REGISTERED NUMBER: 15373364 (England and Wales)

Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 August 2025

for

Thirteen Investment Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Independent Auditors' Report

5

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

16

DIRECTOR:

Mr J R Barnes

REGISTERED OFFICE:

Marland House

13 Huddersfield Road

Barnsley

South Yorkshire

S70 2LW

REGISTERED NUMBER:

15373364 (England and Wales)

INDEPENDENT AUDITORS:

Harris & Co Limited

Chartered Accountants & Statutory Auditor

Marland House

13 Huddersfield Road

Barnsley

South Yorkshire

S70 2LW

The director presents his strategic report of the Company and the Group for the year ended 31 August 2025.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our

business during the period and its position at the period end. Our review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties we face.

As for many businesses of our size, the business environment in which we operate continues to be challenging and markets competitive. We continue to give due regard to these risks and uncertainties in planning the future development of the business. These accounts represent the second period for the newly formed group and the first full year of trade. A detailed review of the business with year on year comparatives is documented within the trading subsidiary accounts, Roofdec Limited.

The group's financial projections indicate that it has sufficient facilities and funds to operate for at least the next 12 months. Accordingly, the director has a reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future and so the financial statements are prepared on a going concern basis.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate risk. The group does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

The director is responsible for monitoring financial risk and for deciding where it would be appropriate to use financial instruments to manage this risk.

Credit risk

The group has implemented policies that require appropriate credit checks on potential customers before credit sales are made.

Liquidity risk

The group maintains its liquidity using cash and bank deposits together with overdraft finance where

necessary. The director would consider raising long-term and short-term debt finance if this were necessary to ensure that the group has sufficient funds for operations and planned expansions.

Interest rate cash flow risk

The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets are cash and bank deposits which earn interest at a variable rate. Interest bearing liabilities comprise the 's group's hire purchase liabilities. The director regularly reviews the mix of cash on deposit and debt to manage interest rate risk. The director will revisit the appropriateness of this policy should the group's operations change in size or nature.

KEY PERFORMANCE INDICATORS

I consider that our key financial performance indicators are those that communicate the financial performance of the group, these being turnover, operating profit, profit before tax, profit after tax and retained profit.

ON BEHALF OF THE BOARD:

Mr J R Barnes - Director

29 May 2026

The director presents his report with the financial statements of the Company and the Group for the year ended 31 August 2025.

PRINCIPAL ACTIVITY

The principal activity of the company was that of a group holding company.

The principal activity of the Group in the year under review was that of roofing and cladding contractors.

DIVIDENDS

The total distribution of dividends for the year ended 31 August 2025 will be £784,132.

DIRECTOR

Mr J R Barnes held office during the whole of the period from 1 September 2024 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and the principal risks and uncertainties.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.

AUDITORS

The auditors, Harris & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J R Barnes - Director

29 May 2026

Opinion

We have audited the financial statements of Thirteen Investment Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 Group's and of the Parent Company affairs as at 31 August 2025 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 director's 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 and 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Auditors' Report thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have 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 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 Report of the Director.

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

-	adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the Parent Company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the Group's and the Parent 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 director either intends to liquidate the Group or the Parent Company or to cease operations, or has 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:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:

-

Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

The internal controls established to mitigate risk related to fraud or non-compliance with laws & regulations;

-

Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the Companies Act 2006, tax legislation, data protection, anti-bribery, employment and health & safety regulations.

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.

Audit response to the risk identified

Our procedures to respond to risks identified included the following:

-

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

-

Enquiring of management concerning actual and potential litigation and claims;

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; and

-

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing the judgements used in accounting estimates to assess whether these may be indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

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.

Tom Garner CA CTA (Senior Statutory Auditor)

for and on behalf of Harris & Co Limited

Chartered Accountants & Statutory Auditor

Marland House

13 Huddersfield Road

Barnsley

South Yorkshire

S70 2LW

29 May 2026

TURNOVER

26,764,592

12,084,054

Cost of sales

21,017,212

8,543,432

GROSS PROFIT

5,747,380

3,540,622

Administrative expenses

3,324,704

1,243,618

OPERATING PROFIT

5

2,422,676

2,297,004

Interest receivable and similar income

95,784

102,018

2,518,460

2,399,022

Interest payable and similar expenses

6

32,027

1,138

PROFIT BEFORE TAXATION

2,486,433

2,397,884

Tax on profit

7

643,102

398,176

PROFIT FOR THE FINANCIAL YEAR

1,843,331

1,999,708

FIXED ASSETS

Intangible assets

10

(1,395,738

)

(1,558,349

)

Tangible assets

11

621,931

570,340

Investments

12

Interest in associate

24,113

-

Other investments

15,000

-

(734,694

)

(988,009

)

CURRENT ASSETS

Stocks

13

3,000

3,000

Debtors

14

8,882,157

5,330,111

Cash at bank and in hand

1,839,925

5,542,500

10,725,082

10,875,611

CREDITORS

Amounts falling due within one year

15

7,409,284

8,387,333

NET CURRENT ASSETS

3,315,798

2,488,278

TOTAL ASSETS LESS CURRENT LIABILITIES

2,581,104

1,500,269

CREDITORS

Amounts falling due after more than one year

16

(56,589

)

(21,166

)

PROVISIONS FOR LIABILITIES

20

(7,467

)

(21,254

)

NET ASSETS

2,517,048

1,457,849

CAPITAL AND RESERVES

Called up share capital

21

10

10

Retained earnings

22

2,500,124

1,444,792

SHAREHOLDERS' FUNDS

2,500,134

1,444,802

NON-CONTROLLING INTERESTS

16,914

13,047

TOTAL EQUITY

2,517,048

1,457,849

The financial statements were approved by the director and authorised for issue on 29 May 2026 and were signed by:

