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Unaudited Financial Statements for the Year Ended 31 December 2018 |
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Wessex Resins & Adhesives Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2018 |
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for |
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Wessex Resins & Adhesives Limited |
Wessex Resins & Adhesives Limited (Registered number: 01607313) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Wessex Resins & Adhesives Limited |
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Company Information |
for the Year Ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Wessex Resins & Adhesives Limited (Registered number: 01607313) |
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Balance Sheet |
31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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NET ASSETS |
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Wessex Resins & Adhesives Limited (Registered number: 01607313) |
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Balance Sheet - continued |
31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 13 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Wessex Resins & Adhesives Limited (Registered number: 01607313) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Wessex Resins & Adhesives Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements relate to Wessex Resins & Adhesives Limited as an individual entity. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover represents the net invoiced sales of goods, excluding value added tax and is recognised upon the |
despatch of goods from the factory. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer Equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Financial instruments |
Financial instruments are recognised in line with sections 11 and 12 of FRS102. |
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Basic financial instruments, such as bank and cash, loans,amounts due to/from group undertakings, trade debtors |
and trade creditors are initially recognised at transaction price, unless they constitute a financing arrangement, |
when the transaction is measured at the present vale of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest rate method. |
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Wessex Resins & Adhesives Limited (Registered number: 01607313) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income and |
retained earnings. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance |
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date |
of transaction. Exchange differences, including those arising on the purchase and sale of foreign currency on the |
spot market are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of |
the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Wessex Resins & Adhesives Limited (Registered number: 01607313) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | Equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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Disposals | ( |
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Reclassification/transfer |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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Reclassification/transfer |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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During the year the freehold land and buildings were transferred to the ultimate parent company, Wessex Resins & |
Adhesives Holdings Limited at open market value. |
Wessex Resins & Adhesives Limited (Registered number: 01607313) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | INVESTMENT PROPERTY |
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On 16 June 2018 the remaining property in Bulgaria was sold at a loss on sale of £996 which has been taken to the |
statement of Income and retained earnings.. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other Debtors | 91,660 | 52,438 |
Deferred tax asset |
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Prepayments and accrued income |
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Wessex Resins & Adhesives Limited (Registered number: 01607313) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Bank loans and overdrafts (see note 9) |
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Hire purchase contracts (see note 10) |
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Trade Creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Bank loans (see note 9) |
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Hire purchase contracts (see note 10) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans due in more than 5 |
years repayable by instalments | - | 883,097 |
- | 883,097 |
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9. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.12.18 | 31.12.17 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Bank loans |
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Wessex Resins & Adhesives Limited (Registered number: 01607313) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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9. | LOANS - continued |
31.12.18 | 31.12.17 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans due in more than 5 |
years repayable by instalments | - | 883,097 |
- | 883,097 |
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10. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31.12.18 | 31.12.17 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
31.12.18 | 31.12.17 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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Wessex Resins & Adhesives Limited (Registered number: 01607313) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.18 | 31.12.17 |
£ | £ |
Bank loans |
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Hire purchase contracts | 127,323 | 32,062 |
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The security on the Bank Loan is a debenture with a fixed and floating charge over the assets of the company |
including the freehold property. |
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The security on the HP account is the asset it aquired. |
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12. | DEFERRED TAX |
£ |
Balance at 1 January 2018 | ( |
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Movement in year | 53,252 |
Balance at 31 December 2018 | ( |
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13. | RESERVES |
Revaluation |
reserve |
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At 1 January 2018 |
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Revaluation of Freehold Proper |
ty | (337,842 | ) |
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At 31 December 2018 |
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14. | ULTIMATE CONTROLLING PARTY |
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The controlling party is West System International Ltd. |
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The ultimate controlling party is
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The Ultimate parent company is Wessex Resins & Adhesives Holdings Ltd. |