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Registered number: 01383260










LAURENT-PERRIER (UK) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
LAURENT-PERRIER (UK) LIMITED
 

COMPANY INFORMATION


Directors
S B D Dalyac 
A J Guy 
S Meneux 
A Pereyre 




Registered number
01383260



Registered office
Jubilee House
Third Avenue

Globe Park

Marlow

SL7 1EY




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Chawley Park

Cumnor Hill

Oxford

Oxfordshire

OX2 9GG





 
LAURENT-PERRIER (UK) LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditor's Report
6 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 26


 
LAURENT-PERRIER (UK) LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Directors present their Strategic Report for the year ended 31 March 2024.

Principal activities, business review and future developments
 
The principal activity of Laurent-Perrier (UK) Limited ("the Company") during the year was the importing, distributing and marketing of champagne.
The Company's profit for the financial year, after taxation, is £3,609,735 (2023: £3,604,605). At the statement of financial position date, the Company had net assets of £6,061,230 (2023: £6,051,495).
Total exports of champagne from France to Great Britain decreased by 7.7% in the calendar year 2023 (2022: 5.4%). During the financial year 2023-2024, the Company's total volume decreased by 19.2% on the previous year (2022-2023: 4.7%).
In the financial year 2023-2024, the Company experienced a return to more normal levels of demand for its champagnes with the post-Covid boom subsiding in both retail and the on trade.      
In 2023, retail sales of champagne declined 12.4% in volume and on trade sales declined 19.2% (information sourced from IRI/CGA). Poor weather restricting sales at several outdoor venues where the Company supported champagne terraces was partly responsible for the decline in the Company's sales to the on trade. While demand from domestic consumers declined, demand from tourists (particularly American tourists) increased as people returned to foreign travel. 
Within the year inflation in the UK persisted at elevated levels and again there were significant rises in champagne prices in both the on trade and the off trade.
Exports of rosé champagne to the UK declined 13.7% in 2023 (CIVC). Sales of Laurent-Perrier’s Cuvée Rosé also fell as the market contracted, particularly in the on trade. 
Exports of prestige cuvée champagne to the UK declined 16.6% in 2023 (CIVC). Sales of Laurent-Perrier’s prestige cuvées performed better than the market which was driven by significant growth of Grand Siècle in both retail and in the on trade. The Company continues to build awareness and expand distribution of Grand Siècle. 
We expect the market decline to moderate but the exact level and timing is unclear. Inflation in the UK is coming down but economic growth is flat. 
Laurent-Perrier invests heavily in the quality of its champagnes. In April 2024 we launched a new vintage champagne in the UK in the iconic bottle used for our Cuvée Rosé champagne. In May 2024 we launched a new iteration of the rare and exclusive Grand Siècle Les Réserves in the UK. We have more UK product launches to come, all at the premium end of our range.  

Page 1

 
LAURENT-PERRIER (UK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks affecting the Company are:
Competition
The Company operates in a highly competitive market, especially around price and product availability. This creates pressures on margins as well as issues around being able to supply to the levels customers demand. Market price trends are monitored and the Company works hard to understand the needs of the customer to ensure supply can be maintained where possible.
Stock theft and fraud
The value of the Company's products make it a target for theft and fraudulent activity. The Company works hard with its partners to ensure the safety of the product in transit and also has procedures in place to reduce the risk regarding orders being placed by fraudulent means.
Key employees
The loss of any key staff members could impact the performance of the Company. To mitigate against this risk, the Company invests in training to keep staff skills at high levels. It also ensures benefits are such that staff members are encouraged to remain in the business.
Supply chain
Importing product from abroad brings with it risks regarding transportation and product quality. The Company works with its partners to mitigate against risk caused by transportation issues and tests products to ensure the highest quality on arrival. 
Financial risk management
The Company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, price risk and foreign exchange risk. The Directors have not delegated the responsibility of monitoring financial risk management to a subcommittee of the Board. The policies set by the Board of Directors are implemented by the Company's finance department, which follows specific procedures.
a) Credit risk
The Company has implemented policies that require appropriate credit checks on potential customers before sales are made. The Company also has a credit insurance policy to help mitigate against the risk of bad debts.
b) Price risk
Given the recent current rate of inflation, the Company's operations expose it to commodity price risk, however the cost of managing exposure to commodity price risk exceeds the potential benefits. The Directors will revisit the appropriateness of this policy should the Company's operations change in size or nature.
c) Foreign exchange risk
Changes in the exchange rate between the British pound and the Euro will impact the price the Company pays for the products it distributes. We mitigate this risk by buying champagne in British pound from the parent company.

