Registered number:
FOR THE YEAR ENDED 31 JULY 2019
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HEDONISM DRINKS LIMITED
COMPANY INFORMATION
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HEDONISM DRINKS LIMITED
CONTENTS
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HEDONISM DRINKS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2019
Hedonism Drinks Ltd’s principal activity remains the retail of alcoholic beverages in the UK and across the globe through its retail unit located in the United Kingdom and its website, whilst our subsidiary company 85 Piccadilly Ltd is within the hospitality industry.
The board of directors reviews the group’s performance on a regular basis and compares its own results to similar businesses within the same industry, to ensure that the company is performing well within the its chosen line(s) of business.
The business had a very successful financial year with a significant increase in turnover from £29.4m in 2018 to £40.9m in 2019 (39% increase) and an increase in gross percentage margin from 41% in the year 2018 to 48% in 2019. The directors therefore hold the view that the business well as it continues to have substantial turnover growth each year. The group has however reported a pre-tax profit of £1,953,339, compared to £2,548 loss (restated) in 2018. The prior year loss at group level is mainly driven by start-up costs for 85 Piccadilly Ltd T/A Hide restaurant.
The drinks industry is a highly competitive environment with numerous retail outlets and online businesses offering similar products as we do. We therefore as a business ensure that we maintain a broad and unique product range, and offer excellent customer service which is second to none to enable us stay ahead of all our competitors.
Strategy Sales Strategy The retail space from which we vend our products remains unique in the industry and attracts customers not only from United Kingdom and Europe but from all around the world. Our product range (collection) is extremely broad to meet the needs of a wide variety of customers from across the globe and our pricing structure is constantly being monitored and reviewed to ensure competitiveness in the market. The business lays absolute emphasis on customer service and has consistently provided outstanding customer service to its customers since its inception. Our unrivalled customer service includes but is not limited to the fact that the products which we offer for sale are readily available to be delivered to customers at short notice and in addition to this we offer a guarantee on every product on our stock list. The sales team is made up of some of the industries most knowledgeable experts who have an in-depth knowledge of the products we sell and can provide valuable advice to customers. Buying The business has an expansive spectrum of suppliers and a vast collection of products which promotes its excellent turnover results. This however comes with its own risks and logistical challenges. In order to mitigate the risks mentioned above we have put in place an extremely robust supply chain management system and employ some of the industry’s most experienced professionals to be part of our buying and logistics team.
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HEDONISM DRINKS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
Administration
At the administrative level, the business employs excellent support staff and qualified professionals to run the finance and administrative functions of the business.
The board of directors reviews the business performance on a monthly basis and on an annual basis compares our group results to similar business within the same industry.
Turnover growth was 39% (2018: 42%) and gross profit margin 48% (2018: 41%). The directors hold the view that the business is performing well within its industry. Risk As per the Companies Act 2006; we are required to disclose principal risks which the business is exposed to and steps taken to mitigate these risk. Our board of directors is responsible for developing the group’s strategy on managing risks and enforcing controls. The board regularly reviews the risks and in the subsequent paragraphs, the key risks of the group are discussed along with steps taken to mitigate the risks. Foreign exchange The business sources its products from across the world which exposes it to foreign currency risks. To mitigate this risk the company uses financial instruments such as forwards. We are also constantly on the lookout to use foreign exchange dealers who offer the markets most favourable rates so as to improve our product margins. All sales prices both in our retail outlet and online are denominated in Sterling. This strategy completely eliminates any risk of losses, from foreign exchange movements, on transactions generated by customers purchasing from outside the United Kingdom. Subsidiary 85 Piccadilly Ltd T/A Hide our fine dining restaurant in central Mayfair was awarded its first Michelin star just six months after opening and has been named Restaurant of the year by GQ magazine 2019, amongst other accolades. With a well know chef Ollie Dabbous’ menu, views over green park, a stunning interior and the largest wine list in Europe, it is a popular dining destination for local residents, businesses and tourists alike. Undeniably the restaurant has had a difficult start, however the directors of the business have recently implemented several strategic changes which should increase turnover and reduce the overheads of the business. The future outlook is therefore a vast improvement in profitability in the short term, with a steady and consistent return in the medium to long term. The parent company will continue to support the restaurant business, until such a time when it becomes a profitable venture in its own right. Finance Hedonism Drinks Group is funded solely by its shareholder; and is therefore heavily dependent on his continued financial support. We must however clarify that the wine business is now profitable and can fund its activities without the need for further loans from the shareholder.
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HEDONISM DRINKS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
The shareholder has also pledged his continued support to the group until such a time when the subsidiary becomes profitable.
