Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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FIFTHDELTA LTD
COMPANY INFORMATION
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FIFTHDELTA LTD
CONTENTS
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FIFTHDELTA LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their strategic report for FIFTHDELTA LTD ("the Company") for the year ended 31 December 2023.
The Company is authorised by the Financial Conduct Authority ("the FCA") to conduct investment related activities. The principal activity of the Company is the provision of investment management services to FIFTHDELTA Master Fund Limited ("the Fund"). There are no anticipated changes to the business conducted by the Company in the foreseeable future.
The Company has exposure to various risks including but not limited to liquidity risk, credit risk, market risk, and operational risk as set out below. The Company has in place policies and procedures to manage such risks, and these are reviewed regularly to reflect changes in market conditions and the Company’s activities.
Liquidity risk The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company ensures it has sufficient autonomy over cash outflows to manage this risk and expects to meet its future financial obligations through operating cash flows. Credit risk Credit risk is the risk of financial loss to the Company of counterparties fail to meet contractual obligations. The Company is exposed to credit risk on fees receivable from the Fund and short term cash deposits placed with financial institutions. Fees are calculated and remitted monthly to mitigate the credit risk. Cash deposits are placed with reputable banks with secure long term credit ratings. Market risk Market risk is the risk of financial loss arising from adverse movements in financial markets, such as changes in interest rates and foreign exchange rates, which affect the Company’s income and/or the value of certain assets. The Company is exposed to foreign currency risk in respect of assets and liabilities denominated in currencies other than GBP. The Company monitors such exposures and executes foreign exchange deals to manage the exposures within tolerable parameters. Operational risk Operational risk is the potential for financial loss and/or reputational damage resulting from inadequate or failed internal controls. Operational risks are regularly assessed, monitored and managed. Other risks Compliance risks are monitored by the Company's compliance officer, with appropriate procedures in place to report and act on non compliance issues. As a regulated business, the Company is exposed to changes in regulations, and compliance training is provided to directors and employees. The Company is subject to risks associated with unforeseen events, such as the emergence of a pandemic, which could create business disruption. The Company has remote working capability in place for all employees ensuring the continued effective operation of the business at all times.
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FIFTHDELTA LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors review a range of key performance indicators ("KPIs") on a regular basis to monitor the performance of the Company. The financial KPIs include liquidity, capital adequacy, management fee income and business expenses. Non-financial KPIs include operational risk incidents and compliance monitoring. The ongoing review of KPIs is integral to maintaining the performance of the Company.
Directors' statement of compliance with duty to promote the success of the Company Section 172 of the Companies Act 2006 requires the directors to act in the manner they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders as a whole. As part of the Company’s deliberations and decision-making process, the directors also take into account the following: • The likely consequences of any decisions in the long-term; • The interests of the Company’s employees; • The need to foster the Company’s business relationship with suppliers, customers and others; • The impact of the Company’s operations on the community and the environment; • The desirability of the Company maintaining a reputation for high standards of business conduct; and • The need to act fairly between shareholders of the Company. During the year ended 31 December 2023, the directors considered the factors set out above in discharging their duties under section 172. The directors recognise that building strong relationships with the Company’s stakeholders, including employees, suppliers and shareholders, will help deliver the Company’s strategy in line with its long-term objectives (i.e., the long-term viability and success of the Company). The directors are committed to effective engagement with all stakeholders in delivering the long-term objectives. Ultimately, the directors are also the Company’s shareholders. As such, the directors’ best interests are directly aligned with the best interests of the Company itself (i.e., the long-term viability and success of the Company). For this reason, the long-term consequences of decisions are an intrinsic consideration in the decision-making process and the directors effect their managerial responsibilities in a manner that is likely to promote robust corporate governance and positive outcomes for stakeholders as a whole. The directors, in discharging their duties, delegate to management for the day-to-day running of the business. Management is responsible for implementing decisions made by the directors, whilst considering the relative interests and priorities of each stakeholder. The Company typically holds quarterly Board of Directors meetings. These Board of Directors meetings act as the formal mechanism through which corporate governance and management decisions are made. As part of the decision-making process, the directors discuss the relative merits of decisions with management and consider the impact on the Company’s stakeholders. Furthermore, the directors also challenge management to ensure all stakeholder interests are considered in the day-to-day management and operations of the Company. The Company recognises the importance of hiring, developing and retaining high quality employees in all business functions. The directors aim to act with integrity and practice sound judgement in all their actions, and the same is expected of employees. A culture of continual learning and development for employees is supported by the directors, in particular the use of technology to help drive process improvements, improved productivity and the efficient use of resources.
