Drinks Development Company Limited
Unaudited Financial Statements
For the year ended 30 June 2024
Pages for Filing with Registrar
Company Registration No. 12794659 (England and Wales)
Drinks Development Company Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Drinks Development Company Limited
Balance Sheet
As at 30 June 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
1,551,253
1,908,160
Current assets
Debtors
4
13,578
13,578
Cash at bank and in hand
52,315
14,252
65,893
27,830
Creditors: amounts falling due within one year
5
(8,600)
(4,500)
Net current assets
57,293
23,330
Total assets less current liabilities
1,608,546
1,931,490
Creditors: amounts falling due after more than one year
6
(995,829)
(1,352,736)
Net assets
612,717
578,754
Capital and reserves
Called up share capital
7
443
443
Profit and loss reserves
612,274
578,311
Total equity
612,717
578,754

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Drinks Development Company Limited
Balance Sheet (Continued)
As at 30 June 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
F D Lampen
Director
Company Registration No. 12794659
Drinks Development Company Limited
Notes to the Financial Statements
For the year ended 30 June 2024
Page 3
1
Accounting policies
Company information

Drinks Development Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor 22 Newman Street, London, United Kingdom, W1T 1PH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Drinks Development Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 4
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
Drinks Development Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 5
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,551,253
1,908,160
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
1,908,160
Reduction in deferred consideration
(356,907)
At 30 June 2024
1,551,253
Carrying amount
At 30 June 2024
1,551,253
At 30 June 2023
1,908,160
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
13,578
13,578
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
4,000
-
0
Accruals and deferred income
4,600
4,500
8,600
4,500
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
995,829
1,352,736
Drinks Development Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 6
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
10,000
10,000
100
100
B Ordinary Shares of 1p each
10,000
10,000
100
100
C Ordinary Shares of 1p each
24,250
24,250
243
243
44,250
44,250
443
443
8
Financial commitments, guarantees and contingent liabilities

The company made an acquisition in 2019 where deferred contingent consideration is to be paid if certain targets set out in the sale and purchase agreement are met. The maximum potential contingent consideration payable in respect of the acquisition is £2.35m. As at the balance sheet date and following a review of the forecasts of the acquired entity, the directors believe that of the total contingent consideration it is probable that £996k will be paid and consequently a liability has been recognised in the financial statements in respect of this amount.

 

The amount has been adjusted to account for amounts paid out, failure of certain investments which could have generated fees to pay against the loan notes, and general industry conditions which are impacting valuations and the rate of M&A activity.

9
Related party transactions
Remuneration of key management personnel

Included within amounts owed to group undertakings is an amount of £150,000 (2023: £189,542) due to Distill Ventures (London) Limited, a related party by virtue of common ownership.

10
Parent company

F Lampen is the ultimate controlling party by virtue of his majority shareholding in Drinks Development Company Limited.

2024-06-302023-07-01falsefalsefalse25 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityF D LampenD Shrimpton127946592023-07-012024-06-30127946592024-06-30127946592023-06-3012794659core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3012794659core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3012794659core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3012794659core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3012794659core:ShareCapital2024-06-3012794659core:ShareCapital2023-06-3012794659core:RetainedEarningsAccumulatedLosses2024-06-3012794659core:RetainedEarningsAccumulatedLosses2023-06-3012794659core:ShareCapitalOrdinaryShareClass12024-06-3012794659core:ShareCapitalOrdinaryShareClass12023-06-3012794659core:ShareCapitalOrdinaryShareClass22024-06-3012794659core:ShareCapitalOrdinaryShareClass22023-06-3012794659core:ShareCapitalOrdinaryShareClass32024-06-3012794659core:ShareCapitalOrdinaryShareClass32023-06-3012794659core:ShareCapitalOrdinaryShares2024-06-3012794659core:ShareCapitalOrdinaryShares2023-06-3012794659bus:Director12023-07-012024-06-30127946592022-07-012023-06-3012794659core:CurrentFinancialInstruments2024-06-3012794659core:CurrentFinancialInstruments2023-06-3012794659bus:OrdinaryShareClass12023-07-012024-06-3012794659bus:OrdinaryShareClass22023-07-012024-06-3012794659bus:OrdinaryShareClass32023-07-012024-06-3012794659bus:OrdinaryShareClass12024-06-3012794659bus:OrdinaryShareClass12023-06-3012794659bus:OrdinaryShareClass22024-06-3012794659bus:OrdinaryShareClass22023-06-3012794659bus:OrdinaryShareClass32024-06-3012794659bus:OrdinaryShareClass32023-06-3012794659bus:AllOrdinaryShares2024-06-3012794659bus:AllOrdinaryShares2023-06-3012794659bus:PrivateLimitedCompanyLtd2023-07-012024-06-3012794659bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3012794659bus:FRS1022023-07-012024-06-3012794659bus:AuditExemptWithAccountantsReport2023-07-012024-06-3012794659bus:Director22023-07-012024-06-3012794659bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP