Registration number:
Cobelfret UK Limited
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Brebners
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Cobelfret UK Limited
Contents
Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Notes to the Financial Statements |
Cobelfret UK Limited
Company Information
Directors |
B D Dove-Seymour P A Grout S M Hammond |
Registered office |
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Auditor |
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Cobelfret UK Limited
Strategic Report for the Year Ended 31 October 2023
The directors present their strategic report for the year ended 31 October 2023.
Principal activity
The principal activity of the company is that of an investment holding company.
Fair review of the business
The company’s subsidiaries and associates undertake bulk cargo and chemical tanker shipping business.
The company made a profit for the year ended 31 October 2023 of £5,257,973 due principally to dividends receivable from subsidiary undertakings of £5,203,732. Turnover of £550,361 is similar to previous years.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Investments |
£ |
162,145,053 |
160,164,508 |
Capital and reserves |
£ |
164,155,488 |
160,453,625 |
Equity to fixed asset ratio |
% |
100 |
100 |
Principal risks and uncertainties
The company does not undertake shipping or other commercial activities of its own. The principal risks facing the company relate to the activities of its subsidiaries and associates, which operate exclusively in the dry bulk and chemical tanker market. They are therefore susceptible to changes in the economic conditions of these markets, including the volatility of the demand for raw materials or products that their ships carry, fuel and labour costs, and impacts on the underlying value of their vessel assets.
The operation of maritime vessels also involves a number of risks such as potential losses due to damage to vessels, cargo/loading/freight losses or pollution, or in certain parts of the world, terrorist activity. Consequently these companies have taken out the necessary insurance policies to cover these risks.
Other risks include counterparty default risk, exchange rates, the ability to access financing, and the activities of its joint venture partners.
The directors consider that it is appropriate to adopt the going concern basis for the preparation of the company’s audited accounts and financial statements.
Cobelfret UK Limited
Strategic Report for the Year Ended 31 October 2023
Conclusions
At the time of this financial statement, a mixed economic outlook and other factors such as war in Ukraine contribute to uncertainties about the global economy and therefore on demand for the services of the company’s subsidiaries. The directors consider that nonetheless the company’s subsidiaries and associates have taken steps to manage and mitigate these risks so far as possible and thereby the impact on the company’s performance.
Approved by the
.........................................
Director
Cobelfret UK Limited
Directors' Report for the Year Ended 31 October 2023
The directors present their report and the financial statements for the year ended 31 October 2023.
Directors of the company
The directors who held office during the year were as follows:
Directors' indemnities
As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.
Dividends
Interim dividends of £1,556,110 (2022: £42,315,540) were paid during the year. No final dividend is proposed.
Disclosure of information in the Strategic Report
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the director on
.........................................
B D Dove-Seymour
Director
Cobelfret UK Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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.
Cobelfret UK Limited
Independent Auditor's Report to the Members of Cobelfret UK Limited
for the Year Ended 31 October 2023
Opinion
We have audited the financial statements of Cobelfret UK Limited (the 'company') for the year ended 31 October 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 October 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Cobelfret UK Limited
Independent Auditor's Report to the Members of Cobelfret UK Limited
for the Year Ended 31 October 2023
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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities (set out on page 5), 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 is 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.
Auditor’s 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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
Cobelfret UK Limited
Independent Auditor's Report to the Members of Cobelfret UK Limited
for the Year Ended 31 October 2023
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
We understood how the company is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
130 Shaftesbury Avenue
W1D 5AR
Cobelfret UK Limited
Statement of Income and Retained Earnings for the Year Ended 31 October 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
62,129 |
2 |
||
Profit before tax |
|
|
|
Taxation |
|
|
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
15,890,085 |
13,939,956 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
19,591,948 |
15,890,085 |
Cobelfret UK Limited
Statement of Financial Position as at 31 October 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
135,522,009 |
135,522,009 |
|
Share premium reserve |
9,041,531 |
9,041,531 |
|
Retained earnings |
19,591,948 |
15,890,085 |
|
Shareholders' funds |
164,155,488 |
160,453,625 |
Approved and authorised by the
......................................................................
