Q plc has three subsidiaries: L Ltd, M Ltd, and N Ltd. All three were acquired on 1 January at the start of the financial year which has just ended. Q has a 55 per cent, 70 per cent and 95 per cent holding respectively and holds a majority of the voting equity in L and M. It has changed the composition of both these companies’ boards since they were acquired. However, despite its 95 per cent holding in N Ltd, it has only a 45 per cent holding of the voting equity and has so far failed in all its attempts to have a director appointed to the board. How should these three investee companies be treated in the Q group consolidated financial statements?