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Harrogate Water Brands Limited
Registered number: 06126126
Directors' report and
financial statements
For the year ended 31 December 2021
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HARROGATE WATER BRANDS LIMITED
COMPANY INFORMATION
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C G Lewko (appointed 17 December 2021)
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J F Mayer (appointed 17 December 2021)
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Chartered Accountants & Statutory Auditor
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HARROGATE WATER BRANDS LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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HARROGATE WATER BRANDS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The Directors present their Strategic Report for Harrogate Water Brands Limited for the year ended 31 December 2021.
The principal activity of the Company is that of a holding company. The principal activity of the Group is the extraction and bottling of water.
Harrogate’s illustrious heritage was founded on its unique mineral springs and can be traced back to the 16th Century. The Directors and the business are committed to continuing to bring the health benefits of our waters to consumers throughout the UK and overseas.
The last year has seen, yet again, the Harrogate Water Brands Group continues to invest in the very best equipment and people to deliver outstanding quality products and service to our valued customers.
Principal risks and uncertainties
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The risks that the business face are assessed periodically and help to inform our key strategic initiatives. Over the last year, the key risks that have been/are being managed include:
• Credit Risk – the Company maintains credit insurance where available on customer credit accounts and closely manages credit terms with its customers.
• Interest Rate Risk – the Company has a number of debt facilities and has protected itself against
movements in bank lending rates by fixing the rates for the majority of its borrowings.
• Liquidity Risk – the Company uses invoice discounting facilities as its main source of working capital
funding and maintains a very strong working relationship with its provider as well as closely monitoring
cash requirements and the adequacy of its facilities.
• Inability to produce – the previous significant investment in production lines substantially mitigates the risks of catastrophic production failure.
• Political Risk – the vote in favour of a UK exit from membership of the European Union has resulted in greater economic uncertainty. The Company is monitoring the outcome and shall ensure any risk is
mitigated.
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HARROGATE WATER BRANDS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
As with many other businesses the year ended 31 December 2021 was impacted from the ongoing pandemic. Key highlights have been:-
• Maintaining the highest possible audit accreditations in the industry across all areas.
• Leveraging use of some of the fastest PET and glass production lines in the UK.
• Maintaining industry-leading service levels to customers.
• Maintaining the use of recycled content in PET bottles and building on becoming the first UK bottled water producer to achieve the use of more than 50 per cent UK-sourced post-consumer recycled material across the whole PET product range.
• Developing our key sponsor partners which include being the official bottled water of the Royal Albert Hall and Royal Ascot.
• Winning new business in export markets.
• Continuing to build upon the globally recognised BCorp status, awarded in the previous year, which underpins our credentials of leading the way in environmental and CSR.
As always, none of this could have been achieved without the skill, dedication and hard work of all our colleagues and the ongoing support from our valued suppliers and our loyal customers.
Post balance sheet events
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On 24 February 2022 Russian Forces entered Ukraine, resulting in Western Nation reactions including announcements of sanctions against Russia and Russian interests worldwide and an economic ripple effect on the global economy. The Directors have carried out an assessment of the potential impact of Russian Forces entering Ukraine on the business, including the impact of mitigation measures and uncertainties, and have concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
Thus the Directors continue to adopt the going concern assumption in preparing these financial statements.
This report was approved by the board on 14 September 2022 and signed on its behalf.
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HARROGATE WATER BRANDS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
Directors' responsibilities statement
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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 judgements 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 profit for the year, after taxation, amounted to £403 (2020 - £266,069).
Dividends reflected in the financial statements for the financial period amounted to £NIL (period ended 31 December 2020: £152,000).
The directors who served during the year were:
C G Lewko (appointed 17 December 2021)
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J A Cain OBE (resigned 30 April 2022)
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O Boulay (resigned 21 January 2021)
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M Brocard (appointed 21 January 2021, resigned 9 May 2022)
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J P Pearson (appointed 21 January 2021, resigned 17 December 2021)
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J F Mayer (appointed 17 December 2021)
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C B Stammkoetter (resigned 21 January 2021)
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Qualifying third party indemnity provisions
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The Company maintains insurance policies on behalf of the directors against liability arising for negligence, breach of duty and breach of trust in relation to the Company.
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HARROGATE WATER BRANDS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Harrogate Water Brands group, the parent company and the Danone UK wider group have committed to providing support to the business. Therefore the directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, including the period of at least twelve months following the date of this report. Thus, they continue to adopt the going concern basis for accounting in preparing the annual financial statements.
Matters covered in the Strategic Report
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Certain information is not shown in the Directors' Report because it is shown in the Strategic Report on pages 1 and 2 instead under s414C(11). The Strategic Report includes a business review, principal risks and uncertainties and information on the Company's key performance.
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the directors is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the directors has taken all the steps that ought to have been taken as a directors in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
The auditor, Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 14 September 2022 and signed on its behalf.
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HARROGATE WATER BRANDS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARROGATE WATER BRANDS LIMITED
Opinion
We have audited the financial statements of Harrogate Water Brands Limited (the ‘Company’) for the year ended 31 December 2021 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, 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 FRS 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 31 December 2021 and of its profit 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 UK, including the FRC’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.
Conclusions relating to going concern
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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
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 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.
