HOT TUNA (INTERNATIONAL) PLC 
ANNUAL REPORT AND ACCOUNTS 2007
HOT TUNA (INTERNATIONAL) PLC
Hot Tuna Studios
96a Clifton Hill
St John’s Wood
London NW8 0JT
Tel: 020 7372 9378
Fax: 020 7372 9799
www.hottunaplc.com
WHO WE ARE
Hot Tuna is one of the world’s most distinct names in surf lifestyle, originally founded 
in Australia in 1969 as a surf apparel company. 
Hot Tuna came into prominence in the global youth fashion market through the 80’s 
and 90’s and still today the brand maintains an internationally recognisable cult status. 
Hot Tuna as a brand went dormant in the 1990’s and only began trading again in 2006. 
Our first product launch coincided with Spring/Summer 2007.
Hot Tuna (International) PLC listed on the AIM in 2005, raising funds with which to 
finance the acquisition of trademark licensing rights worldwide and to fund its future 
growth and development as a global brand manager. 
Hot Tuna own the rights to their intellectual property globally and have established 
operational business units in Sydney, Australia; London, England and Los Angeles, 
California. Penetration of peripheral markets is via the appointment of distributors.
HOT TUNA (INTERNATIONAL) PLC ANNUAL REPORT AND ACCOUNTS 2007
_1_cover.indd   1 26/10/2007   10:36:40 HOT TUNA (INTERNATIONAL) PLC 
ANNUAL REPORT AND ACCOUNTS 2007
HOT TUNA (INTERNATIONAL) PLC
Hot Tuna Studios
96a Clifton Hill
St John’s Wood
London NW8 0JT
Tel: 020 7372 9378
Fax: 020 7372 9799
www.hottunaplc.com
WHO WE ARE
Hot Tuna is one of the world’s most distinct names in surf lifestyle, originally founded 
in Australia in 1969 as a surf apparel company. 
Hot Tuna came into prominence in the global youth fashion market through the 80’s 
and 90’s and still today the brand maintains an internationally recognisable cult status. 
Hot Tuna as a brand went dormant in the 1990’s and only began trading again in 2006. 
Our first product launch coincided with Spring/Summer 2007.
Hot Tuna (International) PLC listed on the AIM in 2005, raising funds with which to 
finance the acquisition of trademark licensing rights worldwide and to fund its future 
growth and development as a global brand manager. 
Hot Tuna own the rights to their intellectual property globally and have established 
operational business units in Sydney, Australia; London, England and Los Angeles, 
California. Penetration of peripheral markets is via the appointment of distributors.
HOT TUNA (INTERNATIONAL) PLC ANNUAL REPORT AND ACCOUNTS 2007
_1_cover.indd   1 26/10/2007   10:36:40 WHAT WE DO
Hot Tuna own the global rights to the Hot Tuna brand, a progenitor of global youth fashion, 
born in Australia with a heritage of authentic surf culture.
The Group has coordinated design, marketing and distribution competence in its core 
markets supported by a team of inspired, experienced and young designers, marketers, 
salespeople and management with apparel expertise.
DESIGN
From its very beginning in the late sixties Hot Tuna 
was always the rebellious brand that dared to be 
different, without taking itself too seriously. While 
maintaining that core spirit and bringing the brand 
to the forefront of surf-fashion today, we have put 
together a second-to-none team of experienced 
designers from Sydney, London and Los Angeles, 
who will all operate from Hot Tuna’s new creative 
platform in our corporate showroom, in downtown 
Los Angeles. They will be working alongside our 
marketing and merchandising staff to ensure global 
brand consistency and make extensive use of our 
sourcing facility in Shanghai to ensure a cost and 
time-effective design process and ultimately better 
delivery rates and profit margins.
MARKETING AND PROMOTION
The Hot Tuna brand is built on a platform of 
quality surf lifestyle products that represents real 
value in terms of experience and creative expression. 
Being blessed with promoting a brand that never 
“sold out” and still remains respected and admired 
in the surf community is not only a great asset for 
our designers, but also makes the job of our 
marketing staff much easier, as they don’t have 
to “invent” credibility by jazzing up the message.
The Hot Tuna marketing and promotional activity 
is mainly at grassroots level. We sponsor athletes 
within the surf community who represent our core 
values, surfers who are “real” and aspirational.
The most invaluable marketing for us is to see 
our surfers and the surf community endorsing our 
product on the beach.
The Hot Tuna marketing and design staff work 
in partnership with our customers making sure that 
the brand visualisation at retail is consistent and 
effective in promoting the brand and maximising sales.
SPONSORSHIP AND EVENTS
Hot Tuna sponsors major surfing events and 
competitions around the world and features 
predominantly at major industry fashion shows, 
event parties and tradeshows.
Hot Tuna also proudly takes some of the core 
values that exist on the water into its association 
with charities and non-profit organisations that are 
trying to make the life on land a bit better for the 
ones who need it the most.
w w w
WHERE WE DO IT
Hot Tuna maintains its financial and executive headquarters in the United Kingdom; a design, 
production and marketing control centre in the USA; and a cultural hub in Australia.
UNITED KINGDOM
The Company’s administrative and economic base 
is in London, close to the financial market the 
Company serves, and proximal to Hot Tuna’s Board 
of Directors and advisors. Local sales teams 
service the established surfing centres and 
fashion communities of Great Britain and the 
greater European surf-lifestyle market, and 
contribute globally to the aesthetic of the brand.
UNITED STATES 
Global design, production and marketing is directed 
from downtown Los Angeles, in the Cooper Building. 
All of the US accounts are serviced from here and as 
the home base of the Chief Executive Officer, it is 
the source of new inspiration and direction for the 
brand and the Company.
AUSTRALIA
The ‘Land Down Under’ continues as a source of 
inspiration for Hot Tuna. The Company’s operations 
in Australia ensure the values of the brand are 
evidenced worldwide, and that key market points 
throughout the nation and across the South Pacific 
are effectively serviced.
SHANGHAI, CHINA
Global sourcing office for all Hot Tuna 
products. Central coordination 
of production, quality control and 
global logistics.
_1_cover.indd   2 26/10/2007   10:36:49 WHAT WE DO
Hot Tuna own the global rights to the Hot Tuna brand, a progenitor of global youth fashion, 
born in Australia with a heritage of authentic surf culture.
The Group has coordinated design, marketing and distribution competence in its core 
markets supported by a team of inspired, experienced and young designers, marketers, 
salespeople and management with apparel expertise.
DESIGN
From its very beginning in the late sixties Hot Tuna 
was always the rebellious brand that dared to be 
different, without taking itself too seriously. While 
maintaining that core spirit and bringing the brand 
to the forefront of surf-fashion today, we have put 
together a second-to-none team of experienced 
designers from Sydney, London and Los Angeles, 
who will all operate from Hot Tuna’s new creative 
platform in our corporate showroom, in downtown 
Los Angeles. They will be working alongside our 
marketing and merchandising staff to ensure global 
brand consistency and make extensive use of our 
sourcing facility in Shanghai to ensure a cost and 
time-effective design process and ultimately better 
delivery rates and profit margins.
MARKETING AND PROMOTION
The Hot Tuna brand is built on a platform of 
quality surf lifestyle products that represents real 
value in terms of experience and creative expression. 
Being blessed with promoting a brand that never 
“sold out” and still remains respected and admired 
in the surf community is not only a great asset for 
our designers, but also makes the job of our 
marketing staff much easier, as they don’t have 
to “invent” credibility by jazzing up the message.
The Hot Tuna marketing and promotional activity 
is mainly at grassroots level. We sponsor athletes 
within the surf community who represent our core 
values, surfers who are “real” and aspirational.
The most invaluable marketing for us is to see 
our surfers and the surf community endorsing our 
product on the beach.
The Hot Tuna marketing and design staff work 
in partnership with our customers making sure that 
the brand visualisation at retail is consistent and 
effective in promoting the brand and maximising sales.
SPONSORSHIP AND EVENTS
Hot Tuna sponsors major surfing events and 
competitions around the world and features 
predominantly at major industry fashion shows, 
event parties and tradeshows.
Hot Tuna also proudly takes some of the core 
values that exist on the water into its association 
with charities and non-profit organisations that are 
trying to make the life on land a bit better for the 
ones who need it the most.
w w w
WHERE WE DO IT
Hot Tuna maintains its financial and executive headquarters in the United Kingdom; a design, 
production and marketing control centre in the USA; and a cultural hub in Australia.
UNITED KINGDOM
The Company’s administrative and economic base 
is in London, close to the financial market the 
Company serves, and proximal to Hot Tuna’s Board 
of Directors and advisors. Local sales teams 
service the established surfing centres and 
fashion communities of Great Britain and the 
greater European surf-lifestyle market, and 
contribute globally to the aesthetic of the brand.
UNITED STATES 
Global design, production and marketing is directed 
from downtown Los Angeles, in the Cooper Building. 
All of the US accounts are serviced from here and as 
the home base of the Chief Executive Officer, it is 
the source of new inspiration and direction for the 
brand and the Company.
AUSTRALIA
The ‘Land Down Under’ continues as a source of 
inspiration for Hot Tuna. The Company’s operations 
in Australia ensure the values of the brand are 
evidenced worldwide, and that key market points 
throughout the nation and across the South Pacific 
are effectively serviced.
SHANGHAI, CHINA
Global sourcing office for all Hot Tuna 
products. Central coordination 
of production, quality control and 
global logistics.
_1_cover.indd   2 26/10/2007   10:36:49 01
Hot Tuna (International) PLC Annual Report and Accounts 2007
HIGHLIGHTS OF OUR YEAR
u  Appointed Niels Anders Juul, ex managing director 
of Von Dutch as Chief Executive Officer
u  Signed Shea Lopez, Micah Lester and Sarah Beardmore 
to the Hot Tuna team riders
u  Successful attendance at Miami Swim, MAGIC, ASR 
and Surf Expo tradeshows which produced placements 
in California Apparel News, WWD, and WGSN where 
Hot Tuna was named in the top 10 casual/contemporary 
brands to watch
u  Secured lucrative sales orders from key retailers globally 
such as: Myer; David Jones; Pacific Sunwear; Jacks’ 
Surfboards; Free Spirit; Otto; and Fluid to name a few
u  Arranged new innovative funding arrangement with 
Cornell Capital involving an equity line of credit to the 
value of £2.5m
u  Hot Tuna joined forces with, Homeboy Industries 
to introduce the sport of surfing to ex-gang members. 
Pro Surfers Shea Lopez, Cody Graham and Sarah Beardmore, 
hosted the day to make for an edgy advertising campaign and 
fundraising calendar that will be sold in Pacific Sunwear 
across the USA
CODY GRAHAM AND SHEA LOPEZ TEACHING 
CHILDREN TO SURF AT THE HOMEBOYZ CHARITY 
EVENT IN CALIFORNIA.
JULY’S MERCEDES-BENZ FASHION WEEK MIAMI 
SWIM THE XTRA LIFE LYCRA
®
 SHOW FEATURED 
KEY 2008 TRENDS FROM TOP DESIGNERS AND 
SWIMWEAR BRANDS.
TOBY ATKINS, HOT TUNA TEAM RIDER 
PARTICIPATING IN THE BPSA TOUR, BUDE, 
CORNWALL AUGUST 2007.
WHO WE ARE IFC
WHAT WE DO
WHERE WE DO IT
HIGHLIGHTS OF OUR YEAR 01
CHAIRMAN’S STATEMENT 02
CHIEF EXECUTIVE OFFICER’S REVIEW 04
DIRECTORS, ADVISORS AND OFFICERS 08
DIRECTORS’ REPORT 10
PRINCIPLES OF 
CORPORATE GOVERNANCE 13
DIRECTORS’ REMUNERATION REPORT 15
STATEMENT OF  
DIRECTORS’ RESPONSIBILITIES 17
INDEPENDENT AUDITOR’S REPORT 18
CONSOLIDATED INCOME STATEMENT 20
CONSOLIDATED AND COMPANY 
BALANCE SHEET 21
STATEMENT OF CHANGES IN EQUITY 22
CONSOLIDATED AND COMPANY 
CASH FLOW STATEMENT 24
SUMMARY OF SIGNIFICANT 
ACCOUNTING POLICIES 25
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS 29
NOTICE OF MEETING 47
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Hot Tuna (International) PLC Annual Report and Accounts 2007
CHAIRMAN’S STATEMENT
The Directors of Hot Tuna (International) PLC have pleasure in presenting 
the Company and Group’s results for the year ended 30 June 2007. 
Over the last twelve months, we have made significant progress in re-establishing 
Hot Tuna as a leading global surf and youth lifestyle brand. Despite challenging 
market conditions and a particularly poor summer in 2007 resulting in sales 
for the period being lower than expectations, we are encouraged nonetheless 
by the fact that retail sales of surf and related products have climbed by over 
15% in the last two years and that this sector still remains one of the fastest growing 
sectors within the apparel industry. Surfing, today, is no longer seen as a ‘rebel’ 
pastime but another healthy fun sport and lifestyle that everyone can enjoy. 
We believe that our strategy to position Hot Tuna as a global surf and youth 
life style brand will benefit from this sector growth.
During the past twelve months, there have been many affirmations of 
the Company’s growing strength and presence in the industry including 
the addition of fashion entrepreneur and brand management leader, 
Elle Macpherson, to the Company’s Board of Directors. Also on 1 June 2007, 
we were privileged to be able to appoint Niels Juul as Chief Executive Officer. 
Niels joins us from the world renowned Von Dutch apparel business where 
he was Managing Director and within three months of joining the Company 
implemented clear leadership and direction that we believe will take Hot Tuna 
to the next level in our quest to rank shoulder-to-shoulder with the biggest names 
in surf fashion and youth lifestyle.
FUNDRAISING
As a result of the successful fundraising in December 2006, the Company 
has been able to expedite the strategic plan to improve the distribution and 
manufacturing process. The capital raising exercise generated £4.2m (before 
expenses) via a placing of 28,024,994 new ordinary shares of nominal value 
htfrontLR.indd   2 26/10/2007   10:41:44 03
Hot Tuna (International) PLC Annual Report and Accounts 2007
£0.01p each, at £0.15p per share. These shares were issued together 
with warrants, in the ratio of one warrant for every two placing shares. 
In March 2007, the Group also agreed a maximum £2.5m equity-based credit 
facility with Cornell Capital Partners LLP. Cornell Capital Partners LLP also 
subscribed to convertible loan notes worth US$450,000. 
RESULTS SUMMARY
The Group operating loss for the year of £3.7m included employee costs of £1.5m 
(2006: £0.7m), production and manufacturing costs of £0.5m (2006: £0.1m) 
and marketing costs of £0.6m (2006: £0.1m). The high cash expenditure 
reflects the Group’s commitment to commissioning the right management 
and personnel to drive the Group into the next phase of its strategy. 
