Company registration number:
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2022
The Directors present their Strategic Report for 15Gifts Limited (the "Company", or “15Gifts”) for the 11- month period ended 30 November 2022. The Directors of the Company set a clearly defined strategy to respond to the changes taking place in technology and in the markets in which it operates in a way that leverages the strengths of the business model and delivers organic revenue and margin growth.
The principal activity of the Company is to develop and sell subscriptions of the cloud-based Guided Selling Engine and to provide implementation consultancy.
The core product of 15Gifts is a Guided Selling Engine built on consumer psychology principles and advanced machine learning. The solution is a fully customisable platform that recreates the craft of a in-store sales assistant in an online environment. The company has also developed Profiles - a solution that allows to model real-time, data rich customer profiles.
The Company is loss making by design due to investments in product development and customer acquisition across new verticals and geographies. The Company incurred a loss of £209,925 (year ended 31 December 2021: £159,780) on revenue of £3,838,986 (year ended 31 December 2021: £3,864,658). £1,835,791 of the loss in the period ending 30 November 2022 relates to amortisation of intangible fixed assets.
On 23 December 2022, the Company received its first institutional investment from FPE Capital LLP, enabling the acceleration of international expansion and product development.
Risk is inherent within our business activities, and the Company continues to prioritise and develop its risk management capability in recognition of this.
Currently the following principal risks are monitored and reported. Key customer risk At present, the Company operates within the telecommunications sector with a number of large enterprise customers. Consequently, customer retention plays a vital role in its success. To address this challenge, the Company invests consistently in customer success initiatives and maintains a team of experts dedicated to supporting its clientele. Additionally, the company is investing in software development that will facilitate alternate vertical market entry and expand geographical footprint. The company also ensures the performance of its Guided Selling Engine, tailored to each customer, is frequently evaluated to guarantee enhanced conversion rates and Return On Investment. Funding risk The lifecycle stage of the Company results in it currently generating losses due to investing heavily in the development of its platform. Consequently, the Company has been dependent on external funding to sustain its operations. The current economic environment has witnessed a substantial decline in the availability of funding and less favourable conditions. Despite this, the Company successfully secured its inaugural institutional investment from FPE Capital LLP, which will provide the necessary resources to finance its long-term product and business strategy.
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STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
Principal risks and uncertainties (continued)
Technology risk Relying solely on one technology or platform can make a company susceptible to vulnerabilities and sudden disruptions. Additionally, the rapid progress of Artificial Intelligence (AI) contributes to the quick obsolescence of technology. To stay ahead of technological shifts, the Company has been consistently investing in the development of its products and platforms, specifically focusing on enhancing its AI and machine learning capabilities. Furthermore, the Company prioritises continuous investment in acquiring, retaining, and nurturing talent in development and product roles as a means to effectively mitigate technology-related risks. Talent and Human Resources Risk The challenge of attracting and keeping talented employees can impede progress and creativity, especially considering our ambitious plans for rapid product development and expansion. To address this issue, we provide appealing compensation packages, cultivate a positive work environment, and offer opportunities for professional development. Additionally, we prioritise diversity and inclusivity in our workplace to draw a broader pool of skilled individuals.
The Directors are of the opinion that utilising alternative key performance indicators, apart from the revenue and profit disclosed in the financial statements, is unnecessary and unsuitable for comprehending the Company's business development, performance, or position.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2022
The directors present their report and the financial statements for the period ended 30 November 2022.
The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The loss for the period, after taxation, amounted to £209,925 (2021 - loss £159,780).
The directors do not recommend the payment of a dividend (2021 - £nil).
The directors who served during the period were:
The Company has chosen, in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out within the Company's Strategic Report the Company's Strategic Report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
On 20 December 2022, the Company issued 48,345 £0.01 Preference Shares for a total consideration of £5m.
The auditors, Menzies LLP, filled a causual vacancy and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 15GIFTS LTD
We have audited the financial statements of 15Gifts Ltd (the 'Company') for the period ended 30 November 2022, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 15GIFTS LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Strategic report or the Directors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 15GIFTS LTD (CONTINUED)
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 an Auditors' report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
−The Companies Act 2006;
−Financial Reporting Standard 102;
−UK employment legislation;
−UK health and safety legislation;
−General Data Protection Regulations; and
−UK tax legislation.
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the parent Company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the Company's engagement team included:
−Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
−Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
−Challenging assumptions and judgements made by management in its significant accounting estimates; and
−Identifying and testing journal entries, in particular any journal entries posted outside of the normal working patterns of the accounts team, or with unusual descriptions or account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
−The application of inappropriate judgements or estimation to manipulate the Company's financial position in the calculation of the year end accrued and deferred revenue balances in relation to long term contracts.
−The posting of unusual journals and complex transactions.
−The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.
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 Auditors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 15GIFTS LTD (CONTINUED)
Comparative information in the financial statements is derived from the Company's prior period financial statements which were not audited.
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 an Auditors' report 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.
Senior statutory auditor
for and on behalf of
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Surrey
KT22 8DY
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
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STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 26 form part of these financial statements.
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STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
15Gifts Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements.
The Company's principal place of business is Century House, 15-19 Dyke Road, Brighton, BN1 3FE. During the period, the Company changed their accounting reference date from 31 December to 30 November in order to comply with the directors preferences. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
In preparing the financial statements, the Directors have diligently assessed the going concern assumption to ensure that the Company possesses the ability to fulfil its obligations as they fall due. This comprehensive evaluation encompassed a thorough examination of the Company's cash position, financial standing, and obligations under existing debt agreements with external lenders.
Having carefully scrutinised the Company's current performance and future projections, the Directors are satisfied that the Company possesses sufficient resources to sustain its operations for a period of 12 months from the date these financial statements are approved. Notably, the recent investment and capital injection from FPE Capital LLP in December 2022 have fortified the Company's capacity to meet its obligations as they arise and to maintain effective operations, despite the incurred loss during the period. With due consideration given to the aforementioned investment, which supports the Company's long-term financial strategy, the financial statements of the Company have been prepared on a going concern basis. This approach assumes the continuous operation of the Company into the foreseeable future, with no intention or necessity to liquidate or curtail its activities.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
Revenue from licence fee sales is recognised over the period that the licence relates to on a straight line basis. Revenue from design, configuration and profile sales is recognised based on the time spent or profiles accessed.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Research and development The Company capitalises development costs. The management estimate the amount of time staff spend on development which meets the criteria to be capitalised in line with FRS102. This estimation involves judgement.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
10.Taxation (continued)
Corporation tax is set to increase from 19% in 2022 to 25% in April 2023.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
The entity has an equity-settled share based payment scheme for certain employees (including directors).
Under the terms of the scheme, share options in the Company may be exercised in the event of an "Exit event" resulting in the sale of the entity's shares or assets or listing on the AIM stock exchange. As there is no certainty that an exit event may occur, the Company recognises no expenses (2021: £nil) related to equity-settled share-based payment transactions during the year. Options are forfeited if the employee leaves the Company. Details of the number of share oprions and the weighted average exercise price outstanding during the year are as follows:
None of the shares outstanding were exercisable at the end of the period. The fair value of the options at 30 November 2022 is £nil (2021 - £nil).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
The controlling party is T P Cox by virtue of his shareholding in the Company.
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