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REGISTERED NUMBER: 01689532 (England and Wales)










Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

AMATHUS DRINKS PLC

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)






Contents of the Consolidated Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditor 7

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Statement of Financial Position 12

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Statement of Cash Flows 16

Notes to the Consolidated Statement of Cash Flows 17

Notes to the Consolidated Financial Statements 18


AMATHUS DRINKS PLC

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: C P Georgiou
I A Georgiou
L Machlouzarides
D Sarieddine



SECRETARY: L Machlouzarides



REGISTERED OFFICE: 309 Elveden Road
Ealing
London
NW10 7ST



REGISTERED NUMBER: 01689532 (England and Wales)



AUDITOR: M Georghiades
( Senior Statutory Auditor )
M Georghiades and Associates
130A Drakes Lane Potters Bar
Hertfordshire
EN6 1AF



BANKERS: HSBC Bank Plc
Canada Place
Canary Wharf
London
E14 5AH

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Group Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

Amathus Drinks PLC is a specialist drinks importer, distributor and retailer. Operating mainly in the UK the company specialises in a wide variety of alcoholic and non-alcoholic beverages to a wide variety of customers. The company offers a wholesale service throughout the UK and also has retail coverage with stores in London, Brighton and Bath.

REVIEW OF BUSINESS
The director is pleased to report a good year with a turnover of £ 32,761,668 (2022: £ 30,808,290). The gross margin increased to 27.33% (2022: 24.60%) due to increase in sales, in line with expectations.

The profit before tax for the year is £ 2,858,036 (2022: £2,022,683).

We remain optimistic that Amathus will be well placed to seize any business opportunities that arise in the coming year.

The Company continues to enjoy strength in all key ratios. In particular, the Company's considerable buying power enabled it to buy in stock ahead of exceptional duty increases, which showed an immediate return in the year. The Company also added to its highly specialised and award winning retail portfolio in the year, opening a new store in Hampstead. The board has identified further opportunities to expand its B2C offer alongside an improving online performance, and sees these expanding areas as significant contributors to its underlying strength in the premium wholesale market in the periods ahead.


AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Group Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework.

The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company's activities.

(i) Credit risk
Credit risk arises when a failure by counter parties to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the reporting date.

(ii) Liquidity risk
Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability but can also increase the risk of losses. The Company has procedures with the object of minimising such losses as maintaining sufficient cash and other highly liquid current assets and by having available an adequate amount of committed credit facilities.

(iii) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company's income or the value of its holdings of financial instruments.

(iv) Interest rate risk
Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Borrowings issues at variable rates expose the Company to cash flow interest rate risk. The Company's management monitors the interest rate fluctuations on a continuous basis and acts accordingly. From time-to-time, the Company carries out sensitivity analysis to establish whether any increase/decrease in interest rates will have a small effect on results and equity of the Company, because all financial instruments are fixed rate or pegged to LIBOR/EURIBOR with fixed margin. Strengthening or weakening against the relevant currency, there would be an equal and opposite impact on the profit/loss and other equity. This analysis assumes that all other variables, in particular interest rates, remain constant.

(v) Currency risk
Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates and liabilities are denominated in a currency that is not the Company's functional currency. The Company is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the American Dollar, the Euro and Singapore dollar. The Company's management monitors the exchange rate fluctuations on a continuous basis and acts accordingly.


The Company has a resilient business model in place, and is committed to the preservation of cash flows and cost optimisation. The directors are re-assured that the Company will continue to be well-supported by its shareholders.

The Company continues to evaluate the long term impact of COVID-19 on its business operations, but most of the uncertainty has now been lifted. The Company believes that the COVID-19 outbreak will not impact its use of the going concern basis in the preparation of these Accounts, nor do they cast significant doubt about the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

The directors have no reason to believe that the Company is exposed to the ongoing Russia-Ukraine conflict (or the eruption of conflict in the Middle East in the final quarter) in any way, and that it will not affect any of its participants generally in its key markets.

Employees
It is the policy of the Company to encourage and develop all members of staff to realise their maximum potential. Wherever possible, vacancies are filled from within the Company and adequate opportunities for internal promotion are created. The Board is committed to a systematic training policy and has a comprehensive training and development support to promote a maximum level of attainment. The Company vigorously supports all equalities and is proud of the diversity of its workforce at all levels of the organisation..

