In the following independent situations, determine whether a parent-subsidiary relationship exists and which entity, if any, is a parent entity and required to prepare consolidated financial statements under AASB 10. Tom Ltd has recently acquired a 35% interest in Tyke Ltd, a company that has discovered large deposits of iron ore. Tom Ltd has extensive experience in the mining industry and, as a result, has been able to have four of its directors elected to the board of Tyke Ltd, which has six directors in total.