REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Milnrow Investments Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Milnrow Investments Limited |
Milnrow Investments Limited (Registered number: 06013143) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Statement of Directors' Responsibilities | 3 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 7 |
Statement of Financial Position | 8 |
Statement of Changes in Equity | 9 |
Notes to the Financial Statements | 10 |
Milnrow Investments Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
9 St Clare Street |
London |
EC3N 1LQ |
Milnrow Investments Limited (Registered number: 06013143) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a property holding company. |
FUTURE DEVELOPMENTS |
The Company's outlook is that of rental of commercial premises for manufacturing within the UK. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
DIRECTORS’ INDEMNITIES |
The Company has made qualifying third party indemnity provisions for the benefit of its directors, which were made during the year and remain in force at the date of this report. In accordance with its Articles, the Company has granted a qualifying third party indemnity, to the extent permitted by law, to each Director. The Company also maintains Directors' and Officers' liability insurance. |
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, Shinewing Wilson Accountancy Limited, 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: |
Milnrow Investments Limited (Registered number: 06013143) |
Statement of Directors' Responsibilities |
for the Year Ended 31 December 2023 |
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. |
Report of the Independent Auditors to the Members of |
Milnrow Investments Limited |
Opinion |
We have audited the financial statements of Milnrow Investments Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Statement of Financial Position, 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 101 'Reduced Disclosure Framework' (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 31 December 2023 and of its profit 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors and the Statement of Directors' Responsibilities, 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 |
Milnrow Investments 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 prepare the financial statements in accordance with the small companies regime and 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 |
Milnrow Investments 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: |
Discussions were held with, and enquiries made of, management and those charged with governance with a view |
to identifying those laws and regulations that could be expected to have a material impact on the financial statements.During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
The following laws and regulations were identified as being of significance to the entity: |
- Those laws and regulations considered to have a direct effect on the financial statements include FRS101 financial reporting standards, Company Law and Tax legislation. |
- It is considered that other laws and regulations such as Landlord and Tenant Act, Gas, Fire and Electrical safety for which non-compliance may be fundamental to the operating aspects of the business. |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs. |
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 |
Chartered Certified Accountants |
and Statutory Auditors |
9 St Clare Street |
London |
EC3N 1LQ |
Milnrow Investments Limited (Registered number: 06013143) |
Statement of Comprehensive Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION | 6 |
Tax on profit | 7 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR |
( |
) |
Milnrow Investments Limited (Registered number: 06013143) |
Statement of Financial Position |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 8 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Milnrow Investments Limited (Registered number: 06013143) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive loss | - | ( |
) | ( |
) |
Balance at 31 December 2022 | 2,912,302 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
Milnrow Investments Limited (Registered number: 06013143) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Milnrow Investments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparation |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
• | the requirements of IFRS 7 Financial Instruments: Disclosures; |
• | the requirements of paragraph 52 of IFRS 16 Leases; |
the requirements of paragraph 58 of IFRS 16; |
• | the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of: |
- | paragraphs 76 and 79(d) of IAS 40 Investment Property; |
• | the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1; |
• | the requirements of IAS 7 Statement of Cash Flows; |
• | the requirements of paragraph 74(b) of IAS 16; |
• | the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group. |
Going concern |
The Company is reliant on the support from the parent company and ultimate parent company. This support has been formally provided and accordingly the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
New standards, amendments, IFRIC interpretations and new relevant disclosure requirements |
There are no amendments to accounting standards, or IFRIC interpretations that are effective for the year ended 31 December 2023 that have a material impact on the company’s financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates. |
Rental income receivable under operating leases is recognised on a straight-line basis over the term of the lease. |
Investment property |
Investment property is measured initially at its cost, including related transaction costs and where applicable borrowing costs. |
After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted, if necessary, for differences in the nature, location or condition of the specific asset. Valuations are performed as at the financial position date by professional valuers who hold recognised and relevant professional qualifications and have recent experience in the location and category of the investment property being valued. These valuations form the basis for the carrying amounts in the company's financial statements. |
Changes in fair values are recognised in the income statement. Investment properties are derecognised when they have been disposed of. Gains or losses on the disposal of investment property are determined as the difference between net disposals and the carrying value of the asset at the date of disposal. |
Milnrow Investments Limited (Registered number: 06013143) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets |
The company's financial assets measured at amortised cost comprise trade and other debtors and cash and cash equivalents in the balance sheet. Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less, and - for the purpose of the statement of cash flows - bank overdrafts. Bank overdrafts are shown within 'Creditors: amounts falling due within one year' financial liabilities on the balance sheet. |
Financial liabilities |
Bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the balance sheet. Interest expense in this context includes initial transaction costs and premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding. |
