ACCOUNTS - Final Accounts preparation
ACCOUNTS - Final Accounts preparation
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Registered number:
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 MARCH 2022
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AUBAINE LIMITED
COMPANY INFORMATION
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AUBAINE LIMITED
CONTENTS
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AUBAINE LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 27 MARCH 2022
In accordance with section 414c (11) of the Companies Act, included in the Strategic Report is the review
of the business, principal risks and uncertainties and key performance indicators. This information would have been required by schedule 7 of the "Large and Medium sized Companies and Group (Accounts and Reports) Regulation 2008" to be contained in the Directors' Report.
This period continued to be challenging under the covid restrictions and lockdowns across the year. We managed to improve revenue substantially the moment outdoor restaurant spaces were permitted to trade as the majority of our estate benefit from large terraces. Despite the effect of Omicron disruption, which materially impacted the 2021-2022 Christmas trading, during that period we managed to control our cost across the estate and build a resilient structure to cope with the unprecedented challenges.
The group has been able to utilise the support offered by the UK government's CJRS, with some shop staff placed on furlough where this was necessary. In addition to this the temporary reduction in the rate of VAT along with rent deferrals and incentives have contributed to an increase in profitability and cash generated from operations for the period. Although challenging market conditions look likely to continue, especially with the start of the war in Ukraine the group remains committed to profitable growth. Performance for the group this year had been satisfactory considering Covid 19 restrictions, Brexit and uncertainties. The group now operates six restaurants and a deli in central London; including Brompton Road, Selfridges, Marylebone, Mayfair, Notting Hill, and Covent Garden. As the year progressed, sales momentum grew across our different formats to deliver a creditable performance despite the unprecedent challenges. This momentum has continued into the current financial year with trading above pre-pandemic levels, confirming the constant appeal of our restaurants and customers’ desire to continue to go out. The investments we have made in Marketing mainly our Social Media and Digital platform, have shown strong results. Aubaine culture contributes significantly to the success of the Group, we have great people and great people make a great business. Our employees are encouraged to engage with customers and the local community to ensure every guest is happy. We will continue to invest in our existing Restaurants to ensure our offer remains flexible, relevant and differentiated in this competitive and uncertain market.
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AUBAINE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2022
Given the nature of the company's business, the principal business risks relate to the following:
• Supply chain • Energy supply • Uncertain geopolitical situation • Qualified staff shortage • Recession/Cost of living • Inflation across the board. Various factors above are linked to Brexit and COVID19 Pandemic, Inflation and war in Ukraine the majority of impact is being felt at present, the present indications are that it is not necessarily beneficial to the sector. For example , Inflation, Energy prices, supply chain , recruitment and retention of workers and the influence of uncertainty depressing consumer spending are all increasing demands on resources across the hospitality sector. The above risks are partly mitigated by the following key measures: • Continuous Creative menu engineering that delivers strong margins • Strategic food and drinks pricing model to focus on value perception. • Collaborations and partnerships with with strong food and fashion brands to attract a range of new guests • Continuous supply chain improvement through discerning sourcing and skilled negotiation with suppliers and the favourable effect if economies of scale across the group • Continuous focus on delivering an enjoyable experience to our customers at excellent value for money • Competitive reward structures alongside a comprehensive training and development programme • State of the art Digital and Social Media platforms • Implementing new technologies that improve both operational efficiencies and guests experience
The directors consider the key indications of the performance of the company to be turnover, gross profit
percentage and EBITDA (earnings from restaurant operations before interest, tax, depreciation, amortisation and new restaurant pre opening costs). The financial requirements and associates risks of the business are regularly reviewed by the directors. The group does not use complicated financial instruments or trade in financial instruments. The operations of the group are mainly financed through shareholder equity, shareholder loans and bank facilities
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AUBAINE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2022
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet forseeable needs. Primarily this is achieved through close management control of working capital and utilisation of
a bank overdraft facility of £450,000.
This report was approved by the board and signed on its behalf.
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AUBAINE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 27 MARCH 2022
The directors present their report and the financial statements for the period ended 27 March 2022.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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 £311,434 (2021 - loss £2,013,997).
EBITDA for the year end amounted to £254,655.
The directors who served during the period were:
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AUBAINE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2022
Strategy
We intend to continue to pursue an organic growth strategy, driven by the rollout of new restaurant and deli sites and an ongoing focus on operational improvements to drive further sales and margin improvements across the existing estate. We believe that the number of potential new sites will depend on our present estate learnings and performance, in addition to the market challenges and opportunities. The Group adheres to rigorous new site selection criteria and a structured appraisal process. Any new location will be assessed against a number of investment, demographic and catchment criteria, and are subject to sign off by the Board. Ongoing focus on operational improvements, we believe that by continuing to focus on exceptional hospitality, menu evolution, staff development and retention. the Group will continue to drive like-for-like sales growth and operational excellence as it has done successfully over the past years. We are committed to continuously improve quality speed of delivery and product consistency. We already have a structured focus on managing our costs particularly in relation to the supply chain and the potential introduction of a central capability to improve efficiency. the Group is currently undertaking a review of the supply chain including the re-tendering of several key suppliers. We will continue to innovate and improve our customer offer in terms of value and quality. Furthermore, we have started building on our brand core strengths to grow internationally, A license agreement was signed for Saudi Arabia during this financial year and more to follow in Middle East, Europe, Hotel environment and transport hubs. Furthermore we will be looking at rationalizing our estate and seizing any opportunity.
