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Registered number: 11490355









AVALON FX LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
AVALON FX LIMITED
 
 
COMPANY INFORMATION


Directors
J Y M Aknin 
S G E Langford (resigned 15 August 2024)




Registered number
11490355



Registered office
35 Ballards Lane

London

N3 1XW




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
AVALON FX LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Income and Retained Earnings
 
 
9
Statement of Financial Position
 
 
10
Notes to the Financial Statements
 
 
11 - 16


 
AVALON FX LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

Introduction
 
The principal activity of Avalon FX Limited (“AFX”) was an agency FX broker, facilitating transactions in foreign exchange products for an institutional client base. AFX ceased trading on 14 October 2022 and deregistered from the National Futures Association. On 3 November 2022, AFX also ceased to be an appointed representative of Avalon Capital Partners Limited, who are authorised and regulated by the Financial Conduct Authority. 

Business review
 
Considering the year to 31 July 2023 had very limited activity, the board consider that a detailed review at this stage is unnecessary.

Principal risks and uncertainties
 
The principal risks facing AFX are:
- Competition from other foreign exchange brokerage and financial services firms
- The lack of highly skilled brokers to assist in the continued growth and development of AFX
- The continued market requirement to invest in trading technology and infrastructure
The above can restrict AFX in securing and maintaining market share in often difficult trading conditions.
The company also faces credit, interest rate, liquidity, foreign exchange, operational, capital and regulatory environment risk in the normal course of business. As AFX transacts on an agency basis only, its exposure to credit and market risk is limited.
The above risks are mitigated by having stringent internal controls, including detailed monitoring of client executions, daily revenue reporting and stringent and timely reconciliation processes with clearing firms.

Financial key performance indicators
 
There are no key financial performance indicators given AFX has ceased trading.  
Avalon FX Limited was formally withdrawn from NFA membership on 14 October 2022 and therefore had no further filing requirements with NFA for the firm.

Other key performance indicators
 
AFX’s long term strategy and core objectives dictate the key performance indicators (“KPIs”) that senior management and the board monitor, target and measure.  These KPIs fulfil two roles:
1) To give senior management a framework to evaluate the overall performance of the company.
2) To provide senior management with clear guidelines and focus on areas which are critical to the success               and growth of AFX.

Page 1

 
AVALON FX LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors of the Company are aware of their requirement to act in the best interests of the following related stakeholders:
Shareholders
The Directors have regular contact with the shareholder in order to maximise the Company's long-term growth prospects and the opportunity for a dividend stream.
Customers
The Company's customer base is purely institutional clients. The Directors ensure each client's best interests are served in accordance with their risk appetite.
Suppliers
The company has various key supplier relationships which work more as a partnership to ensure the smooth running of the business.
Community and the environment
The Company actively seeks to reduce its carbon footprint by virtue of its entirely online and paperless business. The Directors also encourages regular attendance at industry related networking events in order to build and maintain strong relationships within the forex community.


This report was approved by the board and signed on its behalf.



J Y M Aknin
Director

Date: 25 November 2024

Page 2

 
AVALON FX LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report and the audited financial statements for the year ended 31 July 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the audited financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the audited financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these audited 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 audited financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the audited financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of Avalon FX Ltd ("the Company") was an agency foreign exchange broker, facilitating transactions in foreign exchange products for an institutional client base. The company ceased trading on 14 October 2022.

Results and dividends

The loss for the year, after taxation, amounted to $8,069 (2022 - loss $11,577).

The directors recommend that no dividend is paid.

Directors

The directors who served during the year were:

J Y M Aknin 
S G E Langford (resigned 15 August 2024)

Page 3

 
AVALON FX LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

Following the end of the year, a group company experienced a client settlement default resulting in a potential substantial loss. 
 
Included within amounts owed by group undertakings in debtors as at 31 July 2023 is $48,381. The client settlement default has caused doubt over the recoverability of this balance. The group company is currently working on the recovery of this client settlement default.  This event is considered to be a non-adjusting event in accordance with Section 32 of Financial Reporting Standard 102: Events after the End of the Reporting Period.

Auditors

Under section 487(2) of the Companies Act 2006BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





J Y M Aknin
Director

Date: 25 November 2024

Page 4

 
AVALON FX LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AVALON FX LIMITED
 

Opinion


We have audited the financial statements of Avalon FX Limited (the 'Company') for the year ended 31 July 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 July 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Emphasis of matter - financial statements prepared on a basis other than going concern


We draw attention to Note 2.3 in the financial statements, which  explains that the company ceased trading on 14 October 2022 and therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.3. 
Our opinion is not modified in respect of this matter.


Other information


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 ReportOur 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.


Page 5

 
AVALON FX LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AVALON FX LIMITED (CONTINUED)


Opinion 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 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.