Future Development The business continues to look out for opportunities to increase its turnover, gross profit and net profit margins across the group. Covid-19 The Directors have considered the impact of the global Covid-19 pandemic on the ability of the company to continue trading for the foreseeable future. This review has included considering the impact of the pandemic to the date of signing the financial statements and updating financial projections and performing rigorous stress testing on these projections in respect of income and the company’s supply chain. Based on this review and taken together with existing financing facilities the directors believe that the financial statements have been prepared appropriately on the going concern basis.
This report was approved by the board
and signed on its behalf.
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HEDONISM DRINKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2019
The directors present their report and the financial statements for the year ended 31 July 2019.
The directors who served during the year were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the
consolidated
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 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.
Each of the persons who are
directors at the time when this Directors' Report is approved has confirmed that:
There have been no significant events affecting the Group since the year end.
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HEDONISM DRINKS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
The auditor, James Cowper Kreston, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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HEDONISM DRINKS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEDONISM DRINKS LIMITED
We have audited the financial statements of Hedonism Drinks Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2019, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and 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).
In our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. We also draw attention to a post balance sheet event, being covid-19 which has affected the Group through decreased performance . 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 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 Group and the Company is reliant on its ultimate owner for ongoing financial support. 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 Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon. We also draw attention to a post balance sheet event, being covid-19 which has affected the Group through decreased performance . 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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HEDONISM DRINKS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEDONISM DRINKS LIMITED (CONTINUED)
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.
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:
As explained more fully in the Directors' Responsibilities Statement on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
We also draw attention to a post balance sheet event, being covid-19 which has affected the Group through decreased performance . 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.
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.
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HEDONISM DRINKS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEDONISM DRINKS LIMITED (CONTINUED)
This report is made solely to the Company's members
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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Reigstered Auditor
Reading Bridge House
George Street
Berkshire
RG1 8LS
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HEDONISM DRINKS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2019
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HEDONISM DRINKS LIMITED
REGISTERED NUMBER:
07306044
CONSOLIDATED BALANCE SHEET
AS AT
31 JULY 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 30 form part of these financial statements.
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HEDONISM DRINKS LIMITED
REGISTERED NUMBER:
07306044
COMPANY BALANCE SHEET
AS AT
31 JULY 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 30 form part of these financial statements.
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HEDONISM DRINKS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 JULY 2019
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 JULY 2018
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HEDONISM DRINKS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 JULY 2019
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 JULY 2018
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HEDONISM DRINKS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2019
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
Hedonism Drinks Limited is a private limited company by shares incorporated in England and Wales. The registered office is Connaught House, 1-3 Mount Street, London, W1K 3NB.
The company's principal activity and nature of its operations are disclosed in the Director's Report.
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements show a profit after tax of £1,719,608 (2018: restated £36,119 profit) and net assets of £398,528 (2018: £1,321,080 net liabilities). At 31 July 2019, Mr Chichvarkin, the majority shareholder, was owed £28,159,676 (2018: £31,229,850).
Although the Company is profitable and has positive net assets, it is reliant on the continued financial support of its majority shareholder, Mr Chichvarkin. The financial statements have been prepared on a going concern basis as the majority shareholder has confirmed ongoing financial support and has pledged that he will not request repayment of the loan for at least 12 months from the date of signing the balance sheet. The group continues to trade successfully despite the COVID-19 pandemic, but the duration and extent of the impact of the pandemic is unpredictable, which further increases the uncertainty around the group’s going concern status. The financial statements do not include the adjustments that would result if the group was unable to continue as a going concern.
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
2.
Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
2.
Accounting policies (continued)
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.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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.
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
2.
Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the lease term.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
2.
Accounting policies (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following have had the most significant effect on amounts recognised in the financial statements:
Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values may vary depending on a number of factors. Taxation The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with previous tax submissions. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Operating lease commitments The Company has entered into commercial lease contracts and as a lessee it obtains use of property, plant and equipment. The classification of such leases as operating or finance lease requires the Company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Balance Sheet. Stock provision Provisions are estimated by the group in respect of specific stock items based upon the age and condition of the items and knowledge of known issues.
Analysis of turnover by country of destination:
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
9.
Taxation (continued)
There were no factors that may affect future tax charges.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
11.
Tangible fixed assets (continued)
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
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HEDONISM DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
An amount of £188,163 has been included within debtors in respect to unpaid customer balances in 2018.
The adjustment has resulted in an increase of profits after taxation of £188,163 for the year ended 31 July 2018 and also a decrease in the net liabilities of £188,163.
The Company operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The total pension cost for the Company was £97,866 (2018 - £36,558). Contributions totalling £27,079 (2018: £33,752) were payable to the fund at the balance sheet date.
The ultimate controlling party is E Chichvarkin.
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