McKenzies (Aluminium) Ltd - Limited company accounts 23.1

REGISTERED NUMBER: NI635671 (Northern Ireland)

Report of the Directors and

Financial Statements for the Year Ended 31 July 2022

for

McKenzies (Aluminium) Ltd

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

S A McKenzie

Mrs D M McKenzie

S McKenzie

REGISTERED OFFICE:

Suite 5 Ormeau House

91-97 Ormeau Road

Belfast

BT7 1SH

REGISTERED NUMBER:

NI635671 (Northern Ireland)

SENIOR STATUTORY AUDITOR:

Anthony Bradley FCA

AUDITORS:

Cleaver Black

Chartered Accountants

Registered Auditors

Suite 5 Ormeau House

91-97 Ormeau Road

Belfast

Co. Antrim

BT7 1SH

BANKERS:

Bank of Ireland

1 Donegall Square South

Belfast

BT1 5LR

The directors present their report with the financial statements of the company for the year ended 31 July 2022.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of trading and recycling of scrap and related products.

REVIEW OF BUSINESS

The smelter was decommissioned in November 2019 due to productivity issues and related market conditions. However due to an improvement in market conditions the smelter is likely to recommence production in May 2021

DIRECTORS

The directors shown below have held office during the whole of the period from 1 August 2021 to the date of this report.

S A McKenzie

Mrs D M McKenzie

S McKenzie

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.

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:

-	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.

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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Cleaver Black, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

S A McKenzie - Director

24 April 2023

Opinion

We have audited the financial statements of McKenzies (Aluminium) Ltd (the 'company') for the year ended 31 July 2022 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 July 2022 and of its loss 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 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.

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.

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.

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.

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 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.

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.

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.

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 take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

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.

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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identify and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

1. The nature of the industry and sector, control environment and business performance including the design of the companies remuneration policies;

2. Results of our enquiries of management about their own identification and assessment of the risks of irregularities;

3. Any matters we identified having obtained and reviewed the companies documentation of their policies and procedures relating to:

Identifying, evaluating and complying with laws and regulations and whether they were aware of any cases of non-compliance;

Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.

The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

4. The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to risk management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.

Audit response to risks identified

As a result of performing the above, we identified revenue deferrals as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

1. Enquiring of management and external legal counsel concerning actual and potential litigation and claims;

2. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

3. Reading minutes of meetings of those charged with governance and reviewing regulatory correspondence;

4. Obtaining an understanding of the provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions.

5. In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries; assessing whether the judgements made in making accounting estimates are indicative of potential bias and evaluating the business rationale of any significant transactions that are outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

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.

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.

Anthony Bradley FCA (Senior Statutory Auditor)

for and on behalf of Cleaver Black

Chartered Accountants

Registered Auditors

Suite 5 Ormeau House

91-97 Ormeau Road

Belfast

Co. Antrim

BT7 1SH

24 April 2023

TURNOVER

293,851

-

Cost of sales

(371,091

)

(330,913

)

GROSS LOSS

(77,240

)

(330,913

)

Administrative expenses

(22,409

)

(21,752

)

OPERATING LOSS

4

(99,649

)

(352,665

)

Interest payable and similar expenses

5

(40,250

)

(42,664

)

LOSS BEFORE TAXATION

(139,899

)

(395,329

)

Tax on loss

6

38,354

(109,775

)

LOSS FOR THE FINANCIAL YEAR

(101,545

)

(505,104

)

LOSS FOR THE YEAR

(101,545

)

(505,104

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(101,545

)

(505,104

)

FIXED ASSETS

Tangible assets

7

1,352,288

1,548,254

CURRENT ASSETS

Stocks

8

155,790

150,000

Debtors

9

11,544

8,216

Cash at bank and in hand

75,632

83,146

242,966

241,362

CREDITORS

Amounts falling due within one year

10

(1,272,642

)

(988,746

)

NET CURRENT LIABILITIES

(1,029,676

)

(747,384

)

TOTAL ASSETS LESS CURRENT LIABILITIES

322,612

800,870

CREDITORS

Amounts falling due after more than one year

11

(601,639

)

(929,345

)

PROVISIONS FOR LIABILITIES

15

(338,057

)

(387,064

)

NET LIABILITIES

(617,084

)

(515,539

)

CAPITAL AND RESERVES

Called up share capital

16

100

100

Retained earnings

17

(617,184

)

(515,639

)

SHAREHOLDERS' FUNDS

(617,084

)

(515,539

)

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2023 and were signed on its behalf by:

S A McKenzie - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 August 2020

100

(10,535

)

(10,435

)

Changes in equity

Total comprehensive income

-

(505,104

)

(505,104

)

Balance at 31 July 2021

100

(515,639

)

(515,539

)

Changes in equity

Total comprehensive income

-

(101,545

)

(101,545

)

Balance at 31 July 2022

100

(617,184

)

(617,084

)

1.	STATUTORY INFORMATION

McKenzies (Aluminium) Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified to include certain items at fair value. The presentation currency of these financial statements is Sterling.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

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.