Hot Tuna has incurred approximately £2m of non-cash expenses up to 
30 June 2007, including £0.2m bad debt and inventory write-offs and £1.7m 
of exceptional share-based payment charges incurred in accordance with IFRS 2 
requirements and £0.1m outside equity interests were absorbed in recognition 
of the fact that these amounts would not be re-couped in the future. The 
share-based payments, which have been charged as an “exceptional item”, 
were incurred in order to appoint key personnel to the Hot Tuna team during 
the year. This charge does not affect the ability of the Company to pay dividends 
going forward nor does it affect the net assets of the Group. It is strictly 
a charge to reserves in accordance with current accounting standards. 
As at the 30 June 2007, the Group had cash reserves of £1.9m (2006: £1.5m) 
and a net current asset position of £2.2m (2006: £1.5m).
COLLEAGUES AND PARTNERS
On behalf of the Board I wish to thank my fellow Directors, our employees 
and our partners for their energy and commitment and to extend our sincere 
thanks to all of them for their hard work and dedication. We look forward to 
driving the business forward and taking the business of surf to new heights 
through the merits of Hot Tuna.  
RANJIT MURUGASON
CHAIRMAN
16 OCTOBER 2007
...WE ALL BELIEVE THAT HOT TUNA HAS AN 
EXCITING FUTURE
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Hot Tuna (International) PLC Annual Report and Accounts 2007
CHIEF EXECUTIVE OFFICER’S REVIEW
It gives me great pleasure to give my first Chief Executive’s review since 
joining the Company on 1 June 2007. 
During 2007, the Group has made significant strides and secured the delivery 
of its products into important independent retailers in all of its core markets. 
STRATEGIC REVIEW
Since I have taken on my new role, the Board and I have been focusing 
on driving sales growth as well as creating efficiencies that will ultimately 
generate cost savings and improved margins for the Group. Hot Tuna have 
planned the global launch of their product for Spring/Summer 2008 and 
up until this season the operations have not been cohesive and as a result 
of many inefficiencies the margins generated and the operating result has 
not been favourable.
The first improvement in our process recommended during my global strategic 
review was a reduction in the number of manufacturing partners (from fourteen 
to three). This will enable quicker delivery times and added reliability through 
stronger relationships. Most importantly we will be in a much stronger position 
SHEA LOPEZ
Shea has enjoyed a successful career on the World 
Championship Tour (WCT), and remains one of the most successful 
athletes still competing in the water (and way above it!).
NIELS JUUL, CEO – with 
members of Homeboyz, a US 
charity that reforms hard-core 
gang members into working 
citizens, through special 
training and job-placements. 
Hot Tuna is a proud corporate 
sponsor of Homeboyz and 
recently organised a major 
event in California with its 
team riders, teaching ex-gang 
members how to surf.
Niels Juul is the one with 
the glasses.
SARAH BEARDMORE
Beardmore 24, originally grew up in Western 
Australia and now resides in Ballina on the East 
Coast of Australia. She won the 2006 Boardfest 
in Huntington Beach Califoria, was placed second 
in the 2006 Billabong Queensland Surﬁng Series, 
was a competitor on the World Qualifying Series, 
is a big character and personality on the women’s 
tour, and studied one year of bachelor of ﬁne 
arts and currently completing bachelor of 
business degree during travels.
US TEAM RIDERS
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Hot Tuna (International) PLC Annual Report and Accounts 2007
to negotiate better prices and therefore secure better margins. Additionally, 
we are in the process of establishing our own sourcing office in Shanghai. 
From here we will co-ordinate our production, quality control and global 
logistics, leading to substantial improvements in delivery rates and making 
sure that Hot Tuna is not only a strong brand but also a credible and efficient 
supplier for our distributors and main retail partners.
Secondly, our team will be moving to a new showroom in the Cooper Building 
in downtown Los Angeles, where Hot Tuna will feature alongside many other 
reputable fashion and sportswear leaders. The new showroom will give us 
instant access to fashion buyers whilst serving as our design, marketing and 
branding headquarters. Furthermore, all aspects of the design process will be 
overseen by myself from this central location whereas previously our designers 
were based across our three regional offices. These changes will reduce the 
overall design time by six to eight weeks, which is significant not only in terms 
of reducing the cost of the process, but it will also allow the Company to 
secure more orders by offering a quicker time to market. 
OPERATIONAL REVIEW
UNITED STATES
The US’s launch plan was to establish an initial account base of ‘A’ grade 
independent surf retailers. The Company succeeded in securing orders from Jacks’ 
Surfboards, (voted Retailer of the Year 2006 by the Surf Industry Manufacturers 
Association (SIMA)). Jacks’ Surfboards are based in four locations in California, 
namely Huntingdon Beach, Newport Beach, Corona del Mar and Dana Point. 
Orders were also received from key accounts and trendsetting retailers in 
New York, Miami, Dallas, San Francisco and other major cities across the 
USA. Additionally, the Company has fulfilled orders from Diane Beachwear, 
a leading swimwear retailer with fourteen stores in southern California and 
the Cocoa Beach Surf Company (based in Florida). Cocoa Beach houses 
the largest surf complex in the world and is the location of Hot Tuna’s first 
concept store launched in Spring 2006. 
UNITED KINGDOM
The appetite for the brand within the UK is strong and this is illustrated by 
orders received from some of the most respected independents, including: 
Fluid, Two Seasons, Cult Clothing, Shore Watersports, Free Spirit, Extreme Pie, 
Shred Head and Surfdome.
Free Spirit is currently the largest and most prominent group on the high street 
for surf lifestyle and stocks all the main surf lifestyle brands. Free Spirit has 
38 stores nationwide. Extreme Pie is the online and mail order retail division 
of the Extreme Group and is now one of Europe’s largest online board action 
sports stores. The Extreme Group possesses a large customer base with 
the Extreme channel broadcasting non-stop through satellite.
In addition to the above, we have secured orders from Otto, the mail order and 
online sales group, who own titles such as Freemans and Grattan. Otto have 
established a new mail-order catalogue and online business called “Oli”, which 
will feature Hot Tuna men’s apparel and women’s swimwear going forward. 
Early sell through results have been very positive, with the Hot Tuna ranking 
in the top 20 selling mens’ brands.
...FASHION TREND SPOTTING AUTHORITIES 
HAVE RECENTLY RECOGNISED HOT TUNA AS 
ONE OF THE TOP TEN SWIM BRANDS TO WATCH 
FOR 2008
CODY GRAHAM
Cody Graham is perhaps the most fearless surfer ever to charge 
the biggest waves of Oahu’s North Shore.
Cody now heads Hot Tuna’s marketing team in Los Angeles 
and has been instrumental in assisting Chief Executive Ofﬁcer 
Niels Juul with the new brand direction.
US TEAM RIDERS
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Hot Tuna (International) PLC Annual Report and Accounts 2007
OPERATIONAL REVIEW CONTINUED
AUSTRALIA
In Australia, Hot Tuna has re-launched into the key independents including, 
amongst others, Glue, Surf Vision and Beach Street, however, our greatest 
achievement has been to secure orders from both Myer and David Jones, 
on a national level.
Myer is Australia’s largest department store with 60 stores nationwide. Myer 
placed orders for the Hot Tuna boys clothing range (8–16 years) and delivery 
of these products commenced during July 2007 to all Myer stores. Myer are 
also implementing 15 Hot Tuna concept stores into their retail premises which 
will be used to market and sell Hot Tuna accessories (backpacks, caps, wallets 
and sunglasses). The first sell through reports have been very encouraging, 
illustrating sell through of approximately 20% weekly, which is very impressive 
by industry standards.
DISTRIBUTION
Hot Tuna is continuing to pursue strong partnerships with distributors globally 
and will continue to foster new and lucrative relationships as the year goes on. 
Presently, we have distributors in Spain, Portugal and the Canary Islands, and 
most recently in the Middle East. In addition to selling apparel through established 
retail outlets, we have also reached an agreement with Sourcerite, our Middle 
Eastern distribution partner, to open a dedicated Hot Tuna store in Dubai by 
autumn 2008, which will significantly raise the brand’s profile in this region. 
MARKETING AND PROMOTION
On the marketing front we have successfully re-launched our new website 
and established an online sales store in the USA, which is expected to be 
rolled out globally. Hot Tuna has also been receiving a lot of encouraging 
fashion press from the recent trade shows and promotional activities, including 
most recently, the Mercedes Benz fashion show and the Home Boy Industries 
Charity Day in California. 
Hot Tuna has also recently signed a sponsorship agreement with another 
famous Australian brand, Carlton Cold, which is owned by Foster’s Brewing 
Group. Carlton Cold is aimed at adventure lifestyle-seekers, male and female 
18–35 year-olds, as is Hot Tuna’s surf apparel. Carlton Cold will support Hot 
Tuna’s surf team through a number of branding initiatives, and similarly Hot 
Tuna will support promotions run by Carlton Cold with Hot Tuna merchandise. 
The alignment of the two brands will raise awareness of the Hot Tuna brand 
and also facilitate Carlton Cold’s launch of their brand in the UK. This support 
marketing gives Hot Tuna access to new platforms and is intended to further 
drive the Group’s penetration of the trendy young adult market.
Hot Tuna also continues to support the sport of surfing through sponsoring 
athletes, events and grass roots surfing and surf schools. In August 2006, 
Hot Tuna signed former World No. 11 and X-Games Champion surfer Shea 
Lopez to its roster as lead team rider. Under the Hot Tuna banner, Lopez shot 
to the top of the 2007 Association of Surfing Professionals (ASP) ratings and 
CHIEF EXECUTIVE OFFICER’S REVIEW CONTINUED
TOBY ATKINS
Hot Tuna signed Toby Atkins as its ﬁrst European team rider. 
Originally from Australia, Toby has been settled in Constantine 
Bay, Cornwall, England for the past four years and is one of the 
hottest young surfers in the country.
MICAH LESTER
Hot Tuna signed 26-year-old Micah Lester 
shortly after cinching his first British 
Professional Surfing Association (BPSA) 
Tour Championship title.
UK TEAM RIDERS
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Hot Tuna (International) PLC Annual Report and Accounts 2007
Building on the great initial success of our kids ranges in Australia, we are 
also looking forward to the global launch of the Hot Tuna kids wear in the fall 
of 2008.
We remain very confident about the future of the brand and delivering results 
to our shareholders at same time as fostering a great, supportive working 
environment for all of our employees.
NIELS ANDERS JUUL
CHIEF EXECUTIVE OFFICER
16 OCTOBER 2007
as of the date of press, he was the No. 2 surfer on the ASP World Qualifying 
Series (WQS) tour. In the United Kingdom, BPSA champion Micah Lester and 
British Professional Surfing Association (BPSA) – ranked No. 7 Toby Atkins were 
retained by Hot Tuna, ensuring a steady stream of national media play at the core 
of their sport, and top-flight representation at the highest levels of European 
and Australian competition. 
In March, the whole Hot Tuna surf team converged on Hot Tuna’s birthplace in 
support of the Company’s crown-jewel event of the year, the ASP 4-star-rated 
Hot Tuna Central Coast Pro Surfing Championship, held at Soldiers Beach, NSW, 
Australia. More recently, Hot Tuna was the sponsor of the prestigious BPSA 
Tour, held at Widemouth Bay, Cornwall. 
From sponsorship of world-class talent and championships, to support of local 
and regional athletes and events, Hot Tuna retains its global stature as a surfer’s 
surfing brand true to the sport and spirit of authentic surf culture. 
MOVING FORWARD
The year ahead looks very exciting and it has begun in a very positive manner. 
Subsequent to our recent brand “makeover” Hot Tuna has gained some high 
profile publicity and fashion trend spotting authorities have recently recognised 
Hot Tuna as one of the top ten swim brands to watch for 2008 (WGSN August 
DNR magazine). We have also strengthened the talent within our team, with 
the likes of Anna Kenney, one of the leading swimwear designers in the USA 
(former Ocean Pacific and Ralph Lauren) who brings tremendous experience 
and creativity to the team.
...WE HAVE ALSO REACHED AN AGREEMENT 
WITH SOURCERITE, OUR MIDDLE EASTERN 
DISTRIBUTION PARTNER, TO OPEN A DEDICATED 
HOT TUNA STORE IN DUBAI BY AUTUMN 2008
HOT TUNA HOSTS BEACH DAY EVENT FOR 
‘HOME BOYS’
Hot Tuna along with Pro Surfers Shea Lopez, Sarah Beardmore, 
Cody Graham and Sunny Garcia taught ex afﬁliated gang 
members to surf in Newport Beach, CA..
UK TEAM RIDERS
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Hot Tuna (International) PLC Annual Report and Accounts 2007
DIRECTORS, ADVISORS AND OFFICERS
RANJIT MURUGASON
CHAIRMAN
Ranjit holds a degree in law from the University 
of London and a postgraduate degree in law from 
the University of Oxford and was called to the Bar in 
July 1989. He had an extensive career in the City of 
London as an investment banker at Nomura Securities 
and UBS Warburg. His last role was as Managing 
Director and Global Head of Industrials, for ABN 
AMRO Bank NV, where he also served on ABN 
AMRO’s Global Management Committee for 
Investment Banking. Ranjit has been involved with 
Hot Tuna since April 2006 and has successfully 
driven the Company into this new and exciting 
phase, which began with him buying back global 
licences and centralising control over the brand.
NIELS JUUL
CHIEF EXECUTIVE OFFICER
Niels was appointed to the Board on 1 June 2007 
and joined the Company from Von Dutch, a high profile 
international clothing company, where he was most 
recently managing director. Niels brings considerable 
experience and an impressive track record to Hot Tuna. 
With a background in advertising agencies and a strong 
history in senior management positions within the 
apparel and eyewear industry, he was a member 
of the original executive team at Von Dutch and 
a key part of its success. As managing director 
of Von Dutch, he was not only responsible for 
overseeing the overall brand development and 
positioning, but also led a team in establishing 
Von Dutch internationally, utilising his ten years’ 
of previous experience of building international 
operations at Filtenborg, His knowledge of the 
global retail markets will be integral to Hot Tuna’s 
future development.
ELLE MACPHERSON
EXECUTIVE DIRECTOR
Elle has been one of the most recognisable names 
in the world of fashion since she appeared in a 
cover story in Time Magazine in 1986. Since 
then, she has developed significant and successful 
business interests in many complementary areas. 
In the world of entertainment, she has starred opposite 
many of Hollywood’s famous names since her 
film debut in 1993, in addition to appearances in 
high-profile global sitcoms (including Friends – 1999). 
