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REGISTERED NUMBER: 10241871 (England and Wales)


















EDI HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022






EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18 to 29


EDI HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: R H T Davies
E T Davies
J B Pace



SECRETARY: R H T Davies



REGISTERED OFFICE: Wentwood House
Langstone Business Village
Priory Drive, Langstone
Newport
NP18 2HJ



REGISTERED NUMBER: 10241871 (England and Wales)



AUDITORS: MHA
Chartered Accountants and Statutory Auditor
Swansea, United Kingdom



AUDITORS OFFICE: 3 New Mill Court
Swansea Enterprise Park
Swansea
SA7 9FG

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022


The directors present their strategic report of the company and the group for the year ended 31 December 2022.

REVIEW OF BUSINESS
The Income Statement and Balance Sheet for the year which includes all relevant key performance indicators is set out in the annexed financial statements.

The principal activity of the trading subsidiary of the group during the year was that of bespoke vehicle design and modification. The principal activity of the company during the year was that of a holding company.

The strategy of the business is to increase its market share by focussing on new product design and strong customer service.

The group enjoys a number of competitive advantages including strong brand recognition, where it consistently achieves a strong market share; a well-established reputation for price competitiveness; a knowledgeable and enthusiastic workforce and a strong customer focus throughout the business.

Whilst trading conditions are expected to remain competitive throughout FY'23, the board consider the group to be well positioned to manage and take on this challenge.

Key performance indicators
The group's key performance indicators (KPI's) are summarised below:

KPI's - Year ended 31 December 2022 31 December 2021
Turnover £25,805k £20,240k
Cash at bank £2,515k £1,186k
Net current assets £2,845k £1,381k
Net assets £4,485k £2,278k


EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks affecting the group are considered to relate to competitor activity and employee retention and are summarised as follows :

Risk Potential impact Mitigation





Competition






The market in which the group
operates is subject to intense
competition. The impact of such
competition could impact on
margins.





The group continues to invest
heavily in new product design.
Providing customers with a choice
of options, coupled with a strong
focus on customer service, results
in a high level of repeat business.






People









The business could be impacted by
the loss of key individuals.





The business looks to increase
staff engagement through (1)
opportunities to give feedback and
to influence future business
developments and (2) training and
progression opportunities.

Price risk
The group is not exposed to significant commodity price risk as a result of its operations.

Credit risk
The group's financial assets are cash and trade debtors. The group's credit risk is primarily attributable to its trade debtors which are presented in the balance sheet net of allowances for doubtful debts. The group has implemented policies that require appropriate credit checks on potential customers before sales are made.

Liquidity risk
The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure that the group has sufficient funds for operations and planned expansions.

Interest rate cash flow risk
The group has both interest bearing assets and interest-bearing liabilities. Interest bearing assets comprise only cash balances, which earn interest at floating rates. The group has a policy of maintaining debt at floating rates. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature.

ON BEHALF OF THE BOARD:





J B Pace - Director


28 September 2023

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of bespoke vehicle design and modification. The principal activity of the company during the year was that of a holding company.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2022.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

R H T Davies
E T Davies
J B Pace

GOING CONCERN
The financial statements have been prepared on a going concern basis which assumes that the group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report.

The group meets its day to day working capital requirements from its cash reserves. At the date of signing the report, sales to all key markets have continued to meet budgeted levels. With no indication that at the current time this position will change, the group's forecast and projections show that the group will be able to operate sufficiently.

At the time of approving the financial statements, the directors have reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue adopt the going concern basis of accounting in preparing the financial statements.

DISCLOSURE IN THE STRATEGIC REPORT
Included in the group's strategic report is a review of the business and description of the principal risks and uncertainties facing the group.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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.


EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
MHA were appointed as the company's auditors for the year ended 31 December 2022.

The auditors, MHA, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J B Pace - Director


28 September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EDI HOLDINGS LIMITED


Opinion
We have audited the financial statements of EDI Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2022 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EDI HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EDI HOLDINGS 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:

Detecting Irregularities
Irregularities, including fraud, are instances of non-compliance with laws and regulations.

The objectives of our audit in relation to fraud are as follows :
- to identify and assess the risks of material mis-statement of the financial statements due to fraud ;
- to obtain sufficient appropriate audit evidence regarding the assessed risks of material mis-statement due to fraud, through designing and implementing appropriate responses ;
- and to respond appropriately to fraud or suspected fraud identified during the audit.

However, the primary responsibility for the prevention and detection of fraud rests with both Those Charged With Governance of the entity and management.

Auditor's approach to assessing the risks of material mis-statement due to irregularities, including fraud
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the UK. We assessed the risks of material misstatement in respect of fraud and considered the extent to which non-compliance with laws and regulations might have a material effect on the financial statements.

Audit procedures designed to respond to the risks of non-compliance with laws and regulations
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. We made enquiries of management to understand how the group is complying with those frameworks. Audit procedures performed by the engagement team also included a review of the financial statements disclosures to underlying supporting documentation.

Audit procedures designed to respond to the risks of fraud
We assessed the susceptibility of the group's financial statements to material mis-statement, including how fraud might occur by meeting with management to understand where they considered there was susceptibility to fraud. Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud.

As well as adopting an attitude of professional scepticism, we have obtained information for use in identifying the risk of fraud when performing risk assessment procedures and performed the following procedures in light of the risk of fraud:

- Discussion amongst the engagement team regarding the susceptibility of the group to fraud;
- Enquiring of management how they: assess the risk of fraud; identify and respond to the risks of fraud;
- Enquiring of management and directors whether they have any knowledge of actual or suspected fraud;
- Enquiring of management and those charged with governance around actual and potential litigation and claims;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the group through enquiry and inspection;
- Reviewing financial statements or the operations of the group through enquiry and inspection;
- Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Remaining alert to inconsistent or contradictory information and obtaining evidence to support information provided.



REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EDI HOLDINGS LIMITED



Management override of controls
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. The audit engagement team performed journal entry testing using a risk-based approach and evaluating whether there was evidence of bias, with a focus on any journals indicating large or unusual transactions based on our understanding of the group.

Considerations around likelihood of detection
However owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material mis-statements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.




Brian Garland BA ACA (Senior Statutory Auditor)
for and on behalf of MHA
Chartered Accountants and Statutory Auditor
Swansea, United Kingdom

28 September 2023

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

TURNOVER 3 25,804,788 20,239,946

Cost of sales 14,701,392 11,160,611
GROSS PROFIT 11,103,396 9,079,335

Administrative expenses 8,195,262 6,509,914
2,908,134 2,569,421

Other operating income 218,412 6,368
OPERATING PROFIT 5 3,126,546 2,575,789


Interest payable and similar expenses 6 357,310 376,936
PROFIT BEFORE TAXATION 2,769,236 2,198,853

Tax on profit 7 562,093 381,421
PROFIT FOR THE FINANCIAL YEAR 2,207,143 1,817,432
Profit attributable to:
Owners of the parent 2,207,143 1,817,432

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

PROFIT FOR THE YEAR 2,207,143 1,817,432


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,207,143

1,817,432

Total comprehensive income attributable to:
Owners of the parent 2,207,143 1,817,432

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 86,606 73,593
Tangible assets 10 5,459,269 4,577,263
Investments 11 - -
5,545,875 4,650,856

CURRENT ASSETS
Stocks 12 2,468,836 1,834,229
Debtors 13 2,900,212 5,167,858
Cash at bank and in hand 2,514,956 1,185,535
7,884,004 8,187,622
CREDITORS
Amounts falling due within one year 14 5,038,493 6,806,926
NET CURRENT ASSETS 2,845,511 1,380,696
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,391,386

6,031,552

CREDITORS
Amounts falling due after more than one
year

15

(3,103,678

)

(3,462,197

)

PROVISIONS FOR LIABILITIES 19 (802,827 ) (291,617 )
NET ASSETS 4,484,881 2,277,738

CAPITAL AND RESERVES
Called up share capital 20 253 253
Share premium 21 999,960 999,960
Other reserves 21 336,977 336,977
Retained earnings 21 3,147,691 940,548
SHAREHOLDERS' FUNDS 4,484,881 2,277,738

