
interest in MTCL. The non-controlling interest holds 20% of MTCL shares at 30 June 2025 and the
arrangement creates a derivative option financial liability which has a fair value that has been
assessed as not significant.
4.5. Deferred tax
Judgement is exercised in determining the timing and extent of recognition of the benefit of tax losses.
The benefit of tax losses can be recognised as an asset if its recovery is ‘probable’ (more likely than not).
In the absence of any track record of profitability, convincing evidence is needed of how the losses will be
recovered in the future, before any deferred tax asset is recognised. The Group has recognised the
benefit in respect of the tax losses generated to the extent they offset a deferred tax liability (refer note 8).
5. Revenue
The details above disaggregate the Group's revenue from contracts with customers into primary markets,
and major product and service lines.
Revenue was generated from the following geographical regions:
Revenue is allocated geographically based upon the jurisdiction in which the revenue is recognised for
taxation purposes.
2025 2024
NZ$000 NZ$000
4,8903,250
Less marketing services provided by customers(1,048)(1,094)
Revenue from sale of Me Today branded health, wellbeing
and manuka honey products3,8422,156
Revenue from sale of King Honey honey products2,6562,052
Revenue from agency services511649
Revenue from licence fees445175
Total revenue7,4545,032
Revenue from sale of Me Today branded health, wellbeing and manuka
honey products before marketing services provided by customers
2025 2024
NZ$000 NZ$000
5,6723,025
USA1,6111,879
Europe171128
Total revenue7,4545,032
New Zealand
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
13
6. Expenses
The loss for the year includes the following expenses.
Note2025 2024
NZ$000 NZ$000
Salaries(2,544)(3,080)
Employer kiwisaver contributions(68)(80)
Directors' fees24(50)(193)
Accounting and consulting(97)(59)
Shareholder expenses(38)(47)
Impairment of property, plant and equipment14(655)-
Loss on disposal for property, plant and equipment(220)-
Depreciation and amortisations:
Depreciation of property, plant and equipment14(267)(467)
Depreciation of right of use assets15.1(231)(367)
Amortisation of customer relationship asset16-(542)
Amortisation of other intangible assets16(1)(1)
(499)(1,377)
Depreciation and amortisation are allocated as follows:
Capitalised to biological WIP-58
Included in the operating loss(499)(1,319)
Finance expenses:
Interest on lease liabilities21(11)(18)
Interest on borrowings21(805)(713)
(816)(731)
Restructuring costs:
- fair value loss on biological assets-(471)
- loss on disposal for property, plant and equipment-(566)
- impairment of right of use asset15.1-(115)
- write down of assets held for sale13-(28)
- other restructuring costs-(358)
-(1,538)
Fees incurred for services provided by the auditor, BDO Auckland
Audit of the financial statements(145)(139)
Non audit services
Tax return preparation(14)(19)
Tax advisory fees(3)-
(17)(19)
Total fees incurred for services provided by BDO Auckland(162)(158)
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
14
7. Segment information
The Group:
• produces, sells, and markets health, wellbeing and manuka honey products , and licences the use of
the Me Today brand (‘Me Today brand’ segment);
• acts as an agent on behalf of other health and wellbeing suppliers (‘Agency services’ segment); and
• produces and sells premium mānuka honey (‘King Honey’ segment).
‘Operating EBITDA’ is used by the Board to measure the underlying performance of segments before
interest, tax, depreciation, amortisation, fair value adjustments, restructuring and impairment costs.
Head office expenses include management salaries and costs related to the NZX listing.
Me TodayAgencyKingHeadInterTotal
brandservicesHoneyofficesegment
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
5,3355112,656--8,502
(1,048)----(1,048)
Total external revenue4,2875112,656--7,454
Total inter-segment revenue--998-(998)-
Total revenue4,2875113,654-(998)7,454
Total operating EBITDA(1,016)(195)(2,614)(930)-(4,755)
Finance income--153-54
Finance expenses--(638)(178)-(816)
Depreciation and amortisations(4)(1)(398)(96)-(499)
Net loss before taxation(1,020)(196)(3,649)(1,151)-(6,016)
Income tax benefit------
Net loss for the year(1,020)(196)(3,649)(1,151)-(6,016)
2025
Revenue before marketing services
provided by customers
Less marketing services provided by
customers
Me TodayAgencyKingHeadInterTotal
brandservicesHoneyofficesegment
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
3,4256492,052--6,126
(1,094)----(1,094)
Total external revenue2,3316492,052--5,032
Total inter-segment revenue--458-(458)-
Total revenue2,3316492,510-(458)5,032
Total operating EBITDA(1,349)(180)(1,845)(1,106)-(4,480)
-
Finance income--114-15
Finance expenses--(672)(59)-(731)
Amortisation of customer relationship
asset--(542)--(542)
Depreciation and amortisations(7)(2)(362)(96)-(467)
Fair value loss on harvested honey--(82)--(82)
Restructuring costs--(1,538)--(1,538)
Impairment of customer relationship --(3,451)--(3,451)
Net loss before taxation(1,356)(182)(8,491)(1,247)-(11,276)
Income tax benefit------
Net loss for the year(1,356)(182)(8,491)(1,247)-(11,276)
Less marketing services provided by
customers
2024
Revenue before marketing services
provided by customers
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
15
The ‘Me Today brand’ segment was previously named ‘Sale of goods’ and the “King Honey’ segment was
previously named ‘Honey’. These segments were renamed to better describe the nature of their
operations. There has been no change to the operations that are included in these segments.
