ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

Registered number: 00778968

CROMWELL INVESTMENTS (RICHMOND) LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

CROMWELL INVESTMENTS (RICHMOND) LIMITED

COMPANY INFORMATION

Directors	D C Bradley MRICS
	J P Hallam MBA MSc MA (Oxon)


Registered number	00778968


Registered office	4 The Deans
	Bridge Road
	Bagshot
	Surrey
	GU19 5AT


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditors
	3 Brook Business Centre
	Cowley Mill Road
	Uxbridge
	Middlesex
	UB8 2FX

CROMWELL INVESTMENTS (RICHMOND) LIMITED

CONTENTS

	Page
Directors' report	1 - 2
Independent auditors' report	3 - 7
Statement of comprehensive income	8
Statement of financial position	9 - 10
Notes to the financial statements	11 - 17

CROMWELL INVESTMENTS (RICHMOND) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments 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.

Going concern

The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of signing these financial statements.

As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

Directors

The directors who served during the year were:

D C Bradley MRICS

M S Hastings FCCA (resigned 31 December 2024)

J P Hallam MBA MSc MA (Oxon)

Page 1

CROMWELL INVESTMENTS (RICHMOND) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

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 are no subsequent events that require disclosure or adjustments to the financial statements.

Auditors

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under S485 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 on 9 December 2025 and signed on its behalf.

D C Bradley MRICS

Director

Page 2

CROMWELL INVESTMENTS (RICHMOND) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROMWELL INVESTMENTS (RICHMOND) LIMITED

Opinion

We have audited the financial statements of Cromwell Investments (Richmond) Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Statement of financial position 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Page 3

CROMWELL INVESTMENTS (RICHMOND) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROMWELL INVESTMENTS (RICHMOND) LIMITED (CONTINUED)

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 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.

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.

Page 4

CROMWELL INVESTMENTS (RICHMOND) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROMWELL INVESTMENTS (RICHMOND) LIMITED (CONTINUED)

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.

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;

∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:

i) Companies Act 2006.
ii) FRS 102.
iii) Tax legislation.
iv) Employment legislation.

∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable; and

∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.

Page 5

CROMWELL INVESTMENTS (RICHMOND) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROMWELL INVESTMENTS (RICHMOND) LIMITED (CONTINUED)

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;

∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions;

∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and

∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:

∙Management bias in the estimates and judgements made;

∙Management override of controls; and

∙Posting of unusual journals or transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 6

CROMWELL INVESTMENTS (RICHMOND) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROMWELL INVESTMENTS (RICHMOND) LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.

Qasim Mehdi (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX

10 December 2025

Page 7

CROMWELL INVESTMENTS (RICHMOND) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
	£	£


Turnover	814,382	818,597
Gross profit	814,382	818,597
Administrative expenses	(294,507)	(313,915)
Operating profit	519,875	504,682
Revaluation of investment property	1,480,000	(290,000)
Interest receivable and similar income	39	-
Interest payable and similar expenses	(74,185)	(74,002)
Profit before tax	1,925,729	140,680
Tax on profit	(379,926)	(40,763)
Profit for the financial year	1,545,803	99,917

Total comprehensive income for the year

1,545,803

99,917

The notes on pages 11 to 17 form part of these financial statements.

Page 8

CROMWELL INVESTMENTS (RICHMOND) LIMITED

REGISTERED NUMBER: 00778968

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Investment property	5		11,030,001		9,550,001
			11,030,001		9,550,001
Current assets
Debtors: amounts falling due within one year	6	752,340		389,901
Cash at bank and in hand	7	126,310		148,909
		878,650		538,810
Creditors: amounts falling due within one year	8	(400,393)		(396,356)
Net current assets			478,257		142,454
Total assets less current liabilities			11,508,258		9,692,455
Creditors: amounts falling due after more than one year	9		(1,000,000)		(1,000,000)
Provisions for liabilities
Deferred tax	11	(726,846)		(456,846)
			(726,846)		(456,846)
Net assets			9,781,412		8,235,609

Capital and reserves
Called up share capital	12	2	2
Investment property reserve		3,630,111	2,420,111
Profit and loss account		6,151,299	5,815,496
		9,781,412	8,235,609

Page 9

CROMWELL INVESTMENTS (RICHMOND) LIMITED

REGISTERED NUMBER: 00778968

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2025

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 December 2025.