Environmental Policy
The Board acknowledges that environmental protection is one of the Company's business responsibilities. It aims for a continuous improvement in the Company's environmental performance and to comply with all relevant regulations in particular in relation to waste packaging. l. The Company seeks to maintain a high proportion of its records electronically and of the paper it does use, over 80% of its paper consumption is recycled through the use of recycling bags.


AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Group Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2023

SECTION 172 (1) STATEMENT
The directors acknowledge their duty under S.172 of the Companies Act 2006 and consider that they have both individually and collectively, acted in the way that in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole.

ENGAGEMENT WITH EMPLOYEES
The Company is of a size that supports a flat organisational structure and so allows immediate and direct access for all employees to senior management at all times. In addition, there are regular meetings with staff, communications by email as well as more formal structures, such as appraisals. The Directors report provides further information on staff matters.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Suppliers, customers and employees are considered key stakeholders in the business. The Company's structure is such that regular meetings are held with major suppliers and there is constant dialogue with customers, any disputes are escalated and resolved swiftly.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
In accordance with best practice, the Company considers Audit & Risk, Investment & Remuneration decisions through regular board meetings.

KEY PERFORMANCE-FINANCIAL & NON FINANCIAL
Description 2023-£'000 2022 -£'000 Change
Revenue 32,762 30,808 +6.34%
Gross profit 8,954 7,578 +18.16%
Operating profit 3,018 2,151 +40.31%
Profit before tax 2,858 2,023 +41.27%
Net assets 18,742 18,144 3.60%

Gross margin 27.33% 24.6% +11.11%
Current ratio 2.53 2.53 +0.02%
Quick ratio 1.1 1.29 -15.04%
Average number of employees 95 85 +11.76%

The company also monitors its performance by tracking other non-financial indicators that we believe are important to our long term success.

Compliance with relevant environmental laws and regulations relevant to its operations are closely followed. The company has also created a positive and challenging work environment by encouraging feedback from employees and use it as a tool to drive business performance.

FINANCIAL POSITION
The Company is in good health and has adequate cash reserves allowing the expansion of the business from its own resources.

ON BEHALF OF THE BOARD:





C P Georgiou - Director


30 September 2024

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Report of the Directors
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of specialist drinks importer, distributor and retailer.

DIVIDENDS
An interim dividend of £4 per share was paid on 31 December 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 400,000 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

C P Georgiou
I A Georgiou
L Machlouzarides
D Sarieddine

POLITICAL DONATIONS AND EXPENDITURE
During the year under review, the group did not make any political donations.

THIRD PARTY INDEMNITY INSURANCE
The Company has maintained throughout the year Directors’ and officers’ liability insurance for the benefit of the Company, the Directors and its officers. The Company has entered into qualifying third party indemnity arrangements for the benefit of all its Directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force

STREAMLINED ENERGY AND CARBON REPORTING
As the company has not consumed more than 40,000 KWh of energy in this reporting period, it qualifies as low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditor is unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditor is aware of that information.

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Report of the Directors
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITOR
The auditor, M Georghiades, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C P Georgiou - Director


30 September 2024

Report of the Independent Auditor to the Members of
Amathus Drinks Plc

Opinion
I have audited the financial statements of Amathus Drinks Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, 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).

In my opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit 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
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of my report. I am independent of the group in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern
In auditing the financial statements, I 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 I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

My responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and my Report of the Auditor thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In my opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which I am required to report by exception
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, I have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for my audit have not been received from branches not visited by me; or
- the parent company 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
- I have not received all the information and explanations I require for my audit.

Report of the Independent Auditor to the Members of
Amathus Drinks Plc


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements
My 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 a Report of the Auditor that includes my 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.

The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the industry;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual,suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of my 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 my Report of the Auditor.

Report of the Independent Auditor to the Members of
Amathus Drinks Plc


Use of my 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 2006. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.




