REGISTERED NUMBER: |
Report of the Directors and |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
Easyship FS UK Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
Easyship FS UK Limited |
Easyship FS UK Limited (Registered number: 11802594) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Balance Sheet | 8 |
Notes to the Financial Statements | 9 |
Easyship FS UK Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
First Floor |
18 Devonshire Row |
London |
EC2M 4RH |
Easyship FS UK Limited (Registered number: 11802594) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a shipping platform that connects sellers and marketplaces to couriers. |
REVIEW OF BUSINESS |
As at 31.12.2023 the company had net liabilities of £4,823,214 (2022: £5,375,772) and profit after tax of £552,558 (2022: £3,383,999). Assessment of the company's ability to continue as a going concern includes an assessment of the future economic environment as well as the company's future prospects and performance. The company is at the beginning of its existence which has resulted in incurring significant initial costs and accumulated losses thus creating a material uncertainty about the ability of the company to repay its debts as they become due. The financial statements have been prepared on a going concern basis. Easyship Inc. US, a company under common control, and Mr A L E Ceyrac and Mr T Tamburnotti, the ultimate beneficial owners, have provided the company with an undertaking that for a period of at least 12 months from the date of approval of these financial statements, they will make available such funds as are needed by the company to enable it to meet its liabilities as and when they fall due. The immediate parent company and other companies under common control have already provided interest free long term financing of £7.1 million at 31.12.2023. This together with the company's own working capital will, in the opinion of the directors, enable the company to continue in operational existence for the foreseeable future. |
During the year the company adopted Transfer Pricing Policy effective from 1 January 2023. The transfer pricing recharges primarily involve the reallocation of costs from the company to Easyship Fulfilment Services Limited (Hong Kong) for management services. This initiative has led to an improvement in the financial position of the company, with a more transparent and structured allocation of intercompany costs. |
The directors have assessed the company's financial position and believe that the business remains a going concern. The introduction of structured transfer pricing recharges has contributed to financial stability and improved cash flow management. While there remains a material uncertainty regarding the short-term liquidity position, the overall financial health of the group is improving. The group's profitability trajectory and operational restructuring efforts provide confidence in its ability to meet financial obligations. The directors will continue to monitor the financial performance of all entities and ensure that intercompany transactions align with best practices and regulatory requirements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. 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 of 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 judgements 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Easyship FS UK Limited (Registered number: 11802594) |
Report of the Directors |
for the Year Ended 31 December 2023 |
AUDITORS |
The auditors, Zenith Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Easyship FS UK Limited |
Opinion |
We have audited the financial statements of Easyship FS UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit 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 UK, including the FRC'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. |
Material uncertainty on going concern |
In forming our opinion on the financial statements, we have considered the disclosures made in note 2 to the financial statements concerning the company's ability to continue as a going concern. The reliance on letters of support from a company under common control and the ultimate beneficial owners and the net liabilities for the years ended 2023 and 2022 give rise to a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern. |
Our opinion is not modified in respect of this matter. 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. 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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 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. |
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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors 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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Report of the Independent Auditors to the Members of |
Easyship FS UK Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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. |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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: |
We performed risk assessment procedures and obtained an understanding of the Company and its environment, the applicable financial reporting framework, the applicable laws and regulations, the Company's system of internal control and the fraud risk factors relevant to the Company that affect the susceptibility of assertions to material misstatement due to fraud. We made enquiries with management regarding actual or suspected fraud, non-compliance with laws and regulations, potential litigation and claims. The engagement partner led a discussion among the audit team with particular emphasis on how and where the Company's financial statements may be susceptible to material misstatement due to fraud, including how fraud might occur. The engagement partner assessed that the engagement team collectively had the appropriate competence and capability to identify or recognise non-compliance with laws and regulations. |
We considered compliance with UK Companies Act 2006 and the applicable tax legislation as the key laws and regulations which non-compliance could directly lead to material misstatement due to fraud at the financial statement level. We evaluated whether the selection and application of accounting policies by the Company may be indicative of fraudulent financial reporting. Our audit procedures responsive to assessed risks of material misstatement due to fraud at the assertion level included but were not limited to: |
- Testing the appropriateness of manual journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; |
- Making inquiries of individuals involved in the financial reporting process about inappropriate or unusual activity |
relating to the processing of journal entries; |
- Selecting and testing journal entries and other adjustments made at the end of a reporting period and throughout the period; |
- Reviewing accounting estimates for biases that could represent a risk of material misstatement due to fraud. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements due to irregularities, including fraud, may not be detected, even though we have properly planned and performed our audit in accordance with the 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 we would become aware of it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions or override of internal controls. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Easyship FS UK Limited |
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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
First Floor |
18 Devonshire Row |
London |
EC2M 4RH |
Easyship FS UK Limited (Registered number: 11802594) |
Income Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT/(LOSS) | ( |
) |
Administrative expenses |
414,774 | (3,428,080 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) | 4 | ( |
) |
Interest payable and similar expenses |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 6 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
