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REGISTERED NUMBER: 07981158 (England and Wales)















Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements

for the Year Ended 31 December 2022

for

REXWARD SOLUTIONS LIMITED

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Contents of the Consolidated Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17


REXWARD SOLUTIONS LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: A Johar
Mrs R A Johar



SECRETARY: Mrs R A Johar



REGISTERED OFFICE: 5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN



REGISTERED NUMBER: 07981158 (England and Wales)



SENIOR STATUTORY AUDITOR: Dinesh Bathmanathan



AUDITORS: Kaiser Nouman Nathan LLP
Chartered Certified Accountants
17 Plumbers Row
Unit D
London
E1 1EQ

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

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 directors are pleased with the results of the group for the year.

The results of the group show a profit on ordinary activities before tax of £2,407,247 (2021: £343,140). The turnover of the group amounted to £20,353,074 compared to £18,975,558 disclosed in the previous year. The gross profit for the current year was £2,662,829 compared to £2,439,031 in 2021.

The state of affairs at the balance sheet date are considered to be satisfactory with net assets of the group at £9,109,997 (2021:£6,853,525).

A review of the individual business activities within the group is given below:

The results of the only trading subsidiary, F & J Arpino Limited, for the year, show a profit on ordinary activities before tax of £253,391 (2021: £134,443). The shareholders' funds of the company total £4,745,930 (2021:£4,606,031).

The group also has a property investment company. The property held by Minverport Enterprises Limited is rented to its subsidiary; F&J Arpino Limited. The revenue of Minverport Enterprises Limited amounts to rental income of £275,000 (2021: £275,000). The shareholders fund of Minverport Enterprises Limited totals to £4,467,378 (2021: £2,350,805).

PRINCIPAL RISKS AND UNCERTAINTIES
The trading company's success is dependent on the proper selection, pricing and ongoing management of the risks in the cash and carry business.

The risks and mitigation facing the trading company's set out below:

Retention of customers
The company has maintained strong relationships with each of its key customers and has established procedures for monitoring performance and service levels.

Competitive risk
The company offers a range of products to meet the demands of its customer base. Its cost base is kept under constant review to ensure it is efficient.

Market conditions
The company's ability to adapt quickly to changes in the marketplace mitigates the risk in this area.

Exchange rate risk
The company has exchange risk on imports and exports. The directors monitor trading and their exposure to such risk and take action needed to hedge such risk.

Brexit risk
The directors have assessed the risks and do not believe there will be be any significant risk to the business from Brexit.

Resources risk
The directors believe that the company has adequate financial resources in place to meet its forecast trading requirements and all risks and uncertainties are managed appropriately.

Interest rate risk
The exposure to market risk for changes in interest rates relates primarily to the bank overdrafts. The company has no substantial loans that may expose it to a substantial risk due to variability in interest rates.

Credit risk
The company's principal financial assets are stocks and cash. There is no credit risk attributable to both stocks and cash.

Liquidity risk
The objective is to maintain a balance between continuity of funding and flexibility through effective use of cash. The cash balance and cash generative nature of the business is forecast to continue and the directors are confident that there is sufficient headroom to cover liquidity risk.


REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Group Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2022

KEY PERFORMANCE INDICATORS
The directors use many performance indicators to monitor trading company's position.

Among the financial performance indicator, the most important are overall gross profit margin, stock availability and
stock levels.

2022 2021
Revenue 20,353,074 18,975,558
Gross profit margin 13.08% 12.85%
Stock turnover 6 7
Stock in hand (days) 60 54


Sales increased by 7.26% and margins decreased slightly. Gross profit margin increased to 13.08% compared to 12.85% in the previous year. Stock turnover of 6 times decreased as compared to the 7 times in the last year. Stock in hand days increased to 60 days from 54 days in the previous year.

Among the non financial performance indicator, the most important are health and safety, staff turnover and suppliers
and customers satisfaction.

The directors believe that the group has adequate resources in place to meet its forecast trading requirements and all risks and uncertainties are managed appropriately.

