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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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ALBEMARLE VENTURE PARTNER LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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ALBEMARLE VENTURE PARTNER LIMITED |
ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2021 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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ALBEMARLE VENTURE PARTNER LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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4th Floor |
Venture House |
27-29 Glasshouse Street |
London |
W1B 5DF |
ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039) |
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STATEMENT OF FINANCIAL POSITION |
31 December 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Fair value reserve | 9 |
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Capital reserve | 9 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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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 by the Board of Directors and authorised for issue on
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ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Albemarle Venture Partner Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
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Investments |
Listed equity investments which are not subsidiaries, associates or joint ventures are initially measured at transaction price and subsequently carried at fair value and the changes in fair value are recognised in profit or loss. |
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Unlisted equity investments which are not subsidiaries, associates or joint ventures whose fair values cannot be measured reliably are measured at cost less impairment. |
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Investment income |
Investment income represents the total amount receivable in the ordinary course of business. |
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Property, plant and equipment |
Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. |
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Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows; |
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Computer equipment | - 25% on cost |
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The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
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Investments in associates |
Investments in associate undertakings are recognised at cost. |
ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Other financial assets |
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Listed equity investments which are not subsidiaries, associates or joint ventures are initially measured at transaction price and subsequently carried at fair value and the changes in fair value are recognised in profit or loss. |
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Unlisted equity investments which are not subsidiaries, associates or joint ventures whose fair values cannot be measured reliably are measured at cost less impairment. |
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Other financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
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Basic financial liabilities |
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Trade and other creditors, accruals, director loans and amounts owed to group undertakings are initially recognised at transaction price and subsequently carried at amortised cost, using the effective interest rate method. |
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Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
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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 statement of financial position 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 statement of financial position 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. |
ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the standard exchange rate ruling for the period. |
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Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. |
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Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined. |
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All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income. |
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Going concern |
At the balance sheet date the company had net current liabilities of £195,546 which includes an amount of £226,968 (inclusive of accrued interest) owed to a director. The director has confirmed that he will not seek repayment of this balance within 12 months of the date of these reports. The financial statements have therefore been prepared on a going concern basis. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 -
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5. | PROPERTY, PLANT AND EQUIPMENT |
Computer |
equipment |
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COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
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6. | FIXED ASSET INVESTMENTS |
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2021 | 2020 |
£ | £ |
Participating interests |
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Loans to undertakings in which the company
has a participating interest |
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Other investments not loans |
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Additional information is as follows: |
Interest |
in | Listed | Unlisted |
associate | investments | investments | Totals |
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COST OR VALUATION |
At 1 January 2021 |
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1,128,203 |
Additions |
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111,332 |
Disposals |
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Revaluations |
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75,517 |
At 31 December 2021 |
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1,059,944 |
NET BOOK VALUE |
At 31 December 2021 |
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1,059,944 |
At 31 December 2020 |
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1,128,203 |
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Cost or valuation at 31 December 2021 is represented by: |
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Interest |
in | Listed | Unlisted |
associate | investments | investments | Totals |
£ | £ | £ | £ |
Valuation in 2022 | - | 276,372 | - | 276,372 |
Cost | 12,500 | 680,118 | 90,954 | 783,572 |
12,500 | 956,490 | 90,954 | 1,059,944 |
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If listed investments had not been revalued they would have been included at the following historical cost: |
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2021 | 2020 |
£ | £ |
Cost | 680,118 | 732,723 |
ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
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6. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
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Associated company |
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Registered office: Unit G Aisecome Way Weston-Super-Mare Avon BS22 8NA |
Nature of business:
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Class of shares: | holding |
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£ | £ |
Aggregate capital and reserves | ( |
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Loss for the year | ( |
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The last available accounts for the company were for the year ended 31 December 2020. |
Loans to |
associates |
£ |
At 1 January 2021 |
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Repayment in year | ( |
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At 31 December 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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Directors' loan accounts | 101,968 | 256,968 |
Accruals and deferred income |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 154,750 | 154,750 |
ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
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9. | RESERVES |
Fair |
Retained | value | Capital |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
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At 1 January 2021 |
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693,172 |
Profit for the year |
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Transfer | 1,469 | (1,469 | ) | - | - |
At 31 December 2021 |
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785,478 |
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10. | RELATED PARTY DISCLOSURES |
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Private Equity Limited (PEL) |
At the balance sheet date the amount owed to PEL, the parent undertaking, is £521 (2020: £521). |
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Room2Spare Limited (R2SL) |
At the balance sheet date R2SL, an associated undertaking, owed the company £74,650 by way of an unsecured loan note, and this amount is included in investments. The loan originally bore interest at 15% p.a. and was repayable on 31 December 2007. The terms have been informally varied with no fixed repayment date. Interest of £nil has been recognised in the year and unpaid interest amounting to £116,203 is included within prepayments and accrued income which has been provided for in full . |
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At the balance sheet date the total amount owed by R2SL is £74,650 (2020: £79,450) net of a bad debt debt reserve. |
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D J Wills |
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The company received a loan from D J Wills in 2007 and 2008. The loan is unsecured and there are no formal terms relating to interest or date of repayment. It is intended that the loan be repaid in monthly instalments of £5,000 and that interest be payable at the rate of 4.5% over base. The total unpaid interest amounts to £125,000 and this amount is included in creditors. The loan has been repaid in full and no interest has been charged in the current year. |
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The company received a loan from D J Wills of £2,000,000 in 2011. The loan is unsecured and there are no formal terms relating to interest or date of repayment. Repayments amounting to £155,000 were made during the year. |
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11. | ULTIMATE PARENT COMPANY |
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The company's ultimate parent company is Private Equity Limited. |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is the director D J Wills. |