Registered number:
CONSOLIDATED
FOR THE YEAR ENDED 31 JULY 2023
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ANNOUSHKA LIMITED
COMPANY INFORMATION
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ANNOUSHKA LIMITED
CONTENTS
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ANNOUSHKA LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
The directors present their strategic report for the year ended 31st July 2023.
The principal activity of the group is the design and sale of Annoushka jewellery through our own shops, department stores, concessions, and website. The Group’s turnover dipped slightly to £9,380,971 producing an improved EBITDA loss of £29,682 encouraging in the context of the Company’s recovery from the Covid crisis. In October 2022 we closed our shop in IFC and Hong Kong’s performance improved. Our business in Hong Kong has improved and returned to profit for the year to date. In February 2024 we appointed Zia Zareem-Slade as our new CEO. Zia’s extensive experience in ecommerce (she was previously Head of Online at Selfridges), brand and multi-channel sales (previously Customer Experience Officer at Fortnum & Mason) give us confidence as we focus on sales growth.
Finally, in the current year (to 31st July 2024) we have initiated significant investments in key areas of our operations including:
• The replatforming and redesign of our website; • A brand review and upgrading; • A new EPOS system; • Implementing advanced accounting software. These strategic initiatives are aimed at optimizing efficiency, enhancing customer experience, and ultimately driving sustainable profitability.
The principal risks and uncertainties facing the group emanate from the luxury goods market within which it operates. It is difficult to predict with any degree of accuracy what the demand for its products will be in the future.
The Directors consider the key performance indicators for the business to be income levels and profitability:
2023 2022 £'000 £'000 Turnover 9,381 9,422 Gross profit 5,359 5,341 Gross margin 57.1% 56.7% EBITDA (30) (229)
This report was approved by the board on 17 April 2024 and signed on its behalf.
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ANNOUSHKA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
The directors present their report and the financial statements for the year ended 31 July 2023.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £433,305 (2022 - loss £713,654).
The directors do not recommend the payment of a dividend.
The directors who served during the year were:
Details of future developments are contained in the Strategic report on page 1 of the accounts.
Details of financial instruments are contained in the Strategic report on page 1 of the accounts.
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ANNOUSHKA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
The auditors, Calders (1883) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ANNOUSHKA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANNOUSHKA LIMITED
We have audited the financial statements of Annoushka Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard 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 auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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ANNOUSHKA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANNOUSHKA LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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ANNOUSHKA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANNOUSHKA LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 (UK) 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 economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered and undertook the following audit procedures in response: • We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are those that relate to the reporting frameworks (United Kingdom accounting standards and Companies Act 2006); • We obtained an understanding of the nature of the industry and sector, control environment and business performance; • The outcome of discussions with management and those charged with governance and any matters we identified having obtained and reviewed the group’s documentation of their policies and procedures related to: - Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance or any actual or potential litigation or claims; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; • The matters discussed during the audit engagement team briefing regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. All engagement team members were advised to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit; • Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • Reviewing minutes of meetings of those charged with governance and reviewing correspondence with HMRC and inspection of relevant legal correspondence; • In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments by testing manual journal entries, in particular journal entries relating to management estimates and entries determined to be large or relating to unusual transactions; • Assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;
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ANNOUSHKA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANNOUSHKA LIMITED (CONTINUED)
• Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s: - understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation; - knowledge of the industry in which the client operates; - understanding of the legal and regulatory requirements specific to the group including: • the provisions of the applicable legislation • the applicable statutory provisions. As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement. We are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of the material amounts and disclosures in the financial statements. Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate and avoid a material penalty. These included data protection, employment and health and safety regulations and competition and anti-bribery laws. With regards to laws and regulations relating to the operating aspects of the group, these were discussed with management and were not considered fundamental to the operating of the business therefore should not have a material impact on the financial statements. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the group’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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ANNOUSHKA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANNOUSHKA LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor and Chartered Accountants
30 Orange Street
WC2H 7HF
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ANNOUSHKA LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
INCLUDING PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2023
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ANNOUSHKA LIMITED
REGISTERED NUMBER: 06370631
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2024.
