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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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HARDWATER HOLDINGS LIMITED
COMPANY INFORMATION
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HARDWATER HOLDINGS LIMITED
CONTENTS
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HARDWATER HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their Strategic Report and financial statements for the year ended 31 December 2024.
The principal activities of the Group are the supply of motor vehicles on long-term contract hire to major UK companies and through its principal subsidiary companies, the operation of franchised dealerships, a car supermarket and vehicle fleet management. The principal activity of the Company continued to be that of a holding company. Business review Hardwater Holdings
The Parent Company itself does not trade. The Group performed well during the year ended 31 December 2024, delivering a 11% increase in turnover, and recording profit before tax of £10.72M (2023: £12.69M).
The Group’s primary long-term objective continues to be driving sustained organic growth through operational excellence, positioning ourselves as leaders in the sectors we serve.
The principal subsidiaries recorded the following:
Grosvenor Contracts Leasing
The principal activities of the Company are long-term vehicle contract hire with maintenance, fleet management and daily vehicle hire brokering. Both owned and managed fleets are predominantly cars and light commercial vehicles with a growing number of plant and other ad-hoc transport items for corporate and business customers.
The UK vehicle leasing sector grew modestly by 0.65% in 2024, reflecting resilience amid economic uncertainty. The business leasing market remained stable, supported by the increasing popularity of salary sacrifice schemes.
Electric vehicles represented an increasing proportion of the total leasing market, with personal tax incentives being a key driver of this trend. Conversely, van leasing volumes fell in the UK, driven by the prohibitive cost of new diesel vans and limited uptake of electric vans, which remain expensive and logistically challenging. Many businesses opted to extend existing leases rather than upgrading, citing affordability and operational concerns.
The Company delivered a strong performance throughout 2024, despite market pressures stemming from declining used electric vehicle (EV) values. Turnover rose to £66.4 million (2023: £52.7 million), with a reported profit before tax of £8.3 million (2023: £10.2 million). This was also our third most successful year for new vehicle orders, achieved while managing a record number of vehicles in extension.
Our strategic focus remains on maintaining a balanced fleet mix, across both cars and light commercial vehicles, and between internal combustion engines (ICE) and battery electric vehicles (BEV). We continue to prioritise quality over volume, and although we have set our highest-ever order target for 2025, we remain committed to securing the right business rather than pursuing growth at the expense of deal quality.
Interactive Fleet Management The principal activity of the Company is to provide fleet management for customer fleets including consultancy, car policy and vehicle procurement advice, maintenance, taxing, short-term hire and fines management. Operating profit increased to £0.9 million and net assets increased by £1.0 million to £3.7 million in the year.
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HARDWATER HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
York Ward & Rowlatt
The Company continued its core operations as a franchised Vauxhall retailer, specialising in new and used vehicle sales, parts distribution, and servicing. The UK automotive sector grew in 2024, with 1.95 million new vehicle registrations (up 8%). EVs accounted for 27% of sales (approx. 525,000 units), driven by infrastructure improvements, new model launches, and regulatory incentives. The Zero Emission Vehicle (ZEV) mandate came into effect, requiring 22% of car sales and 10% of LCV’s to be EVs in 2024. The ZEV mandate has acted as a catalyst for electrification in the UK, reshaping manufacturer priorities, accelerating EV adoption, and forcing industry-wide investment in training and infrastructure. However, it also exposed supply chain imbalances, pricing pressures, and a growing divide between fleet and private buyer readiness. The Company performed well in 2024. Turnover rose 7.5% to £62 million, reflecting growth in accident repair and trade parts sales and net profit before tax increased to £1.14 million (1.8% margin). New vehicle sales contracted 5% as the manufacturer prioritised ZEV mandate compliance. Conversely, aftersales revenue rose 6% (£0.6 million) to £10.2 million. Indirect costs rose 9% to £1.4 million due primarily to a 67% rise in insurance costs. Croyland Motors The Company’s core activities are retailing used cars, light commercial vehicles (LCV's) and leisure vehicles. During the trading year, it also distributed new Swift Motorhomes and Camper King camper conversions, provided vehicle repair services, and operated a Shell-branded forecourt. Turnover rose £0.2 million (6.9%) to £30.7 million, but gross profit fell £0.3 million, resulting in a net loss of £0.1 million. This was due to a year-end stock adjustment following a strategic decision to reduce leisure vehicle inventory, reflecting subdued demand as international travel resumed. The Board has since ended partnerships with Swift Motorhomes and Camper King. Used car and van turnover grew 2.1%, driven by higher values rather than volume growth. Competitive sourcing conditions continued to pressure margins. Aftersales departments performed strongly, achieving 24% gross profit growth, supported by a new Class 4 MOT station, in-house pre-delivery work, and a parts department. Fuel sales increased £1.4 million, aided by stable prices despite EV growth.