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 Strategic Report or 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 
AVALON FX LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AVALON FX LIMITED (CONTINUED)


Auditors' 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 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:

Enquiring of management around actual and potential litigation and claims;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations;
Performing audit work over the risks of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating business rationale of significant transactions outside
the normal course of business and reviewing accounting estimates for bias.


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.


As part of an audit in accordance with ISAs (UK), we exercise professional judgement 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 of the effectiveness of the Company's 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 Auditors' 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 Auditors' 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.

Page 7

 
AVALON FX LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AVALON FX LIMITED (CONTINUED)



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.


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 2006Our 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.







David Landau FCA (Senior Statutory Auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
London

25 November 2024
Page 8

 
AVALON FX LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
$
$


Administrative expenses
(8,069)
(11,577)

Operating loss
(8,069)
(11,577)

Loss after tax
(8,069)
(11,577)



Retained earnings at the beginning of the year
2,383
13,960

2,383
13,960

Loss for the year
(8,069)
(11,577)

Retained earnings at the end of the year
(5,686)
2,383
The notes on pages 11 to 16 form part of these financial statements.

Page 9

 
AVALON FX LIMITED
REGISTERED NUMBER: 11490355

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
$
$

  

Current assets
  

Debtors: amounts falling due within one year
 7 
53,252
19,213

Bank and cash balances
  
466
63,496

  
53,718
82,709

Creditors: amounts falling due within one year
 8 
(4,401)
(25,323)

Net current assets
  
 
 
49,317
 
 
57,386

Total assets less current liabilities
  
49,317
57,386

  

Net assets
  
49,317
57,386


Capital and reserves
  

Called up share capital 
 9 
3
3

Capital contribution
 10 
55,000
55,000

Profit and loss account
 10 
(5,686)
2,383

  
49,317
57,386


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






J Y M Aknin
Director

Date: 25 November 2024

The notes on pages 11 to 16 form part of these financial statements.

Page 10

 
AVALON FX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

The principal activity of Avalon FX Ltd ("the Company") was an agency foreign exchange broker, facilitating transactions in foreign exchange products for an institutional client base. The Company ceased trading on 14 October 2022.
The Company is a private company limited by shares and is incorporated in England and Wales.
The principal place of business is 5th Floor, 23 - 25 Moray House, Great Titchfield Street, London, W1W 7PA. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ("FRS 102") 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:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Noam Holdings Limited as at 31 July 2023 and these financial statements may be obtained from the Registered Office.

 
2.3

Going concern

The company ceased trading on 14 October 2022 and the financial statements have been prepared on a basis other than going concern.

Page 11

 
AVALON FX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is US Dollars.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

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.

 
2.6

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
(i) Financial assets
Basic financial assets, including trade and other debtors, and, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. 
 
Page 12

 
AVALON FX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.6
Financial instruments (continued)


Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


3.


Judgements in applying accounting policies 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 for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year


4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
$
$

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
3,000
9,055

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 13

 
AVALON FX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2

The directors did not receive any remuneration in 2023 (2022: £Nil).


6.


Taxation


2023
2022
$
$



Total current tax
-
-

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the average rate of corporation tax in the UK of 21% (2022 - 19%). The differences are explained below:

2023
2022
$
$


Loss on ordinary activities before tax
(8,069)
(11,577)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 21% (2022 - 19%)
(1,694)
(2,200)

Effects of:


Group relief
1,694
2,200

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 14

 
AVALON FX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Debtors

2023
2022
$
$


Amounts owed by group undertakings
53,252
19,213

53,252
19,213



8.


Creditors: Amounts falling due within one year

2023
2022
$
$

Amounts owed to group undertakings
-
16,268

Accruals and deferred income
4,401
9,055

4,401
25,323



9.


Share capital

2023
2022
$
$
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1 each
3
3



10.


Reserves

Capital Contribution
The capital contribution represents a contribution from Noam Holdings Limited, the parent company. This balance is not repayable and has therefore been recognised in reserves.

Profit and loss account

Comprises all current period profits and losses.


11.


Related party transactions

The Company has taken advantage of the exemption conferred by Section 33.1A of Financial Reporting Standard 102: Related Party Disclosures, from the requirement to disclose transactions with other wholly-owned group undertakings.

Page 15

 
AVALON FX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

12.


Post balance sheet events

Following the end of the year, a group company experienced a client settlement default resulting in a potential substantial loss. 
 
Included within amounts owed by group undertakings in debtors as at 31 July 2023 is $48,381. The client settlement default has caused doubt over the recoverability of this balance. The group company is currently working on the recovery of this client settlement default.  This event is considered to be a non-adjusting event in accordance with Section 32 of Financial Reporting Standard 102: Events after the End of the Reporting Period.


13.


Controlling party

The immediate parent undertaking is Noam Holdings Limited and the ultimate parent undertaking is Noam Holdings (Jersey) Limited, a company incorporated in Jersey. The ultimate controlling party is JY M Aknin.

 
Page 16