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Registered number:
For the Year Ended
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Kinaxia Logistics & Fulfilment Ltd
Company Information
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Kinaxia Logistics & Fulfilment Ltd
Contents
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Kinaxia Logistics & Fulfilment Ltd
Strategic Report
For the Year Ended 31 December 2024
The directors present the strategic report and financial statements for the year ended 31 December 2024.
Turnover for the year increased to £29,878,908 (2023: £28,665,937), supported by growth in both warehousing and contract packing activities.
Gross profit for the year was £1,586,569 (2023: £4,953,390), reflecting a decline in gross margin from 17.3% to 5.3%. This reduction was driven by rising cost of sales, excess capacity following transfer of warehouse operations from other group companies and continued operational pressures across the sector. Administrative expenses reduced slightly to £5,707,363 (2023: £5,743,869). During the year, the company incurred a number of exceptional costs, totalling £2,898,413, including £1.1m relating to dilapidations of leased premises and £1.5m in respect of early lease termination fee relating to the exit of properties as part of the wider Group strategy of reducing costs and becoming leaner. After interest and taxation, the company recorded a loss for the financial year of £6,748,158 (2023: £964,812).
The company has a high proportion of fixed overheads, meaning profitability is closely linked to occupancy levels across its three sites.
The directors remain focused on securing longer-term contracts and exiting excess capacity to maintaining high utilisation levels, while also expanding the range of services offered, including value-added contract packing and fulfilment solutions. The company’s exposure to financial risks is limited, as operations are funded primarily through working capital and a bank facility. The directors acknowledge ongoing sector price risks, driven by higher operating costs particularly property rental increases. These are mitigated through regular customer pricing reviews.
The company’s financial KPIs include:
∙Gross profit margin, which declined in 2024 due to increased costs.
∙Warehouse utilisation levels.
∙Liquidity, monitored through cash flow forecasting and working capital management.
∙Turnover and overhead performance against forecast.
Non-financial KPIs remain focused on operational and compliance measures, including:
∙Health and safety standards.
∙Supplier on-time delivery performance.
∙Workforce management and employee engagement.
∙Industry accreditations, including BRC certification.
Page 1
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Kinaxia Logistics & Fulfilment Ltd
Strategic Report (continued)
For the Year Ended 31 December 2024
This report was approved by the board and signed on its behalf.
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Kinaxia Logistics & Fulfilment Ltd
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 directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 Company's financial statements 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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £6,748,158 (2023 -loss £964,812).
The directors do not propose a final dividend (2023: £Nil).
The directors who served during the year were:
The Company plans to focus on IT systems, service quality, operational efficiency, and cost control. Key priorities include investing in fleet and systems, enhancing route planning and warehouse operations, and managing inflationary pressures through customer pricing reviews and fuel surcharge mechanisms. The directors remain confident in the Company’s ability to respond to market challenges and pursue sustainable growth in the year ahead.
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Kinaxia Logistics & Fulfilment Ltd
Directors' Report (continued)
For the Year Ended 31 December 2024
During the year, the company committed to exiting certain leases. A board-level decision was made in early 2024, with discussions held with the respective landlords throughout the year. Formal surrender agreements were signed post year-end, under which the Group is required to pay reverse premium and dilapidations settlements.
A provision of £340,000 has been recognised in respect of a commercial settlement, which has now been formally resolved post year-end.. Going concern The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion. The company has net current liabilities of £1,473,254 (2023: net current assets of £1,781,042) at 31 December 2024 and incurred a loss before tax of £7,128,362 (2023: loss £866,320) for the year ended 31 December 2024. The profit and losses in year ending 31 December 2024 were materially impacted by exceptional items totalling £2,898,413 (2023: £nil) which has significantly reduced the Company's cost base moving forward. On 21 December 2024, the Group successfully completed a restructuring, resulting in the shareholder obtaining 90% of the Group’s equity and revised terms on the Company’s outstanding £39m term loan. This refinancing, coupled with further equity investments since the year end, provides the Group with a stable medium-term funding platform and reflects the continued ongoing support of its majority shareholder. This successful restructuring process provides certainty to the Group in the short to medium term allowing it to focus on delivering its strategic objectives. The Directors believe it is appropriate therefore to prepare the financial statements to 31 December 2024 on a going concern basis.
The auditors, Hurst Accountants Limited, 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.
