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All inter-company balances and transactions, together with unrealised income arising from them, are eradicated. Chelverton UK Dividend Trust PLC is a public firm, restricted by shares, domiciled and registered within the UK. The consolidated financial statements for the 12 months ended 30 April 2020 comprise the financial statements of the Company and its subsidiary SDVP (collectively referred to as the ‘Group’). Our audit strategy was based mostly on a thorough understanding of the Group’s business and is risk-primarily based.
Since the collapse in the stock market in March, there have been a number of requests to problem new ordinary shares at a modest premium to the prevailing net asset value per share. To date these have been turned down as a result of the issuing of such shares incurs a one-off price with the London Stock Exchange and the Board is not going to problem shares, when all prices are taken into consideration, at a value that isn’t a minimum of neutral to the prevailing shareholders.
- Control includes the ability to manipulate the financial and working policies of the investee in order to acquire profit from its activities and is achieved via direct or indirect possession