M Georghiades
( Senior Statutory Auditor )
M Georghiades and Associates
130A Drakes Lane Potters Bar
Hertfordshire
EN6 1AF

30 September 2024

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Consolidated
Income Statement
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £    £    £   

REVENUE 3 32,761,668 30,808,290

Cost of sales 23,807,927 23,230,789
GROSS PROFIT 8,953,741 7,577,501

Distribution costs 1,633,998 1,625,650
Administrative expenses 4,468,120 4,082,552
6,102,118 5,708,202
2,851,623 1,869,299

Other operating income 166,531 281,645
OPERATING PROFIT 5 3,018,154 2,150,944

Interest receivable and similar income 9,039 5,177
3,027,193 2,156,121

Interest payable and similar expenses 6 169,157 133,438
PROFIT BEFORE TAXATION 2,858,036 2,022,683

Tax on profit 7 459,301 408,165
PROFIT FOR THE FINANCIAL YEAR 2,398,735 1,614,518
Profit attributable to:
Owners of the parent 2,398,735 1,614,518

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Consolidated
Other Comprehensive Income
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 2,398,735 1,614,518


OTHER COMPREHENSIVE INCOME
Revaluation of freehold property (1,400,665 ) -
Deferred tax relating to other
Comprehensive income
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

(1,400,665

)

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

998,070

1,614,518

Total comprehensive income attributable to:
Owners of the parent 998,070 1,614,518

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Consolidated Statement of Financial Position
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Property, plant and equipment 11 11,283,088 12,600,651
Investments 12 10,483 -
11,293,571 12,600,651

CURRENT ASSETS
Inventories 13 9,896,688 8,073,537
Debtors 14 5,964,144 5,824,490
Cash in hand 2,499,056 2,629,488
18,359,888 16,527,515
CREDITORS
Amounts falling due within one year 15 7,867,408 6,528,369
NET CURRENT ASSETS 10,492,480 9,999,146
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,786,051

22,599,797

CREDITORS
Amounts falling due after more than one
year

16

(1,668,721

)

(3,023,632

)

PROVISIONS FOR LIABILITIES 20 (1,375,161 ) (1,432,066 )
NET ASSETS 18,742,169 18,144,099

CAPITAL AND RESERVES
Called up share capital 21 100,000 100,000
Revaluation reserve 22 4,605,951 6,006,616
Retained earnings 22 14,036,218 12,037,483
SHAREHOLDERS' FUNDS 18,742,169 18,144,099

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





C P Georgiou - Director


AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Company Statement of Financial Position
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 21,500 721,306
Property, plant and equipment 11 11,259,315 12,576,878
Investments 12 10,483 -
11,291,298 13,298,184

CURRENT ASSETS
Inventories 13 9,896,688 8,073,537
Debtors 14 6,133,344 5,993,690
Cash in hand 2,499,056 2,629,488
18,529,088 16,696,715
CREDITORS
Amounts falling due within one year 15 7,878,208 6,540,369
NET CURRENT ASSETS 10,650,880 10,156,346
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,942,178

23,454,530

CREDITORS
Amounts falling due after more than one
year

16

(1,668,721

)

(3,023,632

)

PROVISIONS FOR LIABILITIES 20 (1,375,161 ) (1,432,066 )
NET ASSETS 18,898,296 18,998,832

CAPITAL AND RESERVES
Called up share capital 21 100,000 100,000
Revaluation reserve 22 4,462,671 5,863,336
Retained earnings 22 14,335,625 13,035,496
SHAREHOLDERS' FUNDS 18,898,296 18,998,832

Company's profit for the financial year 1,700,129 1,614,518

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





C P Georgiou - Director


AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 100,000 10,672,965 6,006,616 16,779,581

Changes in equity
Dividends - (250,000 ) - (250,000 )
Total comprehensive income - 1,614,518 - 1,614,518
Balance at 31 December 2022 100,000 12,037,483 6,006,616 18,144,099

Changes in equity
Dividends - (400,000 ) - (400,000 )
Total comprehensive income - 2,398,735 (1,400,665 ) 998,070
Balance at 31 December 2023 100,000 14,036,218 4,605,951 18,742,169

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Company Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 100,000 11,670,978 5,863,336 17,634,314

Changes in equity
Dividends - (250,000 ) - (250,000 )
Total comprehensive income - 1,614,518 - 1,614,518
Balance at 31 December 2022 100,000 13,035,496 5,863,336 18,998,832

