IRIS Accounts Production v23.4.0.336 04374837 Board of Directors Board of Directors 1.8.22 31.7.23 31.7.23 true true false true true false false true true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh043748372022-07-31043748372023-07-31043748372022-08-012023-07-31043748372021-07-31043748372021-08-012022-07-31043748372022-07-3104374837ns15:EnglandWales2022-08-012023-07-3104374837ns14:PoundSterling2022-08-012023-07-3104374837ns10:Director12022-08-012023-07-3104374837ns10:Director22022-08-012023-07-3104374837ns10:PrivateLimitedCompanyLtd2022-08-012023-07-3104374837ns10:FRS1022022-08-012023-07-3104374837ns10:Audited2022-08-012023-07-3104374837ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-08-012023-07-3104374837ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-08-012023-07-3104374837ns10:FullAccounts2022-08-012023-07-3104374837ns10:OrdinaryShareClass12022-08-012023-07-3104374837ns10:RegisteredOffice2022-08-012023-07-3104374837ns5:RetainedEarningsAccumulatedLosses2022-07-3104374837ns5:RetainedEarningsAccumulatedLosses2021-07-3104374837ns5:RetainedEarningsAccumulatedLosses2022-08-012023-07-3104374837ns5:RetainedEarningsAccumulatedLosses2021-08-012022-07-3104374837ns5:RetainedEarningsAccumulatedLosses2023-07-3104374837ns5:RetainedEarningsAccumulatedLosses2022-07-3104374837ns5:Non-currentFinancialInstruments2023-07-3104374837ns5:Non-currentFinancialInstruments2022-07-3104374837ns5:ShareCapital2023-07-3104374837ns5:ShareCapital2022-07-3104374837ns10:OrdinaryShareClass12021-08-012022-07-3104374837ns5:CostValuation2022-07-3104374837ns5:Subsidiary12022-08-012023-07-3104374837ns5:Non-currentFinancialInstruments2022-08-012023-07-3104374837ns10:OrdinaryShareClass12023-07-31
REGISTERED NUMBER: 04374837 (England and Wales)















UNITED FILLINGS HOLDINGS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






UNITED FILLINGS HOLDINGS LIMITED (REGISTERED NUMBER: 04374837)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 6

Statement of Income and Retained Earnings 7

Statement of Financial Position 8

Notes to the Financial Statements 9 to 12


UNITED FILLINGS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: S T Prue
J M Prue



REGISTERED OFFICE: Falcon Mill
27 Vine Steet
Billingborough
Lincolnshire
NG34 0QE



REGISTERED NUMBER: 04374837 (England and Wales)



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT



SOLICITORS: Geldards LLP
The Arc
Enterprise Way
Nottingham
NG2 1EN

UNITED FILLINGS HOLDINGS LIMITED (REGISTERED NUMBER: 04374837)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their strategic report for the year ended 31 July 2023.

REVIEW OF BUSINESS
The company acts as a holding company for United Fillings Limited which is engaged in the manufacture of quality cushion products for the furniture industry. The subsidiary company has seen results decrease when compared to the previous year. This is mainly due to the market slowing after a couple of exceptional years through the Covid pandemic.

The board of directors are more than satisfied with the overall performance of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
The execution of the company's strategy is subject to a number of risks.

Key business risks and uncertainties affecting the subsidiary company are considered to relate to, consumer spending and impact of the cost-of-living crisis, coupled with supply of raw materials from around the world due to shortages and cost rises as a result of restricted supplies.

KEY PERFORMANCE INDICATORS ("KPI'S")
Given the nature of the business being a holding company, the company's director is of the opinion that a detailed analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

ON BEHALF OF THE BOARD:





S T Prue - Director


8 April 2024

UNITED FILLINGS HOLDINGS LIMITED (REGISTERED NUMBER: 04374837)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report with the financial statements of the company for the year ended 31 July 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a holding company.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2023 is £63,000.

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

S T Prue
J M Prue

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S T Prue - Director


8 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNITED FILLINGS HOLDINGS LIMITED

Opinion
We have audited the financial statements of United Fillings Holdings Limited (the 'company') for the year ended 31 July 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNITED FILLINGS HOLDINGS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation and residual values, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome post year-end.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect:
• Health and Safety regulations;
• Employment law; and
• Quality standards for products.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included discussions with senior management around whether any incidents occurred in the year, a review of Health & Safety policies in place and a review of legal and professional fees for evidence of non-compliance. Throughout these procedures, if we became aware of any non-compliance, we consider the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations 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. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNITED FILLINGS HOLDINGS 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.