The Group has identified its operating segments based on the internal reports reviewed and used by the
Chief Operating Decision Maker (‘CODM’), being the Board of Directors, in assessing the Group’s
performance and in determining the allocation of resources.
7.1. Information about major customers
During the financial year there were 2 customers who individually accounted for more than 10% of the
Group's total sales (2024: 2 customers). Sales to these customers were $1,056,849 and $1,703,070
(2024: $968,667 and $740,545). These customers purchased goods or agency services.
8. Taxation
8.1. Income tax recognised in profit or loss
The analysis of the income tax expense is as follows:
8.2. Reconciliation of income tax expense
The charge for the year can be reconciled to the loss before income tax as follows:
Me TodayAgencyKingHeadTotal
brandservicesHoneyoffice
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Segment assets3,7053049,9991,19115,199
Segment liabilities61021614,0782,63917,543
Me TodayAgencyKingHeadTotal
brandservicesHoneyoffice
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Segment assets3,96257614,5282,39621,462
Segment liabilities94215014,1242,64017,856
2025
2024
2025 2024
NZ$000 NZ$000
Current income tax
Current income tax charge--
Deferred tax--
Total income tax expense recognised in the current year--
2025 2024
NZ$000 NZ$000
Loss before income tax(6,016)(11,276)
Current year tax at the tax rate of 28% (2024: 28%)(1,684)(3,157)
Non-deductible expenses2711
Current tax losses not recognised1,6573,146
Income tax expense--
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
16
8.3. Deferred tax
The Group did not recognise deferred income tax assets in relation to the losses disclosed above except
to the extent they offset the deferred tax liability. The losses can be carried forward against future income
subject to meeting the requirements of income tax legislation including those relating to shareholder
continuity and business continuity (note 4.1).
NZ$000NZ$000NZ$000
2025
Deferred tax assets/(liabilities) in relation to:
Inventory fair value adjustments1,614 113 1,727
Fair value loss on harvested honey872 (144) 728
Impairment of property, plant & equipment- 183 183
Write down of assets held for sale7 (7) -
Other171 (87) 84
Deferred tax assets not recognised(2,664) (58) (2,722)
- - -
Opening
balance
Recognised in
loss
Closing
balance
2024
Deferred tax assets/(liabilities) in relation to:
Customer relationship asset(1,118) 1,118 -
Inventory fair value adjustments1,363 251 1,614
Fair value loss on harvested honey1,009 (137) 872
Write down of assets held for sale36 (29) 7
Other21 150 171
Deferred tax assets not recognised(2,429) (235) (2,664)
Tax losses offset against deferred tax liability1,118 (1,118) -
- - -
2025 2024
NZ$000 NZ$000
Tax losses
44,19238,275
Tax losses lost on receivership (note 27.1) (28,900)-
Unrecognsied tax losses carried forward to future periods15,29238,275
Potential tax benefit of available tax losses @ 28%4,28210,717
Tax losses for which no deferred tax asset has been recognised
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
17
9. Earnings per share
At 30 June 2025 there were no financial instruments that carried any shareholder dilution rights that were
considered to be dilutive (2024: none).
10. Cash and cash equivalents
The carrying amount for cash and cash equivalents equals the fair value. Cash balances are on call and
earn no interest.
11. Trade and other receivables
11.1. Allowance for expected credit losses
2025 2024
Basic and diluted earnings/(loss) per share (NZ$)(0.111)(0.411)
Loss from continuing operations (NZ$000)(6,016)(11,276)
54,32027,421
The losses and weighted average number of ordinary shares used in the calculation of loss per share are
as follows:
Weighted average number of ordinary shares used in the calculation of
basic and diluted earnings per share ('000)
2025 2024
NZ$000 NZ$000
Cash at bank and on hand
1,2592,837
2025 2024
NZ$000 NZ$000
Trade receivables1,3591,416
Allowance for expected credit losses(54)(129)
Other receivables279330
Total financial assets at amortised cost1,5841,617
GST receivable4119
Prepayments169124
Total trade and other receivables1,7941,760
2025 2024
NZ$000 NZ$000
At 1 July
129 -
Impairment losses recognised on receivables
- 129
Amounts written off as uncollectable
(75) -
At 30 June
54129
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
18
The Group’s trade receivables aging is as follows:
The standard credit period on sales of goods is 30 or 60 days on the provision of the sale of goods or
rendering of agency services.
In determining the recoverability of a trade receivable, the Group considers any change in the credit
quality of the trade receivable from the date credit was initially granted up to the end of the reporting
period. The Group has 2 main customers who are both assessed as creditworthy (2024: 2). The Group
maintains close working relationships with these customers. The Group does not hold any collateral over
these balances.
The Group determines the expected credit losses on receivables by using a provision matrix, estimated
based on historical credit loss experience based on the past due status of the debtors, adjusted as
appropriate to reflect current conditions and estimates of future economic conditions.
12. Inventories
$976,000 of inventory was written off to profit or loss during the year (2024: $50,000). $812,000 of this
write off relates to King Honey. $5.4 million of inventory was expensed to profit or loss during the year
(2024: $2.8 million).
The Group’s inventory net realisable value provision at 30 June 2025 was $3.4 million (2024: $2.2 million)
(refer to note 4.2 for the details of judgements about inventory net realisable value).
