Examine the independent situation and state whether control does or does not exist. Where there is control, you are to state which party controls the entity. Give reasons for your answers and make reference to, and show the relevance of, the appropriate paragraphs in AASB10.

Farrar Ltd, Rosebery Ltd and Moulden Ltd each own 33.3 per cent of the share of Yarrawonga Prawns Pty Ltd, a small proprietary company. Rosebery Ltd has one board seat out of a total of three and runs the day-to-day business. Farrar Ltd and Moulden Ltd have one board seat each and are passive shareholders.