Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
COMPANY INFORMATION
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
CONTENTS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their Strategic Report and the audited consolidated financial statements of Walnut Newco Limited (the “Company”) and its subsidiaries (the “Group”) for the year ended 31 March 2024.
The Company’s subsidiaries supply a range of products and services to the logistics, material handling and other industrial sectors, including impact protection and safety products, labeling, signage and visual communication solutions, racking, storage and training.
Markets served by the Group, in particular the market for newbuild warehouses, continued to trade at levels significantly below expectations. Higher UK interest rates impacted wider consumer confidence and investment in new warehouse build projects was subdued. The Group took action to widen the customer base, reduce costs and improve operational efficiency, but this was not enough to offset these market effects, and the Group traded below expectations.
The reported loss before taxation of £21.5m (2023: £39.4m) is after charging for the amortisation of intangible assets of £2.5m (2023: £3.8m), an impairment of intangible assets of £10.8m (2023: £32.5m) and interest costs of £7.8m (2023: £4.4m), of which £5.6m relates to investor loan notes (2023: £3.2m) and £2.2m relates to bank interest (2023: £1.2m). Bank interest is payable in cash on a quarterly basis. Interest on investor loan notes is non-cash paid, and the accrued interest is only payable on redemption of the loan notes, which are due for repayment on 31st December 2029, unless positive financial conditions allow for earlier payment. The Group continued to reduce operating costs and with careful management of working capital has continued to service its liabilities and bank interest as they fell due. The impact on the business of the current level of bank interest costs is dealt with more fully in the directors’ report.
Page 1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Risk Management
The risk management framework for the Group is established by the directors. The framework is reviewed and amended to reflect specific industry and business risks. Mitigation measures are put in place, where appropriate, to limit the impact of any risk which could directly impact the business. Health and Safety The Group ensures that its subsidiaries have health and safety at the top of their agendas, with regular reviews of health and safety KPIs. The Group mitigates risk by having strong procedures in place and by ensuring best practice in all areas of the business. Credit risk The Group’s credit risk is primarily attributable to the trade receivables of its subsidiaries. The directors regularly review the level of trade receivables to assess the recoverability of that debt. In the event of an identified loss event an allowance would be made to cover the risk of non-recovery. Finance and liquidity risk Despite trading at levels below expectations in 2024, the Group remained cash generative and able to service its liabilities as they fell due. The directors believe that the Group has sufficient financing facilities available to mitigate liquidity risk and continues to review its forecasts on a regular basis to ensure there is sufficient working capital and facilities for continuing day-to-day operations. Interest rate risk Interest rate risk refers to potential higher interest costs on external borrowings that could arise as a result of increases in market interest rates. Interest on the Group’s bank debt is not hedged and is therefore subject to fluctuations in market interest rates. Interest accrued on investor loan notes is fixed and only payable on redemption of the loan notes in 2029, unless positive financial conditions allow for earlier payment.
The performance of the business is measured by Key Performance Indicators (“KPIs”), which include the monitoring of financial results against budget, at group level and on an entity basis.
Examples of KPIs used are sales, gross margin, EBITDA and working capital. Sales in the year to 31 March 2024 were £20.7m (comparative of £15.1m is for the 8-month period to 31 March 2023) and gross margin was 44.3%, compared to 41.0% in 2023. The KPI ratio in working capital is the current ratio, which was 1.81 in March 2024, compared to 2.80 at 31 March 2023. In the year, the Group generated an EBITDA of negative £0.3m (2023: positive EBITDA of £1.5m).
This report was approved by the board and signed on its behalf.
Page 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The principal activity of the Group is the supply of a range of products and services to the logistics, material handling and other industrial sectors, including impact protection and safety products, labelling, signage and visual communication, racking, storage and training.
The loss for the year, after taxation, amounted to £21,515,780 (2023 - loss £39,490,688).
As noted in the strategic report this loss is after charging the amortisation of intangible assets of £2.5m (2023: £3.8m), an impairment of intangible assets of £10.8m (2023: £32.5m), bank interest paid of £2.2m (2023: £1.2m) and interest on investor loan notes of £5.6m (2023: £3.2m). The interest on investor loan notes is non-cash paid, and the accrued interest is payable on redemption of the loan notes, which are due for repayment on 31st December 2029, unless positive financial conditions allow for earlier payment.
The directors have not proposed or paid a dividend for the year ended 31 March 2024 (2023: no dividends proposed or paid)
The directors who served during the year were:
Page 3
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Market conditions remain challenging for the Group, with continuing higher interest rates deterring investment in its key markets and the continued uncertainty over the impact of new government policies does not help with business confidence.
Despite these challenges, the Group continues to invest in its people, in exploring new markets and developing new products to ensure that it can continue to offer the best service to its customers. The Group continues to review its cost base to ensure that the level of overhead is supported by the current level of business.