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FIFTHDELTA LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company relies on a number of external suppliers to help ensure the smooth running of the business. The directors view suppliers as key business partners. When managing business relationships with suppliers, the directors aim to ensure that suppliers are given access to the necessary resources to carry out their services, remunerated appropriately and are treated fairly by the Company at all times.
Ultimately, the directors’ approach to decision-making is designed to ensure that the Company maintains a reputation for high standards of business conduct. By doing so, the directors promote the long-term viability and success of the Company. The directors believe they have demonstrated compliance with their legal duty under section 172 of the Companies Act 2006.
This report was approved by the board on 11 March 2024 and signed on its behalf.
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FIFTHDELTA LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The profit for the year, after taxation, amounted to £5,741,308 (2022 - £46,055,641).
The directors proposed and paid an interim dividend of £45,000,000 during the year (2022 - £NIL).
The directors who served during the year were:
The directors expect turnover to decrease in the 2024 reporting period. The average assets under management in the Fund for 2024 will be lower than 2023 following negative fund performance and investor redemptions in the year ended 31 December 2023. There are no planned future developments which would materially change the nature of the business and principal risks and uncertainties to which the Company is exposed.
Going concern The Company generated positive cash flows in the reporting period. The directors have prepared what they consider to be conservative projections and forecasts and anticipate that the Company will have the ability to meet future liquidity and regulatory capital needs with the support of its parent undertakings, Thurleigh Investments Limited and Four Gardens Capital Limited, to sustain operations.
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 judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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FIFTHDELTA LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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 auditors, Haysmacintyre LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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FIFTHDELTA LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIFTHDELTA LTD
We have audited the financial statements of FIFTHDELTA LTD ("the Company") for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows 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 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 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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FIFTHDELTA LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIFTHDELTA LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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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FIFTHDELTA LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIFTHDELTA 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 Auditors' 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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the investment management business and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
∙inspecting correspondence with regulators and tax authorities;
∙discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙evaluating management's controls designed to prevent and detect irregularities;
∙identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
∙challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
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FIFTHDELTA LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIFTHDELTA LTD (CONTINUED)
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 Auditors' 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
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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FIFTHDELTA LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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FIFTHDELTA LTD
REGISTERED NUMBER: 12696838
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 25 form part of these financial statements.
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FIFTHDELTA LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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FIFTHDELTA LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FIFTHDELTA LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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FIFTHDELTA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FIFTHDELTA LTD is a private company limited by shares, incorporated in England and Wales. The Company's registered number is 12696838. Its registered office address and principal place of business is 1st Floor 15 Sackville Street, London, England, W1S 3DJ.
The Company’s principal activity is the provision of investment management services.
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have reviewed the Company's liabilities over the next 12 months and consider the business to be a going concern. The directors closely monitor the cash flows of the Company and the capital adequacy requirements imposed by the FCA, with £6,461,346 of cash at the reporting date, the directors feel this is sufficient to support the Company as a going concern. The directors will continue to support the Company as required along with steps being taken by management to ensure that all financial commitments can be met when they fall due, including the provision of financial support from its parent undertakings.
Functional and presentation currency
Transactions and balances
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FIFTHDELTA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Revenue, which is stated net of any value added tax and rebates, represents fees arising from the provision of investment management services.
Revenue is recognised on an accruals basis when the services have been performed and the following conditions are satisfied: • the amount of revenue can be measured reliably; • it is probable that the Company will receive the fees due.
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FIFTHDELTA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.
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FIFTHDELTA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
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, and loans to related parties.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. (a) Critical accounting estimates and assumptions The directors do not consider that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. (b) Key sources of estimation uncertainty The directors do not consider there to be any key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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FIFTHDELTA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FIFTHDELTA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FIFTHDELTA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
There were no factors that may affect future tax charges.
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FIFTHDELTA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FIFTHDELTA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FIFTHDELTA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the scheme and amounted to £142,180 (2022: £106,192). At the reporting date, a total of £13,113 contributions were payable to the scheme (2022: £9,164).
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FIFTHDELTA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FIFTHDELTA LTD’s parent undertakings are Four Gardens Capital Limited and Thurleigh Investments Limited, companies registered in England and Wales.
There is no one controlling party.
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