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Registered number: 09632610










DAISY 2015 TOPCO LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
DAISY 2015 TOPCO LIMITED
 
 
COMPANY INFORMATION


Directors
Jacob Andersen 
Karthi Jayaraman Mowdhgalya 
Henrik Ellebaek Steensgaard (resigned 29 February 2024)
David Brooks 
Henrik Theilbjørn 




Registered number
09632610



Registered office
3rd Floor
5 Hanover Square

London

W1S 1HE




Independent auditors
MHA
Chartered Accountants & Statutory Auditors

2 London Wall Place

London

EC2Y 5AU





 
DAISY 2015 TOPCO LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 7
Consolidated statement of comprehensive income
 
8
Consolidated balance sheet
 
9
Company balance sheet
 
10
Consolidated statement of changes in equity
 
11
Company statement of changes in equity
 
12
Consolidated statement of cash flows
 
13 - 14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 35


 
DAISY 2015 TOPCO LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
This strategic report has been prepared for the Group as a whole and therefore gives greater emphasis to those matters which are significant to Daisy 2015 TopCo Limited and its subsidiary undertakings when viewed as a whole.

Business review
 
As in previous years, the Company’s primary activities comprise the design of women’s lifestyle wear sold through both externally-operated wholesale and own-operated online and retail channels. The Company’s products are mainly marketed in Northern and Western Europe and in the United States. The Company is headquartered in Copenhagen and is represented by own and external showrooms in some of the largest cities in Northern and Western Europe. The Company has 12 directly operated retail stores in Denmark and a direct e-commerce business addressing the European market. 
The key financial highlights and key figures during the period were as follows:
Turnover: DKK'000 197,811 (2023: DKK'000 233,243)
Gross profit: DKK'000 120,249 (2023: DKK'000: 141,663)
Loss after tax: DKK’000 18,288 (2023: DKK’000 16,206)
Net liabilities: DKK'000 93,006 (2023: DKK'000 39,699)
Gross margin (%): 60.8 (2023: 60.8)
Revenue and EBITDA ended the year below expectations. The development continues to be impacted by the general business environment with negative consumer sentiment following a period with high inflation and high interest rates. The group continues to manage costs carefully in response, but is encouraged by the brand’s ongoing strength and its loyal customers as well as new customers experiencing the brand for the first time.

Page 1

 
DAISY 2015 TOPCO LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties
 
The Board meets each month and, on an ongoing basis, evaluates and adjusts the Group’s level of risk appetite. 
High inflation and high interest
The current business environment, with high general inflation and high interest rates, is putting a dampener on consumer spend in general, with the risk of declining orders and delayed payments from customers. The Group has taken measures to mitigate the impact by:
- Managing the cost base
- Optimising working capital
- Ensuring sufficient financial resources
- Initiating growth initiatives
The board are constantly monitoring the risk in the current business environment and will continue to manage it.
Competitive risks
The Group is generally less affected by competition than other companies in the fashion industry because it operates in a niche consumer segment with somewhat lower fashion risk, and the Group’s end customers have strong brand loyalty. However, the Group is affected by the overall market situation in its major markets, and is aware that independent retailers are, in general, under increased competitive pressure from larger retailers and online sales.
Financial risks
The objectives of ongoing financial risk management are to limit undue counterparty exposure, ensure sufficient working capital and ensure that the business has good access to capital to fund growth.

Financial key performance indicators
 
The Board consider the key financial performance indicators to be turnover, new customer intake and EBITDA.

Other key performance indicators
 
Since the Group is not operating any in-house production, management is of the opinion that the Group is not subject to any essential environmental conditions requiring separate mention. We care about the environment and in particular about how we produce our clothes. Masai is ”Committed to Thoughtfulness” and has obtained several sustainability certifications across our different product groups. More information can be found on our website.


This report was approved by the board on 27 November 2024 and signed on its behalf.



Jacob Andersen
Director

Page 2

 
DAISY 2015 TOPCO LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to DKK18,288 thousand (2023 - loss DKK16,206 thousand).