FUTURE DEVELOPMENTS
The group will continue to serve its varied portfolio of customers both in UK and globally whilst developing new products that deliver higher margins and improving the quality and margins on existing products.

The directors are confident of delivering sustainable future growth in its sector.

EMPLOYEES
The group operates an equal opportunities policy. The aim of this policy is to ensure that there should be equal opportunity for all and this applies to external recruitment, internal appointments, terms of employment, conditions of service and opportunity for training and promotion regardless of gender, ethnic origin or disability.

Disabled persons are given full and fair consideration for all types of vacancy in as much as the opportunities available are constrained by the practical limitations of the disability. Should, for whatever reason, an employee of the group become disabled whilst in our employment, every step, where appropriate, will be taken to assist with rehabilitation and suitable re-training.

The group maintains its own health, safety and environmental policies covering all aspects of its operations. Regular meetings and inspections take place to ensure all legal requirements are adhered to and that the group is responsive to the needs of the employees and the environment.

ON BEHALF OF THE BOARD:





A Johar - Director


18 April 2024

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

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 company is that of a holding company. The company has a wholly owned subsidiary, Minverport Enterprises Limited, a company incorporated in England and Wales, whose principal activity is that of an investment and property investment company. F & J Arpino Limited, a company incorporated in England and Wales, is 100% subsidiary of Minverport Enterprises Limited and whose the principal activity is that of wholesalers of fancy goods and toiletries.

DIVIDENDS
An interim dividend of 116.67 per share was paid on 31 December 2022. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2022 will be £ 70,000 .

FUTURE DEVELOPMENTS
The directors anticipate the group to continue to operate profitably with an increase in turnover in 2023 and 2024.

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

A Johar
Mrs R A Johar

POLITICAL DONATIONS AND EXPENDITURE
During the year, the group made charitable donations totalling £10,601 (2021: £10,607). These donations were mainly amounts paid to McMillan Cancer Support, Edhi Foundation, Islamic Relief and Muslim Hands.

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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Report of the Directors
FOR THE YEAR ENDED 31 DECEMBER 2022


AUDITORS
Sterling Associates resigned as auditors during the year and Kaiser Nouman Nathan LLP were appointed as the new auditors.

The auditors, Kaiser Nouman Nathan LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Johar - Director


18 April 2024

Report of the Independent Auditors to the Members of
Rexward Solutions Limited


Opinion
We have audited the financial statements of Rexward Solutions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 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
Rexward Solutions 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 page four, 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
Rexward Solutions 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the company's sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, health and safety legislation.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected transactions;
- tested the appropriateness of journal entries;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:
- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;
- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;
- tested a sample of revenue transactions to supporting evidence; and
- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
Rexward Solutions 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.




Dinesh Bathmanathan (Senior Statutory Auditor)
for and on behalf of Kaiser Nouman Nathan LLP
Chartered Certified Accountants
17 Plumbers Row
Unit D
London
E1 1EQ

19 April 2024

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Consolidated Statement of Comprehensive Income
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £    £    £   

TURNOVER 3 20,353,074 18,975,558

Cost of sales 17,690,245 16,536,527
GROSS PROFIT 2,662,829 2,439,031

Administrative expenses 2,143,733 2,123,986
519,096 315,045

Other operating income - 71,893
OPERATING PROFIT 5 519,096 386,938

Income from fixed asset investments 7 177 167
Interest receivable and similar income 8 108 -
285 167
519,381 387,105
Gain/loss on revaluation of investment
property

1,956,264

-
2,475,645 387,105

Interest payable and similar expenses 9 68,398 43,965
PROFIT BEFORE TAXATION 2,407,247 343,140

Tax on profit 10 80,775 62,663
PROFIT FOR THE FINANCIAL YEAR 2,326,472 280,477

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,326,472

280,477
Prior year adjustment 13 2,300,623
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

4,627,095

Profit attributable to:
Owners of the parent 2,326,472 280,477

Total comprehensive income attributable to:
Owners of the parent 4,627,095 280,477

