Registered number: 00163690
FOR THE YEAR ENDED 31 DECEMBER 2025
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report for the year ended 31 December 2025.
The results of the year end financial position of the Company are shown in the annexed financial statements.
The company experienced a rise in volume and revenue due to manufacturing constraint within other global production locations. The Company supported global production and with access to the same quality materials, was able to generate profits. The strategic approach to global production was challenged with import/export costs as well as tariffs. These costs were offset with improved utilities pricing at a saving of 50%. Process improvements in operational departments continues to be a priority with the aim of continuing to decrease cost and restoring profitability.
The Company remains committed to a business plan of sales growth, capital investments, and improved business processing, including but not limited to operations and supply chain initiatives. Capital investments have included repairs to the production facility and purchase and repair of equipment.
The company experienced a rise in volume and revenue due to manufacturing constraint within other global production locations. The Company supported global production and with access to the same quality materials, was able to generate profits. The strategic approach to global production was challenged with import/export costs as well as tariffs. These costs were offset with improved utilities pricing at a saving of 50%. Process improvements in operational departments continues to be a priority with the aim of continuing to decrease cost and restoring profitability.
The Company remains committed to a business plan of sales growth, capital investments, and improved business processing, including but not limited to operations and supply chain initiatives. Capital investments have included repairs to the production facility and purchase and repair of equipment.
The Company manufactures and sells thermoplastic and cross linkable compounds primarily for the wire, cable, and plastic pipe markets. The end products that consume these materials are integral to residential construction, as well as commercial and government infrastructure projects. Global initiatives in communication and rail have increased demand. Global unrest and new wars have impacted the markets in which the Company operates. The procurement of quality raw materials and supply chain disruptions impact the business but are mitigated through dual sourcing policies.
There are no other material exposures of the Company relating to price risk, credit risk and cash flow risk which are material for the assessment of the assets, liabilities, profit and financial position of the Company.
There are no other material exposures of the Company relating to price risk, credit risk and cash flow risk which are material for the assessment of the assets, liabilities, profit and financial position of the Company.
The Company monitors and measures key performance indicators (KPI’s) that are typical to a manufacturing business. These include monitoring sales growth in value and percentages, sales per kilo sold, components of the manufacturing process (labour and manufacturing overhead) as a percentage of sales and kilos produced, gross margin, selling and administrative costs, fixed and variable costs, EBITDA and profit.
This report was approved by the board and signed on its behalf.
Page 1
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £61k (2024 - loss £1,830k).
No dividends were paid or proposed during the year (2024 - £Nil).
The directors who served during the year were:
P E Vanhove (resigned 30 June 2026)
During the year the Company made a profit of £61k and at the statement of financial position date had net current assets of £4,415k and net assets of £5,194k. During the year, the parent company was available for cash advanced to assist with the working capital in the Company. However, the production strategy eliminated the need for loan in the calendar year 2025.
The situation and uncertainty associated with the Russia-Ukraine war and unrest in the Middle East and the wider global uncertainty associated with war and tariffs continues to give rise to the following potential risks to the Company in order of relevancy:
The situation and uncertainty associated with the Russia-Ukraine war and unrest in the Middle East and the wider global uncertainty associated with war and tariffs continues to give rise to the following potential risks to the Company in order of relevancy:
∙Disruption of the Company supply chain of critical services and materials.
∙Disruption of transport services for the Company raw materials and finished products.
In addition, the Directors also considered the potential risks associated with the increased global tariffs, most especially for export sales to North America.
To date, the Company continues to manage and implement measures to mitigate these risks. The mitigation measures taken by the Company to mitigate these risks include:
∙Diversified and increased sales to customers for which the Company is not the primary supplier and exploring new regions to increase sales.
∙Active consideration on the implication of the global tariffs to the overall product pricing and associated costs to the company.
∙Establishing alternative transport services for delivering goods to customers.
∙Work to increase safety stock of critical inventories and using secondary suppliers.