Trade creditors and other short-term monetary liabilities, which are initially recognised at fair value and are subsequently carried at amortised cost using the effective interest method. |
Offsetting financial instruments |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. |
Share capital |
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. |
The company's ordinary shares are classified as equity instruments. |
Taxation |
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Exceptional items |
Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the company. They are items that are material either because of their size or their nature, or that are nonrecurring are considered as exceptional items and are presented within the line items to which they best relate. |
Milnrow Investments Limited (Registered number: 06013143) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The company has not made any significant judgements when applying the accounting policies. |
Investment Properties |
Investment properties, disclosed in Note 8, are professionally valued annually using a yield methodology. This uses market rental values capitalised at a market capitalisation rate but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself. Key inputs into the valuation was: |
- Capital value of £32.53 per square foot. |
4. | EMPLOYEES AND DIRECTORS |
The company has no employees other than its directors (2022: no other employees other than directors). |
During the year none of the directors received emoluments for their services to the company (2022: none). |
5. | EXCEPTIONAL ITEMS |
31.12.23 | 31.12.22 |
£ | £ |
Exceptional items | 5,190 | (10,417 | ) |
During the year, the company received a waiver for amounts owed to group undertakings of £215,190 (2022: £199,583), as well as agreeing to waive amounts owed by group undertakings of £210,000 (2022: £210,000), this resulted in a gain of £5,190 (2022: loss of £10,417). |
6. | PROFIT BEFORE TAXATION |
The profit before taxation is stated after charging: |
31.12.23 | 31.12.22 |
£ | £ |
The Company's audit fee for 2023 and 2022 are borne by Holroyd Precision Limited. |
7. | TAXATION |
Analysis of tax expense |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax |
Total tax expense in statement of comprehensive income |
Milnrow Investments Limited (Registered number: 06013143) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | TAXATION - continued |
Factors affecting the tax expense |
The tax assessed for the year is the same as (2022 - higher) the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Profit before income tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
150,000 |
- |
Effects of: |
Fair value movement on investment property | (150,000 | ) | - |
Exceptional items-intercompany waiver | (5,190 | ) | - |
Deferred tax on tax losses not recognised | 5,190 | - |
Deferred tax on investment property | 150,000 | 337,500 |
Tax expense |
The current government announced in the recent Budget that a increase to 25% has been effected on 1 April 2023. Therefore, deferred taxes at the balance sheet date have been measured using the most recent enacted tax rate at 25% and reflected in these financial statements. |
8. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Revaluations | 600,000 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The investment property has been pledged as security against HSBC loan held under UK group level. |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2023 | 600,000 |
Cost | 3,250,000 |
3,850,000 |
Milnrow Investments Limited (Registered number: 06013143) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | INVESTMENT PROPERTY - continued |
The valuation of the freehold property on Harbour Lane North, Milnrow was revalued to the fair value of £1,125,000 in 2013 and the surplus taken in the statement of comprehensive income. The property was valued on 19th January 2015 for 2014 by Edward Symmons LLP and the value stayed the same as 2013. The property was valued on 31st December 2015 by Lambert Smith Hampton to the fair value of £1,200,000 and the surplus taken in the statement of comprehensive income. The property was valued on 31st December 2016 by Lambert Smith Hampton to the fair value of £1,250,000 and the surplus taken in the statement of comprehensive income. Furthermore, the property was valued at £1,350,000 on the 31st December 2017 by Lambert Smith Hampton and the surplus was taken into the statement of comprehensive income. A further valuation was carried out on 31st December 2018 and 31st December 2019 with the property valued at £1,350,000. The Company engaged RICS registered firm Knight Frank LLP as independent valuation specialists to determine fair value of £3,550,000 as at 31 December 2020. The property was valued on 31st December 2021 by Lambert Smith Hampton to the fair value of £3,250,000 and the surplus taken in the Income Statement.The valuations were undertaken in accordance with the Royal Institution of Chartered Surveyors' Global Standards. |
The property was valued on 31st December 2022 by Lambert Smith Hampton to the fair value of £3,250,000 and no movement in the fair value. The valuations were undertaken in accordance with the Royal Institution of Chartered Surveyors' Global Standards. Details on the assumptions made and the key sources of estimation uncertainty are given in note 3. |
The property was valued on 31st December 2023 by Knight Frank LLP to the fair value of £3,850,000 with increase of £600,000 in the fair value. The valuations were undertaken in accordance with the Royal Institution of Chartered Surveyors' Global Standards. Details on the assumptions made and the key sources of estimation uncertainty are given in note 3. |
9. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax |
Other timing differences | 487,500 | 337,500 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year | 150,000 |
Balance at 31 December 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
ordinary shares | £1 | 198 | 198 |
11. | CONTINGENT LIABILITIES |
Unlimited Multilateral Guarantee dated 21 December 2011 given to HSBC by Milnrow Investments Limited, |
Holroyd Precision Ltd, Precision Components Limited and PTG Heavy Industries Limited. |
Company guarantee dated 02 November 2020 given by The Company Secretary, Chongqing Machinery & Electric Co. Debenture including Fixed Charge over all present freehold and leasehold property. |
Milnrow Investments Limited (Registered number: 06013143) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 101 'Reduced Disclosure Framework", not to disclose related party transactions with wholly owned subsidiaries within the group. |
13. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Precision Technologies Group (PTG) Limited, a company incorporated in England and Wales. |
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Chongqing Machinery and Electric Co. Limited, a company registered in the People's Republic of China. and a joint stock limited company both in Shanghai and Hong Kong. Copies of the consolidated financial statements can be obtained from the Company Secretary at No. 60, Middle Section of Huangshan Road, Northern New District of Chongqing, P.R. China. |
There is no one ultimate controlling party. |