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Consolidated Statement of Financial Position
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 14 21,747 -
Tangible assets 15 105,231 133,592
Investments 16
Interest in associate 44,000 44,000
Other investments 16,280 16,280
Investment property 17 7,600,000 5,700,000
7,787,258 5,893,872

CURRENT ASSETS
Stocks 18 2,909,069 2,498,143
Debtors 19 4,187,931 4,503,464
Cash at bank and in hand 339,837 281,987
7,436,837 7,283,594
CREDITORS
Amounts falling due within one year 20 3,833,691 3,806,806
NET CURRENT ASSETS 3,603,146 3,476,788
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,390,404

9,370,660

CREDITORS
Amounts falling due after more than one
year

21

(1,610,890

)

(1,785,851

)

PROVISIONS FOR LIABILITIES 24 (669,517 ) (731,284 )
NET ASSETS 9,109,997 6,853,525

CAPITAL AND RESERVES
Called up share capital 25 600 600
Merger reserves 26 - 2,300,623
Fair value reserve 26 2,950,000 993,736
Retained earnings 26 6,159,397 3,558,566
SHAREHOLDERS' FUNDS 9,109,997 6,853,525

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:





A Johar - Director


REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Company Statement of Financial Position
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 14 - -
Tangible assets 15 - -
Investments 16 1,200 1,200
Investment property 17 - -
1,200 1,200

CREDITORS
Amounts falling due within one year 20 600 600
NET CURRENT LIABILITIES (600 ) (600 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

600

600

CAPITAL AND RESERVES
Called up share capital 25 600 600
SHAREHOLDERS' FUNDS 600 600

Company's profit for the financial year 70,000 70,000

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:





A Johar - Director


REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up Fair
share Retained Merger value Total
capital earnings reserves reserve equity
£    £    £    £    £   
Balance at 1 January 2021 600 3,348,089 2,300,623 993,736 6,643,048

Changes in equity
Dividends - (70,000 ) - - (70,000 )
Total comprehensive loss - (2,020,146 ) - - (2,020,146 )
Balance at 31 December 2021 600 1,257,943 2,300,623 993,736 4,552,902
Prior year adjustment - 2,300,623 - - 2,300,623
As restated 600 3,558,566 2,300,623 993,736 6,853,525

Changes in equity
Dividends - (70,000 ) - - (70,000 )
Total comprehensive income - 370,208 (2,300,623 ) 1,956,264 25,849
Balance at 31 December 2022 600 3,858,774 - 2,950,000 6,809,374

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Company Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2021 600 - 600

Changes in equity
Dividends - (70,000 ) (70,000 )
Total comprehensive income - 70,000 70,000
Balance at 31 December 2021 600 - 600

Changes in equity
Dividends - (70,000 ) (70,000 )
Total comprehensive income - 70,000 70,000
Balance at 31 December 2022 600 - 600

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 427,311 370,969
Interest paid (68,398 ) (43,965 )
Tax paid (86,279 ) (150,385 )
Net cash from operating activities 272,634 176,619

Cash flows from investing activities
Purchase of intangible fixed assets (21,930 ) -
Purchase of tangible fixed assets (7,069 ) (55,805 )
Interest received 108 -
Dividends received 177 167
Net cash from investing activities (28,714 ) (55,638 )

Cash flows from financing activities
New loans during the year - 2,000,000
Loan repayments in year (62,054 ) (45,448 )
Other - 11,875
Amount introduced by directors 122,578 -
Amount withdrawn by directors (122,578 ) (142,963 )
Equity dividends paid (70,000 ) (70,000 )
Net cash from financing activities (132,054 ) 1,753,464

Increase in cash and cash equivalents 111,866 1,874,445
Cash and cash equivalents at beginning
of year

2

(101,760

)

(1,976,205

)

Cash and cash equivalents at end of year 2 10,106 (101,760 )

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Notes to the Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 31 DECEMBER 2022