D C Bradley MRICS

Director

The notes on pages 11 to 17 form part of these financial statements.

Page 10

CROMWELL INVESTMENTS (RICHMOND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Cromwell Investments (Richmond) Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 4 The Deans, Bridge Road, Bagshot, Surrey, GU19 5AT.

The company is a property investment 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of signing these financial statements.

As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Revenue represents rents receivable from investment properties, service charges and management charges. Revenue is recognised as it falls due, in accordance with the lease to which it relates. Any lease incentives are spread evenly across the period of the lease.

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CROMWELL INVESTMENTS (RICHMOND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Investment property

Investment properties are held to earn rentals or for capital appreciation, or both. Investment properties are initially measured at cost. At each Statement of financial position date, properties are measured at fair value with changes in fair value recognised in the Statement of comprehensive income.

2.5

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.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Creditors

2.10

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.11

Group interest

Group interest is charged at the discretion of the parent company at commercial rates.

Page 12

CROMWELL INVESTMENTS (RICHMOND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2.13

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Employees

The average monthly number of employees, including directors, during the year was 3 (2024 - 3).

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CROMWELL INVESTMENTS (RICHMOND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

4.	Directors' remuneration
	During the year, no director received any emoluments (2024 - £Nil).

5.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2024	9,550,001
	Surplus on revaluation	1,480,000
	At 31 March 2025	11,030,001

The company’s investment properties were valued by an internal valuer, a chartered surveyor, on the basis of Market Value as at 31 March 2025, in accordance with the prevailing version of the R.I.C.S. “Red Book”. The valuer’s opinion of Market Value was primarily derived using comparable recent market transactions on arm’s length terms.

Properties at Burgess Hill, Poole and Basingstoke are used as security against the bank loan held by the company and were subject to an independent external valuation after the year-end. The aggregate value of these three properties at the date of valuation was £10,050,000.

Debtors

					2025	2024
					£	£


Trade debtors	1,179	3,132
Amounts owed by group undertakings	622,667	249,820
Other debtors	112,439	124,644
Prepayments and accrued income	16,055	12,305
	752,340	389,901

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CROMWELL INVESTMENTS (RICHMOND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

7.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	126,310	148,909
	126,310	148,909

Included within cash at bank and in hand are rent deposits amounting to £47,582 (2024 - £47,989). These monies are held in trust on behalf of tenants and as a result are not available for use by the company, except in accordance with the terms of their respective rent deposit deeds.

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	38,473	32,314
Corporation tax	109,926	105,763
Other creditors	51,333	51,740
Accruals and deferred income	200,661	206,539
	400,393	396,356

Included within other creditors are rent deposits amounting to £47,582 (2024 - £47,989). These monies are held in trust on behalf of tenants and as a result are not available for use by the company, except in accordance with the terms of their respective rent deposit deeds.

9.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	1,000,000	1,000,000
	1,000,000	1,000,000

Page 15

CROMWELL INVESTMENTS (RICHMOND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025



Amounts falling due 2-5 years
Bank loans	1,000,000	1,000,000
	1,000,000	1,000,000

	1,000,000	1,000,000

The total bank loan of £1,000,000 (2024 - £1,000,000) is secured by a debenture comprising legal mortgages over three of the investment properties held by the company.

11.	Deferred taxation

		2025
		£

	At beginning of year	456,846
	Charged to the Statement of comprehensive income	270,000
	At end of year	726,846

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Potential capital gains tax	726,846	456,846
		726,846	456,846

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CROMWELL INVESTMENTS (RICHMOND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

2 Ordinary shares of £1 each	2	2

13.	Related party transactions
	The company has taken advantage of the exemption from disclosing transactions with other group companies under FRS 102 on the grounds that they are wholly owned.

14.	Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.

15.	Ultimate parent undertaking and controlling party

The immediate parent undertaking is Cromwell (2003) Limited, a company incorporated in England and Wales.

The ultimate parent undertaking is Cromwell Holdings Limited, a company incorporated in England and Wales, the address of the registered office is 4 The Deans, Bridge Road, Bagshot, Surrey, GU19 5AT. The ultimate controlling party is Mr J P Hallam who holds the majority of the Ordinary shares, as a class, in Cromwell Holdings Limited.

Consolidated accounts for Cromwell Holdings Limited are available at Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. This is the only company in the group which prepares consolidated accounts.

Page 17