$9.0 million of inventory was held by King Honey at the reporting date.
NZ$000
CurrentLess than 30
days past due
30 to 60 days
past due
More than 60
days past due
Total
2025
Trade receivables
1,08755471701,359
Loss allowance
---(54)(54)
2024
Trade receivables
42844525411,416
Loss allowance
---(129)(129)
2025 2024
NZ$000 NZ$000
Raw materials8,73210,171
Finished goods1,9063,780
Packaging materials554567
11,19214,518
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
19
13. Assets held for sale
The Group ceased its process of actively selling the assets held for sale while it was in discussions to sell
the King Honey operations. The assets were therefore reclassified back to property plant and equipment.
2025 2024
NZ$000 NZ$000
Property, plant and equipment-169
Biological assets-72
- 241
2025 2024
NZ$000 NZ$000
At 1 July
241 93
Reclassified from property, plant & equipment (note 14):
- cost- 267
- accumulated depreciation- (129)
Net book value reclassified from property, plant & equipment- 138
Reclassified from biological assets- 100
Write down of assets held for sale- (28)
Net book value reclassified from biological assets- 72
Sale of assets(77) (62)
Reclassified to property, plant & equipment (note 14)(164) -
At 30 June
- 241
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
20
14. Property, plant and equipment
Property, plant and equipment with a carrying value of $632,000 are owned by King Honey
Limited and the control of these assets was transferred to the receiver on the subsequent
receivership of the company (note 27.1).
NZ$000NZ$000NZ$000NZ$000NZ$000
Cost:
At 1 July 20233,131 684 198 367 4,380
Additions12 - - - 12
Transferred to assets held for sale
(note 13)
- (267) - - (267)
Disposals(1,074) (255) - - (1,329)
At 30 June 20242,069 162 198 367 2,796
Additions- - 4 - 4
Transferred from assets held for sale
(note 13)
- 164 - - 164
Disposals(3) (9) - (367) (379)
At 30 June 20252,066 317 202 - 2,585
Accumulated depreciation:
At 1 July 2023(974) (214) (139) (95) (1,422)
Depreciation expense(342) (76) (21) (28) (467)
Transferred to assets held for sale
(note 13)
- 129 - - 129
Disposals490 111 - - 601
At 30 June 2024(826) (50) (160) (123) (1,159)
Depreciation expense(201) (26) (16) (24) (267)
Impairment(655) - - - (655)
Disposals1 2 - 147 150
At 30 June 2025(1,681) (74) (176) - (1,931)
Carrying amount:
At 30 June 2025385 243 26 - 654
At 30 June 20241,243 112 38 244 1,637
At 1 July 20232,157 470 59 272 2,958
Plant &
equipment
Office
equipment
& furniture
Leasehold
improvements Total Vehicles
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
21
15. Leases
15.1. Right-of-use assets
The Group leases warehouse and administration premises, and previously leased land used for hive
placements.
15.2. Lease liability
Refer to note 21 for a reconciliation of the movement in leases liabilities.
Premises
Hive
placements Total
NZ$000NZ$000NZ$000
Cost:
At 1 July 2023
1,216 720 1,936
Additions
38 - 38
Lease modifications
- (12) (12)
At 30 June 2024
1,254 708 1,962
Disposals
(122) (217) (339)
At 30 June 2025
1,132 491 1,623
Accumulated amortisation:
At 1 July 2023
(705) (461) (1,166)
Depreciation expense
(235) (132) (367)
Impairment of right-of-use assets
- (115) (115)
At 30 June 2024
(940) (708) (1,648)
Depreciation expense
(231) - (231)
Disposals
122 217 339
At 30 June 2025
(1,049) (491) (1,540)
Carrying amount:
At 30 June 202583
-
83
At 30 June 2024314 - 314
At 1 July 2023511 259 770
2025 2024
NZ$000 NZ$000
Maturity analysis - contractual undiscounted cash flows
Up to one year66336
One to two years2666
Two to five years1338
Total undiscounted lease liabilities105440
Lease liabilities included in the Consolidated Statement of Financial Position
Current63326
Non-current37100
100426
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
22
At the reporting date the Group had 5 property leases with an average remaining term of 0.7 years (2024:
1.7 years). The Group also had 3 land access leases with an average remaining term of 0.5 years (2024:
1.5 years).
The average IBR rate is 6.48% (2024: 7.17%).
Short term lease expenses included in operating loss were $130,580 (2024: $194,000).
16. Intangible assets
17. Trade and other payables
Trade and other payables are unsecured, non-interest bearing and usually paid within 45 days of
recognition. Therefore, the carrying value of creditors and other payables approximates their fair value.