Significant judgements and estimates

In applying the company's accounting policies the director is required to make significant judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The items in the financial statements where these judgements and estimates have been made include:

Recoverability of Debtors:

Estimates are made in respect to the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of the debtors are considered.

Assessing indicators of impairment:

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit or loss. If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the asset that would have been determined had no impairment loss been recognised for the asset in previous years. A reversal of an impairment loss is recognised immediately in the profit or loss

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided to write off the cost or valuation less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful lives as follows:

Plant and machinery - at varying rates on cost

The company assesses at each reporting date whether tangible fixed assets are impaired.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost for raw materials and consumables and goods for resale is the direct cost on acquisition and other costs bringing them to their existing location and condition.

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other amounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short term loan that is not at market rate, the financial asset or liability is measured, initially at the present value o future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

At 31 July 2022 the company had net current liabilities of £1,029,676, which included an intercompany loan of £878,271. The company has the continued support of McKenzies (NI) Limited, their parent company who have committed to providing support for a period of at least 12 months from the date of this report.

The Directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and the accounts.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires the settlement by a transfer of economic benefit, and a reliable estimate can be made for the amount of the obligation.

Provisions are charged as an expense to the Income Statement 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 the relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3.	EMPLOYEES AND DIRECTORS

2022

2021

£

£

Wages and salaries

16,280

22,341

The average number of employees during the year was as follows:

2022

2021

Production

1

1

2022

2021

£

£

Directors' remuneration

-

-

4.	OPERATING LOSS

The operating loss is stated after charging:

2022

2021

£

£

Depreciation - owned assets

195,966

206,513

Auditors' remuneration

1,800

1,800

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2022

2021

£

£

Bank loan interest

25,292

27,706

Hire purchase

14,958

14,958

40,250

42,664

6.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2022

2021

£

£

Current tax:

UK corporation tax

10,653

-

Deferred tax

(49,007

)

109,775

Tax on loss

(38,354

)

109,775

7.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 August 2021

and 31 July 2022

2,487,003

DEPRECIATION

At 1 August 2021

938,749

Charge for year

195,966

At 31 July 2022

1,134,715

NET BOOK VALUE

At 31 July 2022

1,352,288

At 31 July 2021

1,548,254

Plant and machinery with a carrying value of £1,201,237 (2021: £1,359,440) are held under finance leases. The depreciation charge for these assets in the year was £169,003 (2021: £179,550) .

8.

STOCKS

2022

2021

£

£

Finished goods

155,790

150,000

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

VAT

11,544

8,216

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 12)

228,000

228,000

Hire purchase contracts (see note 13)

125,000

125,000

Trade creditors

718

27,145

Amounts owed to group undertakings

878,271

578,601

Tax

10,653

-

Accruals

30,000

30,000

1,272,642

988,746

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans (see note 12)

570,381

773,089

Hire purchase contracts (see note 13)

31,258

156,256

601,639

929,345

12.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Bank loans

228,000

228,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

570,381

773,089

13.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2022

2021

£

£

Net obligations repayable:

Within one year

125,000

125,000

Between one and five years

31,258

156,256

156,258

281,256

14.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

798,381

1,001,089

Bank of Ireland have an all monies debenture held over the assets of the company.

As well as an all monies circular guarantee and indemnity. A lien on all securities or other property of the guarantors held by the bank whether for safe custody or otherwise.

Fixed & floating charge - all monies. By way of fixed equitable charge (I) all purchased debts being any book debts as defined in the agreement, purchased or purported to be purchased by the security holder pursuant to the agreement the ownership of which fail to vest absolutely and effectively in the security holder for any reason and (ii) all other debts, being those other than the purchased debts, now or at any time hereafter owing or becoming due to the company on any account whatsoever and (iii) all associated rights as defined in the agreement and reference to " a debt" and to a "contract of sale" in or in connection with such definition shall include reference to an other debt and to any contract giving rise to an other debt.. By way of a floating charge all the undertaking and all the rights and assets of the company whatsoever and wheresoever both present and future including the company's stock in trade and its uncalled capital other than such property as shall be subject to the fixed charge above detailed from time to time.

15.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

338,057

387,064

Deferred

tax

£

Balance at 1 August 2021

387,064

Provided during year

(49,007

)

Balance at 31 July 2022

338,057

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

1

100

100

17.

RESERVES

Retained

earnings

£

At 1 August 2021

(515,639

)

Deficit for the year

(101,545

)

At 31 July 2022

(617,184

)

18.	ULTIMATE PARENT COMPANY

McKenzies (NI) Limited (incorporated in Northern Ireland) is regarded by the directors as being the company's ultimate parent company.

The results of McKenzies (Aluminium) Limited have been consolidated into the results of McKenzies (NI) Limited.

The financial statements of McKenzies (NI) Limited are available for inspection at the Registrar of Companies, Second Floor, The Linenhall,32-38 Linenhall Street, Belfast.

19.	ULTIMATE CONTROLLING PARTY

The controlling party is S A McKenzie.