Registered number:
FOR THE YEAR ENDED 31 MAY 2023
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ETHOS COMMUNICATION SOLUTIONS LTD
COMPANY INFORMATION
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ETHOS COMMUNICATION SOLUTIONS LTD
CONTENTS
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ETHOS COMMUNICATION SOLUTIONS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023
This is a balanced and comprehensive review of the performance of our business during the year and its position at the year end consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.
Ethos Communication Solutions is a provider of managed print, document, integrated solutions, and IT services in the UK.
Headquartered in the City of London with two regional offices and operates across 40 countries, partnering with leading document and software solution providers. The results for Ethos Communication Solutions Limited is set out on page 9. The year’s results of £18.6m turnover, £9.5m gross profit and £2.0m profit before tax and exceptional costs are at similar levels to prior years figures. Ethos Communication Solutions will continue to innovate and transform into an IT centric organisation with managed print services at its core. Digitalisation, software, and IT services represent not only an extension of the Group's core activities but meets the growing needs of a lot of organisations to not only centralise information and make it available to a disparate work force, but to improve business and process efficiencies. Ethos is supporting their existing and prospective clients to develop and execute their digital transformation strategies and providing a clear path forward for those businesses who recognise the need for change.
Financial risk management objectives and policies
The directors are aware of the risks associated with a growing business and have implemented business process and management review policies to ensure that there is full visibility and managerial responsibility for the effect of gross margin and overheads on the business.
Liquidity risk
Management closely monitors available bank and other credit facilities in comparison to the Company's outstanding commitments on a regular basis to ensure that the Company has sufficient funds to meet its obligations as they fall due.
The Board receives regular debt management and cash forecasts which estimate the cash inflows and outflows over the next eighteen months, so that management can ensure that sufficient financing can be arranged as it is required. In addition, management monitors cash outflows on interest payments closely to ensure that the Company minimises its exposure to fluctuating interest rates. Credit risk Trade debtors are managed in respect of credit risk by policies relating to the credit offered to customers and the regular monitoring of amounts owed.
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ETHOS COMMUNICATION SOLUTIONS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
The directors review and monitor all aspects of the business but consider that turnover, gross profit, EBITDA and EBITDA margins are the key performance indicators for the business. There are a number of operational KPIs that support these main ones and are monitored particularly around the service and performance.
The table below summarises the key performance indicators:
KPI 2023 2022 Turnover (£'000s) 18,560 17,819 Gross profit (£'000s) 9,529 9,297 Gross profit margin 51% 52% EBITDA (£'000s) 2,445 2,386 EBITDA margin 13% 13%
The Board are happy that the company continue to achieve healthy margins and are confident that it will continue to maintain these margins.
This report was approved by the board on 30 July 2024 and signed on its behalf.
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ETHOS COMMUNICATION SOLUTIONS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023
The directors present their report and the financial statements for the year ended 31 May 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The profit for the year, after taxation, amounted to £1,778,038 (2022 - £2,183,416).
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
On 9 August 2023, M Norris and C Norris were appointed as directors. On 18 March 2024, C Norris resigned as a director.
The Company plans to continue to grow across all business activities, capitalising on opportunities as deemed
appropriate.
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ETHOS COMMUNICATION SOLUTIONS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
The Company carries out certain research and development activities in the normal course of its business.
The Company keeps employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the Company by the method of ad-hoc internal communications.
There have been no significant events affecting the Company since the year end.
This report was approved by the board on
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ETHOS COMMUNICATION SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ETHOS COMMUNICATION SOLUTIONS LTD
We have audited the financial statements of Ethos Communication Solutions Ltd (the 'Company') for the year ended 31 May 2023, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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ETHOS COMMUNICATION SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ETHOS COMMUNICATION SOLUTIONS LTD (CONTINUED)
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 Auditors' 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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ETHOS COMMUNICATION SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ETHOS COMMUNICATION SOLUTIONS LTD (CONTINUED)
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:
∙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 directors and other management, and from our commercial knowledge and experience of the relevant sector, including Companies Act 2006;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙laws and regulations identified were communicated with the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
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:
∙reviewed the financial statement disclosures and tested to supporting documentation to assess compliance with provisions of relevant laws and regulations;
∙performed analytical procedures and tested journal entries to identify any unusual or unexpected relationships or transactions.
