Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-313228false2023-01-01falsetruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11904803 2023-01-01 2023-12-31 11904803 2022-01-01 2022-12-31 11904803 2023-12-31 11904803 2022-12-31 11904803 2022-01-01 11904803 1 2023-01-01 2023-12-31 11904803 1 2022-01-01 2022-12-31 11904803 2 2023-01-01 2023-12-31 11904803 2 2022-01-01 2022-12-31 11904803 3 2023-01-01 2023-12-31 11904803 d:Director8 2023-01-01 2023-12-31 11904803 e:PlantMachinery 2023-01-01 2023-12-31 11904803 e:PlantMachinery 2023-12-31 11904803 e:PlantMachinery 2022-12-31 11904803 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11904803 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 11904803 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 11904803 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 11904803 e:CurrentFinancialInstruments 2023-12-31 11904803 e:CurrentFinancialInstruments 2022-12-31 11904803 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 11904803 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 11904803 e:ShareCapital 2023-12-31 11904803 e:ShareCapital 2022-12-31 11904803 e:ShareCapital 2022-01-01 11904803 e:SharePremium 2023-12-31 11904803 e:SharePremium 1 2023-01-01 2023-12-31 11904803 e:SharePremium 2 2023-01-01 2023-12-31 11904803 e:SharePremium 3 2023-01-01 2023-12-31 11904803 e:SharePremium 2022-12-31 11904803 e:SharePremium 2022-01-01 11904803 e:SharePremium 1 2022-01-01 2022-12-31 11904803 e:SharePremium 2 2022-01-01 2022-12-31 11904803 e:CapitalRedemptionReserve 2023-12-31 11904803 e:CapitalRedemptionReserve 1 2023-01-01 2023-12-31 11904803 e:CapitalRedemptionReserve 2 2023-01-01 2023-12-31 11904803 e:CapitalRedemptionReserve 3 2023-01-01 2023-12-31 11904803 e:CapitalRedemptionReserve 2022-12-31 11904803 e:CapitalRedemptionReserve 2022-01-01 11904803 e:CapitalRedemptionReserve 2 2022-01-01 2022-12-31 11904803 e:RevaluationReserve 1 2022-01-01 2022-12-31 11904803 e:InvestmentPropertiesRevaluationReserve 2023-12-31 11904803 e:InvestmentPropertiesRevaluationReserve 1 2023-01-01 2023-12-31 11904803 e:InvestmentPropertiesRevaluationReserve 2 2023-01-01 2023-12-31 11904803 e:InvestmentPropertiesRevaluationReserve 3 2023-01-01 2023-12-31 11904803 e:InvestmentPropertiesRevaluationReserve 2022-12-31 11904803 e:InvestmentPropertiesRevaluationReserve 2022-01-01 11904803 e:InvestmentPropertiesRevaluationReserve 1 2022-01-01 2022-12-31 11904803 e:InvestmentPropertiesRevaluationReserve 2 2022-01-01 2022-12-31 11904803 e:OtherMiscellaneousReserve 2023-12-31 11904803 e:OtherMiscellaneousReserve 1 2023-01-01 2023-12-31 11904803 e:OtherMiscellaneousReserve 2 2023-01-01 2023-12-31 11904803 e:OtherMiscellaneousReserve 3 2023-01-01 2023-12-31 11904803 e:OtherMiscellaneousReserve 2022-12-31 11904803 e:OtherMiscellaneousReserve 2022-01-01 11904803 e:OtherMiscellaneousReserve 1 2022-01-01 2022-12-31 11904803 e:OtherMiscellaneousReserve 2 2022-01-01 2022-12-31 11904803 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11904803 e:RetainedEarningsAccumulatedLosses 2023-12-31 11904803 e:RetainedEarningsAccumulatedLosses 1 2023-01-01 2023-12-31 11904803 e:RetainedEarningsAccumulatedLosses 2 2023-01-01 2023-12-31 11904803 e:RetainedEarningsAccumulatedLosses 3 2023-01-01 2023-12-31 11904803 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11904803 e:RetainedEarningsAccumulatedLosses 2022-12-31 11904803 e:RetainedEarningsAccumulatedLosses 2022-01-01 11904803 e:RetainedEarningsAccumulatedLosses 1 2022-01-01 2022-12-31 11904803 e:RetainedEarningsAccumulatedLosses 2 2022-01-01 2022-12-31 11904803 d:OrdinaryShareClass1 2023-01-01 2023-12-31 11904803 d:OrdinaryShareClass1 2022-12-31 11904803 d:OrdinaryShareClass2 2023-01-01 2023-12-31 11904803 d:OrdinaryShareClass2 2023-12-31 11904803 d:OrdinaryShareClass2 2022-12-31 11904803 d:FRS102 2023-01-01 2023-12-31 11904803 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11904803 d:FullAccounts 2023-01-01 2023-12-31 11904803 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11904803 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 11904803 2 2023-01-01 2023-12-31 11904803 6 2023-01-01 2023-12-31 11904803 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2023-01-01 2023-12-31 11904803 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11904803