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2022 2021
£    £   
Profit before taxation 2,407,247 343,140
Depreciation charges 35,613 44,106
Gain on revaluation of fixed assets (1,956,264 ) -
Finance costs 68,398 43,965
Finance income (285 ) (167 )
554,709 431,044
Increase in stocks (410,926 ) (61,220 )
Decrease/(increase) in trade and other debtors 202,627 (85,662 )
Increase in trade and other creditors 80,901 86,807
Cash generated from operations 427,311 370,969

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:

Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 339,837 281,987
Bank overdrafts (329,731 ) (383,747 )
10,106 (101,760 )
Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 281,987 398,588
Bank overdrafts (383,747 ) (2,374,793 )
(101,760 ) (1,976,205 )


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 281,987 57,850 339,837
Bank overdrafts (383,747 ) 54,016 (329,731 )
(101,760 ) 111,866 10,106
Debt
Debts falling due within 1 year (180,578 ) - (180,578 )
Debts falling due after 1 year (1,785,851 ) 174,961 (1,610,890 )
(1,966,429 ) 174,961 (1,791,468 )
Total (2,068,189 ) 286,827 (1,781,362 )

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

Rexward Solutions 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 (£).


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 as modified by the revaluation of certain assets.

Basis of consolidation
The group financial statements consolidate the results and balance sheets of the parent and its material subsidiaries at the year end. The results of the material subsidiaries acquired are consolidated for the period from which control passed to the parent company using the acquisition basis of accounting. The results of the material subsidiaries disposed of during the period are consolidated up to the date of disposal.

In the parent financial statements, investments in subsidiaries are carried at cost less impairment.

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.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the groups accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value of the amount 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 that are considered to be relevant.

The estimates and underlying assumptions are reviewed on an ongoing basis.

Turnover
The parent company was dormant in the period. The income in Minverport Enterprises Limited is made up of rental income. The turnover of its subsidiary, F & J Arpino Limited represents invoiced sales of fancy good and toiletries excluding vale added tax.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 30% on reducing balance

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Government grants
Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:
(a) the entity will comply with the conditions attaching to them; and
(b) the grants will be received.

Investments in associates
Investment in associate is recognised at cost less impairment.

Investment property
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value.

Gains and losses arising from changes in fair value of investment properties are included in profit or loss in the period in which they arise.

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

Stocks in F & J Arpino Limited which consist of fancy good and toiletries are value at the lower of cost and net realisable value, after making due allowance for any obsolete and slow moving items.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 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.

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research activities is recognised as an expense in the period in which it is incurred.

In the event that an internally generated intangible asset arises from the company's development activities then it will be recognised only if all of the following conditions are met:
- An asset is created that can be identified;
- The project from which the asset arises meets the company's criteria for assessing technical feasibility;
- It is probable that the asset created will generate future economic benefits; and
- The development cost of the asset can be measured reliably.

Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Where no internally generated intangible asset can be recognised, development expenditure is recognised as an expense in the period 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 statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Fixed asset investment
Fixed asset investments are shown at acquisition cost subject to any provisions for permanent diminution in the value.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

2022 2021
£    £   
United Kingdom 6,535,434 6,002,454
Rest of the world 13,817,640 12,973,104
20,353,074 18,975,558

4. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 1,423,546 1,465,890
Social security costs 156,587 142,689
1,580,133 1,608,579

The average number of employees during the year was as follows:
2022 2021

Management and administration 9 9
Sales and marketing 35 39
44 48

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees by undertakings that were proportionately consolidated during the year was 44 (2021 - 48 ) .