Directors

The directors who served during the year were:

Jacob Andersen 
Karthi Jayaraman Mowdhgalya 
Henrik Ellebaek Steensgaard (resigned 29 February 2024)
David Brooks 
Henrik Theilbjørn 

Future developments

The Group expects no changes in activity.

Page 3

 
DAISY 2015 TOPCO LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

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 and the Group's auditors are 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 and the Group's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 November 2024 and signed on its behalf.
 





Jacob Andersen
Director

Page 4

 
DAISY 2015 TOPCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAISY 2015 TOPCO LIMITED
 

Opinion


We have audited the financial statements of Daisy 2015 Topco Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Material uncertainty related to going concern


We draw attention to note 2.3 in the financial statements, which indicates that the Directors have concluded that the general business environment as a result of geopolitical uncertainties and the economic climate of high inflation and high interest levels has had a negative impact on the trading performance of the Group in the short term. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


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. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included:
• Review of the accuracy of the Group's cashflow forecast prepared by management.
• Challenging management for reasonableness of assumptions in respect of the timing and quantum of cash receipts and payments included in the cash flow model.
• Holding discussions with management regarding future financing plans, corroborating these where necessary and assessing the impact on the cash flow forecast.
• Asessing the ability of the ultimate parent entity to provide the support necessary for the Group and Company to continue as a going concern.


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


Page 5

 
DAISY 2015 TOPCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAISY 2015 TOPCO LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual 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.


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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are 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, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; 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
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 3, 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 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.


Page 6

 
DAISY 2015 TOPCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAISY 2015 TOPCO LIMITED (CONTINUED)


Auditors' 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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• enquiry of management and those charged with governance around actual and potential litigation and claims; 
• enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with 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;
• reviewing minutes of meetings of those charged with governance.
Because of the inherent limitations of an audit there is a risk that we will not detect all irregularities including those leading to 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 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


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Rajeev Shaunak (FCA) (Senior statutory auditor)
for and on behalf of
MHA
Statutory Auditor
London, United Kingdom

Date: 
 
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
6 December 2024
Page 7

 
DAISY 2015 TOPCO LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
DKK000
DKK000

  

Turnover
 4 
197,811
233,243

Cost of sales
  
(77,562)
(91,580)

Gross profit
  
120,249
141,663

Distribution costs
  
(38,772)
(41,546)

Administrative expenses
  
(98,695)
(114,942)

Other operating charges
  
(420)
-

Operating loss
 5 
(17,638)
(14,825)

Interest receivable and similar income
 9 
284
172

Interest payable and similar expenses
 10 
(685)
(652)

Loss before taxation
  
(18,039)
(15,305)

Tax on loss
 11 
(249)
(901)

Loss for the financial year
  
(18,288)
(16,206)

  

Foreign exchange differences on translation of overseas subsidiaries
  
33
(127)

Other comprehensive income for the year
  
33
(127)

Total comprehensive income for the year
  
(18,255)
(16,333)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(18,288)
(16,206)

  
(18,288)
(16,206)

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 16 to 35 form part of these financial statements.

Page 8

 
DAISY 2015 TOPCO LIMITED
REGISTERED NUMBER: 09632610

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
DKK000
DKK000

Fixed assets
  

Intangible assets
 12 
7,410
15,819

Tangible assets
 13 
2,086
2,555

  
9,496
18,374

Current assets
  

Stocks
 15 
35,688
32,360

Debtors: amounts falling due within one year
 16 
16,332
19,832

Cash at bank and in hand
 17 
14,238
24,135

  
66,258
76,327

Creditors: amounts falling due within one year
 18 
(38,006)
(44,707)

Net current assets
  
 
 
28,252
 
 
31,620

Total assets less current liabilities
  
37,748
49,994

Creditors: amounts falling due after more than one year
 19 
(131,422)
(89,693)

Provisions for liabilities
  

Net liabilities
  
(93,674)
(39,699)


Capital and reserves
  

Called up share capital 
 22 
2,263
2,263

Share premium account
 23 
224,039
224,039

Foreign exchange reserve
 23 
135
102

Capital contribution reserve
 23 
587,029
622,749

Profit and loss account
 23 
(907,140)
(888,852)

  
(93,674)
(39,699)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.




