REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 30 September 2022 |
for |
Mandon Software Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 30 September 2022 |
for |
Mandon Software Limited |
Mandon Software Limited (Registered number: 03641499) |
Contents of the Financial Statements |
for the year ended 30 September 2022 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
Mandon Software Limited |
Company Information |
for the year ended 30 September 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
1 Charterhouse Mews |
London |
EC1M 6BB |
BANKERS: |
116 Fenchurch Street |
London |
EC3M 5AL |
Mandon Software Limited (Registered number: 03641499) |
Report of the Directors |
for the year ended 30 September 2022 |
The directors present their report with the financial statements of the company for the year ended 30 September 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of Mandon Software specialises in quality financial systems to the insurance industry. |
The MPACS modular based, client driven application provides front office and back-office functionality together with flexibility, allowing it to be tailored to the individual business needs. The system has been used within the insurance industry since 2000 making MPACS a highly competitive Client Management System (CMS) that has an established user base. |
Revenue is derived through the provision of software licences, system support and bespoke development services. |
MPACS (the system) along with IT support and development services are offered competitively and are accompanied by an exceptionally high customer care ethos and reliability and reputation. |
MPACS is the CMS used by ICW Group. Mandon has significantly developed the system for ICW including a Client Portal facility and a Surveyor's App which has served to achieve significant competitor advantage for the Group and has made ICW the warranty supplier of choice for many of its customers. MPACS is compatible with various software and EDI is easily accommodated. |
REVIEW OF BUSINESS |
Since Mandon joined the ICW Group in April 2021, investment has been made in the Company branding and the pricing structure of the products and services on offer to drive sales and improve profits. |
KEY PERFORMANCE INDICATORS |
Mandon Software intends to monitor performance using the following key indicators: |
- | Revenue growth |
- | Gross margin |
- | Profit growth (EBITDA) |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks to the company arise from marketplace competition, changes to the regulatory framework, rising costs associated with recruitment of skilled IT professionals and their retention, rising costs for software development licences and the economic uncertainty surrounding the COVID-19 situation, the Ukraine-Russia war and high inflation. |
The Directors manage these risks by: |
- | Project monitoring - ensuring system change requests are authorised and tested (system and user) before changes are released |
- | Monitoring of financial performance through financial reporting and the measurement of KPIs including: revenue by source & location, cost, profitability, and cash management |
- | Proactively monitoring the changing circumstances surrounding COVID-19 the Ukraine-Russia war and high inflation |
FUTURE DEVELOPMENTS |
Development of a web based MPACS system for ICW Building Control, Marketing MPACS to the insurance market and driving sales. |
Migrating existing customers onto the new SaaS model. |
Ongoing development projects to meet the needs of the ICW Group and its customers. |
Mandon Software Limited (Registered number: 03641499) |
Report of the Directors |
for the year ended 30 September 2022 |
A continued focus on improving operations and driving product and service quality delivered to all our customers and users. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2021 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The 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 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Anstey Bond LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Mandon Software Limited |
Opinion |
We have audited the financial statements of Mandon Software Limited (the 'company') for the year ended 30 September 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2022 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the 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 |
In forming our opinion, which is not qualified we have considered the adequacy of disclosures made in the going concern note of the financial statements concerning the availability of finance provided by other Companies within the Group. If these companies withdrew the financial support from the business there would be concerns over whether the business could continue as a going concern. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Mandon Software Limited |
Matters on which we are required to report by exception |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Mandon Software Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
. | the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; |
. | results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
. | any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: |
. | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
. | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
. | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
. | the matters discussed among the audit engagement team and involving relevant internal specialists, including tax and IT specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. |
Audit response to the risks identified |
Our procedures to respond to risks identified included the following: |
. | reviewing the financial statement disclosures and verifying through obtaining supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
. | enquiring of management and external legal counsel concerning actual and potential litigation and claims; |
. | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
. | reading minutes of meetings of those charged with governance, and reviewing regulatory correspondence |
. | obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
. | obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
Report of the Independent Auditors to the Members of |
Mandon Software Limited |
. | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. |
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 Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 |
1 Charterhouse Mews |
London |
EC1M 6BB |
Mandon Software Limited (Registered number: 03641499) |
Income Statement |
for the year ended 30 September 2022 |
Period |
1.4.21 |
Year Ended | to |
30.9.22 | 30.9.21 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
(119,683 | ) | (6,333 | ) |
Other operating income |
OPERATING LOSS and |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 5 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Mandon Software Limited (Registered number: 03641499) |
Balance Sheet |
30 September 2022 |
30.9.22 | 30.9.21 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium | 12 |
Revaluation reserve | 12 |
Retained earnings | 12 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Mandon Software Limited (Registered number: 03641499) |
Statement of Changes in Equity |
for the year ended 30 September 2022 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | - | - |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 September 2021 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 September 2022 | ( |
) | ( |
) |
Mandon Software Limited (Registered number: 03641499) |
Notes to the Financial Statements |
for the year ended 30 September 2022 |
1. | STATUTORY INFORMATION |
Mandon Software Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company is reliant for its working capital on funds provided to it by the other Companies within the Group, ICW Group Holdings Ltd the ultimate parent undertaking, ICW Technical Services Ltd and ICW Insurance Services Ltd both subsidiaries of ICW Group Holdings Ltd, who have confirmed that they will continue to make such funds available to the Company for a period of 12 months from the date of approval of these financial statements and, in particular, will not seek repayment of the amounts currently made available. This should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due. |
As with any company placing reliance on other group entities for financial support, the directors acknowledges that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirement of paragraph 33.7. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Patents and licences are being amortised evenly over their estimated useful life of 10 years. |
Tangible fixed assets |
Fixtures and fittings - 25% reducing balance method |
Computer equipment - 25% reducing balance method |
Mandon Software Limited (Registered number: 03641499) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. |
Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure. This includes the apprenticeship. The group has not directly benefited from any other forms of government assistance. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
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. |
Trade and other debtors |
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would me immaterial, in which case they are stated at cost. |
Mandon Software Limited (Registered number: 03641499) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2022 |
3. | EMPLOYEES AND DIRECTORS |
Period |
1.4.21 |
Year Ended | to |
30.9.22 | 30.9.21 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
Period |
1.4.21 |
Year Ended | to |
30.9.22 | 30.9.21 |
Employees and directors |
Period |
1.4.21 |
Year Ended | to |
30.9.22 | 30.9.21 |
£ | £ |
Directors' remuneration |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
Period |
1.4.21 |
Year Ended | to |
30.9.22 | 30.9.21 |
£ | £ |
Depreciation - owned assets |
Patents and licences amortisation |
Auditors' remuneration |
Mandon Software Limited (Registered number: 03641499) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2022 |
5. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
Period |
1.4.21 |
Year Ended | to |
30.9.22 | 30.9.21 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax | ( |
) |
Tax on loss | ( |
) |
6. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 |
AMORTISATION |
At 1 October 2021 |
Amortisation for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
Mandon Software Limited (Registered number: 03641499) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2022 |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2021 |
Additions |
At 30 September 2022 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.22 | 30.9.21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.22 | 30.9.21 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 9,533 | - |
Other creditors |
Directors' current accounts | - | 4 |
Accrued expenses |
10. | PROVISIONS FOR LIABILITIES |
30.9.22 | 30.9.21 |
£ | £ |
Deferred tax | - | 5,338 |
Mandon Software Limited (Registered number: 03641499) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2022 |
10. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 October 2021 |
Unused amounts reversed during year | ( |
) |
Balance at 30 September 2022 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.22 | 30.9.21 |
value: | £ | £ |
Ordinary | £1 | 100 | 667 |
12. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2021 | ( |
) | (359,936 | ) |
Deficit for the year | ( |
) | ( |
) |
At 30 September 2022 | ( |
) | (418,085 | ) |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
They are included in the parent company consolidated financial statements which are available on Companies House. |
14. | ULTIMATE CONTROLLING PARTY |
As at the balance sheet date, the ultimate controlling party is Mr D S Leathem by virtue of his in the control of the Parent Company, ICW Group Holdings Limited. |
The controlling party is ICW Group Holdings Ltd, a company incorporated in United Kingdom. Copies of the consolidated financial statements for ICW Group Holdings Ltd are available from Companies House. |