Mr J R Barnes - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

5,942,499

5,903,386

5,942,499

5,903,386

CURRENT ASSETS

Debtors

14

1,001,174

1,062,509

Cash at bank

8,201

46,250

1,009,375

1,108,759

CREDITORS

Amounts falling due within one year

15

-

296,640

NET CURRENT ASSETS

1,009,375

812,119

TOTAL ASSETS LESS CURRENT LIABILITIES

6,951,874

6,715,505

CAPITAL AND RESERVES

Called up share capital

21

10

10

Retained earnings

22

6,951,864

6,715,495

SHAREHOLDERS' FUNDS

6,951,874

6,715,505

Company's profit for the financial year

476,331

7,023,812

The financial statements were approved by the director and authorised for issue on 29 May 2026 and were signed by:

Mr J R Barnes - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Changes in equity

Issue of share capital

10

-

10

-

10

Dividends

-

(541,869

)

(541,869

)

-

(541,869

)

Total comprehensive income

-

1,986,661

1,986,661

13,047

1,999,708

Balance at 31 August 2024

10

1,444,792

1,444,802

13,047

1,457,849

Changes in equity

Dividends

-

(784,132

)

(784,132

)

-

(784,132

)

Total comprehensive income

-

1,839,464

1,839,464

3,867

1,843,331

Balance at 31 August 2025

10

2,500,124

2,500,134

16,914

2,517,048

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

10

-

10

Dividends

-

(308,317

)

(308,317

)

Total comprehensive income

-

7,023,812

7,023,812

Balance at 31 August 2024

10

6,715,495

6,715,505

Changes in equity

Dividends

-

(239,962

)

(239,962

)

Total comprehensive income

-

476,331

476,331

Balance at 31 August 2025

10

6,951,864

6,951,874

Cash flows from operating activities

Cash generated from operations

1

(1,862,987

)

3,225,104

Interest paid

(28,696

)

(250

)

Interest element of hire purchase payments paid

(3,331

)

(888

)

Tax paid

(670,464

)

(770,197

)

Net cash from operating activities

(2,565,478

)

2,453,769

Cash flows from investing activities

Purchase of business

-

(5,903,386

)

Purchase of tangible fixed assets

(222,597

)

(67,363

)

Purchase of fixed asset investments

(39,113

)

-

Sale of tangible fixed assets

39,856

22,500

Cash acquired on purchase

-

9,163,861

Overdraft acquired on purchase

-

(30,570

)

Interest received

95,784

102,018

Net cash from investing activities

(126,070

)

3,287,060

Cash flows from financing activities

Capital repayments in year

(10,410

)

(13,384

)

Amount withdrawn by directors

(256,741

)

256,501

Share issue

-

10

Equity dividends paid

(784,132

)

(541,871

)

Net cash from financing activities

(1,051,283

)

(298,744

)

(Decrease)/increase in cash and cash equivalents

(3,742,831

)

5,442,085

Cash and cash equivalents at beginning of year

2

5,442,085

-

Cash and cash equivalents at end of year

2

1,699,254

5,442,085

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

29/12/23

Year Ended

to

31/8/25

31/8/24

£

£

Profit before taxation

2,486,433

2,397,884

Depreciation charges

(32,711

)

(15,472

)

Loss on disposal of fixed assets

1,251

-

Finance costs

32,027

1,138

Finance income

(95,784

)

(102,018

)

2,391,216

2,281,532

Increase in stocks

-

(3,000

)

Increase in trade and other debtors

(3,552,046

)

(311,003

)

(Decrease)/increase in trade and other creditors

(702,157

)

1,257,575

Cash generated from operations

(1,862,987

)

3,225,104

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2025

31/8/25

1/9/24

£

£

Cash and cash equivalents

1,839,925

5,542,500

Bank overdrafts

(140,671

)

(100,415

)

1,699,254

5,442,085

Period ended 31 August 2024

31/8/24

29/12/23

£

£

Cash and cash equivalents

5,542,500

-

Bank overdrafts

(100,415

)

-

5,442,085

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/9/24

Cash flow

At 31/8/25

£

£

£

Net cash

Cash at bank and in hand

5,542,500

(3,702,575

)

1,839,925

Bank overdrafts

(100,415

)

(40,256

)

(140,671

)

5,442,085

(3,742,831

)

1,699,254

Debt

Finance leases

(80,413

)

10,410

(70,003

)

(80,413

)

10,410

(70,003

)

Total

5,361,672

(3,732,421

)

1,629,251

1.	STATUTORY INFORMATION

Thirteen Investment Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation and functional currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis under the historical cost convention.

Going concern

The Group's financial projections indicate that it has sufficient facilities and funds to operate for at

least the next 12 months. The directors have a reasonable expectation that the Group has adequate financial resources to continue in operational existence for the foreseeable future and so the financial statements are prepared on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

-

Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

-

Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

-

Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Thirteen Investment Group together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 August 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.

Significant judgements and estimates

In preparing these financial statements, the director has made the following significant judgements

and estimates. Profit recognition on long-term contracts is based upon the directors' assessment of

the likely ultimate outturn on those contracts, taking into account the stage of completion. The

director also makes appropriate provision for warranty and rectification costs on contracts taking into account the likelihood of claims.

Turnover

Turnover represents amounts earned on goods and services supplied during the year, and in the case

of long-term contracts, comprises the value of work executed during the year.

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales

value of the work done after provisions for contingencies and anticipated future losses on contracts,

less amounts received as progress payments on account. Excess progress payments are included in

creditors as payments received on account.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

5% on cost straight line

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% on reducing balance and straight line over 3 years

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to

which the asset belongs.

Investments in associates

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.