Cambrai Capital Limited - Limited company accounts 11.7

DRAFT

REGISTERED NUMBER: 03886888 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

FOR

CAMBRAI CAPITAL LIMITED

DRAFT

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Financial Statements

6

DRAFT

DIRECTORS:

E I O Uzel

I Borekci

REGISTERED OFFICE:

P O Box 1295

20 Station Road

Gerrards Cross

Buckinghamshire

SL9 8EL

REGISTERED NUMBER:

03886888 (England and Wales)

AUDITORS:

Nunn Hayward LLP

Chartered Accountants

Statutory Auditor

Sterling House

20 Station Road

Gerrards Cross

Buckinghamshire

SL9 8EL

DRAFT

The directors present their report with the financial statements of the company for the year ended 31 December 2014.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a technology advisory company.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2014 to the date of this report.

E I O Uzel

I Borekci

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have

taken as a director in order to make himself aware of any relevant audit information and to establish that the company's

auditors are aware of that information.

AUDITORS

The auditors, Nunn Hayward LLP, are deemed to be reappointed as auditors under Section 487(2) of the Companies

Act 2006.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

I Borekci - Director

28 September 2015

DRAFT

We have audited the financial statements of Cambrai Capital Limited for the year ended 31 December 2014 on pages

four to eight. The financial reporting framework that has been applied in their preparation is applicable law and United

Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. 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 a Report of the Auditors 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

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give

reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or

error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances

and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates

made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and

non-financial information in the Report of the Directors to identify material inconsistencies with the audited financial

statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent

with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material

misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2014 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Report of the Directors for the financial year for which the financial statements

are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Jonathan Hemmings (Senior Statutory Auditor)

for and on behalf of Nunn Hayward LLP

Chartered Accountants

Statutory Auditor

Sterling House

20 Station Road

Gerrards Cross

Buckinghamshire

SL9 8EL

28 September 2015

DRAFT

TURNOVER

-

Administrative expenses

6,570

10,205

OPERATING LOSS

2

(6,570

)

(10,205

)

Interest receivable and similar income

3

1

LOSS ON ORDINARY ACTIVITIES BEFORE
TAXATION

(6,569

)

(10,204

)

Tax on loss on ordinary activities

4

-

LOSS FOR THE FINANCIAL YEAR

(6,569

)

(10,204

)

CONTINUING OPERATIONS

None of the company's activities were acquired or discontinued during the current year or previous year.

TOTAL RECOGNISED GAINS AND LOSSES

The company has no recognised gains or losses other than the losses for the current year or previous year.

DRAFT

FIXED ASSETS

Investments

5

60

CURRENT ASSETS

Debtors

6

80,704

87,184

Cash at bank

1,657

1,746

82,361

88,930

CREDITORS

Amounts falling due within one year

7

6,480

NET CURRENT ASSETS

75,881

82,450

TOTAL ASSETS LESS CURRENT
LIABILITIES

75,941

82,510

CAPITAL AND RESERVES

Called up share capital

8

1

Profit and loss account

9

75,940

82,509

SHAREHOLDERS' FUNDS

12

75,941

82,510

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 28 September 2015 and were signed on its behalf
by:

I Borekci - Director

DRAFT

1.	ACCOUNTING POLICIES

Compliance with accounting standards

The financial statements have been prepared in accordance with Companies Act 2006 and applicable

accounting standards.

Accounting convention

The financial statements have been prepared under the historical cost convention.

Financial reporting standard number 1

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

2.	OPERATING LOSS

The operating loss is stated after charging:

2014

2013

£

Audit fees

3,600

Directors' remuneration and other benefits etc

-

3.

INTEREST RECEIVABLE AND SIMILAR INCOME

2014

2013

£

Bank interest received

1

4.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended 31 December 2014 nor for the

year ended 31 December 2013.

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 January 2014

and 31 December 2014

60

NET BOOK VALUE

At 31 December 2014

60

At 31 December 2013

60

DRAFT

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated company

Rants Limited

Country of incorporation: England & Wales

Nature of business: Online music subscription

%

Class of shares:

holding

Ordinary

41.25

31.3.14

31.3.13

£

Aggregate capital and reserves

(4,072,258

)

(3,564,046

)

Loss for the year

(508,212

)

(142,492

)

The results disclosed reflect the position as at the 31 March 2013, since the accounting periods are not

co-terminus.

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2014

2013

£

Amounts owed by participating interests

80,704

87,184

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

Other creditors

6,480

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

1

Ordinary

£1

1

9.

RESERVES

Profit

and loss

account

£

At 1 January 2014

82,509

Deficit for the year

(6,569

)

At 31 December 2014

75,940

10.	ULTIMATE PARENT COMPANY

The company is a wholly-owned subsidiary of Uzel Holdings AS, a company incorporated in the Republic of

Turkey. Copies of group accounts can be obtained from Uzel Holdings AS, Topçular, Kisla Caddesi No 5, Rami

34055, Istanbul, Turkey.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption in Financial Reporting Standard 8 from the requirement to

disclose transactions with group companies on the grounds that the consolidated financial statements are

prepared by the parent company.

DRAFT

12.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

2014

2013

£

Loss for the financial year

(6,569

)

(10,204

)

Net reduction of shareholders' funds

(6,569

)

(10,204

)

Opening shareholders' funds

82,510

92,714

Closing shareholders' funds

75,941

82,510