Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30false0truetruetruetruetrueholding and financing activity.2023-07-01false0truefalse 10675013 2023-07-01 2024-06-30 10675013 2022-07-01 2023-06-30 10675013 2024-06-30 10675013 2023-06-30 10675013 2022-07-01 10675013 2 2023-07-01 2024-06-30 10675013 2 2022-07-01 2023-06-30 10675013 d:Director1 2023-07-01 2024-06-30 10675013 d:Director2 2023-07-01 2024-06-30 10675013 d:Director3 2023-07-01 2024-06-30 10675013 d:Director3 2024-06-30 10675013 d:Director4 2023-07-01 2024-06-30 10675013 d:RegisteredOffice 2023-07-01 2024-06-30 10675013 e:CurrentFinancialInstruments 2024-06-30 10675013 e:CurrentFinancialInstruments 2023-06-30 10675013 e:Non-currentFinancialInstruments 2024-06-30 10675013 e:Non-currentFinancialInstruments 2023-06-30 10675013 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 10675013 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 10675013 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 10675013 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 10675013 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-06-30 10675013 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-06-30 10675013 e:OtherMiscellaneousReserve 2023-07-01 2024-06-30 10675013 e:OtherMiscellaneousReserve 2024-06-30 10675013 e:OtherMiscellaneousReserve 2 2023-07-01 2024-06-30 10675013 e:OtherMiscellaneousReserve 2023-06-30 10675013 e:OtherMiscellaneousReserve 2022-07-01 10675013 e:OtherMiscellaneousReserve 2 2022-07-01 2023-06-30 10675013 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 10675013 e:RetainedEarningsAccumulatedLosses 2024-06-30 10675013 e:RetainedEarningsAccumulatedLosses 2 2023-07-01 2024-06-30 10675013 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 10675013 e:RetainedEarningsAccumulatedLosses 2023-06-30 10675013 e:RetainedEarningsAccumulatedLosses 2022-07-01 10675013 e:RetainedEarningsAccumulatedLosses 2 2022-07-01 2023-06-30 10675013 d:OrdinaryShareClass1 2023-07-01 2024-06-30 10675013 d:OrdinaryShareClass1 2024-06-30 10675013 d:OrdinaryShareClass1 2023-06-30 10675013 d:FRS102 2023-07-01 2024-06-30 10675013 d:Audited 2023-07-01 2024-06-30 10675013 d:FullAccounts 2023-07-01 2024-06-30 10675013 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10675013 e:Subsidiary1 2023-07-01 2024-06-30 10675013 e:Subsidiary1 1 2023-07-01 2024-06-30 10675013 e:Subsidiary2 2023-07-01 2024-06-30 10675013 e:Subsidiary2 1 2023-07-01 2024-06-30 10675013 e:Subsidiary3 2023-07-01 2024-06-30 10675013 e:Subsidiary3 1 2023-07-01 2024-06-30 10675013 e:Subsidiary4 2023-07-01 2024-06-30 10675013 e:Subsidiary4 1 2023-07-01 2024-06-30 10675013 e:Subsidiary5 2023-07-01 2024-06-30 10675013 e:Subsidiary5 1 2023-07-01 2024-06-30 10675013 e:Subsidiary6 2023-07-01 2024-06-30 10675013 e:Subsidiary6 1 2023-07-01 2024-06-30 10675013 e:Subsidiary7 2023-07-01 2024-06-30 10675013 e:Subsidiary7 1 2023-07-01 2024-06-30 10675013 e:Subsidiary8 2023-07-01 2024-06-30 10675013 e:Subsidiary8 1 2023-07-01 2024-06-30 10675013 6 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10675013










DAISY 2017 LOANCO LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
DAISY 2017 LOANCO LIMITED
 
 
COMPANY INFORMATION


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




Registered number
10675013



Registered office
3rd Floor
5 Hanover Square

London

W1S 1HE




Independent auditor
MHA
Chartered Accountants & Statutory Auditors

2 London Wall Place

London

EC2Y 5AU





 
DAISY 2017 LOANCO LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 21


 
DAISY 2017 LOANCO LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present their Strategic Report on the affairs of Daisy 2017 LoanCo Limited for the year ended 30 June 2024. This should be read in conjunction with the strategic report in the consolidated accounts of Daisy 2015 Topco Limited (the Group accounts). 

