REGISTERED NUMBER: |
Report of the Director and |
Financial Statements |
for the Period |
1 July 2021 to 31 December 2022 |
for |
Blackthorn FS Limited |
REGISTERED NUMBER: |
Report of the Director and |
Financial Statements |
for the Period |
1 July 2021 to 31 December 2022 |
for |
Blackthorn FS Limited |
Blackthorn FS Limited (Registered number: 11296604) |
Contents of the Financial Statements |
for the Period 1 July 2021 to 31 December 2022 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Report of the Independent Auditors | 3 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 |
Blackthorn FS Limited |
Company Information |
for the Period 1 July 2021 to 31 December 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sanding Road |
Hythe |
Kent |
CT21 4HE |
Blackthorn FS Limited (Registered number: 11296604) |
Report of the Director |
for the Period 1 July 2021 to 31 December 2022 |
The director presents her report with the financial statements of the company for the period 1 July 2021 to 31 December 2022. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Ardor Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Blackthorn FS Limited |
Opinion |
We have audited the financial statements of Blackthorn FS Limited (the 'company') for the period ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Blackthorn FS Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Blackthorn FS Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards). |
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers. |
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Blackthorn FS Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sanding Road |
Hythe |
Kent |
CT21 4HE |
Blackthorn FS Limited (Registered number: 11296604) |
Income Statement |
for the Period 1 July 2021 to 31 December 2022 |
Period |
1/7/21 |
to | Year Ended |
31/12/22 | 30/6/21 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest payable and similar expenses | 5 |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 6 |
LOSS FOR THE FINANCIAL PERIOD | ( |
) | ( |
) |
Blackthorn FS Limited (Registered number: 11296604) |
Other Comprehensive Income |
for the Period 1 July 2021 to 31 December 2022 |
Period |
1/7/21 |
to | Year Ended |
31/12/22 | 30/6/21 |
Notes | £ | £ |
LOSS FOR THE PERIOD | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME |
Issue of shares | ( |
) |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
Blackthorn FS Limited (Registered number: 11296604) |
Statement of Financial Position |
31 December 2022 |
31/12/22 | 30/6/21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Share premium | 13 |
Other reserves | 13 |
Convertible Loan Note Reserve | 13 |
Retained earnings | 13 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Blackthorn FS Limited (Registered number: 11296604) |
Statement of Changes in Equity |
for the Period 1 July 2021 to 31 December 2022 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 July 2020 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | - |
Balance at 30 June 2021 | ( |
) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | - |
Balance at 31 December 2022 | ( |
) |
Convertible |
Other | Loan Note | Total |
reserves | Reserve | equity |
£ | £ | £ |
Balance at 1 July 2020 |
Changes in equity |
Total comprehensive income |
Balance at 30 June 2021 |
Changes in equity |
Issue of share capital | - | - |
Total comprehensive income | ( |
) | ( |
) |
Balance at 31 December 2022 |
Blackthorn FS Limited (Registered number: 11296604) |
Statement of Cash Flows |
for the Period 1 July 2021 to 31 December 2022 |
Period |
1/7/21 |
to | Year Ended |
31/12/22 | 30/6/21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Interest paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) | ( |
) |
Cash flows from investing activities |
Purchase of fixed asset investments | (120,882 | ) | (64,310 | ) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Amount introduced by directors | 7,187 | - |
Net cash from financing activities |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
601,694 |
Cash and cash equivalents at end of period |
2 |
529,003 |
6,796,077 |
Blackthorn FS Limited (Registered number: 11296604) |
Notes to the Statement of Cash Flows |
for the Period 1 July 2021 to 31 December 2022 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1/7/21 |
to | Year Ended |
31/12/22 | 30/6/21 |
£ | £ |
Loss before taxation | ( |
) | ( |
) |
Owed by group undertakings | (1,540,456 | ) | 8,200 |
Owed to group undertakings | 221,110 | (925,577 | ) |
Finance costs | 694,236 | 446,630 |
(1,768,012 | ) | (916,127 | ) |
Increase in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Period ended 31 December 2022 |
31/12/22 | 1/7/21 |
£ | £ |
Cash and cash equivalents | 529,003 | 6,796,077 |
Year ended 30 June 2021 |
30/6/21 | 1/7/20 |
£ | £ |
Cash and cash equivalents | 6,796,077 | 601,694 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/7/21 | Cash flow | At 31/12/22 |
£ | £ | £ |
Net cash |
Cash at bank | 6,796,077 | (6,267,074 | ) | 529,003 |
6,796,077 | ( |
) | 529,003 |
Debt |
Debts falling due after 1 year | (6,738,630 | ) | 6,738,630 | - |
(6,738,630 | ) | 6,738,630 | - |
Total | 57,447 | 471,556 | 529,003 |
Blackthorn FS Limited (Registered number: 11296604) |
Notes to the Financial Statements |
for the Period 1 July 2021 to 31 December 2022 |
1. | STATUTORY INFORMATION |