Customer
relationship Website
Trademarks
& domains Total
NZ$000NZ$000NZ$000NZ$000
Cost:
At 1 July 20239,300 26 96 9,422
Additions
- - 37 37
At 30 June 2024
9,300 26 133 9,459
Additions
- - 38 38
At 30 June 2025
9,300 26 171 9,497
Accumulated amortisation and impairment:
At 1 July 2023
(5,307) (24) -
(5,331)
Amortisation expense
(542) (1) -
(543)
Impairment of intangible asset
(3,451) - -
(3,451)
At 30 June 2024
(9,300) (25) - (9,325)
Amortisation expense
- (1) -
(1)
At 30 June 2025
(9,300) (26) - (9,326)
Carrying amount:
At 30 June 2025
- -
171 171
At 30 June 2024
-
1 133 134
At 1 July 20233,993 2 96 4,091
2025 2024
NZ$000 NZ$000
Trade payables8911,058
Accruals515581
Directors shares accrued (note 24)108-
Customer deposit-238
Other payables169183
1,6832,060
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
23
18. Borrowings
The Group has borrowings of $9.96 million (2024: $9.77 million) with the Bank of New Zealand (‘BNZ’)
and a subordinated note payable to the Jarvis Trust of $5.8 million (2024: $5.6 million). At the reporting
date $13.5 million of the total borrowings were repayable by King Honey Holdings Limited or its subsidiary,
King Honey Limited. Responsibility for the repayment of this $13.5 million was transferred to the receiver
of King Honey Holdings Limited on 27 July 2025 (refer note 27.1)
18.1. Bank borrowing facilities
The BNZ borrowing arrangements ring fence the Me Today business from the King Honey business. To
this end, the BNZ has agreed that Me Today Limited is removed from the debt security group security
arrangements noted below, except for an amount of $2.25 million.
Given the performance of the King Honey business the amounts due to the BNZ have not been able to be
repaid as scheduled and on 27 July 2025 the directors of King Honey Holdings Limited and King Honey
Limited, both wholly-owned subsidiaries of Me Today, requested that the BNZ appoint receivers and
managers over the assets of each subsidiary (note 27.1).
Under the Group’s bank facilities at 30 June 2025:
- King Honey Holdings Limited borrowed $0.9 million (2024: $0.9 million) through a customised average
rate loan facility (CARL). The facility is for a term of 5 years which matures on 29 June 2026.
Repayments are interest only until 30 June 2025 with quarterly repayments of $250,000 due thereafter.
The interest rate on this facility at 30 June 2025 was 9.1% per annum (2024: 9.1%). The facility is
secured by a first ranking general security agreement over all present and acquired property of King
Honey Holdings Limited and an unlimited intercompany guarantee from King Honey Limited.
Responsibility for the repayment of this borrowing facility was transferred to the receiver of King Honey
Holdings Limited on 27 July 2025 (note 27.1).
Note2025 2024
NZ$000NZ$000
Secured borrowings at amortised cost
Banks overdraft18.12,6762,486
Banks loans18.17,2847,284
Subordinated note18.25,8005,600
15,76015,370
Current15,7601,000
Non-current-14,370
15,76015,370
2025 2024
NZ$000NZ$000
Bank overdraft
Balance at 1 July2,486-
Net draw down on overdraft facility1902,486
Balance at 30 June2,6762,486
Bank loans
Balance at 1 July7,2847,034
Proceeds from bank loans-250
Balance at 30 June7,2847,284
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
24
- King Honey Holdings Limited borrowed $4.1 million through a Business First Term Loan facility (2024:
$4.1 million). The facility is for a term of 5 years which matures on 29 June 2026. Repayments during
the term are interest only. The interest rate on this facility at 30 June 2025 was 2.3% per annum (2024:
2.3%). The facility is secured by a first ranking general security agreement over all present and
acquired property of King Honey Holdings Limited and an unlimited intercompany guarantee from King
Honey Limited.
Responsibility for the repayment of this borrowing facility was transferred to the receiver of King Honey
Holdings Limited on 27 July 2025 (note 27.1).
- King Honey Holdings Limited entered into a $2.5 million overdraft facility (2024: $2.5 million). The
facility was initially agreed to reduce to $1.5 million by $250,000 increments per quarter commencing
30 September 2024. Subsequently, the BNZ agreed to defer the commencement of the $250,000 per
quarter reduction of the overdraft facility until 31 December 2024. The term remains on demand and
subject to annual review. The interest rate on this facility at 30 June 2025 was 7.29% per annum (2024:
9.8%). The facility is secured by a first ranking general security agreement over all present and
acquired property of KHHL and an unlimited intercompany guarantee from King Honey Limited.
Responsibility for the repayment of this borrowing facility was transferred to the receiver of King Honey
Holdings Limited on 27 July 2025 (note 27.1).
- Me Today Limited borrowed $2.3 million (2024: $2.3 million) through a CARL facility. Initially the facility
was for a term of 2 years maturing on 20 March 2026. Subsequent to the reporting date the BNZ
agreed to extend the term of the $2.3 million CARL facility for a further 3 years to 16 September 2028.
Payments are interest only during the term. At 30 June 2025 the interest rate on this facility was 8.9%
per annum (2024: 8.81%). The facility is secured by:
a) a first ranking general security agreement over all present and acquired property of Me Today
Limited, Me Today NZ Limited and The Good Brand Company Limited and by unlimited
intercompany guarantees between those companies; and
b) $2 million of the facility is secured by guarantees from King Honey Holdings Limited and King
Honey Limited.
At 30 June 2025 while the Group was in discussions with the BNZ regarding new funding terms the bank
borrowings were repayable on demand.
18.2. Subordinated note
The subordinated noted is payable by King Honey Holdings Limited to the Jarvis Trust, the previous
owners of King Honey Limited. The subordinated note is repayable on 30 June 2026 and has quarterly
reviews from 1 July 2025 based on the value of mānuka honey inventory levels. The note is secured over
all property of King Honey Holdings Limited. This security interest ranks behind any security interest in
favour of the BNZ pursuant to the bank loan agreements noted above, but ahead of any other
indebtedness of King Honey Holdings Limited. Interest of 4% per annum is payable annually in arrears
(2024: 4% per annum).