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:





J B Pace - Director


EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

COMPANY BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 1,000,063 1,000,063
1,000,063 1,000,063

CURRENT ASSETS
Debtors 13 50 50
NET CURRENT ASSETS 50 50
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,000,113

1,000,113

CAPITAL AND RESERVES
Called up share capital 20 253 253
Share premium 21 999,960 999,960
Retained earnings 21 (100 ) (100 )
SHAREHOLDERS' FUNDS 1,000,113 1,000,113

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:





J B Pace - Director


EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Share Other Total
capital earnings premium reserves equity
£    £    £    £    £   

Balance at 1 January 2021 253 (876,884 ) 999,960 336,977 460,306
Total comprehensive income - 1,817,432 - - 1,817,432
Balance at 31 December 2021 253 940,548 999,960 336,977 2,277,738
Total comprehensive income - 2,207,143 - - 2,207,143
Balance at 31 December 2022 253 3,147,691 999,960 336,977 4,484,881

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 January 2021 253 (100 ) 999,960 1,000,113
Balance at 31 December 2021 253 (100 ) 999,960 1,000,113
Balance at 31 December 2022 253 (100 ) 999,960 1,000,113

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,917,248 3,207,945
Interest paid (327,083 ) (361,245 )
Interest element of hire purchase
payments paid

(30,227

)

(15,691

)
Tax paid (563 ) -
Net cash from operating activities 4,559,375 2,831,009

Cash flows from investing activities
Purchase of intangible fixed assets (32,069 ) (52,000 )
Purchase of tangible fixed assets (2,707,594 ) (2,862,599 )
Sale of tangible fixed assets 256,912 47,750
Net cash from investing activities (2,482,751 ) (2,866,849 )

Cash flows from financing activities
New loans in year 498,920 -
Loan repayments in year (2,874,895 ) -
Net cashflows on hire purchase contracts 161,004 131,531
Amount introduced by directors 1,467,768 -
Amount withdrawn by directors - (1,737 )
Net cash from financing activities (747,203 ) 129,794

Increase in cash and cash equivalents 1,329,421 93,954
Cash and cash equivalents at
beginning of year

2

1,185,535

1,091,581

Cash and cash equivalents at end of
year

2

2,514,956

1,185,535

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2022 2021
£    £   
Profit before taxation 2,769,236 2,198,853
Depreciation charges 1,668,828 1,329,642
Profit on disposal of fixed assets (81,096 ) (14,996 )
Government grants (218,412 ) (6,368 )
Finance costs 357,310 376,936
4,495,866 3,884,067
Increase in stocks (634,607 ) (647,152 )
Decrease/(increase) in trade and other debtors 2,080,138 (3,908,503 )
(Decrease)/increase in trade and other creditors (1,024,149 ) 3,879,533
Cash generated from operations 4,917,248 3,207,945

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 2,514,956 1,185,535
Year ended 31 December 2021
31/12/21 1/1/21
£    £   
Cash and cash equivalents 1,185,535 1,091,581


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/22 Cash flow At 31/12/22
£    £    £   
Net cash
Cash at bank and in hand 1,185,535 1,329,421 2,514,956
1,185,535 1,329,421 2,514,956
Debt
Finance leases (274,979 ) (161,004 ) (435,983 )
Debts falling due within 1 year (1,098,204 ) 794,553 (303,651 )
Debts falling due after 1 year (3,299,517 ) 1,917,484 (1,382,033 )
(4,672,700 ) 2,551,033 (2,121,667 )
Total (3,487,165 ) 3,880,454 393,289

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

EDI Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future. The directors are confident in the group's ability to continue to trade for the foreseeable future and are prepared to provide the necessary financial support to enable it to do so. The financial statements have been prepared on a going concern basis on the assumption that the directors, the parent group and associated parties will continue to support the group to meet its working capital requirements as necessary.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Basis of consolidation
The consolidated financial statements for the group consist of the financial statements of the parent company EDI Holdings Limited and all other subsidiaries (ie. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 December 2022.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless all the transaction provides evidence of an impairment of the asset transferred.

