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Registered number: 12694577









Icon 2 HoldCo Limited









Directors' Report and Financial Statements

For the Year Ended 31 December 2024

 
Icon 2 HoldCo Limited
 
 
Company Information


Directors
J A Fellowes (appointed 14 November 2024)
H A Prince (appointed 14 November 2024)




Registered number
12694577



Registered office
40 Portland Place

London

W1B 1NB




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
Icon 2 HoldCo Limited
 

Contents



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Profit and Loss Account
 
7
Balance Sheet
 
8
Statement of Changes in Equity
 
9
Notes to the Financial Statements
 
10 - 14


 
Icon 2 HoldCo Limited
 
 
 
Directors' Report
For the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 to enable them to ensure that the 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.

Directors

The directors who served during the year were:

I Armstrong (resigned 14 November 2024)
J Moulding (resigned 14 November 2024)
J A Fellowes (appointed 14 November 2024)
H A Prince (appointed 14 November 2024)

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

There have been no significant events affecting the Company since the year end.

Page 1

 
Icon 2 HoldCo Limited
 
 
 
Directors' Report (continued)
For the Year Ended 31 December 2024

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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


J A Fellowes
Director

Date: 25 June 2025

Page 2

 
Icon 2 HoldCo Limited
 
 
 
Independent Auditors' Report to the Members of Icon 2 HoldCo Limited
 

Opinion


We have audited the financial statements of Icon 2 HoldCo Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity 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 101 ‘Reduced Disclosure Framework’ (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 2024 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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our 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 3

 
Icon 2 HoldCo Limited
 
 
 
Independent Auditors' Report to the Members of Icon 2 HoldCo 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 4

 
Icon 2 HoldCo Limited
 
 
 
Independent Auditors' Report to the Members of Icon 2 HoldCo 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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
 
The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
        -  Identifying, evaluating, and complying with laws and regulations
        -  Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.
 
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
 
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
 
Page 5

 
Icon 2 HoldCo Limited
 
 
 
Independent Auditors' Report to the Members of Icon 2 HoldCo Limited (continued)


We have also considered the risk of fraud through management override of controls by:
 
Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
 


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.


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.



Helen Besant Roberts (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

25 June 2025
Page 6

 
Icon 2 HoldCo Limited
 
 
Profit and Loss Account
For the Year Ended 31 December 2024

2024
2023
Note
£
£

  

Administrative expenses
  
(2,908)
-

Operating (loss)/profit
  
(2,908)
-

(Loss)/profit for the financial year
  
(2,908)
-

The notes on pages 10 to 14 form part of these financial statements.

Page 7

 
Icon 2 HoldCo Limited
Registered number: 12694577

Balance Sheet
As at 31 December 2024

2024
2023
Note
£
£

  

Fixed assets
  

Investments
 6 
1
1

Current assets
  

Debtors: amounts falling due within one year
 7 
3,841,607
20,550,729

Creditors: amounts falling due within one year
 8 
(3,844,515)
(20,550,729)

Net current (liabilities)/assets
  
 
 
(2,908)
 
 
-

Net (liabilities)/assets
  
(2,907)
1


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
(2,908)
-

  
(2,907)
1


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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


J A Fellowes
Director

Date: 25 June 2025

The notes on pages 10 to 14 form part of these financial statements.

Page 8

 
Icon 2 HoldCo Limited
 

Statement of Changes in Equity
For the Year Ended 31 December 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
1
-
1


Comprehensive income for the year

Loss for the year
-
(2,908)
(2,908)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(2,908)
(2,908)


Total transactions with owners
-
-
-


At 31 December 2024
1
(2,908)
(2,907)



Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Total equity

£
£

At 1 January 2023
1
1


Other comprehensive income for the year
-
-


Total comprehensive income for the year
-
-


Total transactions with owners
-
-


At 31 December 2023
1
1


The notes on pages 10 to 14 form part of these financial statements.

Page 9

 
Icon 2 HoldCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

1.


General information

Icon 2 HoldCo Limited is a private company limited by shares incorporated in England and Wales, company number 12694577. The address of the registered office is 40 Portland Place, London, United Kingdom, W1B 1NB
The principal activity of the company is that of a holding company.

