Final Results -22-
25 3월 2009 - 4:00PM
UK Regulatory
| | 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
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