Responsibility for the repayment of the subordinated note liability was transferred to the receiver of King
Honey Holdings Limited on 27 July 2025 (note 27.1).
2025 2024
NZ$000NZ$000
Balance at 1 July5,6005,400
Interest on borrowings200200
Balance at 30 June5,8005,600
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
25
19. Share capital
All voting ordinary shares on issue are fully paid and rank equally with one vote attached to each share.
All non-voting ordinary shares were fully paid.
There is a non-controlling interest in relation to the Group’s subsidiary Me Today China Limited (‘MTCL’).
The non-controlling interest holds 20% of the subsidiary shares at the reporting date (2024: nil). The non-
controlling interest is not entitled to receive dividends and the amount for the 20% shares is not significant
and rounded to $nil (2024: $nil).
20. Reconciliation of loss after taxation with cash flow from operating activities
Voting
ordinary
shares
Non-voting
ordinary
shares
Voting
ordinary
shares
Non-voting
ordinary
shares
'000'000'000'000
Number of ordinary shares:
Balance at 1 July54,320-1,295,728248,035
Ordinary shares issued during the period--38,882-
1 for 100 share consolidation--(1,282,770)(245,555)
Non-voting shares reclassified as voting--2,480(2,480)
Balance at 30 June54,320-54,320-
2025 2024
2025 2024
NZ$000 NZ$000
Net loss after taxation(6,016)(11,276)
Adjustments for:
Depreciation and amortisation4991,377
Interest on borrowings805713
Interest on lease liabilities1118
Impairment of property, plant and equipment655-
Loss on disposal for property, plant and equipment220566
Impairment of customer relationship asset-3,451
Impairment of ROU asset-115
Fair value loss on biological assets-471
Write down of assets held for sale-28
Share-based payments-69
Other non-cash based movements-(2)
Movements in working capital
(Increase) / decrease in trade and other receivables(34)683
(Increase) / decrease in inventory3,326241
(Increase) / decrease in biological work in progress-160
(Increase) / decrease in taxation receivable(26)(10)
Increase / (decrease) in trade and other payables(377)283
Net cash outflows from operating activities(937)(3,113)
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
26
21. Reconciliation of liabilities arising from financing activities
22. Subsidiaries and other investments
2025 2024
NZ$000 NZ$000
Borrowings:
Balance at 1 July15,37012,434
Cash:
Proceeds from bank borrowings1902,736
Interest paid on borrowings(605)(513)
Non-cash:
Interest on borrowings805713
Balance at 30 June15,76015,370
Lease liabilities:
Balance at 1 July426806
Cash:
Payment of lease liabilities principal(326)(406)
Interest paid on lease liabilities(11)(18)
Non-cash:
Lease liabilities recognised-38
Impairment of lease-(12)
Interest on lease liabilities1118
Balance at 30 June100426
NamePrincipal activity
2025 2024
Subsidiaries:
The Good Brand Company LimitedSale of health & wellbeing products100%100%
Me Today NZ LimitedProduction & sale of health & wellbeing products100%100%
Today LimitedNon-trading entity100%100%
Me Today EU LimitedSale of health & wellbeing products100%100%
Me Today UK Group LimitedSale of health & wellbeing products100%100%
King Honey Holdings LimitedInvestment in King Honey Limited100%100%
King Honey LimitedSale of manuka honey products100%100%
Me Today USA Inc.Sale of health, wellbeing and honey products100%100%
Me Today China LimitedBrand owner80%100%
Me Today AU Pty LimitedNon-trading entity100%100%
Manuka Wellness LimitedNon-trading entity100%100%
King Honey Health Products LimitedNon-trading entity100%100%
Pure Manuka NZ LimitedNon-trading entity100%100%
Bee Plus Manuka NZ LimitedNon-trading entity100%100%
Other investments:
Bee Plus New Zealand LimitedBrand owner, non-trading15%15%
Equity holding
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
27
All subsidiaries are domiciled in New Zealand, with the exception of Me Today EU Limited which is
domiciled in Ireland, Me Today UK Group Limited which is domiciled in England, Me Today USA Inc.
which is domiciled in the United States and Me Today AU Pty Limited which is domiciled in Australia. All
subsidiaries have a reporting date of 30 June.
After the reporting date King Honey Holdings Limited and King Honey Limited were placed into
receivership and liquidation (note 27.1).
23. Financial instruments
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and
interest rate risk), credit and liquidity risk. The Group’s overall risk management programme focuses on
the unpredictability of financial markets and seeks to minimise potential adverse effects on its financial
performance.
Risk management is carried out under policies approved by the Board of Directors. The Board provides
written principles for overall risk management as well as policies covering specific areas such as interest
rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments.
The Group has entered into a number of non-derivative financial instruments all of which are classified as
financial assets and liabilities at amortised cost. The carrying values of these items approximate their fair
value and represent the maximum exposures for each type of financial instrument. They are listed as
follows:
The fair value of cash and cash equivalents and trade receivables are determined to be equivalent to their
carrying value due to the short-term nature of these balances.
The fair value of trade payables and other liabilities, and the subordinated note, are determined to be
equivalent to their carrying value due to the short-term nature of these balances.