In the fitness and fashion arena, her fitness video 
was voted the year’s best by Billboard Magazine in 
1995 and, in 1990, Elle launched her first lingerie 
collection; Elle Macpherson Intimates, which is today 
one of the most highly recognisable fashion lingerie 
brands in all markets.
htfrontLR.indd   8 26/10/2007   10:43:20 09
Hot Tuna (International) PLC Annual Report and Accounts 2007
KIRAN MORZARIA
NON-EXECUTIVE DIRECTOR
Kiran holds a MBA from CASS Business School 
and a Bachelor of Engineering from the University 
of Exeter. He has had considerable experience in 
providing corporate advice to several AIM listed 
companies and has experience in valuations, due 
diligence, capital raisings, joint ventures and reverse 
take-overs. He is the finance director of the 
AIM quoted resource company River Diamonds plc.
COMPANY SECRETARY
ANGELINE HICKS
96a Clifton Hill 
St John’s Wood 
London NW8 0JT
REGISTERED OFFICE
96a Clifton Hill 
St John’s Wood 
London NW8 0JT
REGISTERED NUMBER
05382036
SHARE REGISTRAR
SHARE REGISTRARS LTD
Craven House 
West Street 
Farnham 
Surrey GU9 7EN
NOMINATED ADVISOR AND BROKER 
SEYMOUR PIERCE
20 Old Bailey 
London EC4M 7EN
BANKERS
LLOYDS TSB
25 Gresham Street 
London EC2V 7HN
INDEPENDENT AUDITORS
BAKER TILLY UK AUDIT LLP
Registered Auditor 
Chartered Accountants 
2 Bloomsbury Street 
London WC1B 3ST 
SOLICITORS
DENTON WILDE SAPTE
One Fleet Place  
London EC4M 7WS 
MCNICHOLS RANDICK O’DEA 
& TOOLIATOS, LLP
5000 Hopyard Rd. 
Suite 400 
Pleasanton, CA, 94588
htfrontLR.indd   9 26/10/2007   10:43:21 DIRECTORS’ REPORT
The Directors submit their report and the financial statements of Hot Tuna (International) PLC and its subsidiary undertakings (“the Group”) for the year ended 
30 June 2007.
Hot Tuna (International) PLC is a public company incorporated in England and Wales, and quoted on the AIM Market.
PRINCIPAL ACTIVITIES
The principal activity of the Group during the year was that of design, production and sale of our branded surf and youth lifestyle apparel to specified regions 
of the world.
PRINCIPAL RISKS AND UNCERTAINTIES
The Directors consider the following to be key risks involved in running the day to day business of Hot Tuna (International) PLC and its subsidiaries:
u protection of intellectual property across the globe and new registrations in emerging markets;
u loss of key executives and members of the staff would affect product offering and have an adverse impact on operations;
u changes to import and export restrictions across the world;
u obsolescence of inventory, could cause lower than expected margins and large expenditure write offs to the profit and loss;
u general economic climate and consumer sentiment;
u fluctuations in foreign currencies could harm the results of our operations;
u generation of consistent and profitable financial margins; and
u liquidity of the market for trading in our shares.
The Directors address these risks by:
u implementation of internal control policies and global policies and procedures;
u hire of experienced counsel and advisors to provide guidance and advice;
u having an active involvement in day to day operational activities;
u hiring experienced personnel with industry experience;
u offering competitive and rewarding remuneration packages to executives; and
u regular board meetings to address general and industry specific risks and concerns.
BUSINESS REVIEW AND FUTURE DEVELOPMENTS
The Group trading loss for the year, after taxation and minority interests, was £5.3m.
Information on future developments is included in the Chairman’s statement and Chief Executive Officer’s review.
The Directors have not declared a dividend for the year.
DIRECTORS’ REPORT
10
Hot Tuna (International) PLC Annual Report and Accounts 2007
backLR.indd   1 26/10/2007   10:39:05 KEY PERFORMANCE INDICATORS
Due to Hot Tuna’s current business being in the early stages of the growth cycle, the Directors do not consider it appropriate to compare against 
key performance indicators in the market and within the industry.
In the future it will be imperative that the following key performance indicators are used to monitor the health and profitability of our business:
u gross profit margins;
u net profit margins;
u number of sales doors (customers) in each region;
u customer retention;
u number of distributors globally;
u brand exposure and recognition; and
u press releases and exposure.
DIRECTORS
The following Directors have held office during the year:
Ranjit Murugason (Chairman)
Kiran Morzaria
Marcus Gracey (resigned 20 July 2006)
James Podaridis (resigned 4 May 2007)
Anthony Oxley (resigned 13 November 2006)
Elle Macpherson (appointed 7 July 2006)
Niels Anders Juul (appointed 1 June 2007)
DIRECTORS’ INTERESTS IN SHARES 
Directors’ interests in the shares of the Company, including family interests, were as follows:
 At 16 October 2007  At 30 June 2007
    Number  Percentage  Number  Percentage  
    of shares (%) of shares (%)
Executive Directors
Ranjit Murugason    1,294,833 1.68 1,294,833 1.68
Niels Anders Juul    — — — —
Elle Macpherson    — — — —
Non Executive Director       
Kiran Morzaria    — — — —
Directors’ interests in options are disclosed in the Directors’ remuneration report.
CREDITOR PAYMENT POLICY
The Group’s policy is to agree terms of transactions, including payment terms and to ensure that, in the absence of dispute, all suppliers are dealt with in 
accordance with its standard payment practice whereby all outstanding trade accounts are settled within the term agreed with the supplier at the time of the 
supply or otherwise 30 days from receipt of the relevant invoice. The number of days outstanding between receipt of invoices and date of payment calculated 
by reference to the amount owed to trade creditors at the period end as a proportion of the amounts invoiced by suppliers during the period, was 54 days 
(2006: 37 days).
11
Hot Tuna (International) PLC Annual Report and Accounts 2007
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POLITICAL AND CHARITABLE CONTRIBUTIONS
No donations for political or charitable purposes have been made by the Group or the Company during the year. 
EMPLOYEES
The Group continues to give full and fair consideration to applications for employment made by disabled persons, having regard to their respective aptitudes 
and abilities. The policy includes, where practicable, the continued employment of those who may become disabled during their employment and the provision 
of training and career development and promotion, where appropriate. The Group has continued its policy of employee involvement by making information 
available to employees on matters of concern to them.
SUBSTANTIAL SHAREHOLDINGS
As at 16 October 2007 the Company has been notified of the following interests of 3% or more in the issued ordinary share capital of the Company: 
       Percentage 
      Number of  of issued  
      shares  share capital 
Frontier International (Holdings) Pty Ltd      27,902,500 36%
Lehman Brothers International Europe      11,150,000 14%
RAB Capital Limited      3,710,000 7.6%
Highclere International Investments      3,037,150 4%
Hot Tuna USA LLC      3,000,000 4%
Henderson Global Investors      2,666,666 3.5%
Mellon Nominees UK      2,349,400 3%
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
The Directors who were in office on the date of approval of these financial statements have confirmed that, as far as they are aware, there is no relevant audit 
information of which the auditors are unaware. Each of the Directors have confirmed that they have taken all steps that they ought to have taken as Directors 
in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.
DIRECTORS’ INDEMNITY INSURANCE
Directors’ and officers’ liability insurance is held by the Group.
AUDITORS
The Directors, having been notified of the cessation of the partnership known as Baker Tilly, resolved that Baker Tilly UK Audit LLP be appointed 
successor auditor with effect from 1 April 2007, in accordance with the provisions of the Companies Act 1989, section 26(5). Baker Tilly UK Audit LLP 
has indicated its willingness to continue in office.
By order of the Board
RANJIT MURUGASON
CHAIRMAN
16 OCTOBER 2007
DIRECTORS’ REPORT
Hot Tuna (International) PLC Annual Report and Accounts 2007
backLR.indd   3 26/10/2007   10:39:06 The policy of the Board is to manage the affairs of the Company in accordance with the principles underlying the Combined Code on Corporate Governance.
The Board of Directors is accountable to shareholders for the good corporate governance of the Group. The principles of corporate governance and a code 
of best practice are set out in the Combined Code. The Revised Combined Code applies to reporting years beginning on or after 1 November 2003. 
Under the rules of AIM market the Group is not required to comply in full with the Code nor to state where it derogates from it. The Board considers that 
the size and nature of the Group does not warrant compliance with all the Code’s requirements. This statement sets out how the principles of the Code 
are applied to Hot Tuna (International) PLC.
BOARD STRUCTURE
The Executive Chairman of the Company is Ranjit Murugason. He is heavily involved in the day to day running of the Group. In total, the Board comprises 
an Executive Chairman, two further Executive Directors and one Non Executive Director. Kiran Morzaria is an independent, Non Executive Director. 
It is considered that this gives the necessary mix of industry specific and broad business experience necessary for the effective governance of the Group. 
There are no matters specifically reserved to the Board for its decision, although board meetings are held on a regular basis and effectively no decision 
of any consequence is made other than by the Directors. All Directors participate in the key areas of decision-making, including the appointment 
of new Directors.
The Board is responsible to shareholders for the proper management of the Group. A statement of Directors’ responsibilities in respect of the accounts 
is set out on page 17. The Non Executive Director has a particular responsibility to ensure that the strategies proposed by the Executive Directors are fully considered. 
To enable the Board to discharge its duties, all Directors have full and timely access to all relevant information. 
There is no agreed formal procedure for the Directors to take independent professional advice at the Company’s expense. 
All Directors submit themselves for re-election at the Annual General Meeting at regular intervals. There are no specific terms of appointment for the 
Non Executive Director.
The following committees, which have written terms of reference, deal with specific aspects of the Group’s affairs.
AUDIT COMMITTEE
The Audit Committee comprises of Kiran Morzaria (Chairman of the committee), Niels Anders Juul and Ranjit Murugason. Meetings are also generally 
attended by the Company Secretary, Angeline Hicks and the external auditors.
The remit of the Committee is to review:
u the appointment and performance of the external auditors;
u the independence of the auditors;
u remuneration for both audit and non-audit work and nature and scope of the audit with the external auditors;
u the interim or final financial report and accounts;
u the external auditors management letter and management’s responses;
u the systems of risk management and internal controls;
u operating, financial and accounting policies and practices; and
u and to make related recommendations to the Board.
The Audit Committee meets at least twice a year.
REMUNERATION COMMITTEE
The Remuneration Committee comprises Kiran Morzaria (Chairman of the committee), Niels Anders Juul and Ranjit Murugason and is responsible for making 
recommendations to the Board on the Company’s framework of Executive remuneration and its cost. The Committee determines the contract terms, remuneration 
and other benefits for each of the Executive Directors. The Board itself determines the remuneration of the Non Executive Director. The report on Directors’ 
remuneration is set out on pages 15 and 16.
13
Hot Tuna (International) PLC Annual Report and Accounts 2007
PRINCIPLES OF CORPORATE GOVERNANCE
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Hot Tuna (International) PLC Annual Report and Accounts 2007
NOMINATION COMMITTEE
There is no separate Nomination Committee at the moment due to the size of the Board. All Directors are subject to re-election at regular intervals.
INTERNAL CONTROL 
The Board acknowledges its responsibility for establishing and monitoring the Company’s systems of internal control. Although no system of internal control 
can provide absolute assurance against material misstatement or loss, the Company’s systems are designed to provide the Directors with reasonable assurance 
that problems are identified on a timely basis and dealt with appropriately.
The Group maintains a comprehensive process of financial reporting. The annual budget is reviewed and approved before being formally adopted. Other key 
procedures that have been established and which are designed to provide effective control are as follows:
u management structure – where the Board meets regularly to discuss all issues affecting the Company; and
u investment appraisal – the Company has a clearly defined framework for investment appraisal and approval is required by the Board where appropriate.
The Board regularly reviews the effectiveness of the systems of internal control and considers the major business risks and the control environment. 
No significant control deficiencies have come to light during the period and no weakness in internal financial control have resulted in any material losses, 
contingencies or uncertainties which would require disclosure as recommended by the guidance for Directors on reporting on internal financial control.
The Board considers that in light of the control environment described above, there is no current requirement for a separate internal audit function.
RELATIONS WITH SHAREHOLDERS
The Chairman is the Company’s principal spokesperson with investors, fund managers, the press and other interested parties. At the Annual General Meeting, 
private investors are given the opportunity to question the Board.
This year’s Annual General Meeting will be held on 19 November 2007. 
GOING CONCERN
The Directors confirm that they are satisfied that the Company and Group have adequate resources to continue in business for the foreseeable future. 
This has been determined by the review of the three year forecasts for the Group in light of the current business model and economic environment. 
The Group has access to sufficient debt finance to ensure that all amounts due are paid as and when they fall due.
For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements.
PRINCIPLES OF CORPORATE GOVERNANCE CONTINUED
backLR.indd   5 26/10/2007   10:39:21 REMUNERATION COMMITTEE
The members of the committee during 2007 were Ranjit Murugason, Kiran Morzaria, James Podaridis and Niels Anders Juul. Details of the remuneration 
of each Director are set out below.
No Director plays any part in any discussion about his or her own remuneration.
Executive remuneration packages are prudently designed to attract, motivate and retain Directors of high calibre, who are needed to drive and maintain 
the Group’s position as a market leader and to reward them for enhancing value to the shareholder.
REMUNERATION POLICY
SHARE OPTIONS
The Executive Directors have options granted to them under the terms of the Hot Tuna (International) PLC Share Option Scheme which is open to other 
qualifying employees. The reason for the scheme is to incentivise the Directors and management personnel and enable them to benefit from the increased 
market capitalisation of the Company. 
As at 30 June 2007, Ranjit Murugason, Elle Macpherson and Niels Anders Juul held options. Conditions of these options are detailed below:
PENSION ARRANGEMENTS
There are no pension arrangements in the Group.
DIRECTORS’ CONTRACTS
It is the Company’s policy that Executive Directors should have contracts with an indefinite term providing for a maximum of six months’ notice. In the event 
of early termination, the Directors’ contracts provide for compensation, where appropriate, up to a maximum of basic salary for the notice period.
NON EXECUTIVE DIRECTOR
The fees of the Non Executive Director are determined by the Board as a whole having regard to the commitment of time required and the level of fees 
in similar companies. 
The Non Executive Director is employed on a renewable fixed term contract not exceeding three years.
DIRECTORS’ EMOLUMENTS 
 2007  2006
  Salary Fees Total Salary Fees Total 
  £ £ £ £ £ £
Ranjit Murugason  18,000 42,000 60,000 19,500 78,500 98,000
Kiran Morzaria  18,000 — 18,000 15,000 — 15,000
Marcus Gracey  7,000 216 7,216 10,500 52,750 63,250
James Podaridis  15,277 15,000 30,277 19,500 62,250 81,750
Anthony Oxley  6,485 6,000 12,485 19,500 62,250 81,750
Anthony Samaha  — — — 10,500 — 10,500
Elle Macpherson  58,692 — 58,692 — — —
Niels Anders Juul  12,938 — 12,938 — — —
  136,392 63,216 199,608 94,500 255,750 350,250
15
Hot Tuna (International) PLC Annual Report and Accounts 2007
DIRECTORS’ REMUNERATION REPORT
backLR.indd   6 26/10/2007   10:39:23 16
Hot Tuna (International) PLC Annual Report and Accounts 2007
DIRECTORS’ INTERESTS IN OPTIONS 
Aggregate emoluments disclosed above do not include any amounts for the value of options to acquire ordinary shares in the Company or granted to or held 
by the Directors. 
