ContourGlobal Europe Limited - Limited company accounts 16.1

REGISTERED NUMBER: 06182873 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2015

for

ContourGlobal Europe Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Profit and Loss Account

6

Balance Sheet

7

Notes to the Financial Statements

8

DIRECTORS:

Mr Garry Kenneth Levesley

Mr Jean-Christophe Juillard-Boudet

Mr James Mallory Karp

REGISTERED OFFICE:

Oceana House

39-49 Commercial Road

Southampton

Hampshire

SO15 1GA

REGISTERED NUMBER:

06182873 (England and Wales)

AUDITORS:

JR McKee & Co

Ratheane House

32 Hillsborough Road

Lisburn

Co. Antrim

BT28 1AQ

The directors present their report with the financial statements of the company for the year ended 31 December 2015.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2015 to the date

of this report.

Mr Garry Kenneth Levesley

Mr Jean-Christophe Juillard-Boudet

Other changes in directors holding office are as follows:

Mr James Mallory Karp - appointed 31 July 2015

Mr Christophe Georges Rene Lahon - resigned 31 July 2015

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, JR McKee & Co, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

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

relating to small companies.

ON BEHALF OF THE BOARD:

Mr Garry Kenneth Levesley - Director

15 September 2016

We have audited the financial statements of ContourGlobal Europe Limited for the year ended

31 December 2015 on pages six to ten. The financial reporting framework that has been applied in their

preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective January

2015) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).

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 2015 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; 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.

John McCleary (Senior Statutory Auditor)

for and on behalf of JR McKee & Co

Ratheane House

32 Hillsborough Road

Lisburn

Co. Antrim

BT28 1AQ

15 September 2016

McCleary & Company Ltd.

TURNOVER

-

-

Administrative expenses

(146,946

)

(1,473,361

)

(146,946

)

(1,473,361

)

Other operating income

1,170,531

1,463,555

OPERATING PROFIT/(LOSS)

2

1,023,585

(9,806

)

Interest payable and similar charges

(67,010

)

(58,465

)

PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION

956,575

(68,271

)

Tax on profit/(loss) on ordinary activities

4

(23,016

)

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

933,559

(68,271

)

CURRENT ASSETS

Debtors

5

5,320,845

5,673,810

Cash at bank

163,740

120,382

5,484,585

5,794,192

CREDITORS

Amounts falling due within one year

6

(266,245

)

(1,964,397

)

NET CURRENT ASSETS

5,218,340

3,829,795

TOTAL ASSETS LESS CURRENT LIABILITIES

5,218,340

3,829,795

CREDITORS

Amounts falling due after more than one year

7

(912,794

)

(457,808

)

NET ASSETS

4,305,546

3,371,987

CAPITAL AND RESERVES

Called up share capital

8

19,979,328

19,979,328

Capital redemption reserve

9

4,385,073

4,385,073

Profit and loss account

9

(20,058,855

)

(20,992,414

)

SHAREHOLDERS' FUNDS

4,305,546

3,371,987

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved and authorised for issue by the Board of Directors on 15 September 2016 and were signed on its behalf by:

Mr Garry Kenneth Levesley - Director

Mr James Mallory Karp - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Deferred tax

Deferred tax is provided on the liability method to take account of timing differences between the

treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or

accelerated is accounted for in respect of all material timing differences. Deferred tax assets are

recognised only to the extent that they are regarded as recoverable.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	OPERATING PROFIT/(LOSS)

The operating profit (2014 - operating loss) is stated after charging/(crediting):

31.12.15

31.12.14

£

£

Auditors' remuneration

29,500

28,468

Foreign exchange differences

(121,679

)

160,695

Directors' remuneration and other benefits etc

152,778

-

3.	EXCEPTIONAL ITEMS

Within administration expenses is an exceptional item of £1,024,103 credit which relates to

differences arising from the rationalisation of inter company balances and correction to earlier years

accruals. This credit is not expected to recur in future years.

4.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

31.12.15

31.12.14

£

£

Current tax:

Withholding tax

23,016

-

Tax on profit/(loss) on ordinary activities

23,016

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.15

31.12.14

£

£

Amounts owed by group undertakings

5,244,776

5,240,729

Other debtors

76,069

433,081

5,320,845

5,673,810

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.15

31.12.14

£

£

Trade creditors

17,451

(2,289

)

Amounts owed to group undertakings

139,118

1,111,031

Other creditors

109,676

855,655

266,245

1,964,397

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.15

31.12.14

£

£

Amounts owed to group undertakings

912,794

457,808

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

£

19,979,328

Ordinary

£1

19,979,328

19,979,328

9.

RESERVES

Profit

Capital

and loss

redemption

account

reserve

Totals

£

£

£

At 1 January 2015

(20,992,414

)

4,385,073

(16,607,341

)

Profit for the year

933,559

933,559

At 31 December 2015

(20,058,855

)

4,385,073

(15,673,782

)

10.	RELATED PARTY DISCLOSURES

11.	ULTIMATE CONTROLLING PARTY