The fair value of the bank loans is $7.1 million (2024: $6.7 million) calculated based upon discounted cash
flows.
The Group does not have any derivative financial instruments (2024: nil).
23.1. Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will
affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control the market risk exposures within acceptable parameters, while
optimising the return on risk. There is minimal market risk.
Note2025 2024
NZ$000 NZ$000
Financial assets at amortised cost
Cash and cash equivalents101,2592,837
Trade receivables111,3591,416
Other receivables11279330
Total financial assets
2,8974,583
Note2025 2024
NZ$000 NZ$000
Financial liabilities at amortised cost
Trade and other payables171,6832,060
Bank overdraft182,6762,486
Banks loans187,2847,284
Subordinated note185,8005,600
Total financial liabilities
17,44317,430
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
28
23.2. Cash flow and fair value interest rate risk
The Group’s interest rate risk arises from interest on borrowings at variable rates. The Group has an
interest-bearing on call bank account.
The fixed rate bank loan and the subordinated note (see note 18) have interest rates that are fixed for the
life of the loan. The BNZ CARL is the only borrowing with a variable interest rate (see note 18). The
Group’s exposure to a change in interest rates is therefore currently limited to the borrowings under the
BNZ CARL facility. The table below shows the impact that a 1% movement in the current interest rate on
the BNZ CARL facility would have on the per annum interest expense.
23.3. Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument
fails to meet its contractual obligations and arises from cash and cash equivalents, deposits with banks
and the Group’s receivables from customers. The Group’s maximum credit risk is represented by the
carrying value of these financial assets. The credit risk associated with cash transactions and deposits is
managed through the Group’s policies that limit the use of counterparties to high credit quality financial
institutions.
23.4. Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as and when the fall
due. The Group’s liquidity risk management includes maintaining sufficient cash reserves to meet future
commitments. Refer to note 4.1 in relation to going concern.
The following table provides a maturity analysis of the Group’s remaining contractual cash flows relating to
financial liabilities. Contractual cash flows include contractual undiscounted principal and interest
payments.
The liquidity table above details contractual cash flows at the reporting date. King Honey Limited and King
Honey Holdings Limited were placed into receivership subsequent to the reporting date (refer note 27.1)
FacilityInterest
balanceimpact
2025 Rate (+/-1%)
NZ$000 NZ$000
BNZ CARL facility3,15832/(32)
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Non-derivative financial liabilities
2025
Trade and other payables1,683 1,458 1,241 125 46 46
Borrowings15,760 15,961 7,711 8,250 - -
Lease liability100 104 46 19 26 13
17,543 17,523 8,998 8,394 72 59
2024
Trade and other payables2,060 1,643 1,577 66 - -
Borrowings15,370 16,521 688 688 15,145 -
Lease liability426 440 211 125 66 38
17,856 18,604 2,476 879 15,211 38
Payable
2-5 years
Carrying
amount
Contractual
cash flows
Payable
0-6 months
Payable
6-12 months
Payable
1-2 years
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
29
23.5. Capital risk management
The Group’s objectives when managing capital are to safeguard their ability to continue as a going
concern, so that they can continue to provide returns to shareholders and benefits for other stakeholders
and to maintain an optimal capital structure that reduces the cost of capital.
In 2024 the King Honey business was ring-fenced from the Me Today Group through an agreement with
the Group’s lenders to remove Me Today from the King Honey debt security group (refer note 18 for
details of borrowing facilities at the reporting date). The Group restructured its borrowings to protect the
Company’s ability to continue as a going concern should the King Honey business fail. As a result, when
King Honey Holding Limited and King Honey Limited were placed into receivership (note 27.1), Me Today
Limited had no financial obligations in relation to the debts of those companies.
24. Related parties
24.1. Directors
During the year the directors of the Company were Grant Baker (Chairman), Hannah Barrett, Roger
Gower, Michael Kerr, Richard Pearson, Stephen Sinclair and Antony Vriens.
24.2. Key management personnel compensation
Key management personnel compensation is set out below. The key management personnel are all the
directors of the Company.
At 30 June 2025 the Group had accrued $108,000 due to independent directors that would be settled
through the issue of shares in the Company (note 17) (2024: $32,296 payable to the independent
directors). In the year to 30 June 2024, $75,000 of the remuneration due to the independent directors was
settled by the issue of 937,500 shares in the Company.
A company owned by Stephen Sinclair received $125,000 in consulting fees as (30 June 2024: $125,000).
24.3. Related party transactions
There were no other related party transactions in the year ended 30 June 2025.
During the 2024 financial year the Company issued the following fully paid ordinary shares at $0.08 per
share to directors or their related entities, as part of the 8 March 2024 rights issue to shareholders:
• 20,937,500 issued to Baker Investment Trust No 2 of which Grant Baker is a trustee
• 8,437,500 issued to Sinclair Investment Trust of which Stephen Sinclair is a trustee
• 468,750 issued to Antony Vriens
• 156,250 issued to Hannah Barrett
• 156,250 issued to Roger Gower
• 156,250 issued to Richard Pearson.
In the year ended 30 June 2024, Hannah Barrett received $6,250 for providing marketing services to the
Group.
25. Contingent liabilities
There are no contingent liabilities as at 30 June 2025 (2024: nil).