Easyship FS UK Limited (Registered number: 11802594) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 11 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | (5,375,773 | ) |
( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Easyship FS UK Limited (Registered number: 11802594) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Easyship FS UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in Pounds Sterling and this is also considered by the director to be the company's functional currency. |
As at 31.12.2023 the company had net liabilities of £4,823,214 (2022: £5,375,772) and profit after tax of £552,558 (2022: £3,389,999). Assessment of the company's ability to continue as a going concern includes an assessment of the future economic environment as well as the company's future prospects and performance. The company is at the beginning of its existence which has resulted in incurring significant initial costs and accumulated losses thus creating a material uncertainty about the ability of the company to repay its debts as they become due. The financial statements have been prepared on a going concern basis. Easyship Inc. US, a company under common control, and Mr A L E Ceyrac and Mr T Tamburnotti, the ultimate beneficial owners, have provided the company with an undertaking that for a period of at least 12 months from the date of approval of these financial statements, they will make available such funds as are needed by the company to enable it to meet its liabilities as and when they fall due. The immediate parent company and other companies under common control have already provided interest free long term financing of £7.12 million at 31.12.2023. This together with the company's own working capital will, in the opinion of the directors, enable the company to continue in operational existence for the foreseeable future. |
The transfer pricing recharges primarily involve the reallocation of costs from the company to Easyship Fulfilment Services Limited (Hong Kong) for management services. This initiative has led to an improvement in the financial position of the company, with a more transparent and structured allocation of intercompany costs. |
The directors have assessed the company's financial position and believe that the business remains a going concern. The introduction of structured transfer pricing recharges has contributed to financial stability and improved cash flow management. While there remains a material uncertainty regarding the short-term liquidity position, the overall financial health of the group is improving. The group's profitability trajectory and operational restructuring efforts provide confidence in its ability to meet financial obligations. The directors will continue to monitor the financial performance of all entities and ensure that intercompany transactions align with best practices and regulatory requirements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company generates revenue from the shipping fees, subscriptions revenue and initial set-up of the company's services for enterprise customers. The business operates a SaaS platform and customers are charged upon label purchase. The company is using third-party couriers for the services provision. |
Tangible fixed assets |
Fixtures, fittings & equipment - 33% straight line |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in profit or loss. |
Easyship FS UK Limited (Registered number: 11802594) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Trade and other debtors |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash in hand and cash held on demand with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. |
Share capital and reserves |
Share capital issued by the company is recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Reserves comprise retained earnings and accumulated losses. |
Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated into Pounds Sterling at th rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Easyship FS UK Limited (Registered number: 11802594) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
Staff cost |
31.12.23 | 31.12.22 |
£ | £ |
Wages | 2,904,975 | 2,286,887 |
Employer's NIC | 351,225 | 288,447 |
Pension | 39,770 | 89,452 |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging: |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Other operating leases |
Depreciation - owned assets |
5. | AUDITORS' REMUNERATION |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
12,000 |
12,000 |
6. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Tax on profit/(loss) | ( |
) |
No liability to UK corporation tax arose for the year ended 31 December 2023. |
No deferred tax asset for unutilised tax losses of £4,823,931 (2022: £5,379,103) was recognised. |
7. | PRIOR YEAR ADJUSTMENT |
Comparatives were adjusted to accurately accounts for sales of £95,140 in the right period. The prior year adjustment resulted in increase in retained earnings at 1 January 2023 of £102,996 and a decrease in losses for the year ended 31 December 2022 of £102,996. |
Easyship FS UK Limited (Registered number: 11802594) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | DEBTORS |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Tax |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Directors' current accounts | - | 1,450 |
Accrued expenses |
Easyship FS UK Limited (Registered number: 11802594) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Amounts owed to group undertakings |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Within one year |
Between one and five years |
The above lease agreement relates to the office premises occupied by the company. The terms of the lease are outlined below: |
Start Date: 9 May 2022 |
Term Date: 8 May 2027 |
Annual Rate: 255,600 and added 2% annual increase |
13. | RELATED PARTY DISCLOSURES |
At the year end the company had the following balances from/(payables to) related parties: |
31.12.23 | 31.12.22 |
£ | £ |
Easyship Fulfilment Services Limited (immediate parent company) | 2,614,357 | (1,706,962 | ) |
Easyship Inc (company under common control) | (6,239,121 | ) | (2,614,689 | ) |
Easyship Fulfilment Services PTE Ltd (company under common control) | (289,056 | ) | (216,445 | ) |
Easyship Fulfilment Services B.V (company under common control) | 26,428 | (14,328 | ) |
Easyship Investment (ultimate parent company) | (380,610 | ) | (380,610 | ) |
Easyship Fulfilment Services PTY Ltd (company under common control) | (176,471 | ) | (66,908 | ) |
Easyship Fulfilment Services CA (company under common control) | (40,000 | ) | - |
The above funds provided by/to the company are provided on interest free basis with no fixed repayment date and no collateral. It was agreed that the above companies (excluding Hong Kong and US) would not claim the funds to be repaid earlier than 28 February 2026. |
With regards to Easyship Fulfilment Services Limited and Easyship Inc, the Hong Kong and US entities respectively, payment of these balances will take place at a future date to be determined based on the financial position of the entities and mutual agreement of all parties but no later than 31 December 2028. |
14. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Easyship Fulifillment Services Limited registered in Hong Kong. |
The ultimate controlling party is registered in Easyship Investment (BVI) Limited registered in British Virgin Islands. |
Easyship FS UK Limited (Registered number: 11802594) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | AUDITOR LIABILITY LIMITATION AGREEMENT |
An auditors' limitation of liability agreement has been approved by the members for the financial period ended 31 December 2023. The principal terms and conditions are as below: |
- The agreement limits the amount of any liability owed to the Company by the auditors in respect of any negligence default, breach of duty or breach of trust, occurring in the course of audit of the Company's accounts and pursuant to this agreement the auditor may be guilty in relation to the Company. |
- The agreement also stipulates the maximum aggregated amount payable in event of any of the circumstances stated above. |