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COMPANY REGISTRATION NUMBER: 02500200
Lansdell Soft Drinks Limited
Financial Statements
31 January 2024
Lansdell Soft Drinks Limited
Financial Statements
Period from 1 March 2023 to 31 January 2024
Contents
Page
Directors' report
1
Independent auditor's report to the members
3
Statement of income and retained earnings
8
Statement of financial position
9
Notes to the financial statements
10
Lansdell Soft Drinks Limited
Directors' Report
Period from 1 March 2023 to 31 January 2024
The directors present their report and the financial statements of the company for the period ended 31 January 2024 .
Directors
The directors who served the company during the period were as follows:
Mr Timothy Swingler
(Appointed 31 March 2023)
Mr Kevin Chapple
(Appointed 31 March 2023)
Mr Stephen Jenkins
(Appointed 31 March 2023)
Mr Martin Jenkins
(Appointed 31 March 2023)
Mr Darren Lane
(Resigned 31 March 2023)
Mr Robert Verdicchio
(Resigned 31 March 2023)
Mr Stuart George Lane
(Resigned 31 March 2023)
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial period. 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make 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 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 October 2024 and signed on behalf of the board by:
Mr Kevin Chapple
Director
Registered office:
Unit 91 Chapple and Jenkins Warehouse
Station Road
Kingswood
Bristol
England
BS15 4NR
Lansdell Soft Drinks Limited
Independent Auditor's Report to the Members of Lansdell Soft Drinks Limited
Period from 1 March 2023 to 31 January 2024
Qualified opinion
We have audited the financial statements of Lansdell Soft Drinks Limited (the 'company') for the period ended 31 January 2024 which comprise the statement of income and retained earnings, statement of financial position 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 FRS 102 The Financial Reporting Standard applicable in the UK UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
We were not appointed as auditor of the company until after 28 February 2023 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £282,638 held at 28 February 2023 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 28 February 2023 was necessary or whether there was any consequential effect on the cost of sales for the period ended 31 January 2024.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The 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. 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.
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 directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which 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; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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: Key audit matters: our assessment of risks of material misstatement Key audit matters are those matters that in our professional judgement were of most significance in the audit of the financial statements and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those which had the greatest effect on the allocation of resources in the audit, and directing the efforts of the engagement team. There are no key areas identified as the audit is very low risk with normal audit procedures adequate in all audit areas. We agreed to report to the board of directors any corrected or uncorrected identified misstatements. Identifying and reporting of risks of material misstatement due to fraud To identify risks of material misstatement due to fraud we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: - Enquiries made of the directors. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. As required by auditing standards, and taking into account possible pressures to meet targets and our overall knowledge of the control environment, we performed procedures to assess the risks of management override of controls. To address the pervasive risk as it related to management override of controls, we reviewed material journal entries and agreed these to supporting documentation where appropriate. Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors. Our assessment of risks involved gaining an understanding of the control environment including the entity's procedures for complying with regulatory requirements. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably: - firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting regulation, taxation legislation (payroll and income taxes and VAT) and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures in the audit areas relevant to these items. - secondly, the company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Health and safety laws. Food and hygiene regulations. Employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Therefore, if any breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Limitations to the ability of the audit to detect fraud or breaches of laws and regulation Owing to the inherent limitation of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement, and therefore we are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at www.frc.org.uk/auditors responsibilitie. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Other matters
The financial statements of Lansdell Soft Drinks Limited for the year ended 28 February 2023 were not audited. As such our opinion on the financial statements refers to the current period only. However, we are not aware of any material misstatements in the comparative figures.
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.
Paul Cridland
(Senior Statutory Auditor)
For and on behalf of
Charlton Baker (Bristol) Ltd
Chartered accountants & statutory auditor
61 Macrae Road, Ham Green, Bristol
BS20 2DD
29 October 2024
Lansdell Soft Drinks Limited
Statement of Income and Retained Earnings
Period from 1 March 2023 to 31 January 2024
Period from
1 Mar 23 to
Year to
31 Jan 24
28 Feb 23
Note
£
£
Turnover
8,763,010
8,731,899
Cost of sales
6,855,424
7,127,110
------------
------------
Gross profit
1,907,586
1,604,789
Distribution costs
282,327
255,705
Administrative expenses
1,108,834
933,874
Other operating income
17,403
------------
------------
Operating profit
516,425
432,613
Interest payable and similar expenses
6,009
5,801
------------
------------
Profit before taxation
6
510,416
426,812
Tax on profit
157,305
79,090
---------
---------
Profit for the financial period and total comprehensive income
353,111
347,722
---------
---------
Dividends paid and payable
( 629,182)
Retained earnings at the start of the period
925,551
1,207,011
------------
------------
Retained earnings at the end of the period
1,278,662
925,551
------------
------------
All the activities of the company are from continuing operations.
