REGISTERED NUMBER:
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PLANT LIPIDS UK LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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REGISTERED NUMBER:
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PLANT LIPIDS UK LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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PLANT LIPIDS UK LIMITED (REGISTERED NUMBER: 09290313) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 2 |
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PLANT LIPIDS UK LIMITED (REGISTERED NUMBER: 09290313) |
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BALANCE SHEET |
31 MARCH 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on
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PLANT LIPIDS UK LIMITED (REGISTERED NUMBER: 09290313) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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1. | STATUTORY INFORMATION |
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Plant Lipids UK Limited is a
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Registered number: |
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Registered office: |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Plant Lipids UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Plant Lipids (P) Limited, India. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
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Tangible fixed assets |
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Leasehold improvements | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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Depreciation is calculated from the month of acquisition. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment. |
PLANT LIPIDS UK LIMITED (REGISTERED NUMBER: 09290313) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates 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. |
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Going concern |
The financial statements are prepared on a going concern basis which assumes that the company will continue trading for the foreseeable future. The directors consider this to be appropriate and in the interest of the shareholder. The appropriateness of the going concern basis is dependent upon continued support from within the group. The parent company has agreed to maintain financial support to the company for a period of at least 12 months from the signing of these accounts. The directors have made their own enquiries of the going concern status of the parent company and are satisfied that it is able to maintain financial support for the relevant period. |
PLANT LIPIDS UK LIMITED (REGISTERED NUMBER: 09290313) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Debtors |
Debtors receivable within one year are measured at transaction price less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially measured at transaction price and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Any losses arising from impairment are recognised in the profit and loss account. |
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Creditors |
Creditors payable within one year are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price and subsequently measured at amortised cost determined using the effective interest method. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | Plant and | and | Computer |
improvements | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2021 |
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Additions |
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Disposals |
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Reclassification/transfer |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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Eliminated on disposal |
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Reclassification/transfer |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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PLANT LIPIDS UK LIMITED (REGISTERED NUMBER: 09290313) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: Germany |
Nature of business:
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Class of shares: | holding |
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Registered office: Mexico |
Nature of business:
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Class of shares: | holding |
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Registered office: Indonesia |
Nature of business:
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Class of shares: | holding |
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Registered office: USA |
Nature of business:
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Class of shares: | holding |
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PLANT LIPIDS UK LIMITED (REGISTERED NUMBER: 09290313) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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6. | STOCKS |
2022 | 2021 |
£ | £ |
Raw materials |
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Finished goods |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
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Amounts owed by group undertakings are repayable on demand. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 10) |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | 129,284 | 81,602 |
Other creditors |
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Accruals and deferred income |
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Amounts owed to group undertakings are repayable on demand. |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Amounts owed to group undertakings |
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Amounts owed to group undertakings interest is payable at LIBOR plus 3% on the compounded amount. |
PLANT LIPIDS UK LIMITED (REGISTERED NUMBER: 09290313) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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11. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
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Between one and five years |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary | £1 | 684,900 | 684,900 |
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13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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Emphasis of matter |
We draw your attention to note 2 of the financial statements which describes the company's accounting policy in respect of the adoption of the going concern basis. The going concern basis is dependent on the continued support of the parent undertaking for at least twelve months. Our opinion is not qualified in respect of this matter. |
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for and on behalf of
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PLANT LIPIDS UK LIMITED (REGISTERED NUMBER: 09290313) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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14. | RELATED PARTY DISCLOSURES |
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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. |
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At the balance sheet date £531,925 (2021: £536,677) was owed to the parent company in respect of a loan. |
Interest on the loan totalling £31,533 (2021: £46,075) was payable to the parent company. |
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At the balance sheet date £441,781 (2021: £418,681) was owed from the company's subsidiary in respect of a loan. Interest on the loan totalling £23,100 (2021: £23,100) was receivable from the subsidiary company. |
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During the period the director provided consultancy services to the company with fees totalling £15,712 (2021: £14,363). At the balance sheet date £1,000 (2021: £1,250) was owed to the director in respect of consultancy services. |
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At the balance sheet date £406,508 (2021: £377,244) was owed to another related party in respect of a loan. Interest on the loan totalling £10,939 (2021: £12,044) was payable to the other related party. |
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15. | ULTIMATE PARENT COMPANY |
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Plant Lipids (P) Limited (incorporated in India) is regarded by the directors as being the company's ultimate parent company. |
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Registered office address - Kolenchery, Cochin - 682311, Kerala, India. |