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HARROGATE WATER BRANDS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARROGATE WATER BRANDS LIMITED
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.
Opinions 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.
Matters on which we are required to report by exception
In 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.
∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
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HARROGATE WATER BRANDS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARROGATE WATER BRANDS LIMITED
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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, non-compliance with implementation of government support schemes relating to COVID-19.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, the Companies Act 2006.
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HARROGATE WATER BRANDS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARROGATE WATER BRANDS LIMITED
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut off assertion) subject to your revenue recognition significant fraud risk, and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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 the audit 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.
Shaun Mullins (Senior statutory auditor)
for and on behalf of
Mazars LLP
Chartered Accountants and Statutory Auditor
5th Floor
3 Wellington Place
Leeds
LS1 4AP
27 September 2022
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HARROGATE WATER BRANDS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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9 months ended 31 December 2020
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Interest payable and similar expenses
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Profit for the financial year
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There were no recognised gains and losses for the year ended 31 December 2021 or 9 month period ended 31 March 2020 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for the year ended 31 December 2021 (9 month period ended 31 March 2020: £NIL).
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The notes on pages 12 to 17 form part of these financial statements.
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HARROGATE WATER BRANDS LIMITED
REGISTERED NUMBER: 06126126
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Capital redemption reserve
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 September 2022.
The notes on pages 12 to 17 form part of these financial statements.
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HARROGATE WATER BRANDS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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Capital redemption reserve
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Comprehensive income for the period
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Total comprehensive income for the period
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Contributions by and distributions to directors
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Dividends: Equity capital
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Shares issued during the period
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Total transactions with directors
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 12 to 17 form part of these financial statements.
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HARROGATE WATER BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Harrogate Water Brands Limited ("the Company") is a private Company limited by shares, incorporated in England and Wales with registration number 06126126. The address of its registered office is Harlow Moor Road, Harrogate, North Yorkshire, HG2 0QB.
The Company's principal activity during the year was that of a holding company.
The principal activity of the Group is the extraction and bottling of water.
The prior year financial statements were reported on a 9 month period compared to 12 month for the current year.
The financial statements have been presented in Pound Sterling as this is currency of the primary economic environment in which the company operates and is rounded to the nearest pound.
2.Accounting policies
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Basis of preparation of financial statements
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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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has financial resources together with clearly defined performance objectives.
It also has the continued strong support of its parent company and the wider Danone UK group in working towards meeting its financial objectives. As a consequence, the directors believe that the Company is well placed to manage its business risks successfully and have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the company to continue as a going concern.
The period of assessment covers a period of at least 12 months from the date of the audit report. The Company is in a strong position giving the Directors a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that it is able to face future challenges. As such the Directors are satisfied that the Company remains a going concern and the financial statements have been prepared on the going concern basis.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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HARROGATE WATER BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
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.
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.
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HARROGATE WATER BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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There are no critical judgments or key sources of estimation uncertainty that the directors have made in the process of applying the Company’s accounting policies that have a significant effect on the amounts recognised in the statutory financial statements.
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Auditor's remuneration is dealt within the financial statements of Harrogate Spring Water Limited.
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The Company has no employees other than the directors, who did not receive any remuneration (2020 - NIL).
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9 months ended 31 December 2020
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Interest receivable from group companies
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HARROGATE WATER BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Interest payable and similar expenses
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9 months ended 31 December 2020
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Other loan interest payable
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Harrogate Spring Water Limited
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The registered office for all subsidiary undertakings is Harlow Moor Road, Harrogate, North Yorkshire, HG2 0QB.
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HARROGATE WATER BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Bank loans above and in note 9 below include loans of £NIL (2020: £262,272) secured by fixed and floating charges over the assets of the Company and a cross guarantee with companies in the Harrogate Water Brands Group.
Amounts owed to group undertakings are interest free and repayable on demand.
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Creditors: Amounts falling due after more than one year
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The loans are secured by fixed and floating charges over the assets of the Company and a cross guarantee with companies in the Harrogate Water Brands Limited group. Interest is charged at rates ranging from 2% to 8%.
The bank loan previously held by the Company was repaid in full in the year ended 31 December 2021.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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The bank loan previously held by the Company was repaid in full in the year ended 31 December 2021.
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- 16 -
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HARROGATE WATER BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Allotted, called up and fully paid
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168,352 (2020 - 168,352) A Ordinary shares of £0.75 each
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3,368 (2020 - 3,368) B Ordinary shares of £0.75 each
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Share premium account
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit & loss account
This reserve represents cumulative retained profits and losses less dividends paid.
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Related party transactions
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During the period the Company borrowed £4,472,795 (2020: £4,172,817) from Harrogate Spring Water Limited. This amount is oustanding at 31 December 2021.
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Post balance sheet events
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On 24 February 2022 Russian Forces entered Ukraine, resulting in Western Nation reactions including announcements of sanctions against Russia and Russian interests worldwide and an economic ripple effect on the global economy. The Directors have carried out an assessment of the potential impact of Russian Forces entering Ukraine on the business, including the impact of mitigation measures and uncertainties, and have concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
Thus the Directors continue to adopt the going concern assumption in preparing these financial statements.
The ultimate holding parent company is Danone S.A based in France.
Danone Holdings UK own 90% of the share capital of the company.
- 17 -
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