Changes in equity
Dividends - (400,000 ) - (400,000 )
Total comprehensive income - 1,700,129 (1,400,665 ) 299,464
Balance at 31 December 2023 100,000 14,335,625 4,462,671 18,898,296

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,028,622 (678,774 )
Interest paid (169,157 ) (133,438 )
Tax paid (436,438 ) (3,657 )
Net cash from operating activities 1,423,027 (815,869 )

Cash flows from investing activities
Purchase of tangible fixed assets (243,819 ) (103,031 )
Purchase of fixed asset investments (10,483 ) -
Sale of intangible fixed assets 504,920 -
Sale of tangible fixed assets 37,791 833
Interest received 9,039 5,177
Net cash from investing activities 297,448 (97,021 )

Cash flows from financing activities
Loan repayments in year (1,450,907 ) -
Equity dividends paid (400,000 ) (250,000 )
Net cash from financing activities (1,850,907 ) (250,000 )

Decrease in cash and cash equivalents (130,432 ) (1,162,890 )
Cash and cash equivalents at beginning
of year

2

2,629,488

3,792,378

Cash and cash equivalents at end of year 2 2,499,056 2,629,488

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 2,858,036 2,022,683
Depreciation charges 146,768 407,501
Loss on disposal of fixed assets 13,948 141,016
Decrease in amount owed by inter-co 126,380 -
Add back of goodwill impairment (542,710 ) -
Finance costs 169,157 133,438
Finance income (9,039 ) (5,177 )
2,762,540 2,699,461
Increase in inventories (1,823,151 ) (508,382 )
Increase in trade and other debtors (266,034 ) (3,633,468 )
Increase in trade and other creditors 1,355,267 763,615
Cash generated from operations 2,028,622 (678,774 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,499,056 2,629,488
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,629,488 3,792,378


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 2,629,488 (130,432 ) 2,499,056
2,629,488 (130,432 ) 2,499,056
Debt
Debts falling due within 1 year (386,247 ) 95,996 (290,251 )
Debts falling due after 1 year (3,023,632 ) 1,354,911 (1,668,721 )
(3,409,879 ) 1,450,907 (1,958,972 )
Total (780,391 ) 1,320,475 540,084

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Amathus Drinks PLC is a public limited company, registered in England and Wales. The company's registration number and registered office address can be found on the Company information page.

The functional and presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The group financial statements consolidate the financial statements of Amathus Drinks Plc and all its subsidiary undertakings drawn up to 31 December each year. No profit and loss account is presented for Amathus Drinks Plc as permitted by section 408 of the Companies Act 2006.

Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities.All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Investment in Subsidiaries
In the parent company financial statements investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Goodwill
Goodwill arising on acquisition of a trade or on each business combination is capitalised, classified as an asset on the statement of financial position and amortised on a straight line basis over its useful life of 10 years. No amortisation is provided in the year of purchase.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably.

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Property plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost and 1% on cost
Short leasehold - Over the life of the lease
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance.

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Impairment of non-financial assets
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's (CGU) fair value less costs to sell and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Group of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.

The Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group's CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to project future cash flows after the fifth year.

Impairment losses of continuing operations are recognised in the statement of comprehensive income in expense categories consistent with the function of the impaired asset, except for a property previously revalued when the revaluation was taken to other comprehensive income. In this case, the impairment is also recognised in other comprehensive income up to the amount of any previous revaluation.

For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Company estimates the asset's or CGU's recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of comprehensive income unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Costs include all costs incurred in bringing each product to its present location and condition under first-in first-out (FIFO) basis.

Net realisable value is based on the estimated selling price less any estimated completion or selling costs.


AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. The Company's liability for current tax is calculating using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between 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 timing differences. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rates that have been enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities, at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the assets or liabilities affected in future periods.

The Group's management believes that judgements, estimates and assumptions used in the preparation of the financial statements are appropriate given the factual circumstances as at 31 December 2022.

Various elements of the Group's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other assessments. In particular, the Group has identified the following accounting policies which, due to the judgements, estimates and assumptions inherent in those policies, and the sensitivity of the financial statements to those judgements, estimates and assumptions, are critical to an understanding of the financial statements.

Valuation of debtors
Valuation of debtors is based upon ongoing assessments of the probable estimated losses inherent in the trade and other debtors portfolio. Assessments are conducted by the board employing a methodology and guidelines, which are continually monitored and improved. The primary component of this methodology comprises specific allowances and collective allowances.

A debtor is subject to impairment test when valid indications exist, at the assessment date, which demonstrate that the customer will not be able to meet his obligations and/or when the flow of receipts decelerates over time. Usually such indications include failure of communication with the customers and indications of significant financial difficulty.

Amounts individually provided for concern claims evaluated individually for impairment based upon management's best estimate of the present value of the cash flows which are expected to be received.

In assessing the need for collective allowance, management considers debtors in arrears over 121 days but excludes those for which there are valid indications that they will be collected.

The accuracy of provisions depends on the accuracy of future cash flows for specific allowances and the model assumptions and parameters used in determining collective allowances. While this necessarily involves judgement, management believes that their provisions are reasonable and supportable.

Assets impairment
The Group reviews on an annual basis the carrying amounts of investments, tangible assets and intangible assets, in order to determine if there is an indication of impairment. If any such indication exists an impairment review is carried out in order to determine the extent of the impairment loss.

Useful lives of depreciable tangible and intangible assets
The management assesses the estimated useful lives and related depreciation & amortisation charges for purchased and internally generated intangible assets and tangible assets and reviews the assessment at regular intervals. Management estimates are based on the projected operating life cycle of these assets. Such estimates are not expected to change significantly, however, management may modify depreciation and amortisation rates wherever useful lives turn out to be different than previously estimated and writes down or writes off assets.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the group.

An analysis of revenue by class of business is given below:

2023 2022
£    £   
Wines, beers, spirits etc 32,761,668 30,808,290
32,761,668 30,808,290

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. REVENUE - continued

An analysis of revenue by geographical market is given below:

2023 2022
£    £   
United Kingdom 32,761,668 30,782,579
Rest of the World - 25,711
32,761,668 30,808,290

4. EMPLOYEES AND DIRECTORS


2023 2022
£    £   
Directors' remuneration 223,215 200,580
Directors' pension contributions to money purchase schemes 4,685 2,628

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 90,042 200,580
Pension contributions to money purchase schemes 1,321 2,628

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 146,768 248,859
Depreciation - assets on hire purchase contracts or finance leases - 1,547
Loss on disposal of fixed assets 13,948 141,016
Goodwill amortisation - 36,534
Auditors' remuneration - 20,000
Foreign exchange differences (8,906 ) 2,545
Auditors' remuneration for tax compliance services - 3,650
Auditors' remuneration for other services - 21,450
Other operating leases 255,000 225,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest on bank loans 169,157 133,438

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 516,206 436,430

Deferred tax (56,905 ) (28,265 )
Tax on profit 459,301 408,165

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,858,036 2,022,683
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

714,509

384,310

Effects of:
Expenses not deductible for tax purposes 5,944 27,502
Income not taxable for tax purposes 2,260 -
Depreciation in excess of capital allowances 6,472 24,618
Other tax adjustments (212,979 ) -
Deferred tax (56,905 ) (28,265 )
Total tax charge 459,301 408,165

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation of freehold property (1,400,665 ) - (1,400,665 )
Deferred tax relating to other
Comprehensive income
(1,400,665 ) - (1,400,665 )

2022
Gross Tax Net
£    £    £   
Revaluation of freehold property
Deferred tax relating to other
Comprehensive income
- - -

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 400,000 250,000

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 741,421
AMORTISATION
At 1 January 2023
and 31 December 2023 741,421
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Company
Goodwill
£   
COST
At 1 January 2023 1,570,960
Impairments (1,355,960 )
At 31 December 2023 215,000
AMORTISATION
At 1 January 2023 849,654
Amortisation for year 157,096
Charge written back (813,250 )
At 31 December 2023 193,500
NET BOOK VALUE
At 31 December 2023 21,500
At 31 December 2022 721,306

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. PROPERTY, PLANT AND EQUIPMENT