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HARDWATER HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The key business risks that could affect the Group are set out below.
Economic The primary risk to the Group is volatility in used vehicle values, which can significantly impact closure profits. To mitigate this, we use specialist industry data and apply our extensive experience in vehicle sales, guided by a conservative pricing strategy aligned with our long-term customer focus. Given the uncertainty around EV technology and depreciation, we apply a higher impairment to electric vehicles. Interest rates Interest rates remained elevated for most of 2024, with modest reductions in August and November. The cost of funds therefore remained high, as the Bank of England continued to balance inflationary pressures with monetary policy decisions. Vehicle Supply & ZEV Mandates Vehicle supply has improved over the past year, enabling delivery of backlogged orders. However, the Zero Emission Vehicle (ZEV) mandate continues to skew powertrain availability, with manufacturers prioritising battery electric vehicles to meet compliance targets. Aftersales Capacity / Agency Model Workshop shortages, parts delays, and rising costs have significantly increased vehicle operating expenses. These pressures are expected to intensify as manufacturers transition to agency sales models. Financial risk management The Group is exposed to financial risks including funding availability, interest rate fluctuations, credit risk, and liquidity risk. Mitigation measures include: • All customers and prospects undergo initial credit checks, with periodic reviews or reassessments for significant credit increases; • Strong relationships with major banks ensure access to competitively priced funding with ample headroom; • Cash is managed prudently, with substantial balances monitored weekly by Directors; and • Fixed-rate loans are used for leased asset purchases, matched to customer rental profiles to mitigate interest rate exposure.
The Directors use a number of key performance indicators to monitor business performance against budget including orders, contract renewal rate, fleet spread and customer satisfaction indices but the principal measures are:
Pre-tax profit margin of 7.4% (2023: 9.7%) Debtor days at 17.5 (2023: 23.0).
Staff turnover across the Group was at 17.3% (2023: 21.3%).
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HARDWATER HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors of the Group are required under section 172 of the Companies Act 2006 to act in a way that they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In doing so, the directors must have regard (among other matters) to:
• The likely long-term consequences of their decisions; • The interests of the company’s employees; • The need to foster relationships with suppliers, customers, and others; • The impact of the company’s operations on the community and the environment; • The desirability of maintaining a reputation for high standards of business conduct; and • The need to act fairly between members of the company. This statement explains how the directors have had regard to these matters during the year ended 31 December 2024. Considering the long-term The Board conducts regular reviews of the Group’s strategy, business model, and principal risks. In its decision-making, the Board carefully balances short-term performance with long-term sustainability, ensuring the Group remains resilient and well-positioned for future success. Engagement with employees The Board remains committed to fostering a workplace culture that prioritises employee engagement, wellbeing, and continuous development. Throughout the year, we collaborate closely with our inter-departmental Employee Engagement and Wellbeing Teams, actively listening to feedback and implementing initiatives that support a positive and inclusive working environment for all. Relationships with suppliers, customers, and others The Group’s reputation and performance are built on strong, collaborative relationships with our suppliers and customers. Many of these partnerships have been in place for years, reflecting the trust, consistency, and mutual respect that underpin the way we do business. Community and environmental impact The Directors recognise the importance of operating sustainably and responsibly. During the year, we: • Continued to invest in the electrification of our fleet, reducing our carbon footprint; and • Expanded our community engagement through charity partnerships and volunteering programmes. Standards of business conduct The Board promotes a culture of integrity, accountability, and transparency. Key steps included: • Regular review of the Group’s ethics and compliance framework; and • Ongoing training on anti-bribery, corruption, and data protection. Fair treatment of shareholders The Board is committed to acting fairly between members and ensuring transparency in all decision-making processes. As our shareholders are also directors of the Group, they play an active role in shaping strategic direction and operational decisions, reinforcing a culture of accountability and shared responsibility.
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HARDWATER HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Embedding Section 172 in governance
Section 172 considerations are embedded within our governance framework. Directors consistently evaluate and challenge decisions on long-term outcomes and the implications for our stakeholders. This approach reinforces our commitment to responsible decision-making and sustainable value creation.
This report was approved by the board and signed on its behalf.
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HARDWATER HOLDINGS 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.
The profit for the year, after taxation, amounted to £8,003,325 (2023 - £9,718,852).
Dividends of £2,050,000 were paid during the year (2023: £3,681,389).
The Directors who served during the year were:
The Directors intend for the Group to continue its strategy of organic growth.
The Directors recognise the need to develop the Group's business relationships with suppliers, customers, lenders and support services. One or more Directors are in regular contact with key parties and work with these interested parties to foster mutually beneficial and informed relationships.