Details of options held by Directors who served during the year are as follows:
   Number of  Exercise  
 Date  Vesting options over price  
Director of grant  date common shares  £ Option exercise period
Ranjit Murugason 22/12/2006 22/12/2006 2,300,000 0.01 5 years from date of grant
Ranjit Murugason 22/12/2006 22/12/2006 1,500,000 0.25 5 years from date of grant
Elle Macpherson 07/07/2006 10/07/2006 500,000  0.50 5 years from date of grant
Elle Macpherson 07/07/2006 7/07/2007 500,000 0.50 5 years from date of grant
Elle Macpherson 07/07/2006 7/12/2007 500,000 0.75 5 years from date of grant
Elle Macpherson 07/07/2006 7/07/2008 500,000 0.75 5 years from date of grant
Elle Macpherson 07/07/2006 10/07/2006 1,000,000 0.01 5 years from date of grant
Elle Macpherson 07/07/2006 10/07/2007 1,000,000 0.01 5 years from date of grant
Elle Macpherson 22/12/2006 22/12/2006 1,500,000 0.25 5 years from date of grant
Niels Anders Juul 14/05/2007 01/09/2008 600,000 0.25 5 years from date of grant
Niels Anders Juul 14/05/2007 01/09/2009 800,000 0.50 5 years from date of grant
Niels Anders Juul 14/05/2007 01/09/2010 800,000 0.75 5 years from date of grant
All have been granted under the Hot Tuna (International) PLC Share Option Scheme. Options granted under this scheme are not subject to performance 
criteria. The market price of the ordinary shares at 30 June 2007 was £0.12 and the range during the year was £0.12 to £0.40 (average £0.20).
There was no exercise, forfeiture or waiver of any of the above options during the year.
APPROVAL
This report was approved by the Board of Directors and authorised for issue on 16 October 2007 and signed on its behalf by:
RANJIT MURUGASON
CHAIRMAN
16 OCTOBER 2007
DIRECTORS’ REMUNERATION REPORT
backLR.indd   7 26/10/2007   10:39:24 The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
UK Company law requires the Directors to prepare Group and Company financial statements for each financial year. Under that law the Directors have elected 
to prepare Group financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and have elected to prepare 
the company financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.
The Group financial statements are required by law and IFRS adopted by the EU to present fairly the financial position and performance of the Group; 
the Companies Act 1985 provides in relation to such financial statements that references in the relevant part of that Act to financial statements giving 
a true and fair view are references to their achieving a fair presentation.
The Company financial statements are required by law to give a true and fair view of the state of affairs of the Company. 
In preparing each of the Group and Company financial statements, the Directors are required to:
a. select suitable accounting policies and then apply them consistently;
b. make judgements and estimates that are reasonable and prudent;
c. state whether they have been prepared in accordance with IFRSs adopted by the EU; and
d.  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Company will continue in business.
The Directors are responsible for keeping proper accounting records which 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 requirements of the Companies Act 1985. They are also responsible 
for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are also responsible for the maintenance and integrity of the Hot Tuna (International) PLC website.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
17
Hot Tuna (International) PLC Annual Report and Accounts 2007
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
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Hot Tuna (International) PLC Annual Report and Accounts 2007
We have audited the Group and parent company financial statements on pages 20 to 46.
This report is made solely to the Company’s members, as a body, in accordance with section 235 of the Companies Act 1985. 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.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
The Directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and International Financial 
Reporting Standards (IFRSs) as adopted for use in the European Union are set out in the statement of Directors’ responsibilities. 
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing 
(UK and Ireland). 
We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements have been properly prepared 
in accordance with the Companies Act 1985 and whether the information given in the Directors’ report is consistent with the financial statements. The information 
given in the Directors’ report includes that specific information presented in the Chairman’s statement and Chief Executive Officer’s review that is cross referenced 
from the business review section of the Directors’ report. We also report to you if, in our opinion, the Company has not kept proper accounting records, if we have 
not received all the information and explanations we require for our audit, or if information specified by law regarding Directors’ remuneration and other 
transactions is not disclosed.
We read other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. The other information 
comprises only the, Chairman’s statement, the Chief Executive Officer’s review, the corporate governance statement and the Directors’ remuneration report. 
We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. 
Our responsibilities do not extend to any other information.
BASIS OF AUDIT OPINION
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes 
examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant 
estimates and judgements made by the Directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the 
Group’s and Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient 
evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. 
In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
INDEPENDENT AUDITOR’S REPORT
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OPINION
In our opinion:
u  the Group financial statements give a true and fair view, in accordance with IFRSs as adopted for use in the European Union, as applied in accordance with 
the provisions of the Companies Act 1985, of the state of the Group’s affairs as at 30 June 2007 and of its loss for the year then ended;
u  the parent company financial statements give a true and fair view, in accordance with IFRSs as adopted for use in the European Union as applied 
in accordance with the provisions of the Companies Act 1985, of the state of the parent company’s affairs as at 30 June 2007;
u the financial statements have been properly prepared in accordance with the Companies Act 1985; and
u the information given in the Directors’ report is consistent with the financial statements. 
BAKER TILLY UK AUDIT LLP
REGISTERED AUDITOR
CHARTERED ACCOUNTANTS
2 BLOOMSBURY STREET
LONDON WC1B 3ST
16 OCTOBER 2007
Hot Tuna (International) PLC Annual Report and Accounts 2007
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Hot Tuna (International) PLC Annual Report and Accounts 2007
        Year ended Period ended 
        30 June 2007 30 June 2006 
      Notes  £ £
Continuing operations    
Revenue      1  619,131 367,992
Cost of sales        (481,725) (204,658)
Gross profit        137,406 163,334
Other operating income        5,107 4,642
Selling and marketing expenses        (596,101) (383,196)
General and administrative expenses        (3,210,406) (1,833,161)
Depreciation      12  (39,811) (3,095)
Loss from operations before exceptional items      3  (3,703,805) (2,051,476)
Exceptional share-based payment charge        (1,689,790) —
Investment income      5  71,250 39,474
Loss on disposal of property, plant and equipment      3  (3,906) (949)
Finance costs      6  (6,909) (4,841)
Loss before tax        (5,333,160) (2,017,792)
Tax      7  — —
Loss after tax        (5,333,160) (2,017,792)
Loss for the year/period        (5,333,160) (2,017,792)
Attributable to:    
Equity holders         (5,333,160) (1,975,718)
Minority interest        — (42,074)
        (5,333,160) (2,017,792)
Loss per share  
Basic and diluted      9 (0.08)p (0.06)p
The Company’s loss for the year ended 30 June 2007 was £2,870,362. The Company is exempt from publishing its own income statement under 
section 230 Companies Act 1985.
CONSOLIDATED INCOME STATEMENT
for the year ended 30 June 2007
backLR.indd   11 26/10/2007   10:39:24       2007 2007 2006 2006 
      Group Company Group Company 
     Notes £ £ £ £
Assets     
Non-current assets     
Goodwill     10 207,338 — 237,338 —
Other intangible assets     11 5,238,338 3,083,000 5,251,429 3,083,000
Property, plant and equipment     12 124,134 15,046 73,616 18,969
Investments     13 — 1,968,226 — 1,998,226
Inter-company loan     30 — 4,366,184 — 1,567,576
      5,569,810 9,432,456 5,562,383 6,667,771
Current assets         
Inventories     15 398,614 — 171,674 —
Trade and other receivables     16 523,843 43,915 183,624 63,663
Cash and cash equivalents     26 1,891,997 1,779,449 1,524,255 1,372,271
      2,814,454 1,823,364 1,879,553 1,435,934
Total assets      8,384,264 11,255,820 7,441,936 8,103,705
Liabilities         
Current liabilities         
Bank loans and overdraft     14 — — 110,842 —
Trade and other payables     18 496,394 167,163 281,626 145,117
Convertible loan note     19 106,042 106,042 — —
      602,436 273,205 392,468 145,117
Net current assets      2,212,018 1,550,159 1,487,085 1,290,817
Non current liabilities         
Convertible loan note     19 111,056 111,056 — —
      111,056 111,056 — —
Total liabilities      713,492 384,261 392,468 145,117
Net assets      7,670,772 10,871,559 7,049,468 7,958,588
Equity        
Share capital   21 773,799 773,799 488,010 488,010
Share premium reserve   22 9,611,701 9,611,701 6,092,232 6,092,232
Share-based payment reserve   27 2,266,645 2,266,645 576,855 576,855
Merger reserve   23 1,474,000 1,474,000 1,474,000 1,474,000
Warrant reserve   23 799,842 799,842 486,557 486,557
Foreign exchange reserve   24 53,663 — (4,017) —
Shares to be issued      23 — — 25,000 25,000
Retained loss     25 (7,308,878) (4,054,428) (1,975,718) (1,184,066)
Equity attributable to equity holders of the parent    7,670,772 10,871,559 7,162,919 7,958,588
Minority interest      — — (113,451) —
Total equity      7,670,772 10,871,559 7,049,468 7,958,588
The financial statements on pages 20 to 46 were approved by the Board of Directors and authorised for issue on 16 October 2007 and are signed on its behalf by:
RANJIT MURUGASON KIRAN MORZARIA
CHAIRMAN NON EXECUTIVE DIRECTOR
16 OCTOBER 2007 16 OCTOBER 2007 
21
Hot Tuna (International) PLC Annual Report and Accounts 2007
CONSOLIDATED AND COMPANY BALANCE SHEET
as at 30 June 2007
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Hot Tuna (International) PLC Annual Report and Accounts 2007
  Share Share-based       
 Share  premium  payment Other  Warrant  Retained   Minority Total 
 capital account reserve reserves reserve profit/(loss) Total interest equity 
 £ £ £ £ £ £ £ £ £
Consolidated
Balance at 1 July 2006 488,010 6,092,232 576,855 1,494,983 486,557 (1,975,718) 7,162,919 (113,451) 7,049,468
Net loss for the period — — — — — (5,333,160) (5,333,160) 113,451 (5,219,709)
Exchange differences arising on 
translation of overseas operations — — — 57,680 — — 57,860 — 57,680
Total recognised income and 
expense for 2007 — — — 57,680 — (5,333,160) (5,275,480) 113,451 (5,162,029)
Share conversion and issue 285,789 3,729,685 — (25,000) — — 3,990,474 — 3,990,474
Costs of share issue and conversion — (210,216) — — — — (210,216) — (210,216)
Warrants subscribed — — — — 313,285 — 313,285 — 313,285
Employee share option scheme — — 1,689,790 — — — 1,689,790 — 1,689,790
Balance at 30 June 2007 773,799 9,611,701 2,266,645 1,527,663 799,842 (7,308,878) 7,670,772 — 7,670,772
Company
Balance at 1 July 2006 488,010 6,092,232 576,855 1,499,000 486,557 (1,184,066) 7,958,588  
Net loss for the period — — — — — (2,870,362) (2,870,362)  
Total recognised income 
and expense for 2007 — — — — — (2,870,362) (2,870,362)  
Share conversion and issue 285,789 3,729,685 — (25,000) — — 3,990,474  
Costs of share issue and conversion — (210,216) — — — — (210,216)  
Warrants subscribed — — — — 313,285 — 313,285  
Employee share option scheme — — 1,689,790 — — — 1,689,790  
Balance at 30 June 2007 773,799 9,611,701 2,266,645 1,474,000 799,842 (4,054,428) 10,871,559  
STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2007
backLR.indd   13 26/10/2007   10:39:25   Share Share-based        
 Share  premium  payment  Other  Warrant  Retained   Minority Total 
 capital account reserve reserves reserve profit/(loss) Total interest equity 
 £ £ £ £ £ £ £ £ £
Consolidated
Balance at 1 April 2005 — — — — — — — — —
Net loss for the period — — — — — (1,975,718) (1,975,718) (42,074) (2,017,792)
Exchange differences arising on 
translation of overseas operations — — — (4,017) — — (4,017) — (4,017)
Total recognised income 
and expense for 2006 — — — (4,017) — (1,975,718) (1,979,735) (42,074) (2,021,809)
Share conversion and issue 488,010 7,390,490 — 1,474,000 — — 9,352,500 — 9,352,500
Costs of share issue and conversion — (1,298,258) — — — — (1,298,258) (71,377) (1,369,635)
Warrants subscribed — — — — 486,557 — 486,557 — 486,557
Shares to be issued — — — 25,000 — — 25,000 — 25,000
Employee share option scheme — — 90,695 — — — 90,695 — 90,695
Share-based payments to advisors — — 312,172 — — — 312,172 — 312,172
Share-based payment on acquisition — — 173,988 — — — 173,988 — 173,988
Balance at 30 June 2006 488,010 6,092,232 576,855 1,494,983 486,557 (1,975,718) 7,162,919 113,451 7,049,468
Company         
Balance at 1 April 2005 — — — — — — —  
Net loss for the period — — — — — (1,184,066) (1,184,066)  
Total recognised income 
and expense for 2006 — — — — — (1,184,066) (1,184,066)  
Share conversion and issue 488,010 7,390,490 — 1,474,000 — — 9,352,500  
Costs of share issue and conversion — (1,298,258) — — — — (1,298,258)  
Warrants subscribed — — — — 486,557 — 486,557  
Shares to be issued — — — 25,000 — — 25,000  
Employee share option scheme — — 90,695 — — — 90,695  
Share-based payments to advisors — — 312,172 — — — 312,172  
Share-based payment on acquisition — — 173,988 — — — 173,988  
Balance at 30 June 2006 488,010 6,092,232 576,855 1,499,000 486,557 (1,184,066) 7,958,588  
23
Hot Tuna (International) PLC Annual Report and Accounts 2007
STATEMENT OF CHANGES IN EQUITY 
for the year ended 30 June 2006
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Hot Tuna (International) PLC Annual Report and Accounts 2007
      Group Company Group Company 
      Year ending  Year ending  Period ending  Period ending  
      30 June 2007 30 June 2007 30 June 2006 30 June 2006 
     Notes £ £ £ £
Net cash used in operating activities     26 (3,920,529) (3,971,813) (1,925,622) (2,550,011)
Investing activities     
Payments for purchase of controlled entity      — — (606,770) (153,499)
Cash funding on purchase of controlled entities      — — (182,350) (178,333)
Payments for intangible assets      — — (283,000) (283,000)
Interest received      71,250 70,994 39,474 35,853
Purchases of property, plant and equipment      (93,620) (2,644) (38,446) (19,708)
Net cash used in investing activities      (22,370) 68,350 (1,071,092) (598,687)
Financing activities     
Proceeds on issue of convertible notes      217,098 217,098 — —
Proceeds from issue of share capital      4,093,543 4,093,543 4,520,969 4,520,969
Net cash inflow from financing activities      4,310,641 4,310,641 4,520,969 4,520,969
Net increase in cash and cash equivalents      367,742 407,178 1,524,255 1,372,271
Cash and cash equivalents at beginning of year/period     1,524,255 1,372,271 — —
Cash and cash equivalents at end of year/period     26 1,891,997 1,779,449 1,524,255 1,372,271
CONSOLIDATED AND COMPANY CASH FLOW STATEMENT 
for the year ended 30 June 2007
backLR.indd   15 26/10/2007   10:39:25 (A) GENERAL INFORMATION
Hot Tuna (International) PLC is a company incorporated and domiciled in England and Wales under the Companies Act 1985. The address of the registered office 
is given on page 9. The nature of the Group’s operations and its principal activities are set out in note 13 and in the Chairman’s statement on page 2 and 3.
These financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the Group operates. 
Foreign operations are included in accordance with the policies set out in note (F).
At the date of authorisation of these financial statements the following Standards and Interpretations which have not been applied in these financial statements 
were in issue but not yet effective:
IFRS 7 Financial instruments: Disclosures; and the related amendment to IAS 1 on capital disclosures
IFRS 8 Operating Segments
IAS 23  Borrowing Costs (Amended)
IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
IFRIC 8 Scope of IFRS 2 Share-based Payment
IFRIC 9 Reassessment of Embedded Derivatives
IFRIC 10 Interim financial Reporting and Impairment
IFRIC 11 Group and Treasury Shares Transactions
IFRIC 12 Service Concession Arrangements (not yet endorsed by the EU)
IFRIC 13 Customer Loyalty Programmes
IFRIC 14  The limit of a defined benefit asset. Minimum funding requirement and their interaction
The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements 
of the Group when the relevant standards and interpretations come into effect.
(B) BASIS OF PREPARATION
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and International 
Financial Reporting Interpretations Committee (IFRIC) Interpretations and with those parts of the Companies Act 1985 applicable to companies reporting 
under IFRS.
The financial statements are presented on the historical cost basis. The preparation of financial statements in conformity with IFRS as adopted by the 
EU requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets and 
liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed 
to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that 
are not readily apparent from other sources. Actual results may differ from these estimates. 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. 
The principal accounting policies are set out below.
(C) BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and subsidiaries controlled by the Company made up to 30 June 2007. 
The results of subsidiaries acquired or disposed of during the period are included in the consolidated income statement from the effective date of acquisition 
or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other 
members of the Group.
25
Hot Tuna (International) PLC Annual Report and Accounts 2007
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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Hot Tuna (International) PLC Annual Report and Accounts 2007
(C) BASIS OF CONSOLIDATION CONTINUED
All intra-group transactions, balances, and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses 
are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured at the aggregate of the fair values, 
at the date of the exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the 
acquiree, plus any costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities that 
meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date. 
Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over the Group’s 
interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after re-assessment, the Group’s interest in the net fair 
value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately 
in the profit or loss.
The interest of minority shareholders in the acquiree is initially measured at the minority’s proportion of the net fair value of the assets, liabilities and contingent 
liabilities recognised. 
(D) INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES
Investments in subsidiaries are stated at cost less accumulated impairment in the parent company’s balance sheet. Investments are eliminated on consolidation. 
There are no associates, nor joint ventures in the Group.
Inter-company loans are stated initially at fair value, then subsequently at amortised cost. Inter-company loans are eliminated on consolidation.
(E) LEASING
Rentals payable under operating leases are charged to income on a straight-line basis over the term of the relevant lease.
Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight-line basis over the lease term.
(F) FOREIGN CURRENCIES
The individual financial statements of each Group entity are presented in the currency of its primary economic environment in which the entity operates 
(its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in 
Pounds Sterling, which is the functional currency of the Company and presentation currency for the consolidated financial statements. 
Transactions in currencies other than Pounds Sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet 
date, monetary assets and liabilities that are denominated foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary 
assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was 
determined. Gains and losses arising on retranslation are included in the income statement for the period, except for exchange differences on non-monetary 
assets and liabilities where the changes in fair value are recognised directly in equity.
On consolidation, the assets and liabilities of the Group’s overseas operations are translated at exchange rates prevailing on the balance sheet date. Income 
and expense items are translated at the average exchange rates for each month in the period. Exchange differences arising, if any, are classified as equity 
and transferred to the Group’s foreign exchange reserve. Such translation differences are recognised as income or as expenses in the period in which the 
operation is disposed of.
(G) TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit/(loss) differs from net profit/(loss) reported in the income statement because 
it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 
The Group’s current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements 
and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities 
are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be 
available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary differences arises from 
the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets or liabilities in a transaction that affects 
neither the tax profit nor the accounting profit.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
backLR.indd   17 26/10/2007   10:39:25 (G) TAXATION CONTINUED
The carrying amount of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient 
taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged 
or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case deferred tax is also dealt with in equity.
(H) PROPERTY, PLANT AND EQUIPMENT
Items of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses (see accounting policy (J)).
Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. 
Leases in terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Lease payments are 
accounted for as described in accounting policy (E).
Depreciation is provided on all other property, plant and equipment at rates calculated to write each asset down to its estimated residual value evenly over 
its expected useful life as follows:
Buildings and improvements 3–5 years straight line
Fixtures and fittings 3–5 years straight line
Office equipment 3–5 years straight line
(I) INTANGIBLE ASSETS AND GOODWILL
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units and is tested annually for impairment 
(see accounting policy (J)).
On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss 
on disposal.
Negative goodwill arising on acquisition is recognised directly in the income statement.
The value of the Hot Tuna brand and associated licences have not been amortised as they are considered to have an indefinite life. This assumption is based 
on the growing apparel market industry, our financial forecasts and the brand recognition globally.
(J) IMPAIRMENT
The carrying amounts of the Group’s assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such 
indication exists, the asset’s recoverable amount is estimated. For goodwill and assets that have an indefinite useful life, the recoverable amount is estimated 
at each balance sheet date. An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount.
Impairment losses are recognised in the income statement.
(K) INVENTORIES
Inventory is stated at the lower of cost and net realisable value. Inventory is accounted for on a FIFO (first in, first out) basis. Net realisable value is the 
estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.
(L) SHARE-BASED PAYMENTS
The Group has applied the requirements of IFRS 2 to share option schemes allowing certain employees within the Group to acquire shares of the Company. 
For all grants of share options, the fair value as at the date of grant is calculated using the Black-Scholes option pricing model, taking into account the terms 
and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that 
are likely to vest, except where forfeiture is only due to market-based conditions not achieving the threshold for vesting. The expense is recognised over 
the expected life of the option.
(M) PROVISIONS
Provisions are recognised when the Group has a present obligation as a result of a past event which it is probable will result in an outflow of economic benefits 
that can be reliably estimated.
27
Hot Tuna (International) PLC Annual Report and Accounts 2007
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Hot Tuna (International) PLC Annual Report and Accounts 2007
(N) TRADE AND OTHER RECEIVABLES
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost, less provision for impairment. 
(O) CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group’s 
cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.
(P) REVENUE
Revenue results from amounts received and receivable for goods provided (excluding value added tax) and royalty income receivable on the existing 
licence agreements.
Revenue is recognised when goods are delivered to the customer.
Royalty income is recorded when it becomes receivable in accordance with the individual contractual agreements.
(Q) FINANCIAL INSTRUMENTS
The Company’s financial instruments comprise cash together with various items such as trade and other receivables and trade and other payables etc, 
that arise directly from its operations. The main purpose of these financial instruments is to provide working capital.
Financial assets and financial liabilities are recognised on the Group’s balance sheet when the Group has become a party to the contractual provisions 
of the instrument.
FINANCIAL LIABILITY AND EQUITY
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 Group after deducting all of its liabilities.
BANK BORROWINGS
Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums payable on 
settlement or redemption, are accounted for on an accrual basis and are added to the carrying amount of the instrument to the extent that they are not settled 
in the period in which they arise.
TRADE PAYABLES
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. 
CONVERTIBLE LOAN NOTES
Convertible loan notes are interest bearing and are recorded at fair value.
EQUITY INSTRUMENTS
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
(R) CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In preparing the consolidated financial statements, management has to make judgements on how to apply the Group’s accounting policies and make estimates 
about the future. The critical judgements that have been made in arriving at the amounts recognised in the consolidated financial statements and the key sources 
of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year are 
discussed below:
u Acquisitions
When acquiring a business, we have to make judgements and best estimates about the fair value allocation of the purchase price. We seek to appropriate 
competent and professional advice before making any such allocations. We test the valuation of goodwill on an annual basis and whenever events of changes 
in circumstances indicate that the carrying amounts may not be recoverable. These tests require the use of estimates.
u Impairment reviews
The Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policies stated above. The recoverable amounts 
of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of estimates.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
backLR.indd   19 26/10/2007   10:39:26 1. REVENUE
An analysis of the Group’s revenue is as follows:
      Year ending  Period ending  
      30 June 2007 30 June 2006 
      £ £
Continuing operations  
Sale of goods      608,245 192,564
Royalty income      10,886 175,428
      619,131 367,992
2. BUSINESS AND GEOGRAPHICAL SEGMENTS
Segment information about the business is presented below.
All locations operate the same activity – design, production and sale of branded apparel.
The Group’s operations are located in the United Kingdom, United States and Australia.
Inter-segment sales are charged at prevailing market prices.
 Year ended 30 June 2007
      United 
    Australia UK States Consolidated
Revenue
External sales     57,998 309,787 299,403 667,188
Royalties    10,886 — — 10,886
Less: inter-segment sales    — (8,007) (50,936) (58,943)
Total revenue    68,884 301,780 248,467 619,131
Result       
Segment result    351,643 3,641,746 1,339,771 (5,333,160)
Depreciation    (2,172) (16,945) (20,694) (39,811)
Operating (loss)    (301,194) (1,989,570) (1,413,041) (3,703,805)
Investment revenues    47 71,207 — 71,254
Other gains and losses    (1,051) 46,804 — 45,753
Share-based payments    — (1,689,790) — (1,689,790)
Finance costs    (445) (4,828) (1,636) (6,909)
(Loss) before tax    (353,093) (3,477,264) (1,422,198) (5,252,555)
Balance sheet       
Assets       
Segment assets    250,558 7,636,458 497,248 8,384,264
Liabilities       
Segment liabilities    68,835 326,113 318,544 713,492
Capital expenditure – PPE    15,442 47,637 37,281 100,360
Capital expenditure – intangible fixed assets    — (13,091) — (13,091)
29
Hot Tuna (International) PLC Annual Report and Accounts 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 June 2007
backLR.indd   20 26/10/2007   10:39:26 30
Hot Tuna (International) PLC Annual Report and Accounts 2007
2. BUSINESS AND GEOGRAPHICAL SEGMENTS CONTINUED
 Period ended 30 June 2006
      United 
    Australia UK States Consolidated
Revenue       
External sales    — 282,590 161,574 444,164
Less: inter-segment sales    — (59,693) (16,479) (76,172)
Total revenue    — 222,897 145,095 367,992
Result       
Segment result    (25,209) (1,446,130) (546,453) (2,017,792)
Depreciation     (2,000) (1,095) (3,095)
Operating (loss)    (25,209) (1,476,105) (550,162) (2,051,476)
Investment revenues    — 35,853 3,621 39,474
Other gains and losses    — (949) — (949)
Share-based payments    — (90,695) — (90,695)
Finance costs    — (4,929) 88 (4,841)
(Loss) before tax    (25,209) (1,446,130) (546,453) (2,017,792)
Balance sheet       
Assets       
Segment assets    (17,921) 8,027,757 (567,900) 7,441,936
Liabilities       
Segment liabilities    6,172 359,395 26,901 392,468
Capital expenditure – PPE    — 18,969 20,477 39,446
Capital expenditure – intangible fixed assets    — 5,251,429 — 5,251,429
3. LOSS FROM OPERATIONS
Loss from operations has been arrived at after charging/(crediting):
      Year ending  Period ending  
      30 June 2007 30 June 2006 
      £ £
Depreciation of property, plant and equipment – owned assets      39,811 3,095
Write down of inventory to net realisable value      62,098 66,500
Loss on disposal of fixed assets      3,906 949
Staff costs (see note 4)      3,201,592 1,039,085
Net foreign exchange gains/(losses)      (143,422) (11,501)
Operating lease payments      2,629 —
Auditors’ remuneration for audit services (see below)      61,500 15,000
Amounts payable to Baker Tilly and their associates in respect of both audit and non-audit services:
    Year ended  Period ended 
    30 June 2007  30 June 2006 
    £ % £ %
Audit services       
– statutory audit    44,500 72 12,000 80
Tax services       
– compliance services    10,000 16 3,000 20
Company secretarial       
– compliance services    7,000 12 — —
    61,500 100 15,000 100
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June 2007
backLR.indd   21 26/10/2007   10:39:26 4. STAFF COSTS
The average monthly number of employees (including Executive Directors) for the year for each of the Group’s principal divisions was as follows:
      Year ended  Period ended 
      30 June 2007 30 June 2006 
      Number Number
Management       6 9
Selling and distribution      11 7
Head office and administration      11 4
      28 20
      Year ended  Period ended 
      30 June 2007 30 June 2006 
The aggregate remuneration comprised:      £ £
Wages and salaries      886,841 349,744
Social security and taxes      84,248 52,462
Temporary/consultant expenses      341,105 195,934
Directors emoluments      199,608 350,250
Share-based payments (option scheme)      1,689,790 90,695
      3,201,592 1,039,085
The highest paid Director received £60,000 (2006: £98,000) and no Directors received any pension contributions during the year (2006: nil).