The Company continues to monitor the effects of COVID 19 outbreak which has been declared as a pandemic by the World Health Organization. The outbreak has not only prompted widespread health concerns, but has caused recent deteriorations in global market conditions. The eventual outcome is highly uncertain and is largely dependent on how successful authorities are at containing and managing the outbreak.
The Board of Directors considers the emergence of the COVID 19 coronavirus pandemic to be a non adjusting post balance sheet event and hence any future impact is likely to be in connection with the assessment of the fair value of assets and liabilities affected, in future periods investments at future valuation dates. The company entered a company voluntary arrangement on the 18th November 2020 the company entered into a company voluntary arrangement to enable the continuation of trade. There are no other significant subsequent events that need to be disclosed or reflected in the annual accounts.
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AUBAINE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2022
The auditors, Wellers, 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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AUBAINE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUBAINE LIMITED
We have audited the financial statements of AUBAINE LIMITED (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 27 March 2022, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity 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 Group 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 Group's or the parent 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.
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AUBAINE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUBAINE LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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AUBAINE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUBAINE LIMITED (CONTINUED)
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AUBAINE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUBAINE LIMITED (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 Group 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:
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: • Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Employment Law, Tax and Pensions legislation. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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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AUBAINE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUBAINE LIMITED (CONTINUED)
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.
for and on behalf of
Accountants
Statutory Auditors
1 Vincent Square
SW1P 2PN
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AUBAINE LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 27 MARCH 2022
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AUBAINE LIMITED
REGISTERED NUMBER: 07918735
CONSOLIDATED BALANCE SHEET
AS AT 27 MARCH 2022
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AUBAINE LIMITED
REGISTERED NUMBER: 07918735
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 27 MARCH 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 38 form part of these financial statements.
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AUBAINE LIMITED
REGISTERED NUMBER: 07918735
COMPANY BALANCE SHEET
AS AT 27 MARCH 2022
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AUBAINE LIMITED
REGISTERED NUMBER: 07918735
COMPANY BALANCE SHEET (CONTINUED)
AS AT 27 MARCH 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 38 form part of these financial statements.
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AUBAINE LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 27 MARCH 2022
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AUBAINE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 27 MARCH 2022
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AUBAINE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 27 MARCH 2022
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AUBAINE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2022
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AUBAINE LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 27 MARCH 2022
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
Aubaine Limited (“the Company’) is a private company limited by shares. It is domiciled and incorporated in England.
The address of the company’s registered office is 7 Moxon St London W1U 4EP. The group consists of Aubaine Limited and all of its subsidiaries. The principal activities of the group and company are included in the Directors‘ Report.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 March 2019.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
2.Accounting policies (continued)
The group made a loss for the year of £311,434 (2021: loss of £2,013,997) and has net liabilities of £14,908,157 (2021: £14,596,722) as at the period end.
The group relies on a loan from its shareholders, to fund its permanent capital requirements. The directors have received an undertaking from the shareholders that they will not call for repayment of this loan made at the balance sheet date and will provide any financial assistance to support the business and its plans for future growth for a period of a least 12 months from the date of approval of the financial statements. On the basis of the above. the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
2.Accounting policies (continued)
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
2.Accounting policies (continued)
Goodwill
Other intangible assets
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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:
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
2.Accounting policies (continued)
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.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group 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. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions The group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Carrying value of investments in/loans made to subsidiary undertakings The directors have reviewed the carrying value of the company's initial investment in its subsidiary undertakings including subsequent loan funding towards restaurant fit out costs and working capital. Based on continued shareholder support, they are confident that the carrying value of investments in, and loans made to these subsidiary undertakings will be recoverable in the future. Based on the above the directors have concluded that no material provision for impairment is required at the balance sheet date. Impairment of goodwill, leasehold property, plant and equipment The group formally determines whether goodwill, leasehold property, plant and equipment are impaired by considering indicators of impairment annually. Shortfalls between the carying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value in use, are recognised as impairment losses. This requires the group to determine the lowest levels of assets which generate largely independent cash flows (cash generating units or CGU) and to estimate the value in use of those assets or CGUs. Cash generating units are deemed to be individual restaurant units. The recoverable amount of a CGU is estimated based on a multiple of forecast site EBITDA. The application of an appropriate multiple and forecasting of results requires a significant degree of management estimation and judgemental. In certain scenarios, management will also assess the recoverability of a CGU on the basis of the expected market value of the site. Categorisation of leases In categorising leases as finance leases or operating leases, management makes judgemental as to whether significant risks and rewards of ownership have transferred to the Group as lessee, or to the lessee, where the group is a lessor.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
The whole of the turnover represents amounts arising from the sale of food, beverages and sundry items, which fall within the group's ordinary activities, made solely within the United Kingdom.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
Page 30
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
Page 31
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
12.Intangible assets (continued)
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
Page 33
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
Page 34
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
Page 35
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
The shareholder loans are not secured and do not accrue interest and the company has recieved confirmation from the shareholders that the loans will not be recalled within 12 months of the balance sheet date. Accordingly, these loan have been disclosed as falling due after one year.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
A contingent liability with regards to the lease dilapidation provisions have been considered in detail, however a reliable estimate has not been arrived at nor adjusted in the accounts. Due to the nature of the lease works the directors do not expect these to represent significant costs to the company.
The group contributes into a defined contributions pension scheme. The assets of the scheme are
held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £43,279 (2021 - £42,197). Contributions totaling £42,461 (2021 - £39,857) were payable to the fund at the balance sheet date.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2022
The directors consider the ultimate parent undertaking to be Kusapi Limited, a company registered in Guersey.
Ultimate control vests with the Trustees of the Fortunata Trust.
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