GREENGAGE GLOBAL HOLDING LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GREENGAGE GLOBAL HOLDING LTD
REGISTERED NUMBER:11904803

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
529,483
498,338

Tangible assets
 5 
14,799
24,744

Investments
 6 
237,220
537,220

  
781,502
1,060,302

Current assets
  

Debtors: amounts falling due within one year
 7 
102,309
146,381

Cash at bank and in hand
  
118,094
478,066

  
220,403
624,447

Creditors: amounts falling due within one year
 8 
(1,161,192)
(4,393,081)

Net current liabilities
  
 
 
(940,789)
 
 
(3,768,634)

  

Net liabilities
  
(159,287)
(2,708,332)


Capital and reserves
  

Called up share capital 
 9 
1,407
1,126

Share premium account
  
7,662,464
2,127,472

Capital redemption reserve
  
1
1

Share warrants reserve
  
82
-

Share based payment reserve
  
1,314,115
897,735

Profit and loss account
  
(9,137,356)
(5,734,666)

  
(159,287)
(2,708,332)


Page 1

 
GREENGAGE GLOBAL HOLDING LTD
REGISTERED NUMBER:11904803
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S H Kiernan
Director

Date: 18 September 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 

GREENGAGE GLOBAL HOLDING LTD
 
 
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Capital redemption reserve
Share warrants reserve
Share based payment reserve
Profit and loss account
Total equity


£
£
£
£
£
£
£



At 1 January 2022
1,127
2,133,484
-
-
608,708
(3,363,294)
(619,975)





Loss for the year
-
-
-
-
-
(2,371,372)
(2,371,372)


Shares re-purchased during the year
(1)
(6,012)
1
-
-
-
(6,012)


Share option charge
-
-
-
-
289,027
-
289,027





At 1 January 2023
1,126
2,127,472
1
-
897,735
(5,734,666)
(2,708,332)





Loss for the year
-
-
-
-
-
(3,402,690)
(3,402,690)


Conversion of convertible loan note
215
4,209,305
-
51
-
-
4,209,571


Share capital issued
63
1,325,687
-
31
-
-
1,325,781


Share option conversion
3
-
-
-
-
-
3


Share option charge
-
-
-
-
416,380
-
416,380



At 31 December 2023
1,407
7,662,464
1
82
1,314,115
(9,137,356)
(159,287)



The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
GREENGAGE GLOBAL HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Greengage Global Holding Ltd is a private company, limited by shares, incorporated in England and Wales. The company number is 11904803 and the registered office is 9 Little Trinity Lane, London, EC4V 2AD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The directors consider the going concern basis to be appropriate because in their opinion, the company will continue to obtain sufficient funding to enable it to pay its debts as they fall due and also will receive continuing support from its creditors. If the company were unable to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amounts and to provide for further liabilities that may arise.

 
2.4

Revenue

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

Rendering of services

Commission and introduction fee income from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
GREENGAGE GLOBAL HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
GREENGAGE GLOBAL HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

 
GREENGAGE GLOBAL HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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:

Development costs
-
5
years

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Plant and machinery
-
3 years

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

Debtors

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.

Page 7

 
GREENGAGE GLOBAL HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2022 -28).

Page 8

 
GREENGAGE GLOBAL HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Development costs

£



Cost


At 1 January 2023
564,827


Additions
144,111



At 31 December 2023

708,938



Amortisation


At 1 January 2023
66,489


Charge for the year on owned assets
112,966



At 31 December 2023

179,455



Net book value



At 31 December 2023
529,483



At 31 December 2022
498,338



Page 9

 
GREENGAGE GLOBAL HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
36,450


Additions
2,099



At 31 December 2023

38,549



Depreciation


At 1 January 2023
11,706


Charge for the year on owned assets
12,044



At 31 December 2023

23,750



Net book value



At 31 December 2023
14,799



At 31 December 2022
24,744

Page 10

 
GREENGAGE GLOBAL HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments





Investment in subsidiary

£



Cost or valuation


At 1 January 2023
537,220



At 31 December 2023

537,220



Impairment


Charge for the period
300,000



At 31 December 2023

300,000



Net book value



At 31 December 2023
237,220



At 31 December 2022
537,220


7.


Debtors

2023
2022
£
£


Trade debtors
408
8,505

Amounts owed by group undertakings and undertakings in which
the company has a participating interest
-
66,533

Other debtors
101,901
71,343

102,309
146,381


Page 11

 
GREENGAGE GLOBAL HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
210,117
71,792

Amounts owed to group undertakings and undertakings in which the company has a participating interest
145,803
-

Other taxation and social security
362,958
128,680

Other creditors
442,314
4,192,609

1,161,192
4,393,081


Other creditors at 31 December 2023 include loan stock of £10,000 (2022 - £3,775,000). During the year loan stock of £10,000 (2022 - £Nil) was issued. Also included is loan interest accrued at a rate of 10% per annum of £181 (2022 - 8% per annum of £80,006, and 5% per annum of £215,123).

Other creditors at 31 December 2023 also include short term loans of £150,000 (2022 - £Nil). During the year short term loans of £200,000 (2022 - £Nil) were issued. Also included is loan interest accrued at a rate of 10% per annum of £959.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



935,799 (2022 -935,799) Ordinary shares of £0.001 each
936
936
470,837 (2022 -190,572) Ordinary A shares of £0.001 each
471
190

1,407

1,126

On 12 May 2023, £4,209,571 of convertible loan stock including accrued interest was redeemed for 214,273 Ordinary A shares and 51,390 share warrants of £0.001 each.

During the year ended 31 December 2023, 63,192 Ordinary A shares and 30,110 share warrants of £0.001 each were issued for total consideration of £1,325,781.

During the year ended 31 December 2023, share options with a nominal value of £3 were exercised for 2,800 Ordinary A shares of £0.001 each.



Page 12

 
GREENGAGE GLOBAL HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share-based payments

Employee Share Option Plan (ESOP)
During the year, the company granted 2,000 share options (2022 - 19,125), no share options were exercised (2022 - Nil), and 2,440 share options lapsed (2022 - 250). At 31 December 2023 the total outstanding options was 94,224 (2022 - 94,664) of which 65,477 share options have vested (2022 - 41,599).
Vesting will not cause an option to become exercisable but rather the exercise of any option will be dependant upon an exit event as determined by the Board and noted within the rules of the plan. Exit events can include such items as an IPO, a sale or any other event that the Board may, at its absolute discretion determine to be an exit. 
Any shares not exercised 10 years from the date of grant will lapse.
75,789 share options are valued at £12 each, and 18,435 share options are valued at £20 each, which are based on the convertible loan valuation. The exercise price of all share options granted during the year is £0.001 (2022 - £0.001).
Other share options
During the year, the company granted 9,002 share options (2022 - Nil) and 2,800 share options were exercised (2022 - Nil). At 31 December 2023 the total outstanding options was 33,059 (2022 - 26,732) of which 32,809 have vested and are exercisable at any time (2022 - 26,357). 
22,009 (2022 - 17,307) shares not exercised 10 years from the date of grant will lapse. 11,050 (2022 - 9,425) shares not exercised 7 years from the date of grant will lapse.
22,509 share options are valued at £12 (2022 - £12) each, which is based on the company valuation of Seed funding round. 8,925 share options are valued at £20 each, which is based on the convertible loan note valuation. 1,500 share options are valued at £24.05 each. The exercise price of all share options granted during the year is £0.001 (2022 - £0.001). 


11.


Related party transactions

The company has taken advantage of the exemption available under FRS102 and not disclosed transactions with any wholly owned group companies.

 
Page 13