Blackthorn FS Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Amounts are rounded to the nearest Pound Sterling. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Blackthorn FS Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and |
estimates. The items in the financial statements where these judgements and estimates have been made |
include: |
The equity element of the convertible loan note has been calculated as the balance between the initial |
proceeds of the loan and the discounted net present value of the loan. The discount factor used is based |
on an estimate of what the interest would be on a loan that does not have an equity component. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Blackthorn FS Limited (Registered number: 11296604) |
Notes to the Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition |
of financial assets and liabilities like trade and other debtors and creditors, loans from banks |
and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
Investments in non-derivative instruments that are equity to the issuer are measured: |
- at fair value with changes recognised in the Statement of comprehensive income if the shares |
are publicly traded or their fair value can otherwise be measured reliably; |
- at cost less impairment for all other investments. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2021 - operating profit) is stated after charging: |
Period |
1/7/21 |
to | Year Ended |
31/12/22 | 30/6/21 |
£ | £ |
Auditors' remuneration |
Foreign exchange differences |
Blackthorn FS Limited (Registered number: 11296604) |
Notes to the Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1/7/21 |
to | Year Ended |
31/12/22 | 30/6/21 |
£ | £ |
Interest payable |
6. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the period ended 31 December 2022 nor for the year ended 30 June 2021. |
Tax effects relating to effects of other comprehensive income |
1/7/21 to 31/12/22 |
Gross | Tax | Net |
£ | £ | £ |
Issue of shares | ( |
) | - | (858,000 | ) |
30/6/21 |
Gross | Tax | Net |
£ | £ | £ |
Equity element on convertible loan note | - | 858,000 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 July 2021 | 297,311 |
Additions | 120,882 |
At 31 December 2022 | 418,193 |
NET BOOK VALUE |
At 31 December 2022 | 418,193 |
At 30 June 2021 | 297,311 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: 74 Back Church Lane, Unit 8, London, E1 1LX. |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Blackthorn FS Limited (Registered number: 11296604) |
Notes to the Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
7. | FIXED ASSET INVESTMENTS - continued |
Registered office: 74 Back Church Lane, Unit 8, London, E1 1LX. |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) |
Loss for the year/period | ( |
) |
Registered office: 74 Back Church Lane, Unit 8, London, E1 1LX. |
Nature of business: |
% |
Class of shares: | holding |
£ |
Aggregate capital and reserves |
Loss for the period/year | ( |
) |
In addition to these the following subsidiaries exist: |
- Blackthorn Europe UAB, registered in Lithuania |
- Blackthorn Pay Inc., registered in Canada. |
- Blackthorn Finance Limited, registered in Hong Kong. |
8. | DEBTORS |
31/12/22 | 30/6/21 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Other debtors |
Aggregate amounts |
Blackthorn FS Limited (Registered number: 11296604) |
Notes to the Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/22 | 30/6/21 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
Directors' current accounts | 7,187 | - |
Accruals and deferred income |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/22 | 30/6/21 |
£ | £ |
Other loans (see note 11) |
Amounts owed to group undertakings |
11. | LOANS |
An analysis of the maturity of loans is given below: |
31/12/22 | 30/6/21 |
£ | £ |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/22 | 30/6/21 |
value: | £ | £ |
Ordinary | 0.000001 | 1 | 1 |
Ordinary A | 0.000001 | - | - |
1 | 1 |
227,343 Ordinary shares of 0.000001 each were allotted as fully paid |
Blackthorn FS Limited (Registered number: 11296604) |
Notes to the Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
13. | RESERVES |
Convertible |
Retained | Share | Other | Loan Note |
earnings | premium | reserves | Reserve | Totals |
£ | £ | £ | £ | £ |
At 1 July 2021 | ( |
) | 1,192,825 |
Deficit for the period | ( |
) | ( |
) |
Cash share issue | - | 8,290,866 | - | (858,000 | ) | 7,432,866 |
At 31 December 2022 | ( |
) | 7,482,789 |
Other reserves |
Comprises an initial capital contribution from the parent company. |
Convertible loan note reserve |
The equity element of the convertible loan note has been calculated as the balance between the initial |
proceeds of the loan and the discounted net present value of the loan. The discount factor used is based on an estimate of what the interest would be on a loan that does not have an equity component. |
14. | RELATED PARTY DISCLOSURES |
Amount due to ultimate beneficial owner at 31 December 2022 was £nil (at 30 June 2021: £200,000). |
Convertible loan note balances owed to group companies at 31 December 2022 were £nil (at 30 June 2021: £2,083,288). |
31/12/22 | 30/6/21 |
£ | £ |
Amount due from related party |
Amount due to related party |
15. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent is Sync Capital Limited, a company incorporated in England. The |
Ultimate controlling party is Mr Gope Shyamdas Kundnani. |
16. | PREPARATION OF THE FINANCIAL STATEMENTS |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |