ACCOUNTS - Final Accounts

Staff costs, including directors' remuneration, were as follows:

ROVIDA ADVISORS (UK) LIMITED - Company Information

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Registered number: 08981191

ROVIDA ADVISORS (UK) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

ROVIDA ADVISORS (UK) LIMITED

Company Information

Directors	S N Roditi
	J Vohryzek-Samuel
	R Mowlem (appointed 21 March 2023)


Registered number	08981191


Registered office	The Belvedere
	2 Back Lane
	Hampstead
	London
	NW3 1HL


Independent auditor	Sayers Butterworth LLP
	3rd Floor
	12 Gough Square
	London
	EC4A 3DW


Bankers	Metro Bank
	One Southampton Row
	London
	WC1B 5HA


	Citi Private Bank
	Citigroup Centre
	Canada Square
	Canary Wharf
	London
	E14 5LB

ROVIDA ADVISORS (UK) LIMITED

Contents

	Page
Directors' report	1 - 2
Strategic report	3
Independent auditor's report	4 - 7
Statement of comprehensive income (incorporating the profit and loss account)	8
Balance sheet	9
Statement of changes in equity	10
Statement of cash flows	11
Analysis of net debt	12
Notes to the financial statements	13 - 20

ROVIDA ADVISORS (UK) LIMITED

Directors' report

For the Year Ended 31 December 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Results and dividends

The profit for the year, after taxation, amounted to £63,813 (2021 - £84,464).

Directors

The directors who served during the year were:

S N Roditi

J Vohryzek-Samuel

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Matters covered in the Strategic report

Disclosures of strategic importance that would usually be contained in the Directors' Report are presented in the Strategic Report.

Page 1

ROVIDA ADVISORS (UK) LIMITED

Directors' report (continued)

For the Year Ended 31 December 2022

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Sayers Butterworth LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 April 2023 and signed on its behalf.

S N Roditi

Director

Page 2

ROVIDA ADVISORS (UK) LIMITED

Strategic report

For the Year Ended 31 December 2022

Introduction

The directors submit their Strategic report for the year ended 31 December 2022.

Business review

Rovida Advisors (UK) Limited is authorised and regulated by The Financial Conduct Authority (FCA). The category of membership of the FCA states that Rovida Advisors (UK) Limited is authorised to carry on business as an exempt CAD BIPRU €50,000 MiFID investment firm, but it is not allowed to hold or deal in client money. The directors confirm that at no time during the above year has the firm held or dealt with client money and at all times during the year the firm has complied with the FCA minimum capital resources requirement.
The company continues to provide investment advisory services to its immediate parent company. The company continues to have sufficient reserves to fund its operations and satisfy solvency requirements and the Financial Conduct Authority.

Principal risk and uncertainties

The key risk for the company is that the investment advisory services provided to the immediate parent company are no longer required and the investment advisory agreement in place is brought to an end. This risk is considered to be low for the foreseeable future.

Financial key performance indicators

The performance of the group is monitored on a quarterly basis. The key performance indicators used by the company are as follows:

Financial instruments and risk management

The main financial risks inherent from the company's operations are credit risk, cash flow risk and liquidity risk. The directors monitor banking facilities and cash flows on a quarterly basis to ensure adequate working capital facilities are in place. In addition, the company undertakes an annual compliance review.

This report was approved by the board on 18 April 2023 and signed on its behalf.

S N Roditi

Director

Page 3

ROVIDA ADVISORS (UK) LIMITED

Independent auditor's report to the members of Rovida Advisors (UK) Limited

Opinion

We have audited the financial statements of Rovida Advisors (UK) Limited (the 'Company') for the year ended 31 December 2022, which comprise the Profit and loss account, the Balance sheet, the Statement of cash flows, the 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2022 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.

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 4

ROVIDA ADVISORS (UK) LIMITED

Independent auditor's report to the members of Rovida Advisors (UK) Limited (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.

Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

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 Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 1, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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.

Page 5

ROVIDA ADVISORS (UK) LIMITED

Independent auditor's report to the members of Rovida Advisors (UK) Limited (continued)

Auditor's 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 an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 outcome 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, Tax and Pension legislation, and distributable profits legislations.

∙Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the company and therefore may have a material effect on the financial statements include compliance with the requirements of the Financial Conduct Authority.

These matters were discussed amongst the engagement team at the planning stage and the team remained alert to non-compliance throughout the audit.
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 company meeting 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.

A limited assurance report on client assets has been conducted for the year ended 31 December 2022 and an unmodified opinion was formed by the independent Auditor to the Financial Conduct Authority.

Page 6

ROVIDA ADVISORS (UK) LIMITED

Independent auditor's report to the members of Rovida Advisors (UK) Limited (continued)

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 Auditor's report.

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 an Auditor's 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.

Matthew Wright (Senior statutory auditor)

for and on behalf of

Sayers Butterworth LLP
Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW

18 April 2023

Page 7

ROVIDA ADVISORS (UK) LIMITED

Statement of comprehensive income (incororating the profit and loss account)

For the Year Ended 31 December 2022

	2022	2021
Note	£	£


Turnover	4	560,000	2,507,547
Gross profit		560,000	2,507,547
Administrative expenses		(483,756)	(2,403,248)
Operating profit		76,244	104,299
Interest receivable and similar income		2,658	114
Profit before tax		78,902	104,413
Tax on profit	8	(15,089)	(19,949)
Profit for the financial year		63,813	84,464

The notes on pages 13 to 20 form part of these financial statements.

Page 8

ROVIDA ADVISORS (UK) LIMITED

Registered number: 08981191

Balance sheet

As at 31 December 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	9		379		894
			379		894
Current assets
Debtors: amounts falling due within one year	10	6,978		2,071,696
Cash at bank and in hand		578,836		487,767
		585,814		2,559,463
Creditors: amounts falling due within one year	11	(39,979)		(2,077,956)
Net current assets			545,835		481,507
Total assets less current liabilities			546,214		482,401

Net assets			546,214		482,401

Capital and reserves
Called up share capital	12	100,000	100,000
Profit and loss account		446,214	382,401
		546,214	482,401

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 April 2023.

S N Roditi

Director

The notes on pages 13 to 20 form part of these financial statements.

Page 9

ROVIDA ADVISORS (UK) LIMITED

Statement of changes in equity

For the Year Ended 31 December 2022

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2022	100,000	382,401	482,401

Profit for the year	-	63,813	63,813
At 31 December 2022	100,000	446,214	546,214

Statement of changes in equity

For the Year Ended 31 December 2021

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2021	100,000	297,937	397,937

Profit for the year	-	84,464	84,464
At 31 December 2021	100,000	382,401	482,401

The notes on pages 13 to 20 form part of these financial statements.

Page 10

ROVIDA ADVISORS (UK) LIMITED

Statement of cash flows

For the Year Ended 31 December 2022

			2022	2021
			£	£

Cash flows from operating activities
Profit for the financial year	63,813	84,464
Adjustments for:
Depreciation of tangible assets	515	582
Interest received	(2,658)	(114)
Taxation charge	15,089	19,949
Decrease/(increase) in debtors	2,064,718	(1,595,645)
(Decrease)/increase in creditors	(2,033,117)	1,569,237
Corporation tax (paid)	(19,949)	(13,172)
Net cash generated from operating activities	88,411	65,301

Cash flows from investing activities
Interest received	2,658	114
Net cash from investing activities	2,658	114

Net increase in cash and cash equivalents	91,069	65,415
Cash and cash equivalents at beginning of year	487,767	422,352
Cash and cash equivalents at the end of year	578,836	487,767

Cash at bank and in hand	578,836	487,767

The notes on pages 13 to 20 form part of these financial statements.

Page 11

ROVIDA ADVISORS (UK) LIMITED

Analysis of Net Debt

For the Year Ended 31 December 2022


At 1 January 2022	Cash flows	At 31 December 2022
£	£	£

Cash at bank and in hand	487,767	91,069	578,836
	487,767	91,069	578,836

The notes on pages 13 to 20 form part of these financial statements.

Page 12

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2022

1.	General information

Rovida Advisors (UK) Limited is a private limited company, incorporated in England and Wales, registration number 08981191. The Company's registered office is The Belvedere, 2 Back Lane, Hampstead, London, NW3 1HL.
The principal activity of the company during the year was the provision of investment advisory services.
Rovida Advisors (UK) Limited is authorised and regulated by The Financial Conduct Authority (FCA). The category of membership of the FCA states that Rovida Advisors (UK) Limited is authorised to carry on business as an exempt CAD BIPRU €50,000 MiFID investment firm, but it is not allowed to hold or deal in client money. The directors confirm that at no time during the above year has the firm held or dealt with client money and at all times during the year the firm has complied with the FCA minimum capital resources requirement.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The company meets its day-to-day working capital requirements through its retained earnings and cash balances. The directors have a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. On this basis, the company continues to adopt the going concern basis in preparing its financial statements.

2.3

Turnover

Turnover comprises of fees received or receivable in respect of investment advisory services provided during the year and performance fees and is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model 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 location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2022

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

20%

reducing balance

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.

2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

2.7

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 ordinary shares.

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 the Profit and loss account.

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.

2.8

Creditors

Short-term creditors are measured at the transaction price.

Page 14

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2022

2.Accounting policies (continued)

2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account.

2.10

Taxation

Tax is recognised in profit or loss except that a charge 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors, there are no 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.

Page 15

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2022

Turnover

Analysis of turnover by country of destination:

					2022	2021
					£	£

Rest of the world	560,000	2,507,547
	560,000	2,507,547

Turnover comprises fees receivable in respect of investment advisory services and performance fees receivable.

5.	Auditor's remuneration
		2022	2021
		£	£

Fees payable to the Company's auditor for the audit of the Company's annual financial statements

5,750

5,250

Fees payable to the Company's auditor in respect of:
Taxation compliance services	3,825	2,850
All other services	3,245	2,870
	7,070	5,720

Page 16

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2022

Wages and salaries	350,000	2,041,874
Social security costs	49,540	280,560
	399,540	2,322,434

There are no key management personnel apart from the directors, please refer to note 7 for details of directors' remuneration.

The average monthly number of employees, including the directors, during the year was as follows:

	2022	2021
	No.	No.

Directors	2	2

7.	Directors' remuneration
		2022	2021
		£	£

Directors' emoluments	350,000	2,041,874
	350,000	2,041,874

The highest paid director received remuneration of £350,000 (2021 - £2,041,874).

Corporation tax
Current tax on profits for the year	15,089	19,949


	Taxation on profit on ordinary activities	15,089	19,949

Page 17

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2022

8.Taxation (continued)

Profit on ordinary activities before tax

78,902

104,413

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)	14,991	19,838
Effects of:
Depreciation add back and capital allowance deduction	98	111
Total tax charge for the year	15,089	19,949

Factors that may affect future tax charges

On 22 November 2022 proposals to increase the main rate of corporation tax from 19% to 25% with effect from 1 April 2023 were enacted into UK law.

Page 18

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2022

9.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 January 2022	2,434
	At 31 December 2022	2,434
	Depreciation
	At 1 January 2022	1,540
	Charge for the year on owned assets	515
	At 31 December 2022	2,055
	Net book value
	At 31 December 2022	379
	At 31 December 2021	894

10.

Debtors

					2022	2021
					£	£


Trade debtors	-	2,067,547
Other debtors	6,978	4,149
	6,978	2,071,696

11.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Corporation tax	15,089	19,949
Other taxation and social security	16,669	11,635
Other creditors	8,221	2,046,372
	39,979	2,077,956

Page 19

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2022

12.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

100,000 (2021 - 100,000) Ordinary shares of £1.00 each	100,000	100,000

13.

Related party transactions

The company has adopted the exemption permitted by paragraph 33.1A of FRS102 and has not disclosed transactions with members of the same group that are wholly owned.
During the year the company incurred costs of £45,700 (2021: £11,425) for business support services from a company where a director is also a director of Rovida Advisors (UK) Limited.
During the year the company incurred costs of £17,500 (2021: £51,775) for business support services from an unincorporated business belonging to a director.

14.	Ultimate parent undertaking and controlling party

The immediate parent undertaking is Rovida Advisors Inc, a company incorporated in the USA. The ultimate parent undertaking is the Zambezi Trust, a Trust domiciled in the Cayman Islands.
In the opinion of the directors, the ultimate controlling party is S N Roditi.

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