Jacob Andersen
Director

The notes on pages 16 to 35 form part of these financial statements.

Page 9

 
DAISY 2015 TOPCO LIMITED
REGISTERED NUMBER: 09632610

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
DKK000
DKK000

  

Current assets
  

Debtors: amounts falling due within one year
 16 
12
-

  
12
-

Creditors: amounts falling due within one year
 18 
(19,419)
(18,420)

Net current liabilities
  
 
 
(19,407)
 
 
(18,420)

Total assets less current liabilities
  
(19,407)
(18,420)

  

  

Net liabilities
  
(19,407)
(18,420)


Capital and reserves
  

Called up share capital 
 22 
2,263
2,263

Share premium account
 23 
224,039
224,039

Profit and loss account
 23 
(245,709)
(244,722)

  
(19,407)
(18,420)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.


Jacob Andersen
Director

The notes on pages 16 to 35 form part of these financial statements.

Page 10
 

 
DAISY 2015 TOPCO LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024



Called up share capital
Share premium account
Foreign exchange reserve
Capital contribution reserve
Profit and loss account
Total equity


DKK000
DKK000
DKK000
DKK000
DKK000
DKK000



At 1 July 2022
2,263
224,039
229
645,897
(872,646)
(218)



Comprehensive income for the year


Loss for the year
-
-
-
-
(16,206)
(16,206)


Other foreign exchange losses
-
-
(127)
-
-
(127)


Movement in capital contribution reserve
-
-
-
(23,148)
-
(23,148)





At 1 July 2023
2,263
224,039
102
622,749
(888,852)
(39,699)



Comprehensive income for the year


Loss for the year
-
-
-
-
(18,288)
(18,288)


Other foreign exchange losses
-
-
33
-
-
33


Movement in capital contribution reserve
-
-
-
(35,720)
-
(35,720)



At 30 June 2024
2,263
224,039
135
587,029
(907,140)
(93,674)



The notes on pages 16 to 35 form part of these financial statements.

Page 11
 
DAISY 2015 TOPCO LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

DKK000
DKK000
DKK000
DKK000


At 1 July 2022
2,263
224,039
(243,630)
(17,328)


Comprehensive income for the year

Loss for the year
-
-
(1,092)
(1,092)
Total comprehensive income for the year
-
-
(1,092)
(1,092)


Total transactions with owners
-
-
-
-



At 1 July 2023
2,263
224,039
(244,722)
(18,420)


Comprehensive income for the year

Loss for the year
-
-
(987)
(987)


Total transactions with owners
-
-
-
-


At 30 June 2024
2,263
224,039
(245,709)
(19,407)


The notes on pages 16 to 35 form part of these financial statements.

Page 12

 
DAISY 2015 TOPCO LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
DKK000
DKK000

Cash flows from operating activities

Loss for the financial year
(18,288)
(16,206)

Adjustments for:

Amortisation of intangible assets
9,141
9,373

Depreciation of tangible assets
1,185
1,338

Loss on disposal of tangible assets
61
-

Government grants
420
-

Interest paid
685
652

Interest received
(284)
(172)

Taxation charge
249
901

(Increase)/decrease in stocks
(3,328)
4,266

Decrease in debtors
3,502
4,818

(Decrease) in creditors
(6,118)
(10,383)

Corporation tax (paid)
(855)
(371)

Net cash generated from operating activities

(13,630)
(5,784)


Cash flows from investing activities

Purchase of intangible fixed assets
(732)
(171)

Purchase of tangible fixed assets
(724)
(941)

Government grants received
(420)
-

Interest received
284
172

Net cash from investing activities

(1,592)
(940)

Cash flows from financing activities

Other new loans
6,010
5,272

Interest paid
(685)
(652)

Net cash used in financing activities
5,325
4,620

Net (decrease) in cash and cash equivalents
(9,897)
(2,104)

Cash and cash equivalents at beginning of year
24,135
26,239

Cash and cash equivalents at the end of year
14,238
24,135


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
14,238
24,135

14,238
24,135

Page 13

 
DAISY 2015 TOPCO LIMITED
 

The notes on pages 16 to 35 form part of these financial statements.

