Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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LAURENT-PERRIER (UK) LIMITED
COMPANY INFORMATION
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LAURENT-PERRIER (UK) LIMITED
CONTENTS
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LAURENT-PERRIER (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Directors present their Strategic Report for the year ended 31 March 2024.
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.
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LAURENT-PERRIER (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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.
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LAURENT-PERRIER (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
This report was approved by the board and signed on its behalf.
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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.
The Directors who served during the year were:
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 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.
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.
Certain matters that would otherwise be disclosed in this Directors' Report are disclosed in the Strategic Report.
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LAURENT-PERRIER (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
There have been no significant events affecting the Company since the year end.
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.
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LAURENT-PERRIER (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAURENT-PERRIER (UK) LIMITED
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 policies. The 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).
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.
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.
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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LAURENT-PERRIER (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAURENT-PERRIER (UK) LIMITED (CONTINUED)
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.
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.
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LAURENT-PERRIER (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAURENT-PERRIER (UK) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants and Statutory Auditor
2 Chawley Park
Cumnor Hill
Oxfordshire
OX2 9GG
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LAURENT-PERRIER (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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LAURENT-PERRIER (UK) LIMITED
REGISTERED NUMBER: 01383260
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 26 form part of these financial statements.
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LAURENT-PERRIER (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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:
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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.
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
Functional and presentation currency
Transactions and balances
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (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:
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (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
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.
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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.
Analysis of turnover by country of destination:
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11.Taxation (continued)
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Profit and loss account
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.
The company contributes to a defined contribution pension scheme. The charge in the year amounted to £172,262 (2023: £212,882).
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LAURENT-PERRIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The ultimate parent undertaking and controlling party is
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