5. INVESTMENT INCOME
      Year ended  Period ended 
      30 June 2007 30 June 2006 
      £ £
Interest on bank deposits      71,250 39,474
6. FINANCE COSTS
      Year ended  Period ended 
      30 June 2007 30 June 2006 
      £ £
Interest on bank overdraft and loans      6,909 4,841
7. INCOME TAX EXPENSE
      Group Group 
      Year ended  Period ended 
      30 June 2007 30 June 2006 
     Note £ £
Current tax      — —
Deferred tax      17 — —
      — —
31
Hot Tuna (International) PLC Annual Report and Accounts 2007
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Hot Tuna (International) PLC Annual Report and Accounts 2007
7. INCOME TAX EXPENSE CONTINUED
The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:
      Group Group 
      Year ended  Period ended 
      30 June 2007 30 June 2006 
      £ £
Loss before taxation      (5,333,160) (2,017,792)
Expected tax credit on loss before tax at 30%      (1,599,948) (605,338)
Current and deferred tax profit and loss charge      — —
Difference to be explained (see below)      (1,599,948) (605,338)
Expenses not deductible for tax purposes      (582,231) 42,235
Depreciation in excess of capital allowances not recognised for tax purposes      31,225 12,368
Tax losses not recognised for tax purposes      (1,048,942) 596,955
Timing difference not recognised for tax purposes      — (46,220)
      (1,599,948) (605,338)
Effective tax rate       0% 0%
Refer to note 17 for details of deferred tax assets.
8. DIVIDENDS
The Directors have not declared a dividend for the year.
9. LOSS PER SHARE
The calculation of the basic and diluted earnings per share is based on the following data:
      Year ended  Period ended 
      30 June 2007 30 June 2006 
Earnings      £ £
Earnings for the purposes of basic earnings per share net loss for the period attributable to equity holders of the parent  (5,333,160) (1,975,718)
Number of shares       
Weighted average number of ordinary shares for the purposes of basic earnings per share     65,230,931 32,471,760
The denominator for the purpose of calculating the basic earnings per share has been adjusted to reflect all capital raisings. Due to the loss incurred in the period, 
there is no dilution effect resulting from the issue of share options, warrants and shares to be issued.
10. GOODWILL
      Year ended  Period ended 
      30 June 2007 30 June 2006 
Group      £ £
Opening balance      237,338 —
Recognised on acquisition of a subsidiary      — 237,338
Reduction in deferred consideration on MAP Print Ltd      (30,000) —
Closing balance      207,338 237,338
Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units that are expected to benefit from that business combination.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June 2007
backLR.indd   23 26/10/2007   10:39:26 10. GOODWILL CONTINUED
The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill may be impaired.
The recoverable amounts of cash generating units in each segment are determined from value in use calculations. The key assumptions for this value in use 
calculations are those regarding the discount rates, the growth rates and expected changes to selling prices and direct costs during the period.
Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the specific risks to the 
business segments. The rate used to discount the Group’s forecast cash flows is 11%. 
The Group prepares cash flows derived from the most recent financial budgets approved by the management team for the next three years and extrapolates these 
cash flows, using expected business growth rates. The long-term growth rate used is 6%, which does not exceed long-term average growth rates in the industry. 
The growth rates, which are typically high in a start-up operation, reflect the Group’s current position on the product life cycle. Presently entering the growth 
stage we have forecast significant growth in employee marketing and promotional expenses in the first three years of operation, whilst we build our market 
base. Likewise, sales growth is rapid in the first three years until we reach product maturity at which point sales will continue to grow at a steady rate, whilst 
margins become more favourable.
11. OTHER INTANGIBLE ASSETS
 Year ended  Period ended  
 30 June 2007 30 June 2006
    
  Hot Tuna brand Licences Total Hot Tuna brand Licences Total 
Group  £ £ £ £ £ £
Opening balance  3,083,000 2,168,429 5,251,429 — — —
Purchase of Hot Tuna brand  — — — 3,050,000 — 3,050,000
Costs associated with purchase of brand/licence  — — — 33,000 — 33,000
Acquisition of US licence (Hot Tuna International Inc)  — — — — 1,725,695 1,725,695
Acquisition of Australian license (Hot Tuna Holdings Pty Ltd)  — — — — 292,734 292,734
Acquisition on purchase of subsidiary (MAP Print Limited)  — — — — 150,000 150,000
Exchange rate movements  — (13,091) (13,091) — — —
Closing balance  3,083,000 2,155,338 5,238,338 3,083,000 2,168,429 5,251,429
Intangible assets are allocated to cash generating units and tested for impairment annually using the method outlined in note 10.
     Hot Tuna brand Licences Total 
     £ £ £
Australia     718,009 292,735 1,010,744
United Kingdom     715,374 150,000 865,374
United States of America     1,649,617 1,712,603 3,362,220
     3,083,000 2,155,338 5,238,338
    Year ended Year ended Period ended Period ended 
    30 June 2007 30 June 2007 30 June 2006 30 June 2006 
    Hot Tuna brand Total Hot Tuna brand Total 
Company    £ £ £ £
Opening balance    3,083,000 3,083,000 — —
Purchase of Hot Tuna brand    — — 3,050,000 3,050,000
Costs associated with purchase of brand and associated licence    — — 33,000 33,000
Closing balance    3,083,000 3,083,000 3,083,000 3,083,000
The “Hot Tuna” brand and associated licences are considered to have an indefinite life and therefore are not amortised.
Intangible assets are allocated to cash generating units and tested for impairment annually using the method outlined in note 10 above.
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12. PROPERTY, PLANT AND EQUIPMENT
 2007
    Office  Fixtures and  Buildings and   
    equipment fittings improvements Total 
Group    £ £ £ £
Cost       
At 1 July 2006    33,666 29,014 13,124 75,804
Foreign exchange movements    (10,270) 1,822 — (8,448)
Additions    61,167 12,021 27,172 100,360
Disposals    (5,511) — — (5,511)
At 30 June 2007    79,052 42,857 40,296 162,205
Accumulated depreciation       
At 1 July 2006    302 1,449 437 2,188
Foreign exchange movements    (3,326) 86 — (3,240)
Charge for the year    20,802 9,955 9,054 39,811
Disposals    (688) — — (688)
At 30 June 2007    17,090 11,490 9,491 38,071
Net book value       
At 30 June 2007    61,962 31,367 30,805 124,134
At 1 July 2006    33,364 27,565 12,687 73,616
 2006
    Office  Fixtures and  Buildings and   
    equipment fittings improvements Total 
Group    £ £ £ £
Cost       
At 1 April 2005    — — — —
Acquired with subsidiary    18,215 20,000 — 38,215
Additions    17,308 9,014 13,124 39,446
Disposals    (1,857) — — (1,857)
At 30 June 2006    33,666 29,014 13,124 75,804
Accumulated depreciation       
At 1 April 2005    — — — —
Charge for the period    1,209 1,449 437 3,095
Disposals    (907) — — (907)
At 30 June 2006    302 1,449 437 2,188
Net book value     
At 30 June 2006    33,364 27,565 12,687 73,616
At 1 April 2005    — — — —
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June 2007
backLR.indd   25 26/10/2007   10:39:26 12. PROPERTY, PLANT AND EQUIPMENT CONTINUED
 2007
     Office  Buildings and  
     equipment improvements Total 
Company     £ £ £
Cost       
At 1 July 2006     6,584 13,124 19,708
Additions     3,773 — 3,773
Disposals     (3,124) — (3,124)
At 30 June 2007     7,233 13,124 20,357
Accumulated depreciation       
At 1 July 2006     302 437 739
Charge for the period     2,864 2,618 5,482
Disposals     (910) — (910)
At 30 June 2007     2,256 3,055 5,311
Net book value       
At 30 June 2007     4,977 10,069 15,046
At 1 July 2006     6,282 12,687 18,969
 2006
     Office  Buildings and  
     equipment improvements Total 
Company     £ £ £
Cost       
At 1 April 2005     — — —
Additions     8,441 13,124 21,565
Disposals     (1,857) — (1,857)
At 30 June 2006     6,584 13,124 19,708
Accumulated depreciation       
At 1 April 2005     — — —
Charge for the period     1,209 437 1,646
Disposals     (907) — (907)
At 30 June 2006     302 437 739
Net book value       
At 30 June 2006     6,282 12,687 18,969
At 1 April 2005     — — —
13. INVESTMENTS AND DETAILS OF THE COMPANY’S SUBSIDIARIES
      Company Company 
      Year ended Period ended 
      30 June 2007 30 June 2006 
      £ £
Investments in subsidiaries
Opening balance      1,998,226 —
Additions/acquisitions:       
Hot Tuna International Inc      — 1,557,791
Hot Tuna Holdings Pty Ltd      — 292,735
Map Print Limited      — 147,700
Reduction in deferred consideration payable on MAP Print Ltd (see below)      (30,000) —
Closing balance       1,968,226 1,998,226
There has been a reduction in the deferred consideration by £30,000 in accordance with the terms of the MAP Print Limited Asset Purchase Agreement.
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13. INVESTMENTS AND DETAILS OF THE COMPANY’S SUBSIDIARIES CONTINUED
The following are the Company’s subsidiaries:
   Place of Proportion Proportion  
   incorporation (or of ownership of voting  
   registration) interest power held  
Name of subsidiary   and operation % % Principal activity
Hot Tuna International Inc   USA 100% 100%  
Hot Tuna (UK) Limited   UK 100% 100% 
MAP Print Limited   UK 75% 75% Branded apparel design,
Hot Tuna (Australia) Pty Ltd   Australia 100% 100% production and sale
Hot Tuna Holdings Pty Ltd   Australia 100% 100% Licence holder
14. BANK LOANS AND BANK OVERDRAFTS
    Group Company Group Company 
    2007 2007 2006 2006 
    £ £ £ £
Bank overdrafts    — — 42,194 —
Bank loans    — — 68,648 —
    — — 110,842 —
The borrowings are repayable as follows:       
On demand or within one year    — — 68,648 —
    Group Company Group Company 
Analysis of borrowings by currency (Pounds Sterling)    £ £ £ £
Bank overdrafts    — — 42,194 —
Bank loans    — — 68,648 —
    — — 110,842 —
The weighted average interest rates paid were:
    Group Company Group Company 
    30 June 2007 30 June 2007 30 June 2006 30 June 2006
Bank overdrafts    6.50% 6.50% 6.75% n/a
Bank loans    — — 8.725% n/a
The Group has an overdraft facility of £600,000 (currently unused) which attracts a credit interest of base -1% and debit interest of base +1%.
The Directors estimate the fair value of the Group’s borrowings as follows:
    Group Company Group Company 
    2007 2007 2006 2006 
    £ £ £ £
Bank loans    — — 42,194 —
Bank overdrafts    — — 68,648 —
    — — 110,842 —
Bank loans and overdrafts were not secured.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June 2007
backLR.indd   27 26/10/2007   10:39:27 15. INVENTORIES
    Group Company Group Company 
    30 June 2007 30 June 2007 30 June 2006 30 June 2006 
    £ £ £ £
Raw materials    3,355 — — —
Goods in transit    113,839 — — —
Finished goods    281,420 — 171,674 —
    398,614 — 171,674 —
16. TRADE AND OTHER RECEIVABLES
    Group Company Group Company 
    2007 2007 2006 2006 
    £ £ £ £
Trade receivables    523,843 43,915 183,624 63,663
Trade receivables are amounts due from the sale of goods.
The average credit period allowed on sales of goods is 30 days. No interest is charged on the receivable for the first 30 days from the date of the invoice. 
Receivables have been reviewed for recoverability and a provision has been raised for any receivables which are considered to be doubtful.
The maximum credit risk exposure at the balance sheet date is £523,843.
The Directors consider that the carrying amount of trade and other receivables approximates their fair value.
17. DEFERRED TAX
The Group has losses of approximately £5m available for carry forward against future trading profits. No provision has been made for deferred tax assets 
as there is no certainty that future profits will be available to offset these losses.
18. OTHER FINANCIAL LIABILITIES
    Group Company Group Company 
    2007 2007 2006 2006 
   Note £ £ £ £
Trade and other payables    426,394 97,163 159,480 45,117
Shareholder loans   30 — — 22,146 —
Deferred consideration   13 70,000 70,000 100,000 100,000
    496,394 167,163 281,626 145,117
Due within one year:    496,394 167,163 281,626 145,117
Trade creditors principally comprise amounts outstanding for trade purchases and ongoing costs.
The Directors consider that the carrying amount of trade and other payables approximates their fair value.
19. CONVERTIBLE LOAN NOTES
The convertible loan notes were issued on 2 March 2007. The loan notes are to be repaid in full within 540 days of closing and shall bear interest whilst 
outstanding at a rate of 7% per annum (payable monthly).
The Company has agreed to repay the loan notes in cash by instalments of US$30,000 on prescribed dates at thirty-five day intervals throughout the loan 
term. In the event that the Company does not make any such cash repayment in accordance with the terms of the subscription letter for the loan notes then 
it shall be treated as having issued an “Advance Notice” under the facility and repayment of the relevant amount of the loan notes shall take place by setting 
off the subscription monies on the relevant Advance against the Company’s obligation to repay the loan notes.
The issuer has the option at any time during the loan term of converting part or the whole of the outstanding loan notes into ordinary shares. However, the 
Company has the option upon the issuer exercising its conversion rights of paying cash in lieu of such ordinary shares. The conversion price is 130% of the 
average volume weighted price in the 20 days prior to exercise of the option.
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19. CONVERTIBLE LOAN NOTES CONTINUED
The loan notes can be repaid by the Company (in full but not in part) at any time during the loan term with accrued interest but no early repayment penalty. 
    Group Company Group Company 
    2007 2007 2006 2006 
    £ £ £ £
Nominal value of convertible loan notes issued:       
Equity component at date of issue    — — — —
Liability component at date of issue    227,160 227,160 — —
Interest charged    1,649 1,649 — —
Interest paid    2,587 2,587 — —
Capital repaid    9,124 9,124 — —
Liability component at 30 June 2007    217,098 217,098 — —
The convertible loan note is repayable as follows:       
Due within one year    106,042 106,042  
In the second year    111,056 111,056  
The interest charged for the year is calculated by applying an effective interest rate of 7% to the liability component for the period since the issue of the loan note.
The Directors estimate the fair value of the liability component of the convertible loan notes at 30 June 2007 to be approximately £217,098.
20. COMMITMENTS UNDER OPERATING LEASES 
    Group Company Group Company 
    2007 2007 2006 2006 
    £ £ £ £
Less than one year    2,473 2,473 2,543 2,543
21. SHARE CAPITAL
    Group Company Group Company 
    2007 2007 2006 2006 
    £ £ £ £
Authorised:       
1,000,000,000 ordinary shares of £0.01 each    10,000,000 10,000,000 10,000,000 10,000,000
Issued and fully paid:       
77,379,885 ordinary shares at £0.01 each    773,799 773,799 488,010 488,010
The Company has one class of ordinary shares which carry no right to fixed income.
All of the following share capital issues were done in order to fund acquisition of subsidiaries, provide working capital and accommodate growth of the Group.
(1)  On 18 August 2006 issued 72,464 ordinary shares at £0.345 per share pursuant to the MAP Print Limited Asset Purchase Agreement dated  
1 November 2005.
(2) On 1 December 2006 issued 28,024,994 ordinary shares at £0.15 per share for cash consideration.
