Ultra a company with 25% interest in the share capital of Blk Ltd, which is a company involved in the same industry as Ultra. The other 75% of the share capital is owned by Mr T. Mr T is unfamiliar with the industry so has given Ultra Ltd three out of five seats on the board of directors. Ultra Ltd takes the lead on all decisions but the business is closely monitored by Mr T who holds the other board positions. Advise whether it is required to prepare consolidated financial statements