2022 2021
£    £   
Directors' remuneration 35,666 36,255

5. OPERATING PROFIT

The operating profit is stated after charging:

2022 2021
£    £   
Depreciation - owned assets 27,611 39,535
Depreciation - assets on hire purchase contracts or finance leases 7,819 4,570
Development costs amortisation 183 -

6. AUDITORS' REMUNERATION
2022 2021
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

24,000

40,950

2022 2021
£    £   
Audit fees 24,000 40,950


7. INCOME FROM FIXED ASSET INVESTMENTS
2022 2021
£    £   
Other fixed asset invest - FII 177 167

8. INTEREST RECEIVABLE AND SIMILAR INCOME
2022 2021
£    £   
Deposit account interest 108 -

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank loan interest 68,398 43,826
Interest on overdue tax - 139
68,398 43,965

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


10. 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 86,539 60,524
Tax adjustment - prior years (260 ) (164 )
Total current tax 86,279 60,360

Deferred tax (5,504 ) 2,303
Tax on profit 80,775 62,663

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

2022 2021
£    £   
Profit before tax 2,407,247 343,140
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2021 - 19 %)

457,377

65,197

Effects of:
Expenses not deductible for tax purposes 98 -
Capital allowances in excess of depreciation - (4,641 )
Depreciation in excess of capital allowances 788 -
Profit on revaluation of investment property (371,690 ) -
Franked investment income adjustment (34 ) (33 )
Prior year adjustment (260 ) (163 )
Deferred tax (5,504 ) 2,303
Total tax charge 80,775 62,663

Factors that may affect future tax charges

From 1 April 2023, the corporation tax main rate for non-ring fenced profits will be increased to 25% applying to profits over £250,000. A small profits rate (SPR) will also be introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. Companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate.

11. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


12. DIVIDENDS
2022 2021
£    £   
Ordinary shares of 1.00 each
Interim 70,000 70,000

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


13. PRIOR YEAR ADJUSTMENT

The prior periods adjustment relates to the negative goodwill on the share for share exchange undertaken in 2011 that was inadvertently recognised as Merger Reserve at the time. The Merger Reserve brought forward from previous years have now been written back to the Consolidated Profit & Loss in the year ended 31 December 2022.

14. INTANGIBLE FIXED ASSETS

Group
Development
costs
£   
COST
Additions 21,930
At 31 December 2022 21,930
AMORTISATION
Amortisation for year 183
At 31 December 2022 183
NET BOOK VALUE
At 31 December 2022 21,747

15. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2022 468,596 189,583 39,635 68,856 766,670
Additions 5,950 - - 1,119 7,069
At 31 December 2022 474,546 189,583 39,635 69,975 773,739
DEPRECIATION
At 1 January 2022 412,899 144,115 10,714 65,350 633,078
Charge for year 8,429 18,551 7,230 1,220 35,430
At 31 December 2022 421,328 162,666 17,944 66,570 668,508
NET BOOK VALUE
At 31 December 2022 53,218 26,917 21,691 3,405 105,231
At 31 December 2021 55,697 45,468 28,921 3,506 133,592

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


15. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2022
and 31 December 2022 14,400 39,635 54,035
DEPRECIATION
At 1 January 2022 10,476 10,714 21,190
Charge for year 589 7,230 7,819
At 31 December 2022 11,065 17,944 29,009
NET BOOK VALUE
At 31 December 2022 3,335 21,691 25,026
At 31 December 2021 3,924 28,921 32,845

16. FIXED ASSET INVESTMENTS

Group Company
2022 2021 2022 2021
£    £    £    £   
Shares in group undertakings - - 1,200 1,200
Participating interests 44,000 44,000 - -
Other investments not loans 16,280 16,280 - -
60,280 60,280 1,200 1,200

Additional information is as follows:

Group
Interest
in
associate
£   
COST
At 1 January 2022
and 31 December 2022 44,000
NET BOOK VALUE
At 31 December 2022 44,000
At 31 December 2021 44,000

Investments (neither listed nor unlisted) were as follows:
2022 2021
£    £   
Cost/valuation b/f 16,280 16,280

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


16. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 1,200
NET BOOK VALUE
At 31 December 2022 1,200
At 31 December 2021 1,200

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Minverport Enterprises Limited
Registered office: United Kingdom
Nature of business: Investment and property investment company
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 4,467,378 2,350,805
Profit for the year 2,186,573 239,045