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HARDWATER HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
As a family-owned company trading in a high-profile carbon generating industry we are very aware of our social and corporate responsibilities. The Group is committed to using energy efficiently to minimise environmental impact, contribute to sustainability of global resources and to encourage employees to value the importance of their contribution to the protection of the environment.
The table below sets out our usage for the period 1 January 2024 to 31 December 2024. The carbon figures have been calculated using the BEIS 2024 conversion factors and cover total emission data for scopes 1,2 and 3.
For the year ended 31 December 2024
Fuel Consumption (kWh) Kg of CO2e Electricity (scope 2) 450,500 93,276 Gas (scope 1) 713,445 130,489 Vehicle fuel (scope 1) 121,044,143 31,992,763 TOTAL EMISSIONS 122,208,088 32,216,528 Turnover £128,369,689* Intensity ratio for total emissions : 251.0 kg of CO2e per £'000 of turnover* For the year ended 31 December 2023 Fuel Consumption (kWh) Kg of CO2e Electricity (scope 2) 433,945 64,671 Gas (scope 1) 723,535 132,355 Vehicle fuel (scope 1) 96,514,938 25,243,049 TOTAL EMISSIONS 97,672,418 25,440,075 Turnover £110,560,228* Intensity ratio for total emissions : 230.1 kg of CO2e per £'000 of turnover* * The turnover only includes turnover for Grosvenor Contracts Leasing Limited and York Ward & Rowlatt Limited. No other group entities are included in this intensity metric as they are not required under Streamlined Energy and Carbon Reporting ("SECR").
Energy Efficient Actions
To improve our energy efficiency and reduce our carbon footprint, we have implemented several initiatives, including: • Electrifying our own fleet (now 85% electrified and 60% fully electric); • Upgrading lighting systems to energy-efficient LEDs across all our showrooms and service areas; • Installing energy management systems to monitor and optimise energy use in real time; • Conducting regular maintenance on our heating, ventilation, and air conditioning (HVAC) systems to ensure they operate at peak efficiency; and • Promoting energy-saving practices among our staff through training and awareness.
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HARDWATER HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Commitment to Continuous Improvement
We understand that addressing climate change is an ongoing journey, and we are committed to continually improving our energy efficiency and reducing our emissions. In the coming year, we plan to: • Explore renewable energy options at our premises in 2025 • Continue to enhance our vehicle fleet with higher numbers of electric and hybrid models to reduce fuel consumption. Scope and Operational Boundaries We have reported on emissions within our control and include those generated from office heating and lighting, the use of staff cars for business journeys and the delivery and collection of cars and vans used in the leasing business.
There have been no significant events affecting the Group since the year end.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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HARDWATER HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 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; and
∙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.
This report was approved by the board and signed on its behalf.
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HARDWATER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARDWATER HOLDINGS LIMITED
We have audited the financial statements of Hardwater Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated Statement of Cash Flows, the Consolidated and Company Statement of Changes in Equity and the related notes, including 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 Auditor's 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.
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 Group's or the parent 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.
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HARDWATER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARDWATER HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.
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HARDWATER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARDWATER HOLDINGS 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 Auditor's 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:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙A review of legal and professional expense nominal accounts for any indication of non-compliance with laws and regulations.
∙Performing audit work over the risk of management override of controls, including testing of journal and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance; and
∙Reviewing financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations.
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 Auditor's Report.
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HARDWATER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARDWATER HOLDINGS 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 Auditor's 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
Milton Keynes, United Kingdom
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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HARDWATER HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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HARDWATER HOLDINGS LIMITED
REGISTERED NUMBER: 11747901
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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HARDWATER HOLDINGS LIMITED
REGISTERED NUMBER: 11747901
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 23 to 45 form part of these financial statements.
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HARDWATER HOLDINGS LIMITED
REGISTERED NUMBER: 11747901
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 23 to 45 form part of these financial statements.
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HARDWATER HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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HARDWATER HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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HARDWATER HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HARDWATER HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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HARDWATER HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Hardwater Holdings Limited is a private company limited by shares, registered in England, registered number 11747901.
The registered office and principal place of business is Balmoral House, Kettering Venture Park, Kettering, Northamptonshire, NN15 6XU. The principal activities of the Group are the supply of motor vehicles on long-term contract hire to major UK companies and through its principal subsidiary companies, the operation of franchised dealerships, a car supermarket and vehicle fleet management. The principal activity of the Company continued to be that of a holding company. The Company and the Group's functional and presentational currency is British Pound Sterling and the consolidated financial statements are prepared in round pounds.
2.Accounting policies
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 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
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 following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the merger accounting. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Having considered the forecasted performance and cashflow of the Group and Company the Directors have a reasonable expectation that the Group and Company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly the Group and Company continue to adopt the going concern basis in preparing the annual report and financial statements.
