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XXX Ltd is a 51 per cent shareholder in C Ltd and currently has two out of five board seats. YYY Ltd is the remaining

XXX Ltd is a 51 per cent shareholder in C Ltd and currently has two out of five board seats. YYY Ltd is the remaining 49 per cent shareholder in C Ltd and currently has the other three seats. XXX Ltd is a passive shareholder as it is happy with the way YYY Ltd has been running the company. Advise XXX Ltd whether it is required to prepare consolidated financial statements.

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