Business review
 
The Company's principal activity during the year consisted of holding and financing activity.  
The loss for the financial year was DKK 882 thousand (2023 - DKK 740 thousand) due to profits on foreign exchange and the financial position shows net liabilities of DKK 421,313 thousand (2023 -  DKK 391,557 thousand). 

Principal risks and uncertainties
 
The Company is a holding company within the Daisy 2015 TopCo Group. 
The management of the company and the execution of the Company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are consistent with those discussed in the Principal Risks and Uncertainties section in the Strategic Report for Daisy 2015 TopCo Limited and are managed in a consistent manner by the Directors of Daisy 2015 TopCo Limited. 
Going Concern
When making the going concern assessment, the Directors have considered the commitment made by Daisy
2015 TopCo Limited to provide full financial support to the Company for at least 12 months from the date of
signing these financial statements. Accordingly, the Directors' assessment is in respect of the ability of the group to provide such support as it may be required.
In assessing the appropriateness of the going concern assumption, 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 inflation and 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’s 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.

Financial key performance indicators
 
Based on the Company's activity as a holding and financing company, the Directors have assessed there to be no financial key performance indicators for this business. 

Other key performance indicators
 
Based on the Company's activity as a holding and financing company, the Directors have assessed there to be no other key performance indicators for this business. 

Page 1

 
DAISY 2017 LOANCO LIMITED
 

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


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



Jacob Andersen
Director
Date: 6 December 2024

Page 2

 
DAISY 2017 LOANCO 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 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


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

make 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 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 loss for the year, after taxation, amounted to DKK882 thousand (2023 - loss DKK740 thousand).

Directors

The directors who served during the year were:

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

Future developments

The Company expects no changes in activity.

Page 3

 
DAISY 2017 LOANCO LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 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

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

This report was approved by the board on 6 December 2024 and signed on its behalf.
 





Jacob Andersen
Director

Page 4

 
DAISY 2017 LOANCO LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAISY 2017 LOANCO LIMITED
 

Opinion


We have audited the financial statements of Daisy 2017 LoanCo Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


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


Basis for opinion


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


Page 5

 
DAISY 2017 LOANCO LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAISY 2017 LOANCO LIMITED (CONTINUED)


Material uncertainty related to going concern


We draw attention to note 2.4 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 2.4, 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.
• Obtaining a signed letter of support from Daisy 2015 Topco Limited (the parent entity) confirming their intention to continue to support the Company so that it can meet it's liabilities as they fall due for a minimum of 12 months from the date of the audit report.
• Assessing the ability of the parent entity to provide the support necessary for the 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.


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.


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.


Page 6

 
DAISY 2017 LOANCO LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAISY 2017 LOANCO LIMITED (CONTINUED)


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 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 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

 
DAISY 2017 LOANCO LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAISY 2017 LOANCO 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.


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; 
• 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;  
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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.


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.




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

6 December 2024
 
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (Registered number OC312313)
Page 8

 
DAISY 2017 LOANCO LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
DKK000
DKK000

  

Administrative expenses
  
(882)
(740)

Operating loss
 4 
(882)
(740)

Loss for the financial year
  
(882)
(740)

There was no other comprehensive income for 2024 (2023:DKKNIL).

The notes on pages 12 to 21 form part of these financial statements.

Page 9

 
DAISY 2017 LOANCO LIMITED
REGISTERED NUMBER: 10675013

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
DKK000
DKK000

  

  

Creditors: amounts falling due within one year
 9 
(335,559)
(335,312)

Net current liabilities
  
 
 
(335,559)
 
 
(335,312)

Total assets less current liabilities
  
(335,559)
(335,312)

Creditors: amounts falling due after more than one year
 10 
(85,754)
(56,245)

  

Net liabilities
  
(421,313)
(391,557)


Capital and reserves
  

Capital contribution reserve
 13 
383,041
411,915

Profit and loss account
 13 
(804,354)
(803,472)

  
(421,313)
(391,557)


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




Jacob Andersen
Director
Date: 6 December 2024

The notes on pages 12 to 21 form part of these financial statements.