The Company's sole source of financing is being provided by the Company's ultimate parent company. The ultimate parent company has confirmed its express intentions to continue to provide financial support to the Company to enable it to meet its financial commitments as they fall due for a period of at least 12 months from the date of signing the financial statements, including financial support through 31 December 2027.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors have assessed the current business operations and consider that the Company has undertaken the needed actions to maintain business operations and to safeguard employee well being, commercial relationships and company and ultimate parent company financial assets. The directors also consider that the ultimate parent company has the financial ability to provide additional financial resources to the Company if needed. Therefore, the directors consider that the Company will continue to trade, and has access to sufficient appropriate resources to meet its liabilities as they fall due, for at least twelve months from the date of approval of these financial statements, and have thus prepared the financial statements on a going concern basis.
The Company continues to implement business improvement and cost reduction plans. The reduction of price of utilities allowed some margin expansion. In addition to a focus on productivity improvement of its key high selling products, the Company is also working on the diversification of its product portfolio to address new markets with higher margin products.
This information is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
There have been no significant events affecting the Company since the year end.
The auditor, S&W Audit (a trading name of S&W Partners Audit Limited), will be proposed for reappointment in
accordance with section 485 of the Companies Act 2006.
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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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic Report, 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 judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AEI COMPOUNDS LIMITED
We have audited the financial statements of AEI Compounds Limited (the 'Company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
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.
Emphasis of matter - reliance on ultimate parent company
We draw attention to note 2.3 of the financial statements, which describes the Company’s reliance on its ultimate parent company for financial support. Our opinion is not modified in respect of this matter.
Emphasis of matter - reliance on ultimate parent company
We draw attention to note 2.3 of the financial statements, which describes the Company’s reliance on its ultimate parent company for financial support. Our opinion is not modified in respect of this matter.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AEI COMPOUNDS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AEI COMPOUNDS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
We obtained a general understanding of the Company’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We focused on those laws and regulations that have a direct effect on the determination of material amounts and disclosures to the financial statements. We also drew on our existing understanding of the Company’s industry and regulation.
We understand the Company complies with requirements of the framework through:
∙The Directors’ close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly; and
∙The engagement of external experts to achieve ongoing tax compliance and to assist with the preparation of the statutory accounts.
In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements which are central to the Company’s ability to conduct is business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Company:
∙The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.
∙UK taxation laws.
We made inquiries of management and reviewed board meeting minutes to gain evidence about compliance with the significant laws and regulations identified above.
The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:
∙The risk that management may be incentivised to overstate revenue, particularly in relation to year end cut off; and
∙Manipulation of the financial statements to increase revenue and/or profits through fraudulent journal entries.
These areas were communicated to the other members of the engagement team who were not present at the discussion.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AEI COMPOUNDS LIMITED (CONTINUED)
The procedures we carried out to gain evidence in the above areas included:
∙Identifying and assessing the design and implementation of controls management has in place to prevent and
detect fraud;
detect fraud;
∙Testing of revenue transactions close to the year end to underlying documentation to ensure revenue has been recorded in the correct period; and
∙Testing of manual journal entries, in particular manual journal entries selected based on specific risk characteristics based on the client processes and controls surrounding manual journals.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
103 Colmore Row
B3 3AG
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
AEI Compounds Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 00163690). The registered office address is Sandwich Industrial Estate, Sandwich, Kent, CT13 9LY.
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 requirements of the Companies Act 2006. The disclosure requirements of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 following principal accounting policies have been applied:
The Company has taken advantage of the exemption given by Section 402 of the Companies Act 2006 not to prepare consolidated financial statements. This is on the basis that the Company is exempt from the requirement to prepare group accounts for all of its subsidiary undertakings in accordance with Section 405(2) of the Companies Act.
Accordingly, these financial statements present information about the Company as an entity and not about its group.
Accordingly, these financial statements present information about the Company as an entity and not about its group.
During the year the Company made a profit of £61k and at the statement of financial position date had net current assets of £4,415k and net assets of £5,194k. During the year the parent company provided cash advances to assist with working capital in the Company. However, the production strategy eliminated the need for a loan in the calendar year 2025.