B D Dove-Seymour
Director
Company registration number: 09054066
Cobelfret UK Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of an investment holding company.
The principal place of business is;
Long Reach House
London Road
Purfleet
Essex
RM19 1PD
Accounting policies |
Statement of compliance
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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
The company exercises judgement to determine whether any impairment is necessary in respect of fixed asset investments.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Cobelfret UK Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Going concern
The company made a profit for the year ended 31 October 2023 of £5,257,973 and had net assets of £164,155,488 at that date.
As an investment holding company the company has no significant working capital requirements of its own and its continued operational existence is dependent upon the subsidiary and associated undertakings remaining in operational existence.
Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Summary of disclosure exemptions
Advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company
(b) Disclosures in respect of financial instruments have not been presented
(c) No disclosures have been given for the aggregate remuneration of key management personnel.
Group accounts not prepared
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of legal services. Turnover is shown net of Value Added Tax, rebates and discounts.
Turnover from the provision of legal services is recognised based upon the stage of completion.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Cobelfret UK Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Tax
The tax expense for the year comprises tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
33% - 50% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Cobelfret UK Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Rendering of services |
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2023 |
2022 |
|
Gain/loss on disposal of property, plant and equipment |
|
- |
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Foreign exchange losses/(gains) |
|
( |
Profit on disposal of property, plant and equipment |
( |
- |
Cobelfret UK Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
Management |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
260,436 |
225,626 |
Auditor's remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Other non audit fees |
|
|
Cobelfret UK Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
( |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of income exempt from taxation |
( |
( |
Tax decrease from effect of capital allowances and depreciation |
( |
( |
Tax decrease from other short-term timing differences |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
( |
( |
Total tax credit |
( |
( |
Deferred tax
Deferred tax assets and liabilities
2023 |
Asset |
Accelerated capital allowances |
|
|
2022 |
Asset |
Accelerated capital allowances |
|
|
Cobelfret UK Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost |
||
At 1 November 2022 |
|
|
Additions |
|
|
Disposals |
( |
( |
At 31 October 2023 |
|
|
Depreciation |
||
At 1 November 2022 |
|
|
Charge for the year |
|
|
At 31 October 2023 |
|
|
Carrying amount |
||
At 31 October 2023 |
|
|
At 31 October 2022 |
|
|
Investments |
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Investments in associates |
|
|
|
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 November 2022 and 31 October 2023 |
|
Provision |
|
At 1 November 2022 and 31 October 2023 |
|
Carrying amount |
|
At 31 October 2022 and 31 October 2023 |
|
Cobelfret UK Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Associates |
£ |
Cost |
|
At 1 November 2022 |
|
Additions |
|
At 31 October 2023 |
|
Carrying amount |
|
At 31 October 2023 |
|
At 31 October 2022 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
3 Temasek Avenue, #23-04, Centennial Tower, Singapore (039190) |
Ordinary |
|
|
|
3 Temasek Avenue, #23-04, Centennial Tower, Singapore (039190) |
Ordinary |
|
|
Associates |
||||
|
72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
|
|
|
72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
|
|
|
72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
|
|
|
72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
|
|
|
72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
|
|
|
72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
|
|
|
72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
|
|
|
72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
|
|
Siingapore |
The principal activities of the subsidiary undertakings and associates are that of the ownership and chartering of vessels.
Cobelfret UK Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Debtors |
Note |
2023 |
2022 |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
Deferred tax assets |
|
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
|
|
Creditors |
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Social security and other taxes |
|
|
Accruals |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
135,522,009 |
|
135,522,009 |
There are no restrictions on the repayment of capital or the declaration of dividends.
Cobelfret UK Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
2023 |
2022 |
|||
£ |
£ |
|||
Interim dividend of £ |
1,556,110 |
42,315,540 |
||
Related party transactions |
Exemption is taken under FRS 102 paragraph 33.1A not to disclose transactions or amounts falling due between companies that are wholly owned within the group.
During the year, sales of £550,360 (2022: £423,443) were made to entities under common control.
CONTINGENCIES AND SECURITY |
The company's shares in associated undertakings have been pledged as security in respect of the bank borrowings of the company by way of a fixed charge.
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent undertaking is