Page 14

 
DAISY 2015 TOPCO LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024





At 1 July 2023
Cash flows
Other non-cash changes
At 30 June 2024
DKK000

DKK000

DKK000

DKK000

Cash at bank and in hand

24,135

(9,897)

-

14,238

Debt due after 1 year

(89,692)

(6,010)

(35,720)

(131,422)


(65,557)
(15,907)
(35,720)
(117,184)

The notes on pages 16 to 35 form part of these financial statements.

Page 15

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Daisy 2015 TopCo Limited is a private Company limited by shares incorporated in England within the United Kingdom. The address of the registered office and principal place of business can be found in the Company's information page of these financial statements.
The accounts are presented in Danish Krone and are rounded to the nearest DKK1,000.

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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 16

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Group has prepared a forecast extending 12 months from the date of the audit report. In considering the forecast trading performance of the Group, the directors have considered the current environment with high interest rates and the impact that this is having on the Group in the short term.
As such, the Directors have concluded that it is appropriate for the financial statements to be
prepared on a going concern basis. The Directors acknowledge that they will likely be reliant on
additional support from the ultimate parent Company to ensure that the Group can meet it’s
liabilities as they fall due for a period of at least 12 months from the signing of the audit report. Whilst
management expect this support to be available for a period of at least 12 months from signing the
audit report, given this continued support from the Ultimate parent entity is outside the control of
Group management, there exists a material uncertainty relating to going concern.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Danish Krone.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Danish Krone at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 17

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Revenue

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

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.

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:

Leasehold improvements
-
5-10 years
Fixtures, fittings and equipment
-
3-10 years

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.

Page 19

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

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.

 
2.16

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

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

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash
Page 20

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are
Page 21

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, which are described in note 2, the Directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgments in applying the Group's accounting policies
The preparation of the financial statements in conformity with FRS 102 requires the Directors to exercise their judgement in the process of applying the Company's accounting policies. 
Fair Value Measurement
Management have performed an assessment on the present value of related party loans where these have been issued at terms below those expected in an arms length transaction. Managements calculations require the entity to estimate the market interest rate for an identical facility entered into with a 3rd party and discount the future cash flows by this estimated market interest rate. 
Key sources of estimation uncertainity
• the obsolescence of inventory - Obsolete inventory are defined based on seasons and written down gradually in line with expected sales value. Furthermore returned items, sales samples and like are immediately written down.
• recoverability of intercompany loans. 
• Impairment of intangible assets - this is determined with reference to the performance of that particular asset against it's carrying value.

Page 22

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

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


2024
2023
DKK000
DKK000

Wholesale
115,798
143,736

Retail
35,187
39,354

E-Commerce
46,826
50,153

197,811
233,243


Analysis of turnover by country of destination:

2024
2023
DKK000
DKK000

United Kingdom
24,187
30,300

Rest of Europe
167,158
191,287

Rest of the world
6,466
11,656

197,811
233,243



5.


Operating loss

The operating loss is stated after charging:

2024
2023
DKK000
DKK000

Exchange differences
1,015
2,377

Depreciation
1,185
1,338

Amortisation of intangible assets
9,141
9,373


6.


Auditors' remuneration

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


2024
2023
DKK000
DKK000

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
1,093
1,213

Fees payable to the Company's auditors for non-audit services comprise of fees for tax compliance and VAT compliance totalling DKK 260 thousand  in 2024 (2023: DKK 266 thousand).

Page 23

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
DKK000
DKK000
DKK000
DKK000


Wages and salaries
46,884
53,488
699
480

Social security costs
519
393
-
-

Cost of defined contribution scheme
2,662
3,047
-
-

50,065
56,928
699
480


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administration
40
46
1
1



E-commerce
4
6
-
-



Retail
69
68
-
-



Wholesale
14
17
-
-

127
137
1
1


8.


Directors' remuneration

2024
2023
DKK000
DKK000

Directors' emoluments
5,875
5,945

5,875
5,945


The highest paid director received remuneration of DKK3,294 thousand (2023 - DKK3,285 thousand).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to DKK160 thousand (2023 - DKK240 thousand).

Page 24

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Interest receivable

2024
2023
DKK000
DKK000


Bank interest receivable
284
172

284
172


10.


Interest payable and similar expenses

2024
2023
DKK000
DKK000


Bank interest payable
685
621

Loan interest payable
-
31

685
652


11.


Taxation


2024
2023
DKK000
DKK000

Corporation tax


Current tax on profits for the year
419
254

Adjustments in respect of previous periods
(170)
647


249
901


Total current tax
249
901

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
249
901
Page 25

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19%) as set out below:

2024
2023
DKK000
DKK000


Loss on ordinary activities before tax
(18,039)
(15,306)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(4,510)
(2,908)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,929
3,162

Adjustments to tax charge in respect of prior periods
(170)
647

Total tax charge for the year
249
901


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 26

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Intangible assets

Group





Other intangible assets
Trademarks
Client rela- tionships
Goodwill
Total

DKK000
DKK000
DKK000
DKK000
DKK000



Cost


At 1 July 2023
49,882
435,515
152,039
381,159
1,018,595


Additions
732
-
-
-
732



At 30 June 2024

50,614
435,515
152,039
381,159
1,019,327



Amortisation


At 1 July 2023
34,987
435,515
152,039
380,236
1,002,777


Charge for the year on owned assets
8,218
-
-
923
9,141



At 30 June 2024

43,205
435,515
152,039
381,159
1,011,918



Net book value



At 30 June 2024
7,409
-
-
-
7,409



At 30 June 2023
14,895
-
-
924
15,819



There are no intangible assets in the parent Company.

Page 27

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Tangible fixed assets

Group






Leasehold improve- ments
Fixtures, fittings and equipment
Total

DKK000
DKK000
DKK000



Cost


At 1 July 2023
14,349
9,048
23,397


Additions
724
-
724


Disposals
(846)
-
(846)



At 30 June 2024

14,227
9,048
23,275



Depreciation


At 1 July 2023
11,795
9,048
20,843


Charge for the year on owned assets
1,185
-
1,185


Disposals
(839)
-
(839)



At 30 June 2024

12,141
9,048
21,189



Net book value



At 30 June 2024
2,086
-
2,086



At 30 June 2023
2,554
-
2,554

There are no tangible assets in the parent Company.

Page 28

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Fixed asset investments


Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Daisy 2017 LoanCo Limited
3rd Floor
5 Hanover Square
London
W1S 1HE
Holding entity
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves DKK000
Profit/(Loss) DKK000

Daisy 2017 LoanCo Limited
(421,313)
882

Page 29

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Daisy 2015 MidCo Limited
3rd Floor
5 Hanover Square
London
W1S 1HE
Holding entity
Ordinary
100%
Daisy 2015 HoldCo Limited
3rd Floor
5 Hanover Square
London
W1S 1HE
Holding entity
Ordinary
100%
Daisy 2015 BidCo Limited
3rd Floor
5 Hanover Square
London
W1S 1HE
Holding entity
Ordinary
100%
Daisy 2015 DebtCo Limited
3rd Floor
5 Hanover Square
London
W1S 1HE
Holding entity
Ordinary
100%
Daisy 2015 Management ApS
Hamrnerensgade 1, st tv
1267 Kobenhavn K
Denmark
Management services
Ordinary
100%
Masai Clothing Company ApS
Hamrnerensgade 1, st tv
1267 Kobenhavn K
Denmark
Clothing wholesale entity
Ordinary
100%
Masai Clothing Company UK Limited
3rd Floor
5 Hanover Square
London
W1S 1HE
Clothing wholesale entity
Ordinary
100%
Masai Clothing Company Deutschland GmbH
c/o Business Center
Ericcusspitze 4
DE-20 457 Hamburg
Germany
Clothing wholesale entity
Ordinary
100%

Page 30

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Indirect subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
DKK000
DKK000

Daisy 2015 MidCo Limited
(630,754)
(90)

Daisy 2015 HoldCo Limited
(630,598)
(86)

Daisy 2015 BidCo Limited
(145,268)
2,689

Daisy 2015 DebtCo Limited
(784,472)
(2,816)

Daisy 2015 Management ApS
(772,188)
46

Masai Clothing Company ApS
32,101
(27,753)

Masai Clothing Company UK Limited
(448)
103

Masai Clothing Company Deutschland GmbH
-
-


15.


