REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 30 June 2015 |
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for |
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CONVERTERTECHNOLOGY (UK) PRIVATE LIMITED |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 30 June 2015 |
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for |
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CONVERTERTECHNOLOGY (UK) PRIVATE LIMITED |
CONVERTERTECHNOLOGY (UK) PRIVATE LIMITED (REGISTERED NUMBER: 06702998) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 30 JUNE 2015 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Profit and Loss Account | 6 |
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Balance Sheet | 7 |
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Notes to the Financial Statements | 8 |
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CONVERTERTECHNOLOGY (UK) PRIVATE LIMITED |
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Company Information |
FOR THE YEAR ENDED 30 JUNE 2015 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
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CONVERTERTECHNOLOGY (UK) PRIVATE LIMITED (REGISTERED NUMBER: 06702998) |
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Report of the Directors |
FOR THE YEAR ENDED 30 JUNE 2015 |
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The directors present their report with the financial statements of the company for the year ended 30 June 2015. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of software solutions to the |
Banking, Insurance, Pharmaceutical, Utilities and Entertainment industries. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2014 to the date of this report. |
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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. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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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. |
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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. |
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AUDITORS |
The auditors, Haines Watts Bristol Limited, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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CONVERTERTECHNOLOGY (UK) PRIVATE LIMITED (REGISTERED NUMBER: 06702998) |
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Report of the Directors |
FOR THE YEAR ENDED 30 JUNE 2015 |
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This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating |
to small companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
ConverterTechnology (UK) Private Limited |
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We have audited the financial statements of ConverterTechnology (UK) Private Limited for the Year ended |
30 June 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related notes . The financial |
reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard |
for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to |
Smaller Entities). |
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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. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or |
error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances |
and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates |
made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial |
and non-financial information in the Report of the Directors to identify material inconsistencies with the audited |
financial statements and to identify any information that is apparently materially incorrect based on, or materially |
inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any |
apparent material misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 30 June 2015 and of its profit for the year then
ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
applicable to Smaller Entities; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion 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. |
Report of the Independent Auditors to the Members of |
ConverterTechnology (UK) Private Limited |
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Matters on which we are required to report by exception |
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: |
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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 |
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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. |
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for and on behalf of
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Chartered Accountants and Statutory Auditors |
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CONVERTERTECHNOLOGY (UK) PRIVATE LIMITED (REGISTERED NUMBER: 06702998) |
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Profit and Loss Account |
FOR THE YEAR ENDED 30 JUNE 2015 |
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2015 | 2014 |
Notes | £ | £ |
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TURNOVER | 2 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT and |
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION |
3 |
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Tax on profit on ordinary activities | 4 |
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PROFIT FOR THE FINANCIAL YEAR |
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CONVERTERTECHNOLOGY (UK) PRIVATE LIMITED (REGISTERED NUMBER: 06702998) |
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Balance Sheet |
30 JUNE 2015 |
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2015 | 2014 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Profit and loss account | 8 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved and authorised for issue by the Board of Directors on
were signed on its behalf by: |
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CONVERTERTECHNOLOGY (UK) PRIVATE LIMITED (REGISTERED NUMBER: 06702998) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 30 JUNE 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective April 2008). |
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Turnover |
The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of |
Value Added Tax. |
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In respect of long-term contracts and contracts for on-going services, turnover represents the value of work |
done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and |
contracts for on-going services is recognised by reference to the stage of completion. |
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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 where transactions or events have occurred at that date that will result in an obligation to |
pay more, or a right to pay less or to receive more tax. |
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Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not |
that there will be suitable taxable profits from which the future reversal of the underlying timing differences |
can be deducted. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in |
which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance |
sheet date. |
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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. |
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Financial instruments are classified and accounted for, according to the substance of the contractual |
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any |
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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2. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by geographical market is given below: |
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2015 | 2014 |
United Kingdom | 94.02% | 23.86% |
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5.98% | 76.14% |
100.00% | 100.00% |
CONVERTERTECHNOLOGY (UK) PRIVATE LIMITED (REGISTERED NUMBER: 06702998) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2015 |
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3. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2015 | 2014 |
£ | £ |
Auditors remuneration - Audit |
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Auditors remuneration - Taxation | 800 | 515 |
Foreign exchange differences |
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Directors' remuneration |
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4. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit on ordinary activities for the year was as follows: |
2015 | 2014 |
£ | £ |
Current tax: |
UK corporation tax |
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Over/under provision in prior |
year | 520 | - |
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Tax on profit on ordinary activities |
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Factors affecting the tax charge |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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2015 | 2014 |
£ | £ |
Profit on ordinary activities before tax |
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Profit on ordinary activities |
multiplied by the standard rate of corporation tax |
in the UK of
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Effects of: |
Expenses not deductible for tax purposes |
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Adjustments to tax charge in respect of previous periods |
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Tax chargeable at lower rates | (151 | ) | - |
Marginal relief | (142 | ) | - |
Group relief | - | (11,177 | ) |
Current tax charge |
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CONVERTERTECHNOLOGY (UK) PRIVATE LIMITED (REGISTERED NUMBER: 06702998) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2015 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2015 | 2014 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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VAT |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2015 | 2014 |
£ | £ |
Tax |
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VAT |
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Other creditors |
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Accruals and deferred income |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
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Ordinary | £1 |
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8. | RESERVES |
Profit |
and loss |
account |
£ |
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At 1 July 2014 |
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Profit for the year |
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At 30 June 2015 |
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9. | RELATED PARTY DISCLOSURES |
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The company was under the control of Convertertechnology, Inc by virtue of its shareholding in the company. |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 8 Related |
Party Disclosures, not to disclose related party transactions with wholly owned subsidiaries within the group. |
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10. | ULTIMATE CONTROLLING PARTY |
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At the year end, the ultimate parent company was CPS Group Investments (No 2) Pty Limited, a company |
registered in Australia. |