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Alliance Against Counterfeit Spirits Limited

Registered number: 05460509
Annual Report
For the year ended 31 December 2023

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED
 
(A company limited by guarantee)
 
 
COMPANY INFORMATION


Directors
M Prot 
G P Leproni 
J P Welch 
T A Hunt De Vries 




Company secretary
G P Leproni



Registered number
05460509



Registered office
21 Holborn Viaduct

London

EC1A 2DY




Independent auditor
Clarkson Hyde LLP
Chartered Accountants & Statutory Auditor

3rd Floor

Chancery House

St Nicholas Way

Sutton

Surrey

SM1 1JB





 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED
 
(A company limited by guarantee)
 

CONTENTS



Page
Directors' Report
 
1 - 3
Independent Auditor's Report
 
4 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 15


 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED

(A company limited by guarantee)
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the audited financial statements for the year ended 31 December 2023.

Results and dividends

The loss for the year, after taxation, amounted to $13,025 (2022: loss $59,584).

No dividends have been declared in the year (2022: $nil).

Principal activity

The principal activity of the Company is to provide brand protection services to its members.

Directors

The directors who served during the year and to the date of this report were:

M Prot 
G P Leproni 
J P Welch 
T A Hunt De Vries 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the 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 of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

- 1 -

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED

(A company limited by guarantee)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Going concern

The Company has made a loss for the year of $13,025 (2022: loss of $59,584). The directors have assessed the Company's financial position at year end and its ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In doing this, they have considered the results for the period, expectations of future trading and the availability of continued funding. On the basis of this information the directors are satisfied that the Company will continue as a going concern and so the financial statements have been prepared on this basis.

Economic impact of global events

UK businesses are facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report. No claim or notice of claim in respect of these indemnities has been received in the period.

Provision of information to the auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the directors are aware, there is no relevant audit information of which the Company's auditor is unaware; and

the directors have taken all the steps that ought to have been taken as a directors in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Clarkson Hyde LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

- 2 -

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED

(A company limited by guarantee)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 




M Prot
Directors

Date: 27 August 2024

- 3 -

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED
 

Opinion


We have audited the financial statements of Alliance Against Counterfeit Spirits Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company 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.


Conclusions relating to going concern


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 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.


- 4 -

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED (CONTINUED)


Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. 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.
In connection with our audit of the financial statements, 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


- 5 -

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company'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 Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

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 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 (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 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:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates. and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud, We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 
We focused on laws and regulations which could give rise to material misstatement in the financial statements, including, but not limited to. the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relation to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 


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 auditor's report.


- 6 -

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





Graham Speck (Senior statutory auditor) for and on behalf of Clarkson Hyde LLP
Chartered Accountants & Statutory Auditor
3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB
 

17 September 2024
- 7 -

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED
 
(A company limited by guarantee)
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
$
$

  

Turnover
 3 
5,205,784
5,431,138

Gross profit
  
5,205,784
5,431,138

Administrative expenses
  
(5,219,199)
(5,490,762)

Operating loss
  
(13,415)
(59,624)

Interest receivable and similar income
  
481
53

Loss before tax
  
(12,934)
(59,571)

Tax on loss
  
(91)
(13)

Loss for the financial year
  
(13,025)
(59,584)

Other comprehensive income
  
-
-

Total comprehensive expense for the year
  
(13,025)
(59,584)

The Statement of Comprehensive Income has been been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 15 form part of these financial statements.

- 8 -

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED
 
(A company limited by guarantee)
REGISTERED NUMBER: 05460509

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

  

Current assets
  

Debtors: amounts falling due within one year
 5 
900,164
1,746,658

Cash and cash equivalents
  
2,102,036
922,374

  
3,002,200
2,669,032

Creditors: amounts falling due within one year
 6 
(2,306,558)
(1,960,365)

Net current assets
  
 
 
695,642
 
 
708,667

Total assets less current liabilities
  
695,642
708,667

  

Net assets
  
695,642
708,667


Capital and reserves
  

Profit and loss account
  
695,642
708,667

Total equity
  
695,642
708,667


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Prot
Directors

Date: 27 August 2024

The notes on pages 11 to 15 form part of these financial statements.

- 9 -

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED
 
(A company limited by guarantee)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Profit and loss account
Total equity

$
$


At 1 January 2022
768,251
768,251


Comprehensive income for the year

Loss for the year
(59,584)
(59,584)


Other comprehensive income for the year
-
-


Total comprehensive expense for the year
(59,584)
(59,584)



At 1 January 2023
708,667
708,667


Comprehensive loss for the year

Loss for the year
(13,025)
(13,025)


Other comprehensive income for the year
-
-


Total comprehensive expense for the year
(13,025)
(13,025)


At 31 December 2023
695,642
695,642


The notes on pages 11 to 15 form part of these financial statements.

- 10 -

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Alliance Against Counterfeit Spirits Limited is a Company limited by guarantee incorporated in England and Wales. The registered number of the Company is 05460509. The address of its registered office is 21 Holborn Viaduct, London, EC1A 2DY. 
The principal activity of the Company is to provide brand protection services to its members. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been presented in US Dollars as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest dollar.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has made a loss for the year of $13,025 (2022: loss of $59,584). The directors have assessed the Company's financial position at year end and its ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In doing this, they have considered the results for the period, expectations of future trading and the availability of continued funding. On the basis of this information the directors are satisfied that the Company will continue as a going concern and so the financial statements have been prepared on this basis.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

- 11 -

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Debtors: amounts falling due within one year

Short-term debtors are measured at transaction price, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
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 identified, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discontinued at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transactions price and subsequently measured at amortised costs.
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. 

 
2.7

Creditors: amounts falling due within one year

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

- 12 -

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'.

 
2.9

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit and loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Interest receivable and similar income

Interest receivable and similar income is recognised in profit or loss using the effective interest method.

- 13 -

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Turnover

70% of the Company's turnover (2022: 70%) is attributable to geographical markets outside the United Kingdom.



4.


Employees

The average monthly number of employees, including the directors, during the year was 5 (2022: 5).

- 14 -

 
ALLIANCE AGAINST COUNTERFEIT SPIRITS LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors: amounts falling due within one year


2023
2022
$
$



Trade debtors
835,327
1,678,662

Other debtors
4
-

Prepayments and accrued income
64,833
67,996

900,164
1,746,658



6.


Creditors: amounts falling due within one year

2023
2022
$
$

Trade creditors
393,968
259,738

Corporation tax
91
10

Other taxation and social security
60,429
49,822

Other creditors
-
1,554

Accruals and deferred income
1,852,070
1,649,241

2,306,558
1,960,365




7.


Company status

The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Company in the event of liquidation.

8.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. There were no amounts payable to the fund at the year end (2022: £1,554).

9.


Post balance sheet events

There have been no significant events affecting the Company since the year end.

10.


Controlling party

The directors consider there to be no controlling party.

- 15 -