ContourGlobal Europe Limited - Limited company accounts 18.2

REGISTERED NUMBER: 06182873 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2017

for

ContourGlobal Europe Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Balance Sheet

8

Notes to the Financial Statements

10

DIRECTORS:

Mr Jean-Christophe Juillard-Boudet

Mr Karl Schnadt

REGISTERED OFFICE:

15 Berkeley Street

6th Floor

London

W1J 8DY

REGISTERED NUMBER:

06182873 (England and Wales)

AUDITORS:

McCleary & Company Ltd

Chartered Accountants and Registered Auditors

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 2017.

DIRECTORS

Mr Jean-Christophe Juillard-Boudet has held office during the whole of the period from 1 January 2017 to the date of this report.

Other changes in directors holding office are as follows:

Mr Garry Kenneth Levesley - resigned 2 February 2017

Mr Karl Schnadt was appointed as a director after 31 December 2017 but prior to the date of this report.

Mr James Mallory Karp ceased to be a director after 31 December 2017 but prior to the date of this report.

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;

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, McCleary & Company Ltd, 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 Jean-Christophe Juillard-Boudet - Director

27 June 2018

Opinion

We have audited the financial statements of ContourGlobal Europe Limited (the 'company') for the year

ended 31 December 2017 which comprise the Income Statement, Balance Sheet and Notes to the Financial

Statements, including a summary of significant accounting policies. The financial reporting framework that

has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' (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.

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2017 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and

applicable law. Our responsibilities under those standards are further described in the Auditors'

responsibilities for the audit of the financial statements section of our report. We are independent of the

company in accordance with the ethical requirements that are relevant to our audit of the financial statements

in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in

accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us

to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in

the Report of the Directors, but does not include the financial statements and our Report of the Auditors

thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form

of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information

and, in doing so, consider whether the other information is materially inconsistent with the financial

statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based

on the work we have performed, we conclude that there is a material misstatement of this other information,

we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	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; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course

of the audit, we have not identified material misstatements in the Report of the Directors.

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.

Responsibilities of directors

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, and for such internal control as the directors determine necessary to enable the preparation of

financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

concern basis of accounting unless the directors either intend to liquidate the company or to cease

operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes

our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit

conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of these

financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the

Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms

part of our Report of the Auditors.

John McCleary (Senior Statutory Auditor)

for and on behalf of McCleary & Company Ltd

Chartered Accountants and Registered Auditors

Ratheane House

32 Hillsborough Road

Lisburn

Co. Antrim

BT28 1AQ

27 June 2018

McCleary & Company Ltd.

TURNOVER

-

-

Administrative expenses

(1,657,584

)

(1,783,713

)

(1,657,584

)

(1,783,713

)

Other operating income

1,710,791

2,385,818

OPERATING PROFIT

4

53,207

602,105

Interest receivable and similar income

-

1

53,207

602,106

Interest payable and similar expenses

(75,837

)

(80,530

)

(LOSS)/PROFIT BEFORE TAXATION

(22,630

)

521,576

Tax on (loss)/profit

-

-

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(22,630

)

521,576

FIXED ASSETS

Tangible assets

5

103,240

12,990

Investments

6

11,267,527

3,151,077

11,370,767

3,164,067

CURRENT ASSETS

Debtors

7

1,701,532

3,183,837

Cash at bank

930,316

176,000

2,631,848

3,359,837

CREDITORS

Amounts falling due within one year

8

(2,415,345

)

(768,208

)

NET CURRENT ASSETS

216,503

2,591,629

TOTAL ASSETS LESS CURRENT LIABILITIES

11,587,270

5,755,696

CREDITORS

Amounts falling due after more than one year

9

(442,778

)

(928,574

)

NET ASSETS

11,144,492

4,827,122

CAPITAL AND RESERVES

Called up share capital

26,319,328

19,979,328

Capital redemption reserve

4,385,073

4,385,073

Retained earnings

(19,559,909

)

(19,537,279

)

SHAREHOLDERS' FUNDS

11,144,492

4,827,122

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

The financial statements were approved and authorised for issue by the Board of Directors on 27 June 2018 and were signed on its behalf by:

Mr Jean-Christophe Juillard-Boudet - Director

Mr Karl Schnadt - Director

1.	STATUTORY INFORMATION

ContourGlobal Europe Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost and at varying rates on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

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 profit or loss on a straight line basis over the period

of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2016 - 10 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.17

31.12.16

£

£

Depreciation - owned assets

12,609

3,213

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

16,203

Additions

102,859

At 31 December 2017

119,062

DEPRECIATION

At 1 January 2017

3,213

Charge for year

12,609

At 31 December 2017

15,822

NET BOOK VALUE

At 31 December 2017

103,240

At 31 December 2016

12,990

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2017

3,151,077

Additions

8,116,450

At 31 December 2017

11,267,527

NET BOOK VALUE

At 31 December 2017

11,267,527

At 31 December 2016

3,151,077

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Amounts owed by group undertakings

1,630,024

3,115,787

Other debtors

71,508

68,050

1,701,532

3,183,837

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

29,651

135,954

Amounts owed to group undertakings

1,629,591

151,719

Other creditors

756,103

480,535

2,415,345

768,208

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Amounts owed to group undertakings

442,778

928,574

10.	RELATED PARTY DISCLOSURES

11.	ULTIMATE CONTROLLING PARTY