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 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 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 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

The information above is included in the consolidated financial statements of Icon Holdco Limited as at 31 December 2024. These consolidated financial statements are publicly available upon request from 13 Castle Street, St Helier, JE2 3BT, Jersey.
The directors confirm that, upon request, a copy of the consolidated financial statements will be provided in accordance with the company’s normal practice.

 
2.3

Exemption from preparing consolidated financial statements

The Company and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the Company and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 10

 
Icon 2 HoldCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.4

Going concern

The Directors have assessed the current and projected financial position of the Company, taking into account reasonable assumptions regarding its trading performance. The Company incurred a loss during the year and it had net liabilities of £2.9k as at the reporting date. The company has current liabilities of £2.9k, of which £3,842k is amounts owed to the parent company Icon Holdco Limited. The parent company has confirmed that the group will provide appropriate support, both through non-recall of intercompany debt, and cash from the group where required, such that the company will be able to continue to meet its debt repayments as they fall due. Based on this assessment, the Directors have a reasonable expectation that the Company has sufficient resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

  
2.8

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets
All recognised financial assets are measured at amortised cost.
Impairment of financial assets
The Company always recognises lifetime expected credit losses ("ECL") for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
 
Page 11

 
Icon 2 HoldCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

Financial liabilities
Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at amortised cost. The Company has no financial liabilities at fair value through profit and loss and has no derivatives designated as hedging instruments.

  
2.9

Share capital

Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.
The company’s ordinary shares are classified as equity instruments.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amount reported for assets and liabilities as at the balance sheet date. The nature of estimation means that the actual outcomes could differ from those estimates. 
There are no significant judgements or estimates used in the financial statements. 


4.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
1,450
-


5.


Employees

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


        2024
        2023
            No.
            No.







Directors
2
2

Directors are not remunerated by Icon 2 HoldCo Limited.

Page 12

 
Icon 2 HoldCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1



At 31 December 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

Icon Unit 2 PropCo Limited
Property Investments
Ordinary
100%

The registered office of the subsidiary is 40 Portland Place, London, United Kingdom, W1B 1NB.


7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
3,841,607
20,550,729


All amounts shown under debtors fall due for payment within one year.
Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 


8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
3,841,607
20,550,729

Accruals and deferred income
2,908
-

3,844,515
20,550,729


Amounts owed to Group undertakings are unsecured, repayable on demand and chargeable to interest at a rate of 3.1% over SONIA. The parent company has confirmed they will not recall intercompany debt where appropriate, such that the company will be able to meet its creditors as they fall due.

Page 13

 
Icon 2 HoldCo Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1
1
1



10.


Contingent liabilities

The Company is party to fixed and floating charges over its assets to secure the liabilities of Icon HoldCo Limited and its subsidiary undertakings. As a result, the company may be held responsible for the liabilities of other group companies which at 31 December 2024 totalled £111,904k. The company was party to a different financing arrangement in the prior year, which ceased on acquisition. Accordingly, no comparative figure is presented.


11.


Related party transactions

The Company has taken advantage of the exemption under paragraph 8(k) of FRS 101 not to disclose transactions with fellow wholly owned subsidiaries.
The Company has taken advantage of the exemption under paragraph 8(j) of FRS 101 not to disclose transactions with key management personnel.


12.


Controlling party

Up to 14 November 2024, the company's ultimate parent was Starfish & Coffee Group Limited, a company registered in Guernsey, registered number 1-67166.
On 14 November 2024 the entire share capital of the company was acquired by Icon HoldCo Limited, a company registered in Jersey, registered number 156481. Icon HoldCo Limited is the immediate parent company and for which the consolidated financial statements for the group are prepared. The consolidated financial statements of Icon HoldCo Limited are available on request from 13 Castle Street, St. Helier, JE2 3BT, Jersey.
The immediate and overall controlling party of Icon HoldCo Limited is RN3 Fund 1 Holdco S.à r.l., a company incorporated and registered in Luxembourg with company registration number B245473. The registered office of RN3 Fund 1 Holdco S.à r.l. is 2, Rue Edward Steichen, L-2540 Luxembourg. RN3 Fund 1 Holdco S.à r.l. exercises control by virtue of its shareholding in the company. There is no ultimate controlling party of RN3 Fund 1 Holdco S.à r.l..

 
Page 14