Where necessary, adjustments are made to the financial statements of the subsidiaries to bring the accounting policies into line with those used by other members of the group.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. 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 only effects that period or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of four years.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings - in accordance with the property
Plant and machinery - at varying rates on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance obligations are met. Where a grant date does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the statement of financial position and are depreciated over the shorter of the lease term and the assets' useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability.

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

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

4. EMPLOYEES AND DIRECTORS


2022 2021
£ £
Wages and salaries, Social security and Other pension costs 5,586,367 3,918,940

The average number of employees during the year was as follows :

2022 2021
£ £

Production, sales and operations 120 76
Administration 16 14
Directors 4 4
140 94

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2022 2021
£    £   
Directors' remuneration 552,793 630,112

Information regarding the highest paid director is as follows:
2022 2021
£    £   
Emoluments etc 236,925 336,978

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
£ £
Hire of plant and machinery 33,424 23,507
Other operating leases 346,279 284,613
Depreciation - owned and leased assets 1,649,772 1,319,601
Profit on disposal of fixed assets (81,096 ) (14,996 )
Development costs amortisation 2,049 1,791
Computer software amortisation 17,007 8,250
Auditors' remuneration 17,500 -
Foreign exchange differences (3,930 ) (122,995 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank interest 42,755 16,105
Bank loan interest 284,328 345,140
Hire purchase 30,227 15,691
357,310 376,936

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 50,883 -

Deferred tax 511,210 381,421
Tax on profit 562,093 381,421

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit before tax 2,769,236 2,198,853
Profit multiplied by the standard rate of corporation tax in the UK of 19
% (2021 - 19 %)

526,155

417,782

Effects of:
Expenses not deductible for tax purposes 13,815 10,516
Depreciation in excess of capital allowances 373,245 236,990
Utilisation of tax losses (351,122 ) (283,641 )
Adjustments to tax charge in respect of previous periods - (226 )
Total tax charge 562,093 381,421

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Development Computer
costs software Totals
£    £    £   
COST
At 1 January 2022 162,437 85,000 247,437
Additions - 32,069 32,069
At 31 December 2022 162,437 117,069 279,506
AMORTISATION
At 1 January 2022 158,719 15,125 173,844
Amortisation for year 2,049 17,007 19,056
At 31 December 2022 160,768 32,132 192,900
NET BOOK VALUE
At 31 December 2022 1,669 84,937 86,606
At 31 December 2021 3,718 69,875 73,593

Company
The Company had no Intangible Fixed Assets at the balance sheet date.

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


10. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2022 736,040 5,429,779 102,778
Additions 1,615,161 562,799 129,815
Disposals - (8,642 ) -
Reclassification/transfer 721,900 (721,900 ) -
At 31 December 2022 3,073,101 5,262,036 232,593
DEPRECIATION
At 1 January 2022 326,019 1,782,062 78,164
Charge for year 138,738 1,345,155 14,522
Eliminated on disposal - (8,640 ) -
Reclassification/transfer 6,832 (6,832 ) -
At 31 December 2022 471,589 3,111,745 92,686
NET BOOK VALUE
At 31 December 2022 2,601,512 2,150,291 139,907
At 31 December 2021 410,021 3,647,717 24,614

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2022 332,836 436,662 7,038,095
Additions 312,094 87,725 2,707,594
Disposals (300,136 ) - (308,778 )
Reclassification/transfer - - -
At 31 December 2022 344,794 524,387 9,436,911
DEPRECIATION
At 1 January 2022 87,135 187,452 2,460,832
Charge for year 76,389 74,968 1,649,772
Eliminated on disposal (124,322 ) - (132,962 )
Reclassification/transfer - - -
At 31 December 2022 39,202 262,420 3,977,642
NET BOOK VALUE
At 31 December 2022 305,592 261,967 5,459,269
At 31 December 2021 245,701 249,210 4,577,263

Company
The Company had no Tangible Fixed Assets at the balance sheet date.