Page 2

 
LAURENT-PERRIER (UK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators (KPIs)

The Board monitors progress on the overall group strategy and the individual strategic elements by reference to the following KPIs. Performance during the year, together with prior year trend data, is set out below:

2024
2023
        %
        %
Change in turnover

(6)

1
 
Gross margin

27

25
 
Administrative expenses/turnover

16

15
 

Definition, method of calculation and analysis
Growth or decline in turnover expressed as a percentage. The Company worked hard to drive sales of prestige cuvées and position the brand as more premium. This increased average selling price, helping to mitigate the impact of the decline in volumes and leading to a smaller reduction in turnover.
Gross margin is profit made on sales before all other costs. The increase in the average selling price led to an increase in this KPI" (note that the proportion of LC/Harmony sold in both F23 and F24 was the same).
Percentage of administrative expenses against turnover to monitor other costs against sales. Administrative expenses declined less than turnover as the Company maintained investment in marketing activities.


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



A J Guy
Director

Date: 20 June 2024

Page 3

 
LAURENT-PERRIER (UK) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Directors present their report and the financial statements for the year ended 31 March 2024.

Directors

The Directors who served during the year were:

S B D Dalyac 
A J Guy 
S Meneux 
A Pereyre 

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, 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 101 ‘Reduced Disclosure Framework’. 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 and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

Results and dividends

The profit for the year, after taxation, amounted to £3,609,735 (2023 - £3,604,605).

During the year ended 31 March 2024, the Company paid dividends of £3,600,000 (2023: £2,100,000).
Subsequent to the year end, in June 2024 the Directors declared an interim dividend in respect of the year ending 31st March 2025 of £12.00 per share totalling £3,600,000 and this amount will be paid in July 2024.

Qualifying third party indemnity provisions

The Directors have the benefit of a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the financial year and is currently in force. The Group also maintained Directors' and Officers' liability insurance in respect of the Company and its Directors.

Matters covered in the Strategic Report

Certain matters that would otherwise be disclosed in this Directors' Report are disclosed in the Strategic Report.

Page 4

 
LAURENT-PERRIER (UK) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditor

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

the Director has taken all the steps that ought to have been taken as a Director 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

PricewaterhouseCooper LLP resigned as auditor and James Cowper Kreston Audit were appointed as auditor of the Company for the year ended 31 March 2024 on 29 February 2024.

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





A J Guy
Director

Date: 20 June 2024

Page 5

 
LAURENT-PERRIER (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAURENT-PERRIER (UK) LIMITED
 

Opinion


We have audited the financial statements of Laurent-Perrier (UK) Limited (the 'Company') for the year ended 31 March 2024, 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 101 ‘Reduced Disclosure Framework’ (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 March 2024 and of its 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


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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 
LAURENT-PERRIER (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAURENT-PERRIER (UK) LIMITED (CONTINUED)


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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have 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 Strategic Report or 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.


Responsibilities of Directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.


Page 7

 
LAURENT-PERRIER (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAURENT-PERRIER (UK) LIMITED (CONTINUED)


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.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
•  Enquiry of management and those charged with governance around actual and potential litigation and             claims;
•  Reviewing minutes of meetings of those charged with governance;
•  Reviewing financial statement disclosures and testing to supporting documentation to assess compliance             with applicable laws and regulations;
•  Performing audit work over the risk of management override of controls, including testing of journal               entries and other adjustments for appropriateness, evaluating the business rationale of significant                     transactions outside the normal course of business and reviewing accounting estimates for bias.



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.


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.


James Pitt BA BFP FCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
2 Chawley Park
Cumnor Hill
Oxford
Oxfordshire
OX2 9GG

27 June 2024
Page 8

 
LAURENT-PERRIER (UK) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
42,263,338
45,024,616

Cost of sales
  
(30,985,993)
(33,767,225)

Gross profit
  
11,277,345
11,257,391

Administrative expenses
  
(6,595,568)
(6,948,087)

Operating profit
 5 
4,681,777
4,309,304

Interest receivable and similar income
 9 
189,369
180,332

Interest payable and similar expenses
 10 
(204)
(4,346)

Profit before tax
  
4,870,942
4,485,290

Tax on profit
 11 
(1,261,207)
(880,685)

Profit for the financial year
  
3,609,735
3,604,605

Total comprehensive income for the year
  
3,609,735
3,604,605

The notes on pages 12 to 26 form part of these financial statements.

Page 9

 
LAURENT-PERRIER (UK) LIMITED
REGISTERED NUMBER: 01383260

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Fixed assets
  

Tangible assets
 13 
45,488
93,557

Current assets
  

Debtors: amounts falling due within one year
 15 
4,562,025
2,836,383

Cash at bank and in hand
 16 
8,206,114
10,553,268

  
12,768,139
13,389,651

Creditors: amounts falling due within one year
 17 
(6,739,081)
(7,418,397)

Net current assets
  
 
 
6,029,058
 
 
5,971,254

Total assets less current liabilities
  
6,074,546
6,064,811

  

Provisions for liabilities
  

Deferred taxation
 18 
(13,316)
(13,316)

  

Net assets
  
6,061,230
6,051,495


Capital and reserves
  

Called up share capital 
 19 
300,000
300,000

Profit and loss account
 20 
5,761,230
5,751,495

  
6,061,230
6,051,495


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




A J Guy
Director

Date: 20 June 2024

The notes on pages 12 to 26 form part of these financial statements.

Page 10

 
LAURENT-PERRIER (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023
300,000
5,751,495
6,051,495



Profit for the year
-
3,609,735
3,609,735

Dividends: Equity capital
-
(3,600,000)
(3,600,000)


At 31 March 2024
300,000
5,761,230
6,061,230



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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
300,000
4,246,890
4,546,890



Profit for the year
-
3,604,605
3,604,605

Dividends: Equity capital
-
(2,100,000)
(2,100,000)


At 31 March 2023
300,000
5,751,495
6,051,495


The notes on pages 12 to 26 form part of these financial statements.

Page 11

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Laurent-Perrier (UK) Limited imports, distributes and markets champagne.
The Company is a private company limited by shares, incorporated and domiciled in the UK.
The address of its registered office is Jubilee House, Third Avenue, Globe Park, Marlow, SL7 1EY, England.

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statement are rounded to the nearest whole pound Sterling.

The following principal accounting policies have been applied:

Page 12

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Champagne Laurent-Perrier as at 31 March 2024 and these financial statements may be obtained from c/o Laurent-Perrier SA, 32 Ave de Champagne, BP3 51150, Tours sur Marne, France.

 
2.3

Going concern

The Company meets its day-to-day working capital requirements through its cash reserves. The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its current cash reserves. The Company will also continue to be reliant on its parent company to continue to supply it with champagne for sale within the UK market. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company, therefore, continues to adopt the going concern basis in preparing its financial statements.

Page 13

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is measured at the fair value of the consideration received and receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied and for the Company this is when the goods have transferred to the customer and the customer has control of these. The Company's activities are described in detail below.
Sales of goods
The Company imports, distributes and markets champagne. Sales are recognised when control of the products has transferred, being when the products are delivered to the customer and the customer has legal title to the goods. Delivery occurs when the products have been distributed to the specific location, the risks of obsolescence and loss have been transferred to the Company, and either the customer has accepted the products in accordance with the sales contract or the Company has objective evidence that all criteria for acceptance have been satisfied.
The champagne is often sold with retrospective volume discounts based on aggregate sales over a 12 month period. Revenue from these sales is recognised based on the price specified in the contract, net of estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A refund liability (included in accruals and deferred income) is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period.
A receivable is recognised when the performance obligation is satisfied as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. This revenue is recognised in the accounting period when control of the product has been transferred, at an amount that reflects the consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 14

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Statement of Financial Position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Tangible Fixed Assets' line in the Statement of Financial Position.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.11.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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 or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 16

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Over the period of the lease
Fixtures and fittings
-
10-33% on a reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

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.

 
2.14

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments


The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial
Page 17

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Debt instruments at amortised cost

Debt instruments are subsequently measured at amortised cost where they are financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.

The Company recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised or at FVOCI. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

Financial liabilities

Financial liabilities include the following items: trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in the next financial year are addressed below:
Retrospective rebates
The Company has retrospective rebate agreements with its customers. An estimate is made at each reporting date based on the parameters set within the agreements. In determining the liability, recognised in accruals, assumptions and estimates are made in relation to volume of sales for each customer and timing of those sales. The carrying amount of the accrual as at 31 March 2024 was £895,222 (2023: £1,459,985).
In preparing the financial statements, the Directors have had to make no judgements which, had they come to a different conclusion, could have resulted in a material change to the reported results or net assets of the company.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of champagne
42,263,338
45,024,616


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
42,263,338
45,024,616



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
52,437
75,848

Defined contribution pension cost
172,262
212,882

Cost of stocks recognised as an expense
27,730,415
29,930,541

Page 19

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
45,000
59,500


7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,881,699
2,009,678

Social security costs
223,690
266,340

Other pension costs
172,262
212,882

2,277,651
2,488,900


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Back office, brand and management
10
10



Selling
12
12

22
22


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
250,778
226,748


The highest paid Director received remuneration of £250,778 (2023 - £226,748).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2023 - £NIL).

In addition to the above, 3 Directors (2023: 3) received no remuneration from the Company for their services to the Company.

Page 20

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest receivable

2024
2023
£
£


Bank interest receivable
189,369
162,422

Rent receivable
-
17,910

189,369
180,332


10.


Interest payable and similar expenses

2024
2023
£
£


IFRS 16 lease interest costs
204
4,346


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,261,207
900,975

Adjustments in respect of previous periods
-
(29,470)


1,261,207
871,505


Total current tax
1,261,207
871,505

Deferred tax


Origination and reversal of timing differences
-
9,180

Total deferred tax
-
9,180


Tax on profit
1,261,207
880,685
Page 21

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit before tax
4,870,942
4,485,290


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
1,217,736
852,205

Effects of:


Expenses not deductible for tax purposes
20,947
-

Capital allowances for year in excess of depreciation
-
(3,665)

Adjustments to tax charge in respect of prior periods
-
(29,470)

Movement in deferred tax not recognised
(3,431)
-

Permanent differences
-
45,452

Other differences leading to an increase (decrease) in the tax charge
25,955
16,163

Total tax charge for the year
1,261,207
880,685


12.


Dividends

2024
2023
£
£


Dividends paid
3,600,000
2,100,000

The amount of £2,100,000 paid in July 2022 was an interim dividend relating to the year ended 31 March 2023 at £7.00 per share.
The amount of £3,600,000 paid in June 2023 was an interim dividend relating to the year ended 31 March 2024 at £12.00 per share.
Subsequent to the year end, in June 2024 the Directors declared an interim dividend in respect of the year ending 31st March 2025 of £12.00 per share totalling £3,600,000 and this amount will be paid in July 2024.

Page 22

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets





Freehold property
Fixtures and fittings
Right of use assets
Total

£
£
£
£



Cost or valuation


At 1 April 2023
389,001
669,605
60,341
1,118,947


Additions
-
4,368
-
4,368


Disposals
-
-
(60,341)
(60,341)



At 31 March 2024

389,001
673,973
-
1,062,974



Depreciation


At 1 April 2023
389,001
611,246
25,143
1,025,390


Charge for the year on owned assets
-
17,239
-
17,239


Charge for the year on right-of-use assets
-
-
35,198
35,198


Disposals
-
-
(60,341)
(60,341)



At 31 March 2024

389,001
628,485
-
1,017,486



Net book value



At 31 March 2024
-
45,488
-
45,488



At 31 March 2023
-
58,359
35,198
93,557


14.

Leases

Company as a lessee

The Company has lease contracts for an office and IT equipment.

Lease liabilities are due as follows:

2024
2023
£
£

Not later than one year
-
35,272


The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

2024
2023
£
£

Interest expense on lease liabilities
204
4,346

Total cash outflows in respect of IFRS 16 leases were £35,476 (2023: £20,272).

Page 23

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Debtors

2024
2023
£
£


Trade debtors
3,971,037
2,746,857

Amounts owed by group undertakings
1,455
16,003

Other debtors
309,745
-

Prepayments and accrued income
279,788
73,523

4,562,025
2,836,383


Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand.


16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
8,206,114
10,553,268



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
539,824
1,586,226

Amounts owed to group undertakings
3,825,296
2,100,916

Corporation tax
-
900,976

Other taxation and social security
-
63,693

Lease liabilities
-
35,272

Outstanding defined contribution pension costs
29,749
20,806

Accruals and deferred income
2,344,212
2,710,508

6,739,081
7,418,397


Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.

Page 24

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Deferred taxation




2024
2023


£

£






At beginning of year
(13,316)
(4,136)


Charged to profit or loss
-
(9,180)



At end of year
(13,316)
(13,316)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(13,316)
(13,316)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300,000 (2023 - 300,000) Ordinary shares of £1.00 each
300,000
300,000

Ordinary shares entitle the holders to equal voting and distribution rights.



20.


Reserves

Profit and loss account

The profit and loss account includes all current and prior year profits and losses earned by the Company less amounts distributed to shareholders.


21.


Contingent liabilities

The Company has given guarantees in aggregate of £700,000 (2023: £700,000) in consideration of the commissioners of His Majesty's Customs and Excise.


22.


Pension commitments

The company contributes to a defined contribution pension scheme. The charge in the year amounted to £172,262 (2023: £212,882).

Page 25

 
LAURENT-PERRIER (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Related party transactions

The Company has claimed an exemption relating to the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.


24.


Controlling party

The ultimate parent undertaking and controlling party is Laurent-Perrier SA, registered in France, which is the parent undertaking of the largest group to prepare consolidated financial statements which include the company. The immediate parent undertaking is Champagne Laurent-Perrier, registered in France, which is the parent undertaking of the smallest group to prepare consolidated financial statements which include the company. Copies of their financial statements are available from c/o Laurent-Perrier SA, 32 Ave de Champagne, BP3 51150, Tours sur Marne, France.

Page 26