2025 2024
NZ$000 NZ$000
Short term employee benefits - directors253219
Short term benefits - directors fees50118
Share-based payments - directors fees-75
Short term benefits - consulting fees125125
428537
Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
30
26. Commitments
The Company had no commitments for future capital expenditure as at 30 June 2025 (2024: nil).
27. Significant events subsequent to the reporting date
27.1. Receivership and liquidation of subsidiaries
On 27 July 2025 the directors of King Honey Holdings Limited and King Honey Limited, both wholly-owned
subsidiaries of Me Today, requested that the Bank of New Zealand appoint receivers and managers over
the assets of each subsidiary. Simultaneously, the directors appointed liquidators.
The decision to appoint receivers was made due to ongoing trading challenges in the manuka honey
sector, and the subsidiaries’ inability to secure a viable funding solution with key lenders or to conclude a
transaction to sell the King Honey business.
In 2024 the King Honey business was ring-fenced from the Me Today Group through an agreement with
the Group’s lenders to remove Me Today from the King Honey debt security group (refer note 18 for
details of borrowing facilities at the reporting date). As a result, Me Today Limited has no financial
obligations in relation to the debts of King Honey Holdings Limited and King Honey Limited.
This event is considered a non-adjusting subsequent event and the impact of this decision is not reflected
in the 2025 financial statements.
As disclosed in note 7: Segment Information, the King Honey segment, which predominantly consisted of
King Honey Holdings Limited and King Honey Limited, had total assets of $10.0 million and total liabilities
of $14.1 million at the reporting date. Total assets included inventory of $9.0 million and property, plant
and equipment of $0.63 million. Total liabilities included trade and other payables of $0.5 million and
borrowings of $13.5 million.
Following the receivership on 27 July 2025, the King Honey net liabilities are no longer the responsibility of
the Group and therefore a gain on disposal of King Honey Holdings Limited and King Honey Limited will
be reported in the 2026 financial year. The gain is estimated at $4.2 million and includes the results of
trading through to 27 July 2025.
BDO Auckland
31
INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF ME TODAY LIMITED
Opinion
We have audited the consolidated financial statements of Me Today Limited (“the Company”) and its subsidiaries
(together, “the Group”), which comprise the consolidated statement of financial position as at 30 June 2025, and the
consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in
equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial
statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Group as at 30 June 2025, and its consolidated financial performance and its
consolidated cash flows for the year then ended in accordance with New Zealand equivalents to International
Financial Reporting Standards (“NZ IFRS”) and IFRS
®
Accounting Standards.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (“ISAs (NZ)”). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report. We are independent of the Group in accordance with
Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board, and we
have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In addition to audit services, our firm provided other services in the areas of tax return preparation and tax advisory
services. BDO partners and staff also transact with the Group on normal trading terms throughout the year. These
matters have not impaired our independence as auditor of the Group. We have no other relationship with, or
interests in, the Company or its subsidiaries.
Material Uncertainty Related to Going Concern
We draw attention to Note 4.1 to the consolidated financial statements, which indicates that the Group incurred an
after-tax loss of $6.0 million in the year to 30 June 2025, net cash outflows from operating activities during the year
was $0.9 million, as of 30 June 2025, the Group’s negative working capital was $3.2 million. As stated in Note 4.1,
these events or conditions, along with other matters as set forth in Note 4.1, indicate that a material uncertainty
exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not
modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the consolidated financial statements of the current period. These matters were addressed in the context of our
audit of the consolidated financial statements as a whole and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. In addition to the matter described in the Material Uncertainty Related to Going
Concern section, we have determined the matters described below to be the key audit matters to be communicated
in our report.
BDO Auckland
32
Inventory net realisable value
Key Audit Matter How The Matter Was Addressed in Our Audit
At the reporting date, management is required to
consider if the inventory are carried at the lower of cost
or net realisable value. This has resulted in the
recognition of an inventory net realisable value provision
of $3.4m (2024: $2.2m).
The determination of the net realisable value of the
honey inventory has historically been based on King
Honey Limited budgets and forecasts for the sale of
inventories as finished products. However, due to King
Honey being placed into receivership, there are no sales
projections to support this approach. Consequently, the
net realisable value provision has been adjusted to value
honey inventory based on current market values in its
current form as drum honey raw materials.
We identified the determination of the net realisable
value by management as a key audit matter to our audit
due to the significance of the balance to the financial
statements, the change in accounting estimates, and the
significant judgement involved in determining these
estimates.
See note 12 to the consolidated financial statements.
The Group's critical accounting estimate and judgement
regarding inventory net realisable value is disclosed in
note 4.2 to the consolidated financial statements.
• We obtained management’s calculation of the net
realisable value provision against the carrying
value of inventories.
• We obtained management’s rationale for the basis
for the net realisable value provision held, and the
change in accounting estimate.
• We agreed the net realisable values used in the
management calculation and re-calculated the
provision. This included corroboration against
available market pricing data, inventory on hand
and grade of honey inventory to external third
party testing.
• We challenged management with respect to their
rationale and on the existence of other
alternatives.
• We performed a retrospective review of the
previous year’s provision and its determination
based short term forecast demand identifying
excess inventory.
• We have reviewed disclosures in the consolidated
financial statements, to the requirements of the
accounting standard.
Disclosure of King Honey Limited
Key Audit Matter How The Matter Was Addressed in Our Audit
During the year it was announced that the Group was
working to sell the King Honey Limited ('King Honey')
subsidiary.
