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Registered number: SC278485
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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BALHOUSIE HOLDINGS LIMITED
COMPANY INFORMATION
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BALHOUSIE HOLDINGS LIMITED
CONTENTS
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BALHOUSIE HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The directors present their strategic report for the period ended 30 September 2025.
Principal activity The principal activity of the Group is the provision of care services including personal care for frail, elderly, nursing care, dementia care, learning disability support, mental health care, support and care for physically disabled adults, palliative care and Huntington’s care. Results The Group recorded a profit before tax of £10,944k (2024 - £9,650k). A more detailed analysis of the performance of the Group is provided in the Business Review below.
In September 2022 the entire share capital of Balhousie Holdings Limited was acquired by Selba Care Ltd, a wholly owned subsidiary of the Group.
The Balhousie Care Group experienced a 6.6% increase in turnover from 2024, largely reflecting increased fee rates. Recruitment and retention of staff remain critical to the delivery of quality care, and the care sector as a whole continues to face challenges attracting and retaining high quality staff. Increases to staff wages has put pressure on margins. Steps to mitigate agency use that were implemented in prior years have resulted in agency costs decreasing in the period. Administration costs are closely monitored, however we are seeing price increases across all of our supplies.
The Group has assessed their KPIs as:
• Occupancy Rates • Average Fee Income per bed • Care Quality Grades • EBITDA % of Turnover • Wages & Salaries % of Income • Staff Turnover In relation to KPIs, the Group is performing at or above regional sector averages when benchmarked to the sector.
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BALHOUSIE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The directors are responsible for risk assessment and management within the group. The main risks associated with the Group’s financial assets and liabilities are set out below:-
Financial Risks The Group holds bank and other loans and is therefore exposed to interest rate fluctuations. The Group aims to mitigate risk by managing cash generated by its operations and has a hedge in place. The provision of loans to the Group is subject to compliance with financial covenants. Should financial performance deteriorate, the breach of covenants may have a material impact on the continued availability of loan facilities. Covenant compliance is monitored on a monthly basis. The Group’s credit risk is managed by invoicing private residents in advance and ensuring that all sales invoices are raised timeously. Appropriate credit control procedures are followed for all operations. Credit risk is also reduced by being in the advantageous position of having a significant level of income generated through local government across a variety of local authorities. Operational risks The Group’s services are regulated by the Care Inspectorate which has significant enforcement powers against operators who do not comply with statutory requirements. Operational risk is managed by care home managers and the Group’s Operational Support Team. This is monitored internally by management, internal quality controls and externally by regular unannounced inspections by the Care Inspectorate.
The Group operates Care Governance and Audit & Remuneration Committees that provide oversight on key care quality, remuneration and audit issues impacting on the business.
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BALHOUSIE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Board consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year.
In doing so, section 172 requires a director to have regard, amongst other matters, to: a) The likely consequences of any decision in the long term, b) The interests of the company’s employees, c) The need to foster the company’s business relationships with suppliers, customers and others, d) The impact of the company’s operations on the community and the environment, e) The desirability of the company maintaining a reputation for high standards of business conduct, and f) The need to act fairly as between members of the company Consequences of decisions The Board promotes a strong culture of governance and installed and continues to monitor key performance indicators to increase the operational and financial performance of the Group. Engagement with employees The Group places a strong emphasis on ensuring the wellbeing of our employees and looks to share and communicate information to our staff using all possible means. This involves regular in house communications, staff meetings as well as monthly managers’ meetings and is designed to ensure that all staff are kept reasonably informed on all Group matters. The staff newsletter, “The Balhousie Buzz”, is a fortnightly publication, which is used as a communication tool, and a means of promoting the employee assistance programme and our staff benefits platform. Disabled employees Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the Group continues and that appropriate training is arranged. It is the policy of the Group and the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. Engagement with suppliers, customers and others Our key customer is our residents and the monitoring of our compliance and Care Inspectorate ratings ensures we continue to provide a quality level of care. The Company's relationship with key business partners is integral to the success of the Company.
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BALHOUSIE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Community and environment
The Group operates as part of the community providing work and homes for many of the local people. Initiatives across the group to collaborate with the wider community are often in place particularly with local group activities, schools and nurseries. The environmental impact is considered when making business decisions and actions taken with the most favourable environmental outcome are taken wherever possible. High standard of conduct The Group meets the needs of our residents through continuous internal monitoring by the Operational team and through the Care Inspectorate to continuously improve the Care that is provided. Act fairly between members The Senior Leadership team have installed regular meetings with Department Heads, Operational teams and Home Managers. Regularly visiting the homes and speaking with all staff.
This report was approved by the board on 22 September 2026 and signed on its behalf.
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BALHOUSIE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The directors present their report and the financial statements for the year ended 30 September 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £10,543k (2024 - £8,930k).
Dividends of £11,917k were paid during the year (2024 - £8,054k).