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 1,000,063
NET BOOK VALUE
At 31 December 2022 1,000,063
At 31 December 2021 1,000,063

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Edward Davies Commercials Limited
Registered office: United Kingdom
Nature of business: Bespoke vehicle design and modification
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 4,484,831 2,277,688
Profit for the year 2,207,143 1,817,432


12. STOCKS

Group
2022 2021
£    £   
Stocks 2,323,880 1,658,245
Work-in-progress 144,956 175,984
2,468,836 1,834,229

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade debtors 1,856,329 3,835,998 - -
Other debtors 50 50 50 50
Directors' current accounts - 70,421 - -
Corporation tax recoverable 21,728 21,165 - -
Prepayments 1,022,105 1,240,224 - -
2,900,212 5,167,858 50 50

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2022 2021
£    £   
Bank loans and overdrafts (see note 16) 303,651 1,098,204
Hire purchase contracts (see note 17) 111,685 112,299
Trade creditors 2,549,573 2,810,194
Corporation tax 50,883 -
Social security and other taxes 135,725 261,251
VAT 1,035,797 598,566
Other creditors 37,172 1,084,550
Accruals and deferred income 814,007 841,862
5,038,493 6,806,926

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2022 2021
£    £   
Bank loans (see note 16) 1,382,033 3,299,517
Hire purchase contracts (see note 17) 324,298 162,680
Directors' loan accounts 1,397,347 -
3,103,678 3,462,197

Directors' loan accounts are unsecured. Interest is paid at a rate of 10%.

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


16. LOANS

An analysis of the maturity of loans is given below:

Group
2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank loans 303,651 1,098,204
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,382,033 3,299,517

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 111,685 112,299
Between one and five years 324,298 162,680
435,983 274,979

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2022 2021
£    £   
Bank loans 1,685,684 4,397,721
Hire purchase contracts 435,983 274,979
2,121,667 4,672,700

Bank loans and overdrafts are secured by way of a fixed and floating charge over the assets of the company.

Obligations under hire purchase contracts are secured on the assets to which they relate.

19. PROVISIONS FOR LIABILITIES

Group
2022 2021
£    £   
Deferred tax 802,827 291,617

EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2022 291,617
Charge to Income Statement during year 511,210
Balance at 31 December 2022 802,827

Company
The Company had no provisions at the balance sheet date.

20. CALLED UP SHARE CAPITAL

Number: Class: Nominal 2022 2021
value: £ £
1,455 A Ordinary £0.10 146 164
507 B Ordinary £0.10 51 51
113 C Ordinary £0.10 11 11
204 D Ordinary £0.10 20 27
254 E Ordinary £0.10 25 -
253 253

During the year MEMW Management Ltd acquired 191 A Ordinary shares and 63 D Ordinary shares.

The acquired shares were subsequently reclassified as E Ordinary shares with a nominal value of £0.10 per share.

21. RESERVES

Group
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 1 January 2022 940,548 999,960 336,977 2,277,485
Profit for the year 2,207,143 2,207,143
At 31 December 2022 3,147,691 999,960 336,977 4,484,628

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2022 (100 ) 999,960 999,860
Profit for the year - -
At 31 December 2022 (100 ) 999,960 999,860


EDI HOLDINGS LIMITED (REGISTERED NUMBER: 10241871)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


22. PENSION COMMITMENTS

The Group's subsidiary company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. £38,278 (2021 - £24,190) contributions were outstanding at the balance sheet date.

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
£    £   
E T Davies
Balance outstanding at start of year 70,421 68,684
Amounts advanced 1,676 1,737
Amounts repaid (72,097 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 70,421

£Nil dividends were paid in the year in respect of shares held by the company's directors.

At the balance sheet date, the amount owed by a director to the subsidiary company was £0, (2021 - £70,421). Interest was charged at a rate of 2.5%.

24. ULTIMATE CONTROLLING PARTY

The parent company is EDI Holdings Limited, a company registered in England and Wales. The registered office is Wentwood House, Langstone Business Park, Newport, NP18 2HJ.

The ultimate controlling party is the director, Mr E Davies.