Stocks

Group
Group
2024
2023
DKK000
DKK000

Manufactured goods and goods for resale
35,688
32,360

35,688
32,360


There is no stock held in the parent Company.


16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
DKK000
DKK000
DKK000
DKK000


Trade debtors
6,990
9,594
-
-

Other debtors
12
-
12
-

Prepayments and accrued income
9,330
10,238
-
-

16,332
19,832
12
-


Page 31

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Cash and cash equivalents

Group
Group
2024
2023
DKK000
DKK000

Cash at bank and in hand
14,238
24,135

14,238
24,135



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
DKK000
DKK000
DKK000
DKK000

Trade creditors
20,453
18,052
-
-

Amounts owed to group undertakings
-
-
18,999
18,229

Corporation tax
13
608
-
-

Other taxation and social security
17,529
26,047
-
-

Other creditors
11
-
420
191

38,006
44,707
19,419
18,420



19.


Creditors: Amounts falling due after more than one year

Group

Group
2024
2023
DKK000
DKK000

Senior loan
131,422
89,693

131,422
89,693




Page 32

 
DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Loans


Analysis of the maturity of loans is given below:


Group

Group
2024
2023
DKK000
DKK000


Amounts due between 2-5 years

Senior loan
131,422
89,692

131,422
89,692


The amount falls due in December 2028. The terms of the loan were amended in December 2021 to reduce the interest rate to 0.0% p.a.


21.


Financial instruments

Group

Group
Company

Company
2024
2023
2024
2023
DKK000
DKK000
DKK000
DKK000

Financial assets

Financial assets measured at amortised cost
16,988
19,832
-
-


Financial liabilities

Financial liabilities measured at amortised cost
169,428
134,400
19,418
18,420


Financial assets measured at amortised cost comprise trade debtors and accrued income.


Financial liabilities at amortised cost comprise trade creditors, amounts owed to Group undertakings, corporation tax, other taxation and social security, other creditors and loans.


22.


Share capital

2024
2023
DKK000
DKK000
Allotted, called up and fully paid



226,301,597 (2023 - 226,301,597) Ordinary shares of DKK0.01 each
2,263
2,263

Called up share capital relates to the nominal value of shares issued and carry voting rights equal to the nominal value of each share.


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DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Reserves

Share premium account

The share premium accounts represents cumulative difference between the par value of the shares issued and the issue price and other adjustments.

Foreign exchange reserve

The foreign exchange reserve relates to the translation of overseas subsidiaries.

Capital contribution reserve

The capital contribution reserve represents the difference between the face value of the senior loan facility and its present value. The unrealised gain on entering into this loan agreement has been recognised in equity as a capital contribution reserve as the lender in the arrangement is the Group's controlling party (Direct Lending Fund II Investments (Luxembourg) SARL).

Profit and loss account

The profit and loss account comprise of all current and prior retained earnings after deducting any
distributions made to company shareholders.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to DKK 2,662 thousand (2023 - DKK 3,047 thousand). Contributions amounting to DKK NIL (2023 - DKK NIL) were outstanding at the period end.


25.


Commitments under operating leases

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
DKK000
DKK000

Not later than 1 year
10,783
9,175

Later than 1 year and not later than 5 years
7,448
1,538

18,231
10,713
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DAISY 2015 TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

26.


Related party transactions

Sales and purchases between related parties are made at normal market prices. Outstanding balances with entities are unsecured, interest free and cash settlement is expected within 60 days of invoice. The Group has not provided or benefited from any guarantees for any related party receivables or payables. During the year ended 30 June 2024, a full provision was made against all intercompany debtor balances which are eliminated on consolidation.
Amounts due to the parent company Direct Lending Fund II Investments (Luxembourg) SAR total DKK 718,451 thousand (DKK 712,442 thousand).


27.


Post balance sheet events

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


28.


Controlling party

In the opinion of the directors, the Company's ultimate owners and ultimate controlling party are funds
advised by Direct Lending Fund II Investments (Luxembourg) SARL. 

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