Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-312023-02-01false1616truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04317068 2023-02-01 2024-01-31 04317068 2022-02-01 2023-01-31 04317068 2024-01-31 04317068 2023-01-31 04317068 2022-02-01 04317068 c:Director3 2023-02-01 2024-01-31 04317068 d:Buildings d:LongLeaseholdAssets 2023-02-01 2024-01-31 04317068 d:PlantMachinery 2023-02-01 2024-01-31 04317068 d:MotorVehicles 2023-02-01 2024-01-31 04317068 d:FurnitureFittings 2023-02-01 2024-01-31 04317068 d:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 04317068 d:OtherPropertyPlantEquipment 2023-01-31 04317068 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 04317068 d:OtherPropertyPlantEquipment d:PriorPeriodErrorIncreaseDecrease 2023-02-01 2024-01-31 04317068 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2024-01-31 04317068 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-31 04317068 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 04317068 d:FreeholdInvestmentProperty 2024-01-31 04317068 d:FreeholdInvestmentProperty 2023-01-31 04317068 d:CurrentFinancialInstruments 2024-01-31 04317068 d:CurrentFinancialInstruments 2023-01-31 04317068 d:Non-currentFinancialInstruments 2024-01-31 04317068 d:Non-currentFinancialInstruments 2023-01-31 04317068 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 04317068 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 04317068 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 04317068 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 04317068 d:ShareCapital 2024-01-31 04317068 d:ShareCapital 2023-01-31 04317068 d:SharePremium 2023-02-01 2024-01-31 04317068 d:SharePremium 2024-01-31 04317068 d:SharePremium 2023-01-31 04317068 d:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 04317068 d:RetainedEarningsAccumulatedLosses 2024-01-31 04317068 d:RetainedEarningsAccumulatedLosses 2023-01-31 04317068 c:OrdinaryShareClass1 2023-02-01 2024-01-31 04317068 c:OrdinaryShareClass1 2024-01-31 04317068 c:OrdinaryShareClass1 2023-01-31 04317068 c:FRS102 2023-02-01 2024-01-31 04317068 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 04317068 c:FullAccounts 2023-02-01 2024-01-31 04317068 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04317068 d:WithinOneYear 2024-01-31 04317068 d:WithinOneYear 2023-01-31 04317068 d:BetweenOneFiveYears 2024-01-31 04317068 d:BetweenOneFiveYears 2023-01-31 04317068 d:HirePurchaseContracts d:WithinOneYear 2024-01-31 04317068 d:HirePurchaseContracts d:WithinOneYear 2023-01-31 04317068 d:HirePurchaseContracts d:MoreThanFiveYears 2024-01-31 04317068 d:HirePurchaseContracts d:MoreThanFiveYears 2023-01-31 04317068 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-01-31 04317068 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-01-31 04317068 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 04317068 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 04317068 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-01-31 04317068 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-31 04317068 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-01-31 04317068 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-31 04317068 d:LeasedAssetsHeldAsLessee 2024-01-31 04317068 d:LeasedAssetsHeldAsLessee 2023-01-31 04317068 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-02-01 2024-01-31 04317068 e:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04317068









CARDINALIS DEVELOPMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
CARDINALIS DEVELOPMENTS LIMITED
REGISTERED NUMBER: 04317068

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
20,425
27,582

Tangible assets
 5 
2,328,390
2,179,010

Investment property
 6 
818,279
818,279

  
3,167,094
3,024,871

Current assets
  

Stocks
 7 
1,363,559
1,049,024

Debtors: amounts falling due within one year
 8 
1,148,402
1,221,204

Cash at bank and in hand
 9 
335,372
709,572

  
2,847,333
2,979,800

Creditors: amounts falling due within one year
 10 
(1,364,019)
(1,402,313)

Net current assets
  
 
 
1,483,314
 
 
1,577,487

Total assets less current liabilities
  
4,650,408
4,602,358

Creditors: amounts falling due after more than one year
 11 
(195,713)
(438,251)

Provisions for liabilities
  

Deferred tax
 13 
(335,357)
(370,295)

Net assets
  
4,119,338
3,793,812


Capital and reserves
  

Called up share capital 
 14 
111
111

Share premium account
 15 
32,989
32,989

Profit and loss account
 15 
4,086,238
3,760,712

  
4,119,338
3,793,812


Page 1

 
CARDINALIS DEVELOPMENTS LIMITED
REGISTERED NUMBER: 04317068

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

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 on 29 October 2024.




James Henry
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
CARDINALIS DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


GENERAL INFORMATION

Cardinalis Developments Limited is a private Company limited by its shares and incorporated in England and Wales, within the United Kingdom. The registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company's functional and presentational currency is Pounds sterling.
 The financial statements have been rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 3

 
CARDINALIS DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover 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 turnover 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.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSOR

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.5

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.

 
2.6

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 the Statement of Income and Retained Earnings 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 4

 
CARDINALIS DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

CORPORATION AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. 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 corporation 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.