Adrian Reynolds BA FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

8 April 2024

UNITED FILLINGS HOLDINGS LIMITED (REGISTERED NUMBER: 04374837)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2023

2023 2022
Notes £    £   

TURNOVER - -
OPERATING PROFIT - -

Income from shares in group undertakings 63,000 62,000
PROFIT BEFORE TAXATION 63,000 62,000

Tax on profit 4 - -
PROFIT FOR THE FINANCIAL YEAR 63,000 62,000

Retained earnings at beginning of year 14,727 14,727

Dividends 5 (63,000 ) (62,000 )

RETAINED EARNINGS AT END OF YEAR 14,727 14,727

UNITED FILLINGS HOLDINGS LIMITED (REGISTERED NUMBER: 04374837)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investments 6 5,100,693 5,100,693
TOTAL ASSETS LESS CURRENT LIABILITIES 5,100,693 5,100,693

CREDITORS
Amounts falling due after more than one year 7 4,985,966 4,985,966
NET ASSETS 114,727 114,727

CAPITAL AND RESERVES
Called up share capital 8 100,000 100,000
Retained earnings 9 14,727 14,727
SHAREHOLDERS' FUNDS 114,727 114,727

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2024 and were signed on its behalf by:




S T Prue - Director



J M Prue - Director


UNITED FILLINGS HOLDINGS LIMITED (REGISTERED NUMBER: 04374837)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

United Fillings 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 Company 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.

The company's accounting reference date is 31 July. These financial statements are for the period 30 July 2022 to 28 July 2023. The comparative figures are for the period 31 July 2021 to 29 July 2022.

The directors regard the preparation of the financial statements on a going concern basis as appropriate.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company 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 Section 7 Statement of Cash Flows;
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.

Preparation of consolidated financial statements
The financial statements contain information about United Fillings Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, United Fillings Group Limited, 27 Vine Street, Billingborough, Sleaford, Lincolnshire, England, NG34 0QE.

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.

Significant judgements and estimates
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that 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 affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are currently no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

Investments in subsidiaries
Investments are stated at cost less impairment.

UNITED FILLINGS HOLDINGS LIMITED (REGISTERED NUMBER: 04374837)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks, other third parties and related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the financial reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is as enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 July 2023 nor for the year ended 31 July 2022.

The average number of employees during the year was as follows:
2023 2022

Directors 2 2

2023 2022
£    £   
Directors' remuneration - -

4. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 July 2023 nor for the year ended 31 July 2022.

UNITED FILLINGS HOLDINGS LIMITED (REGISTERED NUMBER: 04374837)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. TAXATION - continued

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:

2023 2022
£    £   
Profit before tax 63,000 62,000
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2022 -
19%)

15,750

11,780

Effects of:
Income not taxable for tax purposes (15,750 ) (11,780 )


Total tax charge - -

Factors that may affect future tax charges

The statutory UK corporation tax rate is currently 25%, with a small profits rate of 19%.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised, based on tax law and the corporation tax rates that have been enacted, or substantially enacted, at the year end date.

5. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim dividends paid 63,000 62,000

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2022
and 31 July 2023 5,100,693
NET BOOK VALUE
At 31 July 2023 5,100,693
At 31 July 2022 5,100,693

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

Name of subsidiary % Held Principle activity
United Fillings Limited 100 The manufacture of upholstery cushions

The above company is registered in England and Wales and the holding is in £1 Ordinary shares. The company has the same registered office as the holding company, being Falcon Mill, 27 Vine Street, Billingborough, Lincolnshire, NG34 0QE.

UNITED FILLINGS HOLDINGS LIMITED (REGISTERED NUMBER: 04374837)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 4,985,966 4,985,966

Amounts owed to group undertakings are unsecured and interest free.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary £1 100,000 100,000

9. RESERVES
Retained
earnings
£   

At 1 August 2022 14,727
Profit for the year 63,000
Dividends (63,000 )
At 31 July 2023 14,727

10. CONTINGENT LIABILITIES

The company has a cross guarantee in place with its subsidiary company United Fillings Limited to secure the bank borrowings, which were £492,490 (2022 - £1,083,984) at the statement of financial position date.

The company also has a cross guarantee in place with its parent company United Fillings Group Limited to secure the debentures, which were £1,093,334 (2022 - £1,353,333) at the statement of financial position date.

11. RELATED PARTY DISCLOSURES

All directors are considered to be key management personnel. No remuneration was paid in either this or the preceding year.

12. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of United Fillings Group Limited, registered in England. Consolidated accounts are prepared for United Fillings Group Limited and are available from Companies House, Cardiff, CF14 3UZ.

At the year end date, United Fillings Holdings Limited was under the ultimate control of S T Prue and J M Prue, the directors who controlled the majority of shares in the holding company.