Lansdell Soft Drinks Limited
Statement of Financial Position
31 January 2024
31 Jan 24
28 Feb 23
Note
£
£
Fixed assets
Tangible assets
8
130,550
166,814
Current assets
Stocks
376,725
282,638
Debtors
9
980,925
615,169
Cash at bank and in hand
832,222
520,086
------------
------------
2,189,872
1,417,893
Creditors: amounts falling due within one year
10
977,013
591,960
------------
------------
Net current assets
1,212,859
825,933
------------
---------
Total assets less current liabilities
1,343,409
992,747
Creditors: amounts falling due after more than one year
11
32,602
61,352
Provisions
32,045
5,744
------------
---------
Net assets
1,278,762
925,651
------------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,278,662
925,551
------------
---------
Shareholders funds
1,278,762
925,651
------------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
Mr Kevin Chapple
Director
Company registration number: 02500200
Lansdell Soft Drinks Limited
Notes to the Financial Statements
Period from 1 March 2023 to 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 91 Chapple and Jenkins Warehouse, Station Road, Kingswood, Bristol, BS15 4NR, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Change of year end
The company changed the year end from 28 February to 31 January, to align the year end with that of the parent company. As a result, the figures presented in the income statement are for 11 months, whilst the comparative figures are for a year.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the ontractual arrangement, as either financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Auditor's remuneration
Period from
1 Mar 23 to
Year to
31 Jan 24
28 Feb 23
£
£
Fees payable for the audit of the financial statements
7,000
-------
----
5. Employee numbers
The average number of persons employed by the company during the period amounted to 26 (2023: 26 ).
6. Profit before taxation
Profit before taxation is stated after charging:
Period from
1 Mar 23 to
Year to
31 Jan 24
28 Feb 23
£
£
Depreciation of tangible assets
36,264
47,958
--------
--------
7. Intangible assets
Goodwill
£
Cost
At 1 March 2023 and 31 January 2024
10,000
--------
Amortisation
At 1 March 2023 and 31 January 2024
10,000
--------
Carrying amount
At 31 January 2024
--------
At 28 February 2023
--------
8. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023 and 31 January 2024
53,133
110,433
663,111
826,677
--------
---------
---------
---------
Depreciation
At 1 March 2023
53,133
82,026
524,704
659,863
Charge for the period
6,675
29,589
36,264
--------
---------
---------
---------
At 31 January 2024
53,133
88,701
554,293
696,127
--------
---------
---------
---------
Carrying amount
At 31 January 2024
21,732
108,818
130,550
--------
---------
---------
---------
At 28 February 2023
28,407
138,407
166,814
--------
---------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 January 2024
86,629
--------
At 28 February 2023
108,286
---------
9. Debtors
31 Jan 24
28 Feb 23
£
£
Trade debtors
828,701
601,973
Amounts owed by group undertakings and undertakings in which the company has a participating interest
139,028
Other debtors
13,196
13,196
---------
---------
980,925
615,169
---------
---------
10. Creditors: amounts falling due within one year
31 Jan 24
28 Feb 23
£
£
Trade creditors
728,790
404,220
Social security and other taxes
56,075
64,024
Corporation tax
133,539
75,881
Other creditors
58,609
47,835
---------
---------
977,013
591,960
---------
---------
11. Creditors: amounts falling due after more than one year
31 Jan 24
28 Feb 23
£
£
Other creditors
32,602
61,352
--------
--------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Jan 24
28 Feb 23
£
£
Not later than 1 year
58,083
Later than 1 year and not later than 5 years
220,000
---------
----
278,083
---------
----
13. Related party transactions
Management recharges have been made from the parent company to represent the costs incurred on behalf of the company, further to this trading of wholesale goods takes place throughout the year. As the company applies FRS 102 section 1A disclosure exemptions have been taken advantage of.
14. Controlling party
The company is a subsidiary of Chapple and Jenkins, the controlling party. Group accounts are prepared for these entities and are available from Companies House. The ultimate controlling party are the directors of the parent entity.