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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2019 |
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SHIELD PROPERTIES LIMITED |
REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2019 |
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FOR |
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SHIELD PROPERTIES LIMITED |
SHIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03620786) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 October 2019 |
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Page |
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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 | 3 |
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Income Statement | 5 |
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Other Comprehensive Income | 6 |
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Balance Sheet | 7 |
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Statement of Changes in Equity | 8 |
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Notes to the Financial Statements | 9 |
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SHIELD PROPERTIES LIMITED |
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COMPANY INFORMATION |
for the year ended 31 October 2019 |
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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 |
Statutory Auditor |
Unit 2, Charnwood Edge Business Park |
Syston Road |
Leicestershire |
LE7 4UZ |
SHIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03620786) |
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REPORT OF THE DIRECTORS |
for the year ended 31 October 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 October 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of investment property management. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2018 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; |
- | 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, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the 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 |
SHIELD PROPERTIES LIMITED |
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Opinion |
We have audited the financial statements of Shield Properties Limited (the 'company') for the year ended 31 October 2019 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, 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 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 October 2019 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. |
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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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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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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. |
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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. |
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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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SHIELD PROPERTIES LIMITED |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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. |
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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. |
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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. |
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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. |
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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. |
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for and on behalf of
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Chartered Accountants |
Statutory Auditor |
Unit 2, Charnwood Edge Business Park |
Syston Road |
Leicestershire |
LE7 4UZ |
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SHIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03620786) |
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INCOME STATEMENT |
for the year ended 31 October 2019 |
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2019 | 2018 |
as restated |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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OPERATING PROFIT |
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Interest payable and similar expenses | ( |
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PROFIT BEFORE TAXATION |
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Tax on profit | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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SHIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03620786) |
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OTHER COMPREHENSIVE INCOME |
for the year ended 31 October 2019 |
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2019 | 2018 |
as restated |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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SHIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03620786) |
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BALANCE SHEET |
31 October 2019 |
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2019 | 2018 |
as restated |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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Investment property | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Fair value reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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SHIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03620786) |
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STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 October 2019 |
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Called up | Fair |
share | Retained | Share | value | Total |
capital | earnings | premium | reserve | equity |
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Balance at 1 November 2017 |
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Changes in equity |
Profit for the year | - | 147,833 | - | - | 147,833 |
Total comprehensive income | - |
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Balance at 31 October 2018 |
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Changes in equity |
Profit for the year | - | 378,356 | - | - | 378,356 |
Total comprehensive income | - |
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Balance at 31 October 2019 |
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SHIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03620786) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 October 2019 |
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1. | STATUTORY INFORMATION |
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Shield Properties Limited is a limited company, registered in England and Wales. Its registered office address is 365 Fosse Way, Syston, Leicester, Leicestershire LE7 1NL and the registered number is 03620786. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company has not prepared group accounts on the basis that it qualifies as a small group. |
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The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £. |
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Going concern |
The company had net current liabilities at the year end. Notwithstanding this, the directors believe that it is appropriate to adopt the going concern basis in the preparation of the financial statements. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future despite the global pandemic which occurred after the year end. The directors have prepared financial forecasts which incorporate the impact of COVID-19 as far as possible, including cashflow forecasts and an assessment of available associated company support. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
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At the balance sheet date, technically a loan covenant breach occurred. The lender has not sought to recall the loan. Under accounting standards as the breach occurred at the year end but was not waived by the lender the amount greater than one year under the loan repayment profile of £1,674,200 has been disclosed as due less than one year in these accounts. |
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Turnover |
Turnover represents rents receivable. |
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Tangible fixed assets |
Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the condition necessary for it to be capable of operating in the manner intended by management. |
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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. |
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Depreciation is provided on the following basis: |
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Land and buildings | 2% per annum on cost of buildings |
Assets in the course of construction | Nil |
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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. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account. |
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Investments in subsidiaries |
Investment in the subsidiary company is held at cost less accumulated impairment losses. |
