Final Results -22-

|                      |       4,136 |  |         137 |  |        948 |  |        739 | 
+----------------------+-------------+--+-------------+--+------------+--+------------+ 
 
 
In the opinion of the directors, the carrying amount of trade and other payables 
approximates to their fair value. 
* Other creditors includes EUR3,900,000 being the advance payment from FairPlay 
Commercial EAD under the Varna Logistics AD Sale and Purchase agreement (see 
note 25 for further information). 
 
 
 
 
 
 
19    CASH AND CASH EQUIVALENTS 
 
 
+----------------------+-------------+--+--------------+--+------------+--+------------+ 
|                      | 31 December 2008              |  |      31 December 2007      | 
+----------------------+-------------------------------+--+----------------------------+ 
|                      |       Group |  |      Company |  |      Group |  |    Company | 
+----------------------+-------------+--+--------------+--+------------+--+------------+ 
|                      |     GBP'000 |  |      GBP'000 |  |    GBP'000 |  |    GBP'000 | 
+----------------------+-------------+--+--------------+--+------------+--+------------+ 
|                      |             |  |              |  |            |  |            | 
+----------------------+-------------+--+--------------+--+------------+--+------------+ 
| Cash at bank and in  |       8,665 |  |        5,829 |  |     26,479 |  |     25,370 | 
| hand                 |             |  |              |  |            |  |            | 
+----------------------+-------------+--+--------------+--+------------+--+------------+ 
|                      |       8,665 |  |        5,829 |  |     26,479 |  |     25,370 | 
+----------------------+-------------+--+--------------+--+------------+--+------------+ 
 
 
Cash at bank is denominated in Euros and in Sterling and is held in the Group's 
bank accounts earning interest at rates between 0.5% and 6.5% per annum. 
 
 
 
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 
for the year ended 31 December 2008 
 
 
20.RESTRICTED CASH 
+----------------------+-------------+--+--------------+--+------------+--+------------+ 
|                      | 31 December 2008              |  |      31 December 2007      | 
+----------------------+-------------------------------+--+----------------------------+ 
|                      |       Group |  |      Company |  |      Group |  |    Company | 
+----------------------+-------------+--+--------------+--+------------+--+------------+ 
|                      |     GBP'000 |  |      GBP'000 |  |    GBP'000 |  |    GBP'000 | 
+----------------------+-------------+--+--------------+--+------------+--+------------+ 
|                      |             |  |              |  |            |  |            | 
+----------------------+-------------+--+--------------+--+------------+--+------------+ 
| Held in Bulgaria *   |    2,923    |  |            - |  |          - |  |          - | 
+----------------------+-------------+--+--------------+--+------------+--+------------+ 
| Held in UK |         |         202 |  |          202 |  |            |  |            | 
+----------------------+-------------+--+--------------+--+------------+--+------------+ 
|                      |       3,125 |  |          202 |  |          - |  |          - | 
+----------------------+-------------+--+--------------+--+------------+--+------------+ 
 
 
* The restricted cash held in Bulgaria is blocked in an escrow account by a 
public notary, responsible for the Varna Logistics Sale and Purchase agreement 
for the sale of 50% of the share capital of Varna Logistics AD to FairPlay 
Commercial EAD. The deposit was made by Trakia Retail Centre as a guarantee for 
proceeding with the deal (for further information refer to note 25). 
| The restricted cash in the Company relates to cash set aside in a blocked 
trust bank account for the benefit of outstanding creditors on 22 May 2008. The 
sole creditor at this date was HMRC in respect of corporation tax payable. At a 
General Meeting of the Company held on 7 April 2008 a special resolution to 
cancel the Company's Share Premium account was approved. An application to the 
Courts was then made to create a Special Reserve which is treated as 
distributable. The Court Order became effective on 28 May 2008. 
 
 
 
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 
for the year ended 31 December 2008 
 
 
21FINANCIAL INSTRUMENTS 
 
 
The Group's operations expose it to a variety of financial risks including 
credit risk, liquidity risk, interest rate risk, equity price risk and foreign 
currency exchange rate risk. Given the size of the Group, the directors have not 
delegated the responsibility of monitoring financial risk management to a 
subcommittee of the board. The policies set by the board of directors are 
implemented by the company's finance department. 
 