 
2.8

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:

Computer software
-
4
years from date of first use

 
2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model, other than investment properties, 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.

Page 5

 
CARDINALIS DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.9
TANGIBLE FIXED ASSETS (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:

Leasehold Property Improvements
-
10% straight line
Plant & machinery
-
20% straight line
Motor vehicles
-
25% straight line
Fixtures & fittings
-
25% straight line

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.

 
2.10

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

STOCKS AND WORK IN PROGRESS

Stocks and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks and work in progress are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.13

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.

 
2.14

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.

Page 6

 
CARDINALIS DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments
Page 7

 
CARDINALIS DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.15
FINANCIAL INSTRUMENTS (continued)

discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 16 (2023 - 16).

Page 8

 
CARDINALIS DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


INTANGIBLE ASSETS




Computer software

£



Cost


At 1 February 2023
28,629



At 31 January 2024

28,629



Amortisation


At 1 February 2023
1,047


Charge for the year on owned assets
7,157



At 31 January 2024

8,204



Net book value



At 31 January 2024
20,425



At 31 January 2023
27,582



Page 9

 
CARDINALIS DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


TANGIBLE ASSETS





Other fixed assets

£



Cost or valuation


At 1 February 2023
3,773,243


Additions
699,907


Disposals
(323,000)



At 31 January 2024
4,150,150



Depreciation


At 1 February 2023
1,594,233


Charge for the year on owned assets
438,027


Disposals
(210,500)



At 31 January 2024
1,821,760



Net book value



At 31 January 2024
2,328,390



At 31 January 2023
2,179,010

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
233,563
129,563

Motor vehicles
611,745
922,754

845,308
1,052,317

Page 10

 
CARDINALIS DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


INVESTMENT PROPERTY


Freehold investment property

£



Valuation


At 1 February 2023
818,279



At 31 January 2024
818,279

The 2024 valuations were made by the Directors, on an open market value for existing use basis.





7.


STOCKS AND WORK IN PROGRESS

2024
2023
£
£

Work in progress
1,289,948
978,323

Finished goods and goods for resale
73,611
70,701

1,363,559
1,049,024



8.


DEBTORS

2024
2023
£
£


Trade debtors
662,888
874,970

Amounts owed by group undertakings
289,815
169,815

Other debtors
161,870
153,474

Prepayments and accrued income
33,829
22,945

1,148,402
1,221,204



9.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
335,372
709,572


Page 11

 
CARDINALIS DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Trade creditors
487,513
519,517

Other taxation and social security
132,054
197,572

Obligations under finance lease and hire purchase contracts
215,389
238,661

Other creditors
395,565
371,550

Accruals and deferred income
133,498
75,013

1,364,019
1,402,313



11.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
195,713
438,251


Secured creditors
Finance leases and hire purchase liabilities totalling £411,101 (2023 - £676,912) are secured on the assets to which they relate.


12.


HIRE PURCHASE AND FINANCE LEASES


2024
2023
£
£


Within one year
215,389
238,661

Between 1-5 years
195,712
425,570

Over 5 years
-
12,681

411,101
676,912

Page 12

 
CARDINALIS DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
(370,295)
(333,762)


Utilised in year
34,938
(36,533)



At end of year
(335,357)
(370,295)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(335,357)
(370,295)


14.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



11,099 (2023 - 11,099) Ordinary shares of £0.01 each
111
111



15.


RESERVES

Share premium account

Includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium.

Profit & loss account

Includes all current and prior period retained profits and losses less any dividends paid.


16.


PENSION COMMITMENTS

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 cost charge represents contributions payable by the company to the fund and amounted to £29,144 (2023 - £32,566).
Contributions totalling £4,314 (2023 - £4,046) were payable to the fund at the balance sheet date and are included in creditors.

Page 13

 
CARDINALIS DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

17.


COMMITMENTS UNDER OPERATING LEASES

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
8,850
8,850

Later than 1 year and not later than 5 years
11,800
20,650

20,650
29,500


18.


RELATED PARTY TRANSACTIONS

During the year the company made sales totalling £641,865 (2023 - £253,530) to John Henry Group Limited, a  company in which James Henry & John G Henry are directors. The amount due from John Henry Group Limited at the year end was £23,719 (2023 - £40,407).
During the year the company made payments totalling £16,258 (2023 - £5,000) for the rental of premises. The premises are owned by James Henry, John G Henry and Patrick Henry, directors of the company.
In the prior year the company managed properties for a management fee of £1,339, for James Henry, a director of the company. No balance was outstanding at the prior year end.
The Company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.


19.


CONTINGENT LIABILITIES

Intercompany bank guarantees have been given in favour of Optimus Commercials and Engineering Limited. Security is held on all assets of the company by way of fixed and floating charges.


20.


CONTROLLING PARTY

The immediate and ultimate holding company is Cardinalis Holdings Limited, a company incorporated in England and Wales, United Kingdom.


Page 14