The situation and uncertainty associated with the Russia-Ukraine war and unrest in the Middle East and the wider global uncertainty associated with war and tariffs continues to give rise to the following potential risks to the Company in order of relevancy:
The situation and uncertainty associated with the Russia-Ukraine war and unrest in the Middle East and the wider global uncertainty associated with war and tariffs continues to give rise to the following potential risks to the Company in order of relevancy:
∙Disruption of the Company supply chain of critical services and materials.
∙Disruption of transport services for the Company raw materials and finished products.
In addition, the Directors also considered the potential risks associated with the increased global tariffs, most especially for export sales to North America.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
To date, the Company continues to manage and implement measures to mitigate these risks. The mitigation measures taken by the Company to mitigate these risks include:
∙Diversified and increased sales to customers for which the Company is not the primary supplier and exploring new regions to increase sales.
∙Active consideration on the implication of the global tariffs to the overall product pricing and associated costs to the company.
∙Establishing alternative transport services for delivering goods to customers.
∙Work to increase safety stock of critical inventories and using secondary suppliers.
The Company's sole source of financing is being provided by the Company's ultimate parent company. The ultimate parent company has confirmed its express intentions to continue to provide financial support to the Company to enable it to meet its financial commitments as they fall due for a period of at least 12 months from the date of signing the financial statements, including financial support through 31 December 2027.
The directors have assessed the current business operations and consider that the Company has undertaken the needed actions to maintain business operations and to safeguard employee well being, commercial relationships and company and ultimate parent company financial assets. The directors also consider that the ultimate parent company has the financial ability to provide additional financial resources to the Company if needed. Therefore, the directors consider that the Company will continue to trade, and has access to sufficient appropriate resources to meet its liabilities as they fall due, for at least twelve months from the date of approval of these financial statements, and have thus prepared the financial statements on a going concern basis.
The directors have assessed the current business operations and consider that the Company has undertaken the needed actions to maintain business operations and to safeguard employee well being, commercial relationships and company and ultimate parent company financial assets. The directors also consider that the ultimate parent company has the financial ability to provide additional financial resources to the Company if needed. Therefore, the directors consider that the Company will continue to trade, and has access to sufficient appropriate resources to meet its liabilities as they fall due, for at least twelve months from the date of approval of these financial statements, and have thus prepared the financial statements on a going concern basis.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Financial assets and financial liabilities are recognised in the Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Critical accounting estimates and judgements
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Debtors recoverability
Trade debtors consist of amounts due from customers. An allowance for doubtful debts is maintained for estimated losses resulting from the viability of the Company's customers to make required payment. The allowance is based on the Company's regular assessment of the credit worthiness and financial conditions of customers.
Inventory provisions
The Company manufactures and sells thermoplastic and cross linkable compounds. Inventory includes raw materials, work in progress and finished goods. There is a risk that inventory may become obsolete. As a result it is necessary to consider the recoverability of the cost of the inventory and associated provision required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around the anticipated sale ability of finished goods.
Fixed asset impairment
The Company was historically in a loss making position. This is an indicator that the Company's tangible fixed assets may be impaired. When assessing whether an impairment provision should be recognised, management considers the future profitability of the Company's product offering, use of the Company's plant and machinery in this offering and the resale market for plant and machinery. This impacts both the value in use and fair value calculations used in the Company's impairment review. Management has concluded that no impairment is required at 31 December 2025 in respect of the Company's tangible fixed assets.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
The following was a subsidiary undertaking of the Company:
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Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
The profit and loss account represents the accumulated profits, losses and distributions of the Company.
The profit and loss account represents the accumulated profits, losses and distributions of the Company.
The Company operates a defined contribution 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 £62k (2024 - £76k). At the year end contributions of £13 k (2024 - £59 k) were included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The immediate parent undertaking is Saco AEI Polymers Inc. , a company registered in the United States of America.
The ultimate parent undertaking isAESSE Investments Limited , a company registered in the United States of America.
The largest and smallest company which consolidates the results for the company for the financial year is headed byAESSE Investments Limited . Copies of the group accounts are available from their registered office at 3120 Crocker Avenue, Sheboygan, WI 53081, USA.
The ultimate controlling party isA Savonuzzi , by virtue of his majority shareholding.
The ultimate parent undertaking is
The largest and smallest company which consolidates the results for the company for the financial year is headed by
The ultimate controlling party is
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