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Investment property |
The investment property is carried at fair value and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account. |
SHIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03620786) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
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Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
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Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
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Taxation |
The tax expense for the year comprises current and deferred tax. |
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Tax is recognised in profit or loss except that a change 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. |
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Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet 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. |
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Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Valuation of investments |
Investments in subsidiaries are measured at cost less accumulated impairment. |
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Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. |
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Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. |
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Borrowing costs |
All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred. |
SHIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03620786) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Provisions for liabilities |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
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Provisions are charged as an expense to the Profit and Loss Account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
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When payments are eventually made, they are charged to the provision carried in the Balance Sheet. |
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3. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 31 October 2019 nor for the year ended 31 October 2018. |
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The average number of employees during the year was NIL (2018 - NIL). |
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4. | PRIOR YEAR ADJUSTMENT |
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In 2018, there was a classification error of £379,213. This amount should have been included within amounts owed by a participating interest but was instead classified as an investment. |
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Therefore investments were overstated by £379,213 and amounts owed by a participating interest were understated by the same. |
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This error occurred in 2018 and would not have effected any other prior periods. |
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5. | TANGIBLE FIXED ASSETS |
Assets in |
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course of |
construction |
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COST |
At 1 November 2018 |
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Additions |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2018 |
and 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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The investment is in Clearwater Group International Limited, a company incorporated in England and Wales, in which Shield Properties Limited own all of the share capital. |
SHIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03620786) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2019 |
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7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2018 |
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Disposals | ( |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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The valuations were made in 2017 by Savills, FHP Property Consultants and the directors, on an open market value for existing use basis. The directors consider these values continue to reflect the market value at 31 October 2019. |
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If the investment properties had been accounted for under the historical accounting rules, the properties would have been measured as follows: |
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2019 | 2018 |
£ | £ |
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Historical cost | 8,318,874 | 8,492,687 |
8,318,874 | 8,492,687 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
as restated |
£ | £ |
Trade debtors |
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Amounts owed by participating interests | 2,956,134 | 3,434,134 |
VAT |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
as restated |
£ | £ |
Bank loans and overdrafts |
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Tax |
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Amounts owed to related party undertakings | 3,600,000 | 3,600,000 |
Accruals and deferred income |
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SHIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03620786) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2019 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
as restated |
£ | £ |
Bank loans |
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The bank loan has been guaranteed by Shield Engineering (Syston) Limited, a related party undertaking under common control. The guarantee was made to National Westminster Bank plc for £1.8 million. |
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11. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
as restated |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Deferred tax | 50,000 | - |
474,000 | 424,000 |
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Deferred |
tax |
£ |
Balance at 1 November 2018 |
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Charge to Profit and Loss Account during year |
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Balance at 31 October 2019 |
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12. | OTHER FINANCIAL COMMITMENTS |
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The Company has given a guarantee to National Westminster Bank plc for a loan of £4.6 million to Shield Engineering (Syston) Limited, a related party undertaking under common control. The guarantee is secured on the Company's investment properties. |
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13. | 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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During the year the company had transactions with the following related companies, all ultimately |
controlled by C R F Shield. |
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2019 | 2018 |
£ | £ |
Rent received from Shield Engineering (Syston) Limited | 199,200 | 199,200 |
Amounts due from Shield Engineering (Syston) Limited | 2,443,507 | 2,921,506 |
Rent received from Woolley GMC Engineering Limited | 170,000 | 170,000 |
Amounts due to Woolley GMC Engineering Limited | (350,000 | ) | (350,000 | ) |
Amounts due from Burrows & Smith Limited | 133,415 | 133,415 |
Amounts due from Clearwater Group International Limited | 379,213 | 379,213 |
Amounts due to R A Shield Holdings Limited | (3,249,500 | ) | (3,249,500 | ) |
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SHIELD PROPERTIES LIMITED (REGISTERED NUMBER: 03620786) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2019 |
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14. | POST BALANCE SHEET EVENTS |
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Since the balance sheet date, the world has suffered a COVID-19 outbreak and there has been volatility in the markets as a result. |
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The directors have considered the effect that this may have on the company, and although unclear what impact this will have in the longer term, the company is currently experiencing a positive start to the 2020 financial year. An estimate of the financial effect cannot therefore be made at this stage. The directors have assessed the above and consider the company to be a going concern.Since the balance sheet date, the world has suffered a COVID-19 outbreak and there has been volatility in the markets as a result. |
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The directors have considered the effect that this may have on the company, and although unclear what impact this will have in the longer term, the company is currently experiencing a positive start to the 2020 financial year. An estimate of the financial effect cannot therefore be made at this stage. The directors have assessed the above and consider the company to be a going concern. |
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Clearwater Group International Limited |
On 7th October 2020 the entire assets and liabilities of the Investment detailed in note 6, Clearwater Group International Limited, were transferred to the company via a dividend in specie. |
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15. | ULTIMATE CONTROLLING PARTY |
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The company is a subsidiary of Shield Properties Holdings Limited, which is ultimately controlled by C R F Shield. |