Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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DAISY 2015 TOPCO LIMITED
COMPANY INFORMATION
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DAISY 2015 TOPCO LIMITED
CONTENTS
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DAISY 2015 TOPCO LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
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.
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.
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DAISY 2015 TOPCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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.
The Board consider the key financial performance indicators to be turnover, new customer intake and EBITDA.
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.
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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.
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.
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 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to DKK18,288 thousand (2023 - loss DKK16,206 thousand).
The directors who served during the year were:
The Group expects no changes in activity.
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DAISY 2015 TOPCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
There have been no significant events affecting the Group since the year end.
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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DAISY 2015 TOPCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAISY 2015 TOPCO LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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DAISY 2015 TOPCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAISY 2015 TOPCO LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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DAISY 2015 TOPCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAISY 2015 TOPCO LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
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)
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DAISY 2015 TOPCO LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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DAISY 2015 TOPCO LIMITED
REGISTERED NUMBER: 09632610
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.
The notes on pages 16 to 35 form part of these financial statements.
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DAISY 2015 TOPCO LIMITED
REGISTERED NUMBER: 09632610
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 35 form part of these financial statements.
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