GOING CONCERN
Markets served by the Group remained subdued in 2023/2024, especially the market for newbuild warehouses. However, newbuild is only part of the Group’s offering and in the wider market trading continued more or less in line with expectations. The Group continued to reduce operating costs and with careful management of working capital has been able to service all of its liabilities as they fell due. Although the underlying businesses continued, and continue to trade profitably, the level of profit fell below the leverage covenant test attached to the bank debt. As a result, in December 2023, the Group signed a Forbearance Agreement with the bank. Since that date, the Group has again breached its covenants and has subsequently signed a new Forbearance Agreement which is valid until 30th April 2026. The Forbearance Agreement means that the Lender has agreed to forbear and not take any enforcement action against the Group in relation to such historic defaults of its bank covenants. The Forbearance Agreement includes a restructuring of the £21m of bank senior debt into £10m of senior debt, interest cash paid, and £11m of debt where interest is rolled up and is therefore non-cash paid. The £10m senior debt can be serviced by the Group based on its current trading forecasts, which show that the Group is able to settle its cash-paid liabilities as they fall due for at least the next twelve months. The Forbearance Agreement also resets the covenants to reflect the current trading forecasts with an appropriate level of headroom. The forecasts are based on assumptions about initiatives to support growth, the general economic outlook and specific factors impacting the Group’s markets, while recognizing the inherent uncertainty with forecasting in the current economic climate. The Forbearance Agreement includes certain non-financial conditions, which the directors are obligated, and expect to be able to deliver. Non-financial conditions include inter-alia, the appointment of a new independent non-executive director (“Chair”) within 14 days of signing the new Forbearance Agreement, changing certain board members of the companies in the group to also include the new non-executive director, facilitating the amendment of the Facilities Agreement to reflect the terms of the Forbearance Agreement, and, on request from the bank, permitting the appointment of a further non-executive director, with the Chair having the casting vote in any Board decisions. The bank debt referred to above is serviced by the operating profits of the business. The Group also has a significant loan note liability in the balance sheet of Walnut Newco Ltd, the ultimate holding company of the Group. Interest on the loan notes is non-cash paid and rolled up with the loan notes, which are redeemable in 2029. The loan notes are subordinated to the bank debt. Profitability would have to improve considerably for the loan notes to be redeemed in full or the Group would have to be refinanced and/or restructured prior to redemption. The directors have assessed the appropriateness of the going concern assumption, having considered the risks inherent in the forecast, the revised structure of the bank senior debt, the new suite of banking covenants and the covenant headroom included. Based on that assessment, the directors have a reasonable expectation that the Group has adequate liquidity and resources to continue to trade and to meet its day-to-day liabilities as they fall due for at least the next 12 months. Beyond that, on current trading trends and market conditions, the directors believe that it is unlikely that
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
the Group would be able to redeem the loan notes in full and that a significant refinancing or restructuring is likely to be required before 2029. The directors intend to undertake further work during the term of the Forbearance Agreement to evaluate what options are available to effect such a restructuring or refinancing following expiry of the forbearance period.
ECONOMIC IMPACT OF GLOBAL EVENTS
UK businesses are facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment. The Group continues to work with its partners to minimize any impacts of these events and maximise the realization of any opportunities they may provide to the business.
As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Group (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report on pages 1 and 2. These matters relate to financial instruments.
Relevant post balance sheet events are noted above and within note 30 of the financial statements.
Page 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The auditors, Price Bailey LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALNUT NEWCO LIMITED
We have audited the financial statements of Walnut Newco Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Group 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.
We draw attention to Note 2.3 in the financial statements, which outlines the Group’s significant loan note liability, the directors’ belief that it is unlikely that the Group would be able to redeem the loan notes in full and that a significant refinancing or restructuring is likely to be required before 2029. It also outlines the director intention to undertake further work during the term of the Forbearance Agreement to evaluate what options are available to effect such a restructuring or refinancing following expiry of the forbearance period. These events or conditions, along with other matters as set forth in Note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group and 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.
Page 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALNUT NEWCO LIMITED (CONTINUED)
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 Report. 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. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
Page 8
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALNUT NEWCO LIMITED (CONTINUED)
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 Group 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:
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates and considered the risk of the Company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. non-compliance. The risks were discussed with the audit team and we remained alert to any indications of throughout the audit. We carried out specific procedures to address the risks identified as follows: - Reviewing legal fees incurred; - Agreeing the financial statement disclosures to underlying supporting documentation; - Enquiring of management including those responsible for the key regulations and; - Reviewing the key accounting policies and estimates To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. 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.
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 Auditors' Report.
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALNUT NEWCO LIMITED (CONTINUED)
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 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.
for and on behalf of
for and on behalf of Price Bailey LLP
Chartered Accountants
Statutory Auditors
Dashwood House
69 Old Broad Street
EC2M 1QS
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
Page 11
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
REGISTERED NUMBER: 14213157
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 47 form part of these financial statements.
Page 12
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
REGISTERED NUMBER: 14213157
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the period was £30,643,348 (2023: £27,809,587).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 47 form part of these financial statements.
Page 13
|
WALNUT NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 37
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SUBSIDIARY UNDERTAKINGS (CONTINUED)
Page 38
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
17.DEBTORS (CONTINUED)
Page 39
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 40
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 41
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
21.LOANS (CONTINUED)
Page 42
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 43
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
23.DEFERRED TAXATION (CONTINUED)
Share premium account
Profit and loss account
Page 44
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pensions cost charge represents contributions payable by the Group to the fund and amounts to £128,702 (2023: £86,251). Contributions totaling £19,370 (2023: £25,076) were payable to the scheme at the end of the period and are included within other creditors.
Page 45
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 46
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WALNUT NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
During the period, a majority interest was not held by any of the shareholders, thus no ultimate controlling party existed.
Page 47
|