The notes on pages 15 to 35 form part of these financial statements.
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ANNOUSHKA LIMITED
REGISTERED NUMBER: 06370631
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The loss after tax of the parent Company for the year was £363,700 (2022 - £9,562).
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ANNOUSHKA LIMITED
REGISTERED NUMBER: 06370631
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 35 form part of these financial statements.
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ANNOUSHKA LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
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ANNOUSHKA LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Annoushka Limited is a private company limited by share capital, incorporated in England and Wales, registration number 06370631. The address of the registered office is 41 Cadogan Gardens, London, SW3 2TB. The principal operations of the group is the design and sale of Annoushka jewellery through our own shops, department stores, concessions and website.
2.Accounting policies
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Under Section 454 Companies Act 2006 the directors of the company may revise these financial statements if they subsequently prove to be defective. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income including profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Directors have considered the impact of Covid and difficult trading conditions arising therefrom and are satisfied that the savings achieved as well as the additional bank loan received, and the continued support of the shareholders are sufficient to enable the company to continue as a going concern.
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income including profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated statement of comprehensive income including profit and loss account within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
The contributions are recognised as an expense in the Consolidated statement of comprehensive income including profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; • Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and • Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
Intangible assets represents the acquisition of the presence in leading department stores and is the difference between amounts paid on the actual cost and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, this value is measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are amortised on a straight line basis to the Consolidated statement of comprehensive income including profit and loss account over its useful economic life which is considered to be 20 years from date of original acquisition.
Intangible assets also include the costs of developing the new website which is capitalised on the grounds that the asset will generate future economic benefits. The capitalised website costs are subsequently amortised on a straight line basis over its useful economic life which is considered to be 3 years from the date of the website going live.
Depreciation is charged so as to allocate the cost of assets less their residual value over their
estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of comprehensive income including profit and loss account.
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Consolidated statement of comprehensive income including profit and loss account.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income including profit and loss account. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
The estimates and underlying assumptions are reviewed on an continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised. There were no key judgements or estimation uncertainties in the application of the company's accounting policies during the year.
The whole of the turnover is attributable to jewellery retail.
Apart from £1,365,319 (2022 - £996,452) sales in Hong Kong and £847,798 (2022 - £954,712) sales in United States, all other turnover arose within the United Kingdom.
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
At the balance sheet date the company has £2,401,689 (2022 - £2,103,483) of taxable trading losses to offset against future taxable profits.
Deferred tax
There is a recognised deferred tax asset of £604,990 (2022 - £400,150) in relation to trading losses carried forward and decelerated capital allowances.
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
12.Tangible fixed assets (continued)
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Other loans includes £1,487,108 (2022: £1,061,563) payable to Directors and £519,912 (2022: £519,912) payable to other shareholders. No interest is payable on these loans. The maximum amounts repayable within 12 months are shown within creditors falling due within one year, with the balance of £2,007,020 (2022: £1,581,475) included above.
The bank loans are secured by way of a fixed charge over the company's fixed assets including intangibles and carry interest at the rates disclosed in note 17.
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
The redemption of the 5% Cumulative Preference shares by the shareholders shall follow the procedures laid out in the Articles of Association. The earliest date of redemption was 30 June 2009 and the latest date is 30 June 2026. The Company has no right to redeem the shares early.
Share premium account
Profit and loss account
The group was committed to contribute to the personal pension plan of the one full-time working director during the year and to all employees through the company's auto enrolment scheme except for those who have chosen to opt out.
The annual charge for the year was £64,766 (2022 - £63,408). At the balance sheet date the outstanding contributions payable were £6,824 (2022 - £6,641).
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ANNOUSHKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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