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Financial Statements for the Year Ended 31 December 2017 |
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Select Music & Video Distribution |
Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2017 |
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for |
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Select Music & Video Distribution |
Limited |
Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Select Music & Video Distribution |
Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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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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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditor |
3 Boyne Park |
Tunbridge Wells |
Kent |
TN4 8EN |
Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Balance Sheet |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investments | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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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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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL & RESERVES |
Called up share capital | 10 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Select Music & Video Distribution Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents sales of goods net of discounts and returns, excluding value added tax. Sales are recognised |
and invoiced when goods are delivered but provision is made for returns which have been authorised but not |
received by the company at the period end. |
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Tangible fixed assets |
Depreciation is provided on the straight line method 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 shorter, as follows: |
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Plant & machinery | - 3 years |
Fixtures & fittings | - 5 years |
Motor vehicles | - 4 years |
Computer equipment | - 3 years |
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Stocks |
Stocks of finished goods have been valued at the lower of cost and estimated selling price less costs to sell, after |
making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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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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Recording costs |
Production costs are written off evenly over a 12 month period from the date when new recordings are first |
released for sale. |
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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 are taken into account in arriving at the operating result. |
Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates defined contribution pension schemes. The assets of the schemes are held and controlled |
by independently administered funds. Contributions payable for the year are charged in the profit and loss |
account. |
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Royalties |
Royalties and licensing income is recognised on an accruals basis. |
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Short term debtors & creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising |
from impairment are recognised in the profit and loss account. |
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3. | TANGIBLE FIXED ASSETS |
Plant & | Fixtures | Motor | Computer |
machinery | & fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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4. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
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COST |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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4. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: |
Nature of business:
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Class of shares: | holding |
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2017 | 2016 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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5. | STOCKS |
2017 | 2016 |
£ | £ |
Goods for resale |
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In addition to its own stocks detailed above, the company holds stock on consignment of £9,606,072 (2016: |
£14,387,152) valued at current selling prices less the company's margin. Title to the goods remains with the |
consignors and the company bears no liability until the stock has been sold. |
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6. | DEBTORS |
2017 | 2016 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Recording costs | 8,598 | 6,043 |
Other group companies | 2,367,411 | 1,856,017 |
Deferred tax asset |
Accelerated capital allowances | 844 | - |
Accrued income |
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Prepayments |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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Other debtors within one year includes a rent deposit of £174,987 (2016: £174,983 due after more than one |
year) which is not returnable until the expiry of the relevant lease in March 2018. |
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Other debtors due after more than one year includes a rent deposit of £76,152 relating to a 10 year lease on a |
property which expires in October 2027. |
Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Corporation tax |
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Social security & other taxes |
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Other creditors |
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Parent company | 146,133 | 146,133 |
Other group companies | 434,332 | 196,489 |
Accruals |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
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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9. | PROVISIONS FOR LIABILITIES |
2016 |
£ |
Deferred tax |
Accelerated capital allowances | 4,247 |
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Deferred |
tax |
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Balance at 1 January 2017 |
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Accelerated capital allowances | (5,091 | ) |
Balance at 31 December 2017 | ( |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 100,000 | 100,000 |
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11. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2017 |
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Deficit for the year | ( |
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At 31 December 2017 |
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Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | PENSION COMMITMENTS |
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The company operates defined contribution pension schemes. Contributions due and paid for the year amounted |
to £28,124 (2016: £32,274). |
Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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14. | RELATED PARTY DISCLOSURES |
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The company is a wholly owned subsidiary of Naxos Global Distribution Limited, a company registered in Hong |
Kong. The ultimate controlling parties are Mr K Heymann & Mrs T Heymann. |
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The value of group products and services purchased by the company during the year was £2,471,435 (2016 |
: £2,656,244). Sales to companies within the group amounted to £1,133,745 (2016: £1,294,062). Interest has |
been charged on amounts owing by parent and other group companies totalling £51,647 (2016: £50,200). |
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Balances outstanding at 31 December 2017 were as follows: - |
2017 | 2016 |
£ | £ |
Amounts due from other group companies:- |
Naxos Rights International Limited |
Current account | 648,097 | 630,942 |
Trade accounts | 36,112 | 36.112 |
684,209 | 667,054 |
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Naxos Audio Books (UK) Limited |
Current account | 200,000 | 200,000 |
Trade accounts | 368,830 | 231,329 |
568,830 | 431,329 |
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Naxos Media Holdings (Europe) Ltd |
Current account | - | 223 |
Trade accounts | 14,352 | 50 |
14,352 | 273 |
Naxos Rights (Europe) Ltd |
Current account | 50,417 | - |
Trade accounts | 60,439 | - |
110,856 |
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Other trade accounts: - |
Naxos Global Logistics GmbH | 509,451 | 528,528 |
Naxos International (Far East) Limited | 142,425 | 135,237 |
Naxos Japan Inc | 21,466 | 36,778 |
Naxos of America Inc. | 18,199 | 12,749 |
Naxos Sweden AB | 7,480 | - |
Select Audio-Visual Distribution | - | 12,598 |
Ondine | 888 | 556 |
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234,893 | - |
Naxos Digital Services US Inc | 4,637 | - |
HNH International Ltd | 22,249 | 10,210 |
Arkiv Music Inc | 27,476 | 20,705 |
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2,367411 | 1,856,017 |
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Amounts due to parent company:- |
Loan account | 146,133 | 146,133 |
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Amounts due to other group companies:- |
Other trade accounts: - |
Naxos Global Logistics GmbH | 144,862 | 102,614 |
Naxos of America Inc | - | 77,292 |
Ondine | - | 190 |
Orfeo International Music GmbH | 11,258 | 15,128 |
Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
Naxos Audio Books (UK) Limited | 20,343 | - |
Naxos Digital Services US Inc | 100,677 | - |
Naxos Rights US Inc | 151,657 | - |
Naxos Sweden AB | 1,265 | 1,265 |
434,332 | 196,489 |
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15. | ULTIMATE CONTROLLING PARTY |
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The company is a wholly owned subsidiary of Naxos Global Distribution Limited, a company registered in Hong |
Kong. The ultimate controlling parties are Mr K Heymann & Mrs T Heymann. |
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16. | ULTIMATE PARENT COMPANY |
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The ultimate parent company is Naxos Global distribution Limited, a company registered in Hong Kong. |
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The results for the year of the company are included in the group financial statements of Naxos Global |
Distribution Limited for the year ended 31 December 2017. The group financial statements are not publicly |
available. |