NZ IFRS 5 Non-current Assets Held for Sale and
Discontinued Activities requires the sale of a disposal
group to be highly probable in order to be classified as
held for sale. Management have assessed the guidance
of highly probable in the standard and determined that,
in their judgement, the sale of King Honey does not
meet the highly probably criteria to be classified as held
for sale at 30 June 2025.
We identified the determination of whether King Honey
should be classified as held for sale as a key audit matter
to our audit as this fundamentally alters the disclosure
of the operations of King Honey in the consolidated
financial statements. Additionally, there is significant
management judgement in determining this
classification, and the subsequent to the reporting date
the Directors of King Honey Limited requested that the
subsidiary was placed into receivership.
The Group's critical accounting estimate and judgement
regarding discontinued operations is disclosed in note 4.3
to the consolidated financial statements. Refer to Note
27.1 to the consolidated financial statements in relation
to the significant events subsequent to the reporting
date concerning receivership and liquidation of
subsidiaries.
• We understood the rationale for the judgement
adopted for the held for sale classification and
considered information provided by management
and the directors against the guidance and
requirements of the accounting standard.
• We have considered facts and circumstances
surrounding the appointment of receivers to King
Honey Limited on 27 July 2025 as part of this
assessment. The appointment of receivers was
determined to be a non-adjusting post balance
date event.
• We have reviewed disclosures in the consolidated
financial statements, to the requirements of the
relevant accounting standards.
BDO Auckland
33
Recognition of the trademark licence arrangement
Key Audit Matter How The Matter Was Addressed in Our Audit
The Group has entered into agreements with a customer
in China. The agreements allow the customer the right
to use the Me Today China trademark to manufacture
goods itself in exchange for licensing fees revenue. For
an initial term of 10 years, it also allows them to receive
up to five tranches of 10% of the shares of Me Today
China Limited as it achieves increasing sales targets, as
well as a corresponding percentage discount in the
licensing fees payable.
This has been identified as a key audit matter as there
are management judgements in relation to the
recognition of licensing fee revenue, recognition of a
financial liability and the recognition of Me Today China
Limited as a subsidiary of the Group.
The Group’s accounting policy regarding licensing fee
revenue is disclosed in note 3.2.3 of the consolidated
financial statements and the revenue from licence fees
is disclosed in note 5. The Group's critical accounting
estimate and judgement regarding the trademark licence
arrangement is disclosed in note 4.4 to the consolidated
financial statements.
• We have obtained management’s accounting
assessment paper that considers the agreements to
the recognition requirements under NZ IFRS 15
Revenue from Contracts with Customers, NZ IFRS
11 Joint Arrangements and NZ IFRS 9 Financial
Instruments. We compared management’s position
to the requirements of the accounting standards.
• We have agreed the licensing fee revenue
recognised on a sample basis back to the terms of
the agreements and the requirements of NZ IFRS
15 Revenue from Contracts with Customers.
• We have reviewed disclosures in the consolidated
financial statements, to the requirements of the
accounting standard.
Other Information
The directors are responsible for the other information. The other information comprises the Market Announcement
on the Me Today results for the year ended 30 June 2025 (but does not include the consolidated financial statements
and our auditor’s report thereon), which we obtained prior to the date of this auditor’s report, and the Annual
Report, which is expected to be made available to us after that date.
Our opinion on the consolidated financial statements does not cover the other information and we do not and will not
express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially inconsistent with
the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this
auditor’s report, 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.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to the directors.
Directors’ Responsibilities for the Consolidated Financial Statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated
financial statements in accordance with NZ IFRS and IFRS
®
Accounting Standards, and for such internal control as the
directors determine is necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
BDO Auckland
34
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated 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 (NZ) 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 decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located at the
External Reporting Board’s website at: https://www.xrb.govt.nz/standards/assurance-standards/auditors-
responsibilities/audit-report-1-1/.
This description forms part of our auditor’s report.
Who we Report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that we
might state those matters which 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 shareholders, as a body, for our audit work, for this report or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Mark Nicholson.
BDO Auckland
Auckland
New Zealand
27 August 2025
---
Audited results announcement for the 12 months ended 30 June 2025
Results for announcement to the market
Name of issuer Me Today Limited
Reporting Period 12 months to 30 June 2025
Previous Reporting Period 12 months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$7,454 48.1%
Total Revenue $7,454 48.1%
Net profit/(loss) from
continuing operations
$(6,016) 46.6%
Total net profit/(loss) $(6,016) 46.6%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay a dividend at this time
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
As at 30 June 2025
$(0.0463)
As at 30 June 2024
$0.0639
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the audited financial statements and press release
that accompany this announcement.
The net tangible assets at 30 June 2025 is calculated as
negative $(0.0463) per share. The impact of the subsequent
King Honey receivership decision on 27 July 2025 and the
associated $4.2m gain on disposal increases net tangible
assets to positive $0.0302 per share. This positive impact to
net tangible assets will be reflected in the group FY26
financial statements. Further details about the impact of the
receivership are provided in the attached audited financial
statements.
Authority for this announcement
Name of person
authorised
to make this announcement
Stephen Sinclair
Contact person for this
announcement
Stephen Sinclair
Contact phone number 021 330 053
Contact email address stephen@metoday.com
Date of release through MAP
28 August 2025
Audited financial statements accompany this announcement.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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