Group
Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 12,335,290 387,392 1,185,996 261,872 14,170,550
Additions - 144,256 99,563 - 243,819
Disposals - - (51,739 ) - (51,739 )
Revaluations (1,992,008 ) - - - (1,992,008 )
At 31 December 2023 10,343,282 531,648 1,233,820 261,872 12,370,622
DEPRECIATION
At 1 January 2023 627,843 205,095 635,144 101,817 1,569,899
Charge for year - 27,072 76,396 43,300 146,768
Charge written back - - (37,790 ) - (37,790 )
Revaluation adjustments (591,343 ) - - - (591,343 )
At 31 December 2023 36,500 232,167 673,750 145,117 1,087,534
NET BOOK VALUE
At 31 December 2023 10,306,782 299,481 560,070 116,755 11,283,088
At 31 December 2022 11,707,447 182,297 550,852 160,055 12,600,651

Cost or valuation at 31 December 2023 is represented by:

Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
Valuation in 2018 3,570,880 - - - 3,570,880
Valuation in 2020 3,642,053 - - - 3,642,053
Valuation in 2023 (1,992,008 ) - - - (1,992,008 )
Cost 5,122,357 531,648 1,233,820 261,872 7,149,697
10,343,282 531,648 1,233,820 261,872 12,370,622

If freehold had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 5,122,355 4,979,077
Aggregate depreciation 726,211 358,198

Freehold property was valued on an open market basis on 7 June 2024 by Colliers International .

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 22,000
DEPRECIATION
At 1 January 2023
and 31 December 2023 18,907
NET BOOK VALUE
At 31 December 2023 3,093
At 31 December 2022 3,093

Company
Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 12,335,288 387,392 1,484,887 589,003 14,796,570
Additions - 144,256 99,563 - 243,819
Disposals - - (51,739 ) - (51,739 )
Revaluations (1,992,008 ) - - - (1,992,008 )
At 31 December 2023 10,343,280 531,648 1,532,711 589,003 12,996,642
DEPRECIATION
At 1 January 2023 636,593 205,095 962,197 415,807 2,219,692
Charge for year - 27,072 76,396 43,300 146,768
Charge written back - - (37,790 ) - (37,790 )
Revaluation adjustments (591,343 ) - - - (591,343 )
At 31 December 2023 45,250 232,167 1,000,803 459,107 1,737,327
NET BOOK VALUE
At 31 December 2023 10,298,030 299,481 531,908 129,896 11,259,315
At 31 December 2022 11,698,695 182,297 522,690 173,196 12,576,878

Cost or valuation at 31 December 2023 is represented by:

Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
Valuation in 2018 3,570,880 - - - 3,570,880
Valuation in 2020 3,642,053 - - - 3,642,053
Valuation in 2023 (1,992,008 ) - - - (1,992,008 )
Cost 5,122,355 531,648 1,532,711 589,003 7,775,717
10,343,280 531,648 1,532,711 589,003 12,996,642

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. PROPERTY, PLANT AND EQUIPMENT - continued

Company

If freehold had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 5,122,355 5,122,355
Aggregate depreciation 45,251 636,593

Freehold property was valued on an open market basis on 7 June 2024 by Colliers International .

The directors consider this valuation to be the same as it would have been on 31 December 2023.

The directors consider that the market value of the property is not materially different to its carrying value.

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 22,000
DEPRECIATION
At 1 January 2023
and 31 December 2023 18,907
NET BOOK VALUE
At 31 December 2023 3,093
At 31 December 2022 3,093

12. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
Additions 10,483
At 31 December 2023 10,483
NET BOOK VALUE
At 31 December 2023 10,483
Company
Unlisted
investments
£   
COST
Additions 10,483
At 31 December 2023 10,483
NET BOOK VALUE
At 31 December 2023 10,483

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

Bablake Wines Ltd
Registered office: 309 Elveden Road, Ealing, NW10 7ST
Nature of business: Specialist drinks importer and distributor
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 12,000 12,000


13. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 9,896,688 8,073,537 9,896,688 8,073,537

The difference between purchase price or production cost of stocks and their replacement cost is not material.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 4,724,299 4,420,752 4,724,299 4,420,752
Amounts owed by participating interests 1,032,859 1,159,239 1,032,859 1,159,239
Other debtors 5,292 31,052 174,492 200,252
Prepayments and accrued income 201,694 213,447 201,694 213,447
5,964,144 5,824,490 6,133,344 5,993,690

