Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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DAISY 2017 LOANCO LIMITED
COMPANY INFORMATION
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DAISY 2017 LOANCO LIMITED
CONTENTS
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DAISY 2017 LOANCO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
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).
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).
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.
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.
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.
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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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the 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 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 2006. They 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.
The loss for the year, after taxation, amounted to DKK882 thousand (2023 - loss DKK740 thousand).
The directors who served during the year were:
The Company expects no changes in activity.
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DAISY 2017 LOANCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
There have been no significant events affecting the Company since the year end.
The auditor, 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 2017 LOANCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAISY 2017 LOANCO LIMITED
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 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 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.
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DAISY 2017 LOANCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAISY 2017 LOANCO LIMITED (CONTINUED)
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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DAISY 2017 LOANCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAISY 2017 LOANCO LIMITED (CONTINUED)
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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DAISY 2017 LOANCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAISY 2017 LOANCO LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
London, United Kingdom
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 2017 LOANCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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DAISY 2017 LOANCO LIMITED
REGISTERED NUMBER: 10675013
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 by:
The notes on pages 12 to 21 form part of these financial statements.
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DAISY 2017 LOANCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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DAISY 2017 LOANCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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
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:
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. .
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.
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DAISY 2017 LOANCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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.
Functional and presentation currency
Transactions and balances
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DAISY 2017 LOANCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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.
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
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DAISY 2017 LOANCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (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.
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DAISY 2017 LOANCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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.
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DAISY 2017 LOANCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
There were no factors that may affect future tax charges.
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DAISY 2017 LOANCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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DAISY 2017 LOANCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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DAISY 2017 LOANCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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DAISY 2017 LOANCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Capital contribution reserve
Profit and loss account
distributions made to company shareholders.
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.
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