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Page 24
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Assets acquired for use in the business under a Hire Purchase Agreement are capitalised. The interest on the agreement in respect of contract hire, staff and relief vehicles is charged to the Consolidated Statement of Comprehensive Income or contracts in progress account over the life of the agreement, on a straight line basis. This accounting policy matches the costs with the straight line rental income and is therefore also consistent with the treatment of depreciation relating to the assets.
Where the Group enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the Statement of comprehensive income on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments. This accounting policy departs from FRS102 section 11 which states that interest should be allocated during the lease term so as to produce a constant periodic rate of charge on the outstanding obligation. This departure from FRS102 section 11 is required in order to give a true and fair view of the group's income and expenditure deriving from assets on hire purchase. If the accounting policy followed FRS102 section 11 an increase in interest of £2,352,142 (2023: £4,327,417) would have been charged to the contracts in progress account at the year end.
Contracts in progress are included in trade creditors and represent the difference between income receivable on contracts and the expenditure incurred on those contracts. An amount is recognised at the commencement of each contract representing a fixed contribution towards overheads.
Other than the contribution towards overheads taken at the commencement of a contract, no profit is taken on open contracts as in the opinion of the directors the outcome of such contracts cannot be assessed until the completion of the contract. Where it is apparent that the net income for contracts for a particular customer or type of vehicle is lower than total expenditure, provision is made against those contracts. Net income means total contract income receivable plus selling price of the vehicle. Indirect overheads are charged to the Consolidated Statement of Comprehensive Income in the period in which they are incurred. No indirect overheads are carried forward in the contracts in progress account.
Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred.
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Consolidated Statement of Comprehensive Income. Stock held on consignment is accounted for in the Balance Sheet when the terms of the consignment agreement and commercial practice indicate that the principal benefit of owning the stock and principal risks of ownership rest with the Group.
Page 28
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through the Consolidated Statement of Comprehensive Income) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the Consolidated Statement of Comprehensive Income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
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 Consolidated Statement of Comprehensive Income.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial assets have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the assets' original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the the Consolidated Statement of Comprehensive Income.
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through the Consolidated Statement of Comprehensive Income). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements are: i) Stock valuation The risk exists that cost is in excess of the net realisable value, and provisions are not made, and vice versa. Management are involved in making these decisions on a line by line basis. The value of stock as at 31 December 2024 was £10,436,426 (2023: £17,995,922). ii) Useful economic lives of tangible fixed assets The useful economic lives used by the Group in respect of tangible fixed assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. The net book value of tangible fixed assets as at 31 December 2024 was £201,967,198 (2023: £175,900,832) after a depreciation charge in the year of £36,392,788 (2023: £31,514,120). iii) Residual value of vehicles In order to determine the rental value to charge for each vehicle contract, management estimate the residual value of each vehicle at the end of the lease term. These estimates are based on experience of the used car markets and are regularly reviewed to ensure appropriate. iv) Useful economic lives of intangible assets The useful economic lives used by the Group in respect of intangible assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. The net book value of intangible assets as at 31 December 2024 was £697,715 (2023: £Nil) after a amortisation charge in the year of £32,065 (2023: £Nil).
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 32
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 33
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 34
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There are no factors affecting future tax charges.
Page 35
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 profit after tax of the parent Company for the year was £
Page 36
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 37
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 38
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The 2024 valuations were made by the directors, on an open market value for existing use basis.
Page 39
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 40
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 41
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Liabilities in respect of finance lease and hire purchase contracts and other loans including vehicle related finance are secured on the assets to which they relate.
Page 42
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 43
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Capital redemption reserve
Merger Reserve
Profit and loss account
The Group operates a number of defined contribution pension schemes for employees. The assets of the schemes are held separately from those of the Group. The annual contributions payable are charged to the Consolidated Statement of Comprehensive Income.
During the year, the Group paid pension contributions of £186,811 (2023: £168,237) into a defined contributions scheme. The amount outstanding at the year was is £54,736 (2023: £27,234).
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HARDWATER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Included in other creditors is an amount due to N M Johnson of £1,229,298 (2023: £1,137,268). Repayments of £1,064,363 (2023: £1,742,288) were made in the year. During the year a further advance of £972,333 (2023: £436,907) was made.
Included in other creditors is an amount due to R S Johnson of £860,917 (2023: £765,466). Repayments of £1,064,363 (2023: £1,742,288) were made in the year. During the year a further advance of £1,023,212 (2023: £355,384) was made. Included in other creditors is an amount due to N M Johnson and R S Johnson of £Nil (2023: £78,725). Repayments of £78,725 (2023: £196,813) were made in the year. During the year a further advance of £Nil (2023: £119,523) was made. All loans are interest free, unsecured and have no set terms for repayment.
The ultimate controlling parties of the Group are
Page 45
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