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 290,251 386,247 290,251 386,247
Trade creditors 4,634,806 4,123,115 4,634,566 4,123,115
Amounts owed to group undertakings - - 12,000 12,000
Tax 492,854 413,086 492,854 413,086
Social security and other taxes 127,112 100,741 127,112 100,741
VAT 619,523 445,431 619,523 445,431
Other creditors 1,252,541 299,096 1,252,541 299,096
Accruals and deferred income 450,321 760,653 449,361 760,653
7,867,408 6,528,369 7,878,208 6,540,369

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 17) 1,668,721 3,023,632 1,668,721 3,023,632

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 290,251 386,247 290,251 386,247
Amounts falling due between one and two years:
Bank loans - 1-2 years 294,540 395,817 294,540 395,817
Amounts falling due between two and five years:
Bank loans - 2-5 years 883,620 1,247,273 883,620 1,247,273
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 years by instalments 490,561 1,380,542 490,561 1,380,542

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 255,000 255,000
Between one and five years 628,000 628,000
In more than five years 154,000 409,000
1,037,000 1,292,000

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 255,000 255,000
Between one and five years 628,000 628,000
In more than five years 154,000 409,000
1,037,000 1,292,000

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 1,958,972 3,409,879 1,958,972 3,409,879

The bank loan is secured by first legal charges over the freehold properties. The bank loan is repayable over 15 years and the interest rate is 1.85% per annum above bank base rate. Additionally. the bank loan is secured over the assets of the company by way of fixed and floating charge.

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

20. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Accelerated capital allowances 167,326 131,070 167,326 131,070
Revaluation of property 1,207,835 1,300,996 1,207,835 1,300,996
1,375,161 1,432,066 1,375,161 1,432,066

Group
Deferred
tax
£   
Balance at 1 January 2023 1,432,066
Provided during year (56,905 )
Balance at 31 December 2023 1,375,161

Company
Deferred
tax
£   
Balance at 1 January 2023 1,432,066
Provided during year (56,905 )
Balance at 31 December 2023 1,375,161

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary £1 100,000 100,000

The holders of the ordinary shares are entitled to receive dividends as declared from time to time and
are entitled to one vote per share at meetings of the Company.

22. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 12,037,483 6,006,616 18,044,099
Profit for the year 2,398,735 - 2,398,735
Dividends (400,000 ) - (400,000 )
Revaluation of property - (1,400,665 ) (1,400,665 )
At 31 December 2023 14,036,218 4,605,951 18,642,169

AMATHUS DRINKS PLC (REGISTERED NUMBER: 01689532)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

22. RESERVES - continued

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 13,035,496 5,863,336 18,898,832
Profit for the year 1,700,129 - 1,700,129
Dividends (400,000 ) - (400,000 )
Revaluation of property - (1,400,665 ) (1,400,665 )
At 31 December 2023 14,335,625 4,462,671 18,798,296


23. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £59,496 (2022: £40,960).

24. CONTINGENT LIABILITIES

The bank has a fixed and floating charge over the freehold and leasehold properties of the company. The company has signed letter of guarantees in favour of HM Revenue and Customs with its bank for a total amount of £650,000 (2022: £650,000).

25. RELATED PARTY DISCLOSURES

Sales and purchases between related parties are made at normal market prices. Outstanding balances with entities are unsecured, interest free and settlement of balances between related parties are repayable on demand. Settlement with other related parties is expected within the normal trading terms.

Key management personnel of the entity or its parent (in the aggregate)

All directors of the company are considered to be key management personnel. The details of directors'
remuneration is presented in Note 4.

There are no key management personnel other than the directors.

Other related parties
2023 2022
£    £   
Sales 1,148,133 504,891
Purchases 315,270 212,954
Amount due from related party 1,132,360 902,635
Amount due to related party 401,251 114,243

Other related parties include the entities in which directors have the beneficial interests.

26. POST BALANCE SHEET EVENTS

There was a change in person with significant control after the year end.

27. ULTIMATE CONTROLLING PARTY

The controlling party is C P Georgiou.