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BALHOUSIE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The directors who served during the year were:
The Group recognises the importance of its environmental responsibilities and monitors its impact on the environment by implementing any policies necessary to reduce any damage that might be caused by the Group's activities.
The Group recognises the importance and implications of the Health & Safety at Work Act 1974, the Environmental Protection Legislation and all new Health & Safety legislation including that being introduced through EU directives.
The Group is continuing to undertake a program of investment in their current facilities to future proof them. Thereafter looking at growth opportunities within their current geographical area of operations.
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BALHOUSIE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The UK Government’s Streamlined Energy and Carbon Reporting (SECR) policy was implemented on 1 April 2019. The table below represents Balhousie Care Group’s energy use and associated greenhouse gas (GHG) emissions from electricity and fuel in the UK for the year ending 30 September 2025.
UK Greenhouse gas emissions and energy use data for the period 1 October 2024 to 30 September 2025.
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BALHOUSIE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
SECR Methodology Statement 2025
This SECR submission has been compiled using the 2019 HM Government Environmental Reporting Guidelines. Emissions have been grouped according to the GHG Protocol Corporate Standard. Emission factors are based on Government published 2025 GHG conversion factors. We have used the following data sources for the report for the: • Utility and Other Fuels Data - Energy Supplier billing and half hour interval data; • Transport Data - Company mileage records. Disclosure of information to auditors
There have been no significant events affecting the Group since the year end.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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BALHOUSIE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALHOUSIE HOLDINGS LIMITED
We have audited the financial statements of Balhousie Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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BALHOUSIE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALHOUSIE HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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BALHOUSIE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALHOUSIE HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
14 City Quay
DD1 3JA
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BALHOUSIE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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BALHOUSIE HOLDINGS LIMITED
REGISTERED NUMBER: SC278485
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 37 form part of these financial statements.
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BALHOUSIE HOLDINGS LIMITED
REGISTERED NUMBER: SC278485
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 37 form part of these financial statements.
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BALHOUSIE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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BALHOUSIE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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BALHOUSIE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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BALHOUSIE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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BALHOUSIE HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Balhousie Holdings Limited is a private company limited by shares and incorporated in Scotland. The registered office is Earn House, Lamberkine Drive, Perth, PH1 1RA.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The functional and presentational currency of the Group is GBP sterling (£). The balances reported in the financial statements have been rounded to the nearest thousand.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2014.
The Group is in the final stage of restructuring its debt position. This will allow the Group to repay the current senior lender, National Westminster Bank PLC, in 2026, ahead of the end of the term (September 2027). The Group has also reached agreements with the junior lenders regarding repayment.
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 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.
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.
No depreciation is provided on freehold property in the current or prior year. The directors consider that this accounting policy, which represents a departure from the statutory accounting rules is necessary to provide a true and fair view as permitted under FRS 102.
The Group has a policy and practice of regular maintenance and repairs (charges for which are recognised in the profit and loss account) such that the feehold property is kept to its previously assessed standards of performance. As a result the property maintains a high residual value and any depreciation is not considered material. Fair values are determined from market based evidence and are normally undertaken by professionally qualified valuers.
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Assets are considered for indications of impairment, if required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash generating unit, the viability and expected future performance of that unit. Recoverability of debtors Bad debts are provided where, in the opinion of the directors, there is objective evidence of the need for a provision.
The whole of the turnover and profit before taxation relates to continuing activities and is attributable to the provision of care facilities for the elderly and infirm.
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The only factors affecting future tax charges are those imposed by HMRC.
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Page 29
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
13.Tangible fixed assets (continued)
Cost or valuation at 30 September 2025 is as follows:
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
13.Tangible fixed assets (continued)
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
13.Tangible fixed assets (continued)
Cost or valuation at 30 September 2025 is as follows:
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Page 33
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
National Westminster Bank Plc and Kroll Trustee Services Limited, via intercreditor agreement, hold a fixed standard security over the fixed asset properties, and a floating charge over the assets of the group in respect of the bank loan held within Selba Care Ltd and other loans held within Selba Ventures Ltd, both parent companies in the Group.
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Revaluation reserve
Capital contribution reserve
Profit and loss account
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £641k (2024 - £553k). Contributions totalling £147k (2024 - £145k) were payable to the fund at the balance sheet date and are included in creditors.
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BALHOUSIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The comparative figures in commitments under operating leases at Note 23 have been restated to correct the Group commitments for amounts due later than 5 years. This restatement affects this disclosure in isolation and does not have an impact on any other balances in the financial statements.
At 30 September 2025 there were no balances due to/from directors (2024 - £nil). There were no advances and no repayments made in the year.
The immediate parent undertaking is
The parent undertaking of the largest group to consolidate these financial statements is The ultimate controlling party is The Olivetree Foundation, by virtue of the share ownership held in Zamoli Ventures AG. The registered address of The Olivetree Foundation is Bangarten 10, FL-9490 Vaduz, Leichtenstein.
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