 
Credit risk 
The Group's credit risk is primarily attributable to its trade and other 
receivables. The Group has implemented policies that require appropriate credit 
checks on potential customers before leases are entered into and a rent deposit 
lodged with the Group. The amount of exposure to any individual counterparty is 
subject to a limit, which is reassessed annually by the board. 
 
 
The carrying amount of financial assets represents the maximum credit exposure. 
The maximum credit exposure to credit risk at the reporting date was: 
 
 
+---------------------------------------+------------------+--+------------------+ 
|                                       |            As at |  |            As at | 
|                                       | 31 December 2008 |  | 31 December 2007 | 
+---------------------------------------+------------------+--+------------------+ 
|                                       |          GBP'000 |  |          GBP'000 | 
+---------------------------------------+------------------+--+------------------+ 
|                                       |                  |  |                  | 
+---------------------------------------+------------------+--+------------------+ 
| Trade and other receivables           |              698 |  |              575 | 
+---------------------------------------+------------------+--+------------------+ 
| Restricted cash                       |            3,125 |  |                - | 
+---------------------------------------+------------------+--+------------------+ 
| Cash and cash equivalents             |            8,665 |  |           26,479 | 
+---------------------------------------+------------------+--+------------------+ 
|                                       |           12,488 |  |           27,054 | 
+---------------------------------------+------------------+--+------------------+ 
 
 
There are no financial assets past their due date. 
 
 
Liquidity risk 
The following are the maturities of financial liabilities, including estimated 
interest payments and excluding the impact of netting agreements; all of which 
are measured at amortised cost. 
 
 
+---------------------------------------+------------+--+-------------+--+----------+ 
| 31 December 2008                                                                  | 
+-----------------------------------------------------------------------------------+ 
|                                       |   Carrying |  | Contractual |  | 6 months | 
|                                       |     amount |  |  cash flows |  |  or less | 
+---------------------------------------+------------+--+-------------+--+----------+ 
|                                       |    GBP'000 |  |     GBP'000 |  |  GBP'000 | 
+---------------------------------------+------------+--+-------------+--+----------+ 
|                                       |            |  |             |  |          | 
+---------------------------------------+------------+--+-------------+--+----------+ 
| Trade and other payables              |      4,078 |  |       4,078 |  |    4,078 | 
+---------------------------------------+------------+--+-------------+--+----------+ 
|                                       |      4,078 |  |       4,078 |  |    4,078 | 
+---------------------------------------+------------+--+-------------+--+----------+ 
 
 
+---------------------------------------+------------+--+-------------+--+----------+ 
| 31 December 2007                                                                  | 
+-----------------------------------------------------------------------------------+ 
|                                       |   Carrying |  | Contractual |  | 6 months | 
|                                       |     amount |  |  cash flows |  |  or less | 
+---------------------------------------+------------+--+-------------+--+----------+ 
|                                       |    GBP'000 |  |     GBP'000 |  |  GBP'000 | 
+---------------------------------------+------------+--+-------------+--+----------+ 
|                                       |            |  |             |  |          | 
+---------------------------------------+------------+--+-------------+--+----------+ 
| Trade and other payables              |        937 |  |         937 |  |      937 | 
+---------------------------------------+------------+--+-------------+--+----------+ 
|                                       |        937 |  |         937 |  |      937 | 
+---------------------------------------+------------+--+-------------+--+----------+ 
 
 
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 
for the year ended 31 December 2008 
 
 
21FINANCIAL INSTRUMENTS (continued) 
 
 
Capital risk management 
The Group's objectives when managing capital are to safeguard the Group's 
ability to continue as a going concern in order to provide returns for 
shareholders and maintain an optimal capital structure to reduce the cost of 
capital. 
 
 
The Group defines capital as being share capital plus reserves. The Board of 
Directors monitors the level of capital as compared to the Group's long term 
debt commitments and adjusts the ratio of debt to capital as is determined to be