Page 10

 
DAISY 2017 LOANCO LIMITED
 

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


Capital contribution reserve
Profit and loss account
Total equity

DKK000
DKK000
DKK000


At 1 July 2022
427,126
(802,732)
(375,606)


Comprehensive income for the year

Loss for the year
-
(740)
(740)

Movement in capital contribution reserve
(15,211)
-
(15,211)



At 1 July 2023
411,915
(803,472)
(391,557)


Comprehensive income for the year

Loss for the year
-
(882)
(882)

Movement in capital contribution reserve
(28,874)
-
(28,874)


At 30 June 2024
383,041
(804,354)
(421,313)


The notes on pages 12 to 21 form part of these financial statements.

Page 11

 
DAISY 2017 LOANCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Daisy 2017 LoanCo 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Daisy 2015 TopCo Limited as at 30 June 2024 and these financial statements may be obtained from the Company's registered office at the 3rd Floor, 5 Hanover Square, London. W1S 1HE. .

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 12

 
DAISY 2017 LOANCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Going concern

When making the going concern assessment, the Directors have considered the commitment made by Daisy 2015 TopCo Limited to provide full financial support to the Company for at least 12 months from the date of signing these financial statements. Accordingly, the Directors' assessment is in respect of the ability of the group to provide such support as it may be required.
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 inflation and 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’s 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.

 
2.5

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 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'.

 
2.6

Borrowing costs

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

Page 13

 
DAISY 2017 LOANCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.7

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 operates and generates income.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

 
2.10

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.

 
2.11

Financial instruments

The Company 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 Company's Balance sheet when the Company 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 Company's cash and cash 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
Page 14

 
DAISY 2017 LOANCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.

Page 15

 
DAISY 2017 LOANCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company'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 Company's accounting policies
The preparation of the financial statements in conformity with FRS 102 requires the Directors to exercise their judgment 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.
Impairment of investments in subsidiaries
Determining whether the Company's investments in subsidiaries have been impaired requires estimating the investments' values in use. The value in use calculations require the entity to estimate the future cash flows expected to arise from the investments and suitable discount rates in order to calculate present values.


4.


Operating loss

The operating loss is stated after charging:

2024
2023
DKK000
DKK000

Exchange differences
(1,626)
2,998


5.


Auditor's remuneration

2024
2023
DKK000
DKK000

Fees payable to the Company's auditor for the audit of the Company's financial statements
112
94

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 16

 
DAISY 2017 LOANCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2023 - DKKNIL)

7.


Taxation


2024
2023
DKK000
DKK000



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Tax on loss
-
-

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
(882)
(740)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(221)
(141)

Effects of:


Unrelieved tax losses carried forward
221
141

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 17

 
DAISY 2017 LOANCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Fixed asset investments





Investments in subsidiary companies

DKK000



Cost or valuation


At 1 July 2023
1



At 30 June 2024

1



Impairment


At 1 July 2023
1



At 30 June 2024

1



Net book value



At 30 June 2024
-



At 30 June 2023
-

Page 18

 
DAISY 2017 LOANCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

Subsidiary undertakings


The following were 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 19

 
DAISY 2017 LOANCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Creditors: Amounts falling due within one year

2024
2023
DKK000
DKK000

Amounts owed to group undertakings
335,444
335,197

Other creditors
115
115

335,559
335,312


All intercompany debt and receivables have an interest rate of 0.0% p.a.


10.


Creditors: Amounts falling due after more than one year

2024
2023
DKK000
DKK000

Senior loan
85,754
56,245

85,754
56,245



11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
DKK000
DKK000




Amounts falling due after more than 5 years

Senior loan
85,754
56,245

85,754
56,245

85,754
56,245


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.

Page 20

 
DAISY 2017 LOANCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Share capital

2024
2023
DKK000
DKK000
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of DKK0.01 each
-
-



13.


Reserves

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.


14.


Related party transactions

The Company has taken advantage of the exemption from the requirement to disclose transactions with
wholly owned group companies.


15.


Controlling party

The immediate parent company of Daisy 2017 LoanCo Limited is Daisy 2015 Topco Limited which is incorporated in United Kingdom.
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. The owner undertaking of the smallest and largest group, which includes the Company and for which group accounts are prepared, is Daisy 2015 TopCo Limited, a company incorporated in United Kingdom. Copies of the group financial statements of Daisy 2015 TopCo Limited are available from Companies House, Crown May, Maindy, Cardiff, CF14 3UZ, UK.

 
Page 21