Final Results -3-
March 25 2009 - 3:00AM
UK Regulatory
+---------------------------------------------+----------------+----+----------------+
| | | | |
+---------------------------------------------+----------------+----+----------------+
| C D L Williams | 125,000 | | 50,000 |
+---------------------------------------------+----------------+----+----------------+
| I L G Hesmondhalgh | | 383,375 | | 200,001 |
+---------------------------------------------+----------------+----+----------------+
| P A Pashov * | 212,001 | | 212,001 |
+---------------------------------------------+----------------+----+----------------+
| K J Springall | - | | - |
+---------------------------------------------+----------------+----+----------------+
| J S Mackay | 50,000 | | 50,000 |
+---------------------------------------------+----------------+----+----------------+
| N K Galchev | - | | - |
+---------------------------------------------+----------------+----+----------------+
| R N Galtcheva (alternate) | - | | - |
+---------------------------------------------+----------------+----+----------------+
| Of the above, 88,423 are held by family trusts or by Mrs Hesmondhalgh. * Of
the above, 12,000 are held in a family trust of which there are 4 trustees, one
of whom is the wife of Mr Pashov.
Related party transactions
For details of related party transactions, including transactions with
directors, please refer to note 24 of the financial statements.
Statement of directors' responsibilities
Company law requires the directors to prepare financial statements for each
financial year which give a true and fair view of the state of affairs of the
Company and Group and of the profit or loss of the Company and Group for that
period. In preparing those financial statements, the directors are required to:
* select suitable accounting policies and then apply them consistently;
* make judgments and estimates that are reasonable and prudent;
* prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Company and Group will continue in business;
and
* state where applicable accounting standards have been followed, subject to any
material departure disclosed and explained in the financials statements.
The directors are responsible for ensuring that the directors' report and other
information included in the annual report is prepared in accordance with law in
the United Kingdom. They are also responsible for ensuring that the annual
report includes information required by the AIM rules.
REPORT OF THE DIRECTORS (continued)
for the year ended 31 December 2008
The directors are responsible for keeping proper accounting records which
disclose with reasonable accuracy at any time the financial position of the
entity and to enable them to ensure that the financial statements comply with
the Companies Act 1985. They are also responsible for safeguarding the assets of
the Company and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
Corporate governance
The directors are aware of the principles underlying the provisions of Section 1
of the Combined Code. The Company has an audit and remuneration committee and it
will continue to implement requirements of the Combined Code as the Company
develops. During the year, at the Board's request, KPMG Bulgaria resigned as
auditors of Bulgarian Property Developments EOOD and Ernst & Young Audit OOD was
appointed.
Financial risk management
Details of the Group's financial risk management objectives and policies and
their exposure to risks associated with the use of financial instruments are
disclosed in notes 1 and 21 to the financial statements.
Directors' and officers' liability insurance
The Company carries appropriate insurance cover in respect of possible legal
action being taken against its directors and senior employees.
Supplier payment policy
The Company's normal policy, which is also applied by the Group, is to pay
suppliers at the end of the month following that in which the supplier's invoice
is dated. This policy is made known to all suppliers on request. The creditor
days for the Company at 31 December 2008 were 21 days (31 December 2007: 68
days).
Subsequent events
For details of all subsequent events, please refer to note 25 to the financial
statements.
Charity
The Group supports the Bulgarian charity One Life (Year to 31 December 2008:
EUR10,000, Period to 31 December 2007: GBP5,000). One Life helps children
suffering from life shortening and life threatening diseases in Bulgaria. The
One Life Bulgaria charity is registered in Bulgaria in accordance with the Law
for Charitable Organisations Act in Sofia City Court File number 13378/2004,
BULSTAT 131359582.
Disclosure of information to the auditors
Each of the directors of the Company have confirmed that, in fulfilling their
duties as a director, they have:
* taken all necessary steps in order to make themselves aware of any information
relevant to the audit and to establish that the auditors are aware of that
information; and
* so far as they are aware, there is no relevant audit information of which the
auditors have not been made aware.
Auditors
A resolution to re-appoint the auditors, Nexia Smith & Williamson, will be
proposed at the next Annual General Meeting.
ON BEHALF OF THE BOARD:
Keith Springall
Director 24 March 2009
INDEPENDENT AUDITORS' REPORT
To the shareholders of Bulgarian Property Developments Plc
We have audited the Group and the parent company financial statements of
Bulgarian Property Developments Plc for the year ended 31 December 2008, which
comprise the Consolidated Income Statement, the Consolidated and Company Balance
Sheets, the Consolidated and Company Cash Flow Statements, the Consolidated and
Company Statement of Changes in Equity and the related notes 1 to 27. These
financial statements have been prepared under the accounting policies set out
therein.
This report is made solely to the Company's members, as a body, in accordance
with Section 235 of the Companies Act 1985. Our audit work has been undertaken
so that we might state to the Company's members those matters we are required to
state to them in an auditors' report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the Company and the Company's members as a body, for our audit work,
for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
The directors' responsibilities for preparing the Annual Report and the
financial statements in accordance with applicable law and International
Financial Reporting Standards (IFRSs) as adopted by the European Union applied
in accordance with the provisions of the Companies Act 1985 are set out in the
Statement of Directors' Responsibilities.
Our responsibility is to audit the financial statements in accordance with
relevant legal and regulatory requirements and International Standards on
Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true
and fair view and are properly prepared in accordance with the Companies Act
1985. We report to you whether in our opinion the information given in the
Directors' Report is consistent with the financial statements. The information
given in the Directors' Report includes that specific information presented in
the Chairman's Statement that is cross-referred from the Business Review section
of the Directors' Report. We also report to you if, in our opinion, the Company
has not kept proper accounting records, if we have not received all the
information and explanations we require for our audit, or if the information
specified by law regarding Directors' remuneration and transactions with the
Company is not disclosed.
We read other information contained in the Annual Report and consider whether it
is consistent with the audited financial statements. This other information
comprises only the Chairman's Statement and the Directors' Report. We consider
the implications for our report if we become aware of any apparent misstatements
or material inconsistencies with the financial statements. Our responsibilities
do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing
(UK and Ireland) issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts and
disclosures in the financial statements. It also includes an assessment of the
significant estimates and judgements made by the directors in the preparation of
the financial statements, and of whether the accounting policies are appropriate
to the Group's and Company's circumstances, consistently applied and adequately
disclosed.
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the financial statements.
INDEPENDENT AUDITORS' REPORT (continued)
To the shareholders of Bulgarian Property Developments Plc
Opinion
In our opinion:
* the financial statements give a true and fair view, in accordance with IFRSs as
Bulgarian Property Developments (LSE:BPD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bulgarian Property Developments (LSE:BPD)
Historical Stock Chart
From Jul 2023 to Jul 2024