F & J Arpino Limited
Registered office: United Kingdom
Nature of business: Wholesalers of fancy goods and toiletries
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 4,745,930 4,606,031
Profit for the year 209,899 111,432

Associated company

New Coco Beach Resorts Limited
Registered office: Accra-Ghana
Nature of business: Hotel and restaurant
%
Class of shares: holding
Ordinary 33.00
2022 2021
£    £   
Aggregate capital and reserves 184,050 272,528


REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


17. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2022 5,700,000
Revaluations 1,900,000
At 31 December 2022 7,600,000
NET BOOK VALUE
At 31 December 2022 7,600,000
At 31 December 2021 5,700,000

Investment property was revalued at £7,600,000 as at 31 December 2022 by A M R Surveyors Limited, Chartered Surveyors, RICS registered valuers (MRICS) on 28 February 2024.

Fair value at 31 December 2022 is represented by:
£   
Valuation in 2018 1,700,000
Valuation in 2022 1,900,000
Cost 4,000,000
7,600,000

18. STOCKS

Group
2022 2021
£    £   
Finished goods 2,909,069 2,498,143

19. DEBTORS

Group
2022 2021
£    £   
Amounts falling due within one year:
Trade debtors 1,351,385 1,582,707
Amounts owed by participating interests - 112,906
Other debtors 209,754 181,059
1,561,139 1,876,672

Amounts falling due after more than one year:
Other debtors 2,626,792 2,626,792

Aggregate amounts 4,187,931 4,503,464

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans and overdrafts (see note 22) 510,309 564,325 - -
Trade creditors 2,849,061 2,838,987 - -
Social security and other taxes 123,014 131,163 - -
Other creditors 351,307 272,331 600 600
3,833,691 3,806,806 600 600

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

Group
2022 2021
£    £   
Bank loans (see note 22) 1,610,890 1,785,851

22. LOANS

An analysis of the maturity of loans is given below:

Group
2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 329,731 383,747
Bank loans 180,578 180,578
510,309 564,325
Amounts falling due between one and two years:
Bank loans - 1-2 years 180,578 180,578
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,430,312 1,605,273

23. SECURED DEBTS

The following secured debts are included within creditors:

Group
2022 2021
£    £   
Bank overdrafts 329,731 383,747
Bank loans 1,791,468 1,966,429
2,121,199 2,350,176

The group company, Minverport Enterprises Limited, acquired a new loan of £2,000,000 during the last year. New loan was acquired for a term of five years and interest is payable at the rate of 1.96% over the Bank of England base rate.

The bank loan and overdraft is secured by a fixed and floating debenture over all its assets and undertakings, cross guarantee from the company and its subsidiary, first legal charges over the freehold property.

REXWARD SOLUTIONS LIMITED (REGISTERED NUMBER: 07981158)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


24. PROVISIONS FOR LIABILITIES

Group
2022 2021
£    £   
Deferred tax
Accelerated capital allowances 19,517 25,020
Deferred tax 650,000 706,264
669,517 731,284

Group
Deferred
tax
£   
Balance at 1 January 2022 731,284
Provided during year (61,767 )
Balance at 31 December 2022 669,517

25. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: as restated
£    £   
600 Ordinary 1.00 600 600

26. RESERVES

The merger reserve represents the differences on consolidation arising on the adoption of predecessor accounting. This comprises the difference between consideration paid and the book value of net assets acquired in the transaction.

27. CONTINGENT LIABILITIES

There were no contingent liabilities at the balance sheet date.

28. CAPITAL COMMITMENTS

The group had no capital commitments at 31 December 2022 or 31 December 2021.

29. AUDITOR LIABILITY LIMITATION AGREEMENT

The group has entered into a liability limitation agreement with Kaiser Nouman Nathan LLP, the statutory auditors, in respect of the statutory audit for the year ended 31 December 2022. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Report Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the members on 17 January 2024.

30. ULTIMATE CONTROLLING PARTY

The directors are the ultimate controlling party by virtue of their holding the entire shareholding in the company.