(3)  On 20 April 2007 issued 281,250 ordinary shares at £0.16 per share in accordance with the Equity Line of Credit agreement entered into with 
Cornell Capital Partners LLP.
(4)  On 14 May 2007 issued 33,510 ordinary shares at £0.143 per share as consideration to professional advisors in connection with the Equity Line 
of Credit financing.
(5) On 14 May 2007 issued 166,667 shares at £0.30 per share as consideration to professional advisors.
No shares were issued subsequent to 30 June 2007.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June 2007
backLR.indd   29 26/10/2007   10:39:27 22. SHARE PREMIUM ACCOUNT
    Group Company Group Company 
    2007 2007 2006 2006 
    £ £ £ £
Opening balance    6,092,232 6,092,232 — —
Premium arising on issue of equity shares:       
Capital raising (6,200,000 ordinary shares issued at £0.10)    — — 558,000 558,000
Capital raising (3,360,000 ordinary shares issued at £0.50)    — — 1,646,400 1,646,400
Shares issued for the purchase of the Hot Tuna brand (28,000,000 ordinary shares at £0.10)  — — 2,520,000 2,520,000
Capital raising (5,441,000 ordinary shares, issued at £0.50)    — — 2,666,090 2,666,090
Shares issued for the purchase of MAP Print Limited (72,464 ordinary shares at £0.345)   24,275 24,275 — —
Capital raising (28,024,994 ordinary shares at £0.15)    3,923,500 3,923,500 — —
Shares issued to investor in lieu of professional fees (281,250 ordinary shares at £0.16)    42,187 42,187 — —
Shares issued to issuer of equity line of credit (33,510 ordinary shares at £0.139)   4,665 4,665 — —
Shares issued to supplier in lieu of professional fees (166,667 ordinary shares at £0.30)   48,333 48,333 — —
Expenses on issue of equity shares:       
Legal and professional fees    (210,206) (210,206) (499,529) (499,529)
Fair value of options issued to professional advisors    (29,775) (29,775) (312,172) (312,172)
Fair value of warrants issued to investors in connection with the December 2006 capital raising  (283,510) (283,510) (486,557) (486,557)
Closing balance    9,611,701 9,611,701 6,092,232 6,092,232
23. OTHER RESERVES
  Shares to  Merger Warrant Shares to  Merger Warrant 
  be issued  reserve  reserve be issued  reserve  reserve 
  2007 2007  2007 2006 2006 2006 
Group   £ £  £ £ £ £
Opening balance  25,000 1,474,000 486,557 — — —
Shares issued on acquisition of MAP Print Limited  
(25,000 ordinary shares at £0.345)  (25,000) — — 25,000 — —
Shares issued on acquisition of Hot Tuna International Inc  
(3,400,000 ordinary shares at £0.40)  — — — — 1,326,000 —
Shares issued on acquisition of Hot Tuna Holdings Pty Ltd  
(400,000 ordinary shares at £0.38)  — — — — 148,000 —
Warrants issued (2,700,500)  — — — — — 486,557
Warrants issued (14,012,917)  — — 283,510 — — —
Warrants issued (725,000)  — — 29,775 — — —
Closing balance  — 1,474,000 799,842 25,000 1,474,000 486,557
Company       
Opening balance  25,000 1,474,000 486,557 — — —
Shares issued on acquisition of MAP Print Limited  
(25,000 ordinary shares at £0.345)  (25,000) — — 25,000 — —
Shares issued on acquisition of Hot Tuna International Inc  
(3,400,000 ordinary shares at £0.40)  — — — — 1,326,000 —
Shares issued on acquisition of Hot Tuna Holdings Pty Ltd  
(400,000 ordinary shares at £0.38)  — — — — 148,000 —
Warrants issued (2,700,500)  — — — — — 486,557
Warrants issued (14,012,917)  — — 283,510 — — —
Warrants issued (725,000)  — — 29,775 — — —
Closing balance  — 1,474,000 799,842 25,000 1,474,000 486,557
The merger reserve relates to the premium on shares issued for the purchase of Hot Tuna International Inc and Hot Tuna Holdings Pty Ltd.
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23. OTHER RESERVES CONTINUED
In conjunction with the capital raising, warrants were issued to institutional investors. Warrants represent subscription rights for ordinary shares in Hot Tuna 
(International) PLC at £0.01 each. The warrant reserve represents the fair value of these warrants, determined using the Black-Scholes valuation model, 
using assumptions consistent with those used in calculating the fair value of share options. See note 27.
 Granted Exercised Forfeited   Weighted 
 during  during  during  Outstanding at   average  
Grant date the period the period the period 30 June 2007 Expiry date exercise price
20/02/2006 200,500 — — 200,500 19/02/2009 £0.49
24/02/2006 750,000 — — 750,000 24/02/2008 £0.60
24/02/2006 350,000 — — 350,000 24/02/2008 £0.60
24/02/2006 1,250,000 — — 1,250,000 24/02/2008 £0.60
24/02/2006 150,000 — — 150,000 24/02/2008 £0.60
01/12/2006 14,012,497 — — 14,012,497 31/05/2008 £0.25
02/03/2007 50,000 — — 50,000 02/03/2012 £0.25
02/03/2007 375,000 — — 375,000 02/03/2012 £0.30
02/03/2007 200,000 — — 200,000 02/03/2012 £0.40
02/03/2007 100,000 — — 100,000 02/03/2012 £0.50
Subject to the Memorandum and Articles of Association the warrant holder shall be entitled to subscribe to ordinary shares in the Company upon exercise 
of the warrants at subscription price. Warrants may be exercised in whole or in part (and from time to time) prior to the final exercise date. 
The warrants are non-transferable.
24. FOREIGN EXCHANGE RESERVE  
    Group Company Group Company 
    2007 2007 2006 2006 
    £ £ £ £
Opening balance    (4,017) — — —
Exchange profit/(loss) on overseas operations    57,680 — (4,017) —
Closing balance    53,663 — (4,017) —
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June 2007
backLR.indd   31 26/10/2007   10:39:27 25. RETAINED LOSS
    Group Company Group Company 
    2007 2007 2006 2006 
    £ £ £ £
Opening balance    (1,975,718) (1,184,066) — —
Net loss for the year    (5,333,160) (2,870,362) (1,975,718) (1,184,066)
Closing balance    (7,308,878) (4,054,428) (1,975,718) (1,184,066)
26.  RECONCILIATION OF PROFIT FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES  
(NOTES TO THE CASH FLOW STATEMENT)
    Group Company Group Company 
    Year ending Year ending Period ending Period ending 
    30 June 2007 30 June 2007 30 June 2006 30 June 2006 
    £ £ £ £
Loss from operations before exceptional items    (3,703,805) (1,248,780) (2,051,476) (1,218,952)
Adjusted for:       
Depreciation of property, plant and equipment    39,811 5,482 3,095 1,647
Loss on disposal of property, plant and equipment    3,906 1,085 949 949
Share-based payment expense    — — 90,695 90,695
Operating cash flows before movements in working capital    (3,660,088) (1,242,213) (1,956,736) (1,125,661)
Increase in inventories    (226,940) — (27,109) —
Increase in receivables    (230,674) (2,779,945) (102,162) (1,569,450)
Increase in payables    204,082 52,046 165,227 145,117
Cash used in operations    (253,532) (2,727,899) 35,956 (1,424,333)
Interest (paid)    (6,909) (1,701) (4,841) (17)
Net cash from operating activities    (3,920,529) (3,971,813) (1,925,622) (2,550,011)
    Group Company Group Company 
    Year ending Year ending Period ending Period ending 
    30 June 2007 30 June 2007 30 June 2006 30 June 2006 
    £ £ £ £
Cash and cash equivalents    1,891,997 1,779,449 1,524,255 1,372,271
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27. SHARE-BASED PAYMENTS
Details of the share options outstanding during the year are as follows:
  Granted Forfeited Cancelled    
 Outstanding at  during  during  during  Outstanding at     
Grant date 1 July 2006 the period the period the period 30 June 2007 Expiry date Exercise price
23/09/2005 1,500,000 — — 500,000 1,000,000 23/09/2010 £0.50
01/10/2005 300,000 — — 300,000 — 30/09/201 1 £0.50
01/10/2005 100,000 — — 100,000 — 30/09/201 1 £0.65
01/10/2005 100,000 — — 100,000 — 30/09/201 1 £0.75
26/03/2006 300,000 — — — 300,000 26/03/201 1 £0.50
26/03/2006 525,000 — 525,000 — — 26/03/201 1 £0.75
26/03/2006 750,000 — 750,000 — — 26/03/201 1 £1.00
09/04/2006 120,000 — — — 120,000 09/04/201 1 £0.50
09/04/2006 210,000 — — — 210,000 09/04/201 1 £0.75
09/04/2006 300,000 — — — 300,000 09/04/201 1 £1.00
10/04/2006 120,000 — — — 120,000 24/03/201 1 £0.50
10/04/2006 210,000 — 210,000 — — 24/03/201 1 £0.75
10/04/2006 300,000 — 300,000 — — 24/03/201 1 £1.00
04/05/2006 1,1 15,000 — — 1,1 15,000 — 02/05/2012 £0.75
04/05/2006 1,1 15,000 — — 1,1 15,000 — 02/05/2013 £1.00
06/06/2006 200,000 — — — 200,000 06/06/2012 £0.50
06/06/2006 300,000 — — — 300,000 06/06/2012 £0.75
06/06/2006 500,000 — — — 500,000 06/06/2012 £1.00
12/06/2006 150,000 — — 150,000 — 12/06/201 1 £0.50
12/06/2006 200,000 — — 200,000 — 12/06/201 1 £0.75
12/06/2006 250,000 — — 250,000 — 12/06/201 1 £1.00
28/06/2006 100,000 — — 100,000 — 28/06/2012 £0.50
28/06/2006 150,000 — — 150,000 — 28/06/2013 £0.75
28/06/2006 200,000 — — 200,000 — 28/06/2014 £1.00
03/07/2006 — 100,000 — — 100,000 01/07/2012 £0.50
07/07/2006 — 500,000 — — 500,000 07/07/201 1 £0.50
07/07/2006 — 500,000 — — 500,000 07/07/2012 £0.50
07/07/2006 — 500,000 — — 500,000 07/07/2013 £0.75
07/07/2006 — 500,000 — — 500,000 07/07/2014 £0.75
07/07/2006 — 1,000,000 — — 1,000,000 n/a £0.01
07/07/2006 — 1,000,000   1,000,000 n/a £0.01
01/09/2006 — 125,000 — — 125,000 07/07/2013 £0.75
01/09/2006 — 125,000 — — 125,000 01/09/2013 £0.75
01/09/2006 — 125,000 — — 125,000 n/a £0.01
01/09/2006 — 125,000 — — 125,000 n/a £0.01
01/09/2006 — 125,000 — — 125,000 07/07/201 1 £0.50
01/09/2006 — 125,000 — — 125,000 07/07/2012 £0.50
01/09/2006 — 125,000 — — 125,000 07/07/2013 £0.75
01/09/2006 — 125,000 — — 125,000 07/07/2014 £0.75
22/12/2006 — 2,300,000 — — 2,300,000 n/a £0.01
21/12/2006 — 1,500,000 — — 1,500,000 22/12/201 1 £0.25
21/12/2006 — 1,500,000 — — 1,500,000 22/12/201 1 £0.25
23/09/2005 — 200,000 — — 200,000 23/09/2010 £0.25
12/06/2006 — 75,000 — — 75,000 12/06/201 1 £0.25
12/06/2006 — 135,000 — — 135,000 12/06/201 1 £0.50
12/06/2006 — 250,000 — — 250,000 12/06/201 1 £0.75
28/06/2006 — 100,000 — — 100,000 28/06/2012 £0.25
28/06/2006 — 150,000 — — 125,000 28/06/2013 £0.50
28/06/2006 — 200,000 — — 175,000 28/06/2014 £0.75
01/10/2005 — 200,000 — — 200,000 30/09/201 1 £0.50
01/10/2005 — 100,000 — — 100,000 30/09/201 1 £0.50
01/10/2005 — 100,000 — — 100,000 30/09/201 1 £0.65
01/10/2005 — 100,000 — — 100,000 30/09/201 1 £0.75
04/05/2005 — 500,000 — — 500,000 02/05/2012 £0.25
04/05/2005 — 500,000 — — 500,000 02/05/2013 £0.50
20/05/2007 — 400,000 — — 400,000 20/05/2013 £0.25
20/05/2007 — 600,000 — — 600,000 20/05/2014 £0.50
20/05/2007 — 1,000,000 — — 1,000,000 20/05/2015 £0.75
 9,1 15,000 15,010,000 1,785,000 4,280,000 18,010,000
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June 2007
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No options were exercised during the year.
Subsequent to year end the following share options were granted and forfeited:
   Granted Forfeited  Cancelled    
  Outstanding at  during  during  during  Outstanding at   
Grant date  30 June 2007 the period the period the period 16 October 2007 Expiry date Exercise price
26/03/2006  525,000 — 525,000 — — 26/03/201 1 £0.75
26/03/2006  750,000 — 750,000 — — 26/03/201 1 £1.00
09/04/2006  210,000 — 210,000 — — 09/04/201 1 £0.75
09/04/2006  300,000 — 300,000 — — 09/04/201 1 £1.00
12/06/2006  135,000 — 135,000 — — 12/06/201 1 £0.50
12/06/2006  250,000 — 250,000 — — 12/06/201 1 £0.75
20/08/2007  — 75,000 — — 75,000 19/08/2013 £0.25
20/08/2007  — 100,000 — — 100,000 19/08/2014 £0.50
20/08/2007  — 175,000 — — 175,000 19/08/2015 £0.75
The Company has a share option scheme for all employees of the Group. Options are exercisable at a price defined by the individual option agreement. 
The vesting period varies according to the individual employment contract (between zero and five years). If the options remain unexercised during the 
specified period from the date of grant, the options expire. Options are forfeited if the employee leaves the Group before the options vest.
As of 30 June 2007 a total of 18,010,000 subscription rights had been issued to employees. Of these options, 5,240,000 were exercisable as at 30 June 2007, 
and the weighted average remaining contractual life of share options outstanding at the period end is three years.
During the financial year, some of the employee share options were recalibrated to reflect current market conditions, resulting in the cancellation of the old 
options and re-issuance of new options at different strike prices.
Details of the assumptions used in the calculation of these fair values are set out below. Expected volatility was based on the historical volatility of the Company’s 
share price over period under review. Expected dividends were based on the Company’s payments to shareholders over the two years prior to the grant or 
award date.
Under the schemes, the weighted average estimated fair value per option granted by the Company during 2007 was 0.05p (2006: 0.05p). The fair value 
of the share options granted under the plans during 2007 was £1.7m (2006: £0.1m). The value of the awards is charged in the income statement over the 
vesting period.
