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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bulgarian Prop. | LSE:BPD | London | Ordinary Share | GB00B058TT05 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
+---------------------------------------------+----------------+----+----------------+ | | | | | +---------------------------------------------+----------------+----+----------------+ | 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
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