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ETHOS COMMUNICATION SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ETHOS COMMUNICATION SOLUTIONS LTD (CONTINUED)
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, 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 directors and other management and the inspection of regulatory and legal correspondence, if any.
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 Auditor's 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
Chartered Accountants
Statutory Auditor
Leytonstone House
London
E11 1GA
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ETHOS COMMUNICATION SOLUTIONS LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2023
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ETHOS COMMUNICATION SOLUTIONS LTD
REGISTERED NUMBER: 02730700
BALANCE SHEET
AS AT 31 MAY 2023
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ETHOS COMMUNICATION SOLUTIONS LTD
REGISTERED NUMBER: 02730700
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 31 form part of these financial statements.
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Ethos Communication Solutions Limited is a private company limited by shares and incorporated in England and Wales, United Kingdom. Its registered office is 72 Leadenhall Market, London, EC3V 1LT.
The principal activity of the Company during the period was the provision of equipment, services, consumables and the supply of digital document print, copy and management systems.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The level of rounding applied is to the nearest £.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the 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 Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Ethos Group Holdings as at 31 May 2023 and these financial statements may be obtained from 72 Leadenhall Market, London, EC3V 1LT.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
The company's business activities, executed management restructure, operating cost reduction, planned transformation, growth, together with the factors likely to affect its future development, it's financial position, financial risk management objectives, details of its financial instruments and derivative activities, and its exposures to price, credit, liquidity and cash flow risks are described in the Strategic Report on pages 1 to 2.
The directors have considered the going concern basis of preparation of the financial statements, noting the result for the year, forecasts and plans going forward. The directors consider that the Company, with the ongoing support of the bank, has sufficient working capital and cash reserves to enable the company to continue trading for the foreseeable future and, on the basis of cash flow information prepared, will be sufficient for the company's needs. The company’s development, its financial position, financial risk management objectives, details of its business activities, together with the factors likely to affect its future financial instruments and derivative activities, and its exposures to price, credit, liquidity and cash flow risk have been assessed by the directors. The Company has considerable financial resources together with long-term contracts with several customers and suppliers across different geographic areas and industries. As a consequence, the directors believe that the company is well placed to manage its business risks successfully. The group has restructured its management team and other operational areas of the business to reduce operating costs by c£1.6m by Dec-24 on a proforma basis with the majority, c£1m already crystalised. Working with the bank, revised covenant levels have been agreed and the forecasts show they will be met. The forecasts have been independently reviewed. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
Functional and presentation currency
Transactions and balances
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
2) Would have been installed during the period but for a delay in delivery to meet the commercial objectives of the customer, or; 3) If relating to meterage, is recognised in the period in which it relates. All maintenance and service income is credited to the Statement of income and retained earnings in the period to which the income relates. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
parts and consumables. is expensed to the profit and loss account as it is used by the customer.
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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 Statement of income and retained earnings. 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.
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Consumable stocks held at customer premises are expensed to the profit and loss account as they are used. The Company makes an estimate of the estimated useful life/usage of the consumable stock. See note 17 for the carrying value of stock.
The whole of the turnover is attributable to the principal activity of the company.
Analysis of turnover by country of destination:
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Included within the Statement of income and retained earnings were costs charged to cost of sales and administrative expenses in respect of research and development expenditure.
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
15.Tangible fixed assets (continued)
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Capital redemption reserve
company's own shares.
Profit and loss account
The Company is part of a VAT registration, together with Ethos Group Holdings Limited and Ethos Documents Solutions Limited, and as such is jointly and severally liable for the VAT liabilities of the other members of the VAT group.
There is an unlimited cross-guarantee in respect of bank balances of group companies.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £86,431 (2022 - £99,168). Contributions totalling £19,096 (2022 - £23,114) were payable to the fund at the balance sheet date and are included in creditors.
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ETHOS COMMUNICATION SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
During the year, the following transactions occurred with the directors:
Ethos Group Holdings Limited is the ultimate parent company.
Ethos Group Holdings Limited prepre group financial statements and copies can be obtained from 72
Leadenhall Market, London, EC3V 1LT.
The ultimate controlling party is Michelle Norris.
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