The inputs to the Black-Scholes model are as follows:
Weighted average share price £0.12
Expected volatility 40–56%
Expected life Stated above
Risk free rate 4.25–5.50%
Expected dividends Zero
The Group recognises the following expenses relating to equity settled share-based payment transactions: 
    Group Company Group Company 
    2007 2007 2006 2006 
   Note £ £ £ £
Employee benefits   4 1,689,790 1,689,790 90,695 90,695
Share-based payment for professional services   27 95,000 95,000 312,172 312,172
Share-based payment on acquisition of Hot Tuna International Inc    — — 173,988 173,988
    1,784,790 1,784,790 576,855 576,855
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Hot Tuna (International) PLC Annual Report and Accounts 2007
28. FINANCIAL INSTRUMENTS
The Group’s principal financial instruments comprise cash, overdrafts and convertible loan notes. Please refer to note 14 and note 19.
The Group has various other financial instruments, such as trade and other receivables and trade and other payables that arise directly from its operations 
which have not been included in the following disclosures. The main risks arising from the Group’s financial instruments are interest rate risks, credit risk and 
liquidity risk. The policies for managing these risks are regularly reviewed and agreed by the Board.
It is, and has been throughout the period under review, the Company’s policy that no trading in financial instruments should be undertaken.
FOREIGN EXCHANGE RISK
The functional currency of the Company is Sterling. However, the Group occasionally makes payments in alternative currencies. These are done at the spot rate.
LIQUIDITY RISK
It is the Group’s policy to finance its business by means of internally generated funds and external share capital.
OVERDRAFT FACILITY
The Group currently holds an overdraft facility, details of which are provided in note 14.
INTEREST RATE PROFILE OF FINANCIAL ASSETS
The interest rate risk profile of the Company’s assets as at 30 June 2007 was:
    No interest Fixed rate Floating rate Total 
    £ £ £ £
GBP:        
Of which: Cash at bank and on hand    — — 136,420 136,420
 Call deposit    — — — —
USD:        
Of which: Cash at bank and on hand    — — — —
 Call deposit    — 1,716,574 27,292 1,743,866
AUD:        
Of which: Cash at bank and on hand    — — 11,711 11,711
     — 1,716,574 175,423 1,891,997
Floating rate instant access deposits in Sterling earn interest at prevailing bank rates.
Bank balances and cash comprise cash and short-term deposits held by the Group treasury function. The carrying amount of these assets approximates their 
fair value.
FAIR VALUE
There is no material difference between the fair value of financial assets and liabilities and their book value at the balance sheet date.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June 2007
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Hot Tuna (International) PLC Annual Report and Accounts 2007
29. LINE OF CREDIT
An equity line of credit facility was secured on 2 March 2007 which enables the Company to draw down cash as it requires it by the issue of new ordinary shares.
The facility allows the issuer to subscribe for up to £2,500,000 worth of the Company’s ordinary shares over five years. 
Hot Tuna (International) PLC has the option during the course of the facility term to issue notices requiring the issuer to subscribe for ordinary shares.
The maximum amount of each advance each of which can in any event never be greater than £100,000.
The subscription price for the shares is set at 97% of the lowest of the daily volume weighted average prices of the ordinary shares during the ten consecutive 
trading day period beginning on the first trading day after the date of the relevant notice to convert, although the Company can set a minimum price below 
which it will not accept subscriptions. 
At 30 June 2007 the unused line of credit is valued at £2,495,000, subsequent to one advance of £5,000 (33,510 shares at £0.139) less commission payable.
30. RELATED PARTY TRANSACTIONS
TRADING TRANSACTIONS
During the year, Group companies entered into the following transactions with related parties who are not members of the Group:
 2007 2006
     
    Fees paid  Fees paid  Rent  Purchase of  
    to third parties third parties  expense good/services 
    £ £ £ £
IC One Two P/L    — — — 16,859
Frontier International (Holdings) Pty Ltd    — — — 7,250
    63,500 255,750 42,813 24,109
Fees to third parties comprise amounts paid to the Directors through their limited companies under an agreement to provide the Group with their services. 
These fees are derived from formalised contracts with each of the Directors.
During the year a loan from Oscar Verden to MAP Print Limited was forgiven and as a result, income was recognised to the value of £22,146.
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Hot Tuna (International) PLC Annual Report and Accounts 2007
30. RELATED PARTY TRANSACTIONS CONTINUED
    Amounts Amounts Amounts Amounts 
    owed by owed to owed by owed to 
    related parties related parties related parties related parties 
    2007 2007 2006 2006 
Inter-company loans:    £ £ £ £
MAP Print Limited    — 769,036 — 415,348
Hot Tuna International Inc    — 2,263,107 — 1,019,048
Hot Tuna Australia Pty Ltd    — 460,756 — 102,213
Hot Tuna (UK) Limited    — 873,285 — 30,967
Hot Tuna (International) PLC    4,366,184 — 1,567,576 —
Total    4,366,184 4,366,184 1,567,576 1,567,576
Frontier International (Holdings) Pty Ltd is a related party of the Group because former Directors James Podaridis and Anthony Oxley have a controlling interest.
Oscar Verden is a related party of the Group because he owns 25% of MAP Print Limited.
The amounts outstanding are unsecured and will be settled in cash. No guarantee have been given or received. No provisions have been made for doubtful 
debts in respect of the amounts owed by related parties.
REMUNERATION OF KEY MANAGEMENT PERSONNEL
The remuneration of the Directors, who are the key management personnel of the Group, is set out below.
      2007 2006 
      £ £
Salaries and fees      199,608 350,250
Share-based payments      1,343,382 —
      1,542,990 350,250
31. CONTINGENT LIABILITIES
The following litigation is currently underway within the Group. The financial impact at the conclusion of each of the litigation has been estimated, where known.
HOT TUNA (INTERNATIONAL) PLC AND HOT TUNA INTERNATIONAL INC V CANADA – 1575156 ONTARIO, INC.
Hot Tuna International Inc and its parent corporation Hot Tuna (International) PLC, were served in March 2007 with a complaint made by a numbered 
Ontario company, 1575156 Ontario, Inc. The complaint alleges breach of a trade-mark license agreement. 
A Statement of Defence was filed, in which it denied all allegations and any liability on the ground that it was never a party to the License Agreement and, 
therefore, not a proper party to the proceeding. Hot Tuna (International) PLC has filed its Statement of Defence and Counter Claim in which it defended 
against the plaintiff’s claim and counterclaimed for, inter alia, damages in the amount of approximately $USD2,500,000 for breach of the licence agreement, 
fraudulent misrepresentation and deceit.
It is too early in the proceeding to be able to comment on the likelihood of success or exposure and no provision has been made in the accounts for the 
settlement of this matter.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June 2007
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Hot Tuna (International) PLC Annual Report and Accounts 2007
Notice is hereby given that the Annual General Meeting of Hot Tuna (International) PLC (the “Company”) will be held at the offices of Baker Tilly 
at 2 Bloomsbury Street, London WC1B 3ST on 19 November 2007 at 11.00am for the following purposes:
ORDINARY BUSINESS
To consider and if thought fit, pass the following resolutions, as ordinary resolutions:
RESOLUTION 1
To receive the financial statements for the year ended 30 June 2007 together with the reports of the Directors and auditor thereon.
RESOLUTION 2
To re-elect Niels Anders Juul, the Director appointed since the last Annual General Meeting.
RESOLUTION 3
To re-elect Kiran Caldas Morzaria, the Director retiring in accordance with the Company’s Articles of Association.
RESOLUTION 4
To appoint Baker Tilly Audit Services LLP as successor Auditor to Baker Tilly in accordance with the provisions of section 26(5) of the Companies Act 1989 
until the conclusion of the next Annual General Meeting, and to authorise the Directors to determine the auditor’s remuneration.
By order of the Board
RANJIT MURUGASON REGISTERED OFFICE: 
CHAIRMAN 96A CLIFTON HILL
16 OCTOBER 2007 ST JOHN’S WOOD
 LONDON NW8 0JT
NOTICE OF MEETING
Hot Tuna (International) PLC
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Hot Tuna (International) PLC Annual Report and Accounts 2007
NOTES:
1.  A member who is entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend, speak, and, on a poll, to vote instead of 
him/her. A proxy need not be a member of the Company. Only shareholders, proxies and authorised representatives of corporations that are shareholders 
are entitled to attend the meeting.
2.  In the case of joint holders the signature of one holder on the form of proxy will be accepted by the vote of the senior who tenders a vote whether in person 
or by proxy to the exclusion of the votes of any joint holders and for this purpose seniority shall be determined by the order in which the names stand in the 
register of members in respect of such joint holdings.
3. In the case of a corporation the form of proxy must be signed on its behalf by a duly authorised officer of the corporation.
4.  A form of proxy is provided with this notice. To be effective a form of proxy together with any power of attorney or other authority under which it is executed 
or a copy thereof certified notarially or in accordance with the Power of Attorney Act 1971 or as the Directors shall accept must be sent to the Company 
Secretary, c/o Share Registrars Limited:
This may be sent by facsimile transfer to +44 (0) 1252 719232 or by mail to:
The Company Secretary
Hot Tuna (International) PLC
C/o Share Registrars Limited
Craven House
West Street
Farnham
Surrey GU9 7EN
so as to arrive not later than 15 November 2007 at 11.00am, this being 48 hours before the start of the meeting.
5. Any alteration made to the form of proxy should be initialled.
6. Completion of the form of proxy will not affect the right of a member to attend and vote at the meeting.
7.  The Company, pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, specifies that only those members registered in the register 
of members of the Company as at 11.00am on 15 November 2007 shall be entitled to attend and vote at this meeting in respect of the number of shares 
registered in their name at that time. Changes to entries in the register of members after that time shall be disregarded in determining the right of any 
person to attend or vote at this meeting.
8.  To be entitled to attend and vote at the Annual General Meeting (and for the purpose of determination by the Company of the number of votes they 
may cast), members must be entered on the Company’s Register of Members by 11.00am on 15 November 2007.
9. The following documents will be available for inspection at the meeting convened by this notice:
 a) The Register of Directors’ interests in the shares of the Company
 b) Directors’ service contracts
NOTICE OF MEETING CONTINUED
backLR.indd   39 26/10/2007   10:39:28 WHAT WE DO
Hot Tuna own the global rights to the Hot Tuna brand, a progenitor of global youth fashion, 
born in Australia with a heritage of authentic surf culture.
The Group has coordinated design, marketing and distribution competence in its core 
markets supported by a team of inspired, experienced and young designers, marketers, 
salespeople and management with apparel expertise.
DESIGN
From its very beginning in the late sixties Hot Tuna 
was always the rebellious brand that dared to be 
different, without taking itself too seriously. While 
maintaining that core spirit and bringing the brand 
to the forefront of surf-fashion today, we have put 
together a second-to-none team of experienced 
designers from Sydney, London and Los Angeles, 
who will all operate from Hot Tuna’s new creative 
platform in our corporate showroom, in downtown 
Los Angeles. They will be working alongside our 
marketing and merchandising staff to ensure global 
brand consistency and make extensive use of our 
sourcing facility in Shanghai to ensure a cost and 
time-effective design process and ultimately better 
delivery rates and profit margins.
MARKETING AND PROMOTION
The Hot Tuna brand is built on a platform of 
quality surf lifestyle products that represents real 
value in terms of experience and creative expression. 
Being blessed with promoting a brand that never 
“sold out” and still remains respected and admired 
in the surf community is not only a great asset for 
our designers, but also makes the job of our 
marketing staff much easier, as they don’t have 
to “invent” credibility by jazzing up the message.
The Hot Tuna marketing and promotional activity 
is mainly at grassroots level. We sponsor athletes 
within the surf community who represent our core 
values, surfers who are “real” and aspirational.
The most invaluable marketing for us is to see 
our surfers and the surf community endorsing our 
product on the beach.
The Hot Tuna marketing and design staff work 
in partnership with our customers making sure that 
the brand visualisation at retail is consistent and 
effective in promoting the brand and maximising sales.
SPONSORSHIP AND EVENTS
Hot Tuna sponsors major surfing events and 
competitions around the world and features 
predominantly at major industry fashion shows, 
event parties and tradeshows.
Hot Tuna also proudly takes some of the core 
values that exist on the water into its association 
with charities and non-profit organisations that are 
trying to make the life on land a bit better for the 
ones who need it the most.
w w w
WHERE WE DO IT
Hot Tuna maintains its financial and executive headquarters in the United Kingdom; a design, 
production and marketing control centre in the USA; and a cultural hub in Australia.
UNITED KINGDOM
The Company’s administrative and economic base 
is in London, close to the financial market the 
Company serves, and proximal to Hot Tuna’s Board 
of Directors and advisors. Local sales teams 
service the established surfing centres and 
fashion communities of Great Britain and the 
greater European surf-lifestyle market, and 
contribute globally to the aesthetic of the brand.
UNITED STATES 
Global design, production and marketing is directed 
from downtown Los Angeles, in the Cooper Building. 
All of the US accounts are serviced from here and as 
the home base of the Chief Executive Officer, it is 
the source of new inspiration and direction for the 
brand and the Company.
AUSTRALIA
The ‘Land Down Under’ continues as a source of 
inspiration for Hot Tuna. The Company’s operations 
in Australia ensure the values of the brand are 
evidenced worldwide, and that key market points 
throughout the nation and across the South Pacific 
are effectively serviced.
SHANGHAI, CHINA
Global sourcing office for all Hot Tuna 
products. Central coordination 
of production, quality control and 
global logistics.
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ANNUAL REPORT AND ACCOUNTS 2007
HOT TUNA (INTERNATIONAL) PLC
Hot Tuna Studios
96a Clifton Hill
St John’s Wood
London NW8 0JT
Tel: 020 7372 9378
Fax: 020 7372 9799
www.hottunaplc.com
WHO WE ARE
Hot Tuna is one of the world’s most distinct names in surf lifestyle, originally founded 
in Australia in 1969 as a surf apparel company. 
Hot Tuna came into prominence in the global youth fashion market through the 80’s 
and 90’s and still today the brand maintains an internationally recognisable cult status. 
Hot Tuna as a brand went dormant in the 1990’s and only began trading again in 2006. 
Our first product launch coincided with Spring/Summer 2007.
Hot Tuna (International) PLC listed on the AIM in 2005, raising funds with which to 
finance the acquisition of trademark licensing rights worldwide and to fund its future 
growth and development as a global brand manager. 
Hot Tuna own the rights to their intellectual property globally and have established 
operational business units in Sydney, Australia; London, England and Los Angeles, 
California. Penetration of peripheral markets is via the appointment of distributors.
HOT TUNA (INTERNATIONAL) PLC ANNUAL REPORT AND ACCOUNTS 2007
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