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Kinaxia Logistics & Fulfilment Ltd
Independent Auditors' Report to the Members of Kinaxia Logistics & Fulfilment Ltd
We have audited the financial statements of Kinaxia Logistics & Fulfilment Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 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.
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.
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.
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Kinaxia Logistics & Fulfilment Ltd
Independent Auditors' Report to the Members of Kinaxia Logistics & Fulfilment Ltd (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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Kinaxia Logistics & Fulfilment Ltd
Independent Auditors' Report to the Members of Kinaxia Logistics & Fulfilment Ltd (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 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, 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.
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Kinaxia Logistics & Fulfilment Ltd
Independent Auditors' Report to the Members of Kinaxia Logistics & Fulfilment Ltd (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.
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
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
SK1 3GG
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Kinaxia Logistics & Fulfilment Ltd
Statement of Comprehensive Income
For the Year Ended 31 December 2024
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Kinaxia Logistics & Fulfilment Ltd
Registered number: 02792967
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 27 form part of these financial statements.
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Kinaxia Logistics & Fulfilment Ltd
Statement of Changes in Equity
For the Year Ended 31 December 2024
Statement of Changes in Equity
For the Year Ended 31 December 2023
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
Kinaxia Logistics & Fulfilment Ltd is a private company limited by members capital incorporated in England, number 02792967. The address of the registered office and principal place of business is 26 Bond, Europa Way, Trafford Park, Manchester, M17 1WF.
The nature of the company's operation and its principal activity is the provision of warehousing and contract packing services.
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 management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Kinaxia Limited as at 31 December 2024 and these financial statements may be obtained from the Registrar.
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The following paragraphs set out the
basis of which the directors have reached their conclusion. The company has net current liabilities of £1,473,254 (2023: net current assets of £1,781,042) at 31 December 2024 and incured a loss before tax of £7,128,362 (2023: loss £866,320) for the year ended 31 December 2024. The profit and losses in year ending 31 December 2024 were materially impacted by exceptional items totalling £2,898,413 (2023: £nil) which has significantly reduced the Company's cost base moving forward. On 21 December 2024, the Group successfully completed a restructuring, resulting in the shareholder obtaining 90% of the Group’s equity and revised terms on the Company’s outstanding £39m term loan. This refinancing, coupled with further equity investments since the year end, provides the Group with a stable medium-term funding platform and reflects the continued ongoing support of its majority shareholder. This successful restructuring process provides certainty to the Group in the short to medium term allowing it to focus on delivering its strategic objectives. The Directors believe it is appropriate therefore to prepare the financial statements to 31 December 2024 on a going concern basis.
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Kinaxia Logistics & Fulfilment Ltd
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.
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 profit or loss.
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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 profit and loss) 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) 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 asset(s) original effective interest rate.
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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 profit or loss.
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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 profit and loss). 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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.
The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amounts of the assets and liabilities within the next financial year.
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
Profit and loss account
There is a guarantee of £260,000 over the company's bank facilities in favour of HMRC (2023: £260,000).
The Company is party to a fixed and floating charge over its assets to secure the liabilities of Kinaxia Logistics Limited and subsidiaries. Kinaxia Logistics Limited is a wholly owned subsidiary of Kinaxia Limited, the ultimate controlling party.
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £208,751 (2023 - £195,491). Contributions totalling £19,302 (2023 - £22,212) were payable to the fund at the balance sheet date and are included in creditors.
A provision of £340,000 has been recognised in respect of a commercial settlement, which has now been formally resolved post year-end.
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Kinaxia Logistics & Fulfilment Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2024
The company is a wholly owned subsidiary of AKW Group Limited, a company incorporated in England and Wales, company number 04343114.
Kinaxia Limited is the parent company for the smallest and largest group for which consolidated group accounts are prepared. The registered address of Kinaxia Limited is Alba Way, Stretford Motorway Estate, Stretford, Manchester, England, M32 0ZH. The consolidated financial statements of Kinaxia Limited are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ. As at 31 December 2024, the ultimate controlling party of Kinaxia Limited is DELALV Delaware Holdco, L.L.C., a company registered in Delaware, USA. The sole shareholder of DELALV Delaware Holdco, L.L.C. is DELALV Portfolios, L.L.C.. Dr D.E. Shaw is considered the controlling party of Kinaxia Limited due to his ownership of the voting rights.
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