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Registered number: 03628367
EEP ADVISERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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EEP ADVISERS LIMITED
COMPANY INFORMATION
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National Westminster Bank plc
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Banque Nationale de Paris
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37 avenue des Champs Elysées
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EEP ADVISERS LIMITED
CONTENTS
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Directors' responsibilities statement
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Independent auditors' report
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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EEP ADVISERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2017
The Directors present their Strategic Report for the year ended 31 December 2017.
PRINCIPAL RISKS AND UNCERTAINTIES
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The Company’s Board of Directors are highly aware of the continued unpredictable global economic climate and the impact that this may have on the investment advisory services provided by the Company to its parent, EEP Managers Limited in Guernsey, which is the Managing General Partner for the various EEP Limited Partnership Funds (“the EEP Funds”).
The principal risks and uncertainties facing the Company are that its activities and profitability are closely linked
to the investment and exit opportunities of the EEP Funds Portfolio Companies and other EEP advised investments in the future. The Company continues to advise on some issues related to the Portfolio Company exit in 2017 and it is anticipated that there will be further investment activity over the next 12 to 24 months. Therefore, the Company has reasonable visibility on its income stream for the immediate future.
BUSINESS REVIEW AND FINANCIAL KEY PERFORMANCE INDICATORS
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The Company’s key financial and other performance indicators during the year were as follows:
2017 2016 Change
£ £ %
Turnover 295,000 199,000 48.2%
Operating profit /(loss) 22,923 (1,052) N/A
Profit / (loss) for the year 15,923 (3,985) N/A
Shareholder’s equity 127,347 111,424 14.3%
Turnover has increased by 48% in 2017 whilst total costs have increased at a lower rate. This has led to a return to profitability compared to the loss in the previous year.
EEP Advisers Limited continues to manage its costs very carefully and with the prospect of maintaining services rendered and obtaining slightly higher revenues in 2018 in connection with advising its parent, EEP Managers Limited, on various transactions involving the EEP Funds, it is expected that the Company will maintain its profitability in 2018.
Shareholder’s Equity has increased by 14.3% to £127,347 but the Directors believe that this is appropriate for the needs of the business going forward.
This report was approved by the board on 23 March 2018 and signed on its behalf.
D C C von Kauffmann
Director
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Page 1
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EEP ADVISERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2017
The Directors present their report and the financial statements for the year ended 31 December 2017.
The principal activity of the Company during the year was that of an investment advisory company acting in the United Kingdom on behalf of its parent company, EEP Managers Limited.
The profit for the year, after taxation, is £15,923 (2016: loss of £3,985). The Directors do not recommend a dividend for the year.
The Directors who served during the year were:
The business will continue to trade in its present state for the forseeable future.
DISCLOSURE OF INFORMATION TO AUDITORS
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Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
POST BALANCE SHEET EVENTS
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There have been no significant events affecting the Company since the year end.
The auditors, PKF Littlejohn LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 23 March 2018 and signed on its behalf.
D C C von Kauffmann
Director
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Page 2
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EEP ADVISERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2017
The Directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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.
Page 3
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EEP ADVISERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EEP ADVISERS LIMITED
Opinion
We have audited the financial statements of EEP Advisers Limited (the ‘Company’) for the year ended 31 December 2017 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows 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 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.
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 profit 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.
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 Auditor’s 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
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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
Page 4
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EEP ADVISERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EEP ADVISERS LIMITED (CONTINUED)
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the other matters pescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• The information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• The Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements
Page 5
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EEP ADVISERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EEP ADVISERS LIMITED (CONTINUED)
Matters on which we are required to report by exception
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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 strategic report or the Directors’ report.
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.
Responsbilities of Directors
As explained more fully in the Directors’ responsibilities statement, 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 is 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.
Auditor’s 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 an auditor’s report 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: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. .
Cheryl Court (Senior statutory auditor)
for and on behalf of
PKF Littlejohn LLP
Statutory Auditor
1 Westferry Circus
Canary Wharf
London
E14 4HD
23 March 2018
Page 6
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EEP ADVISERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2017
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PROFIT/(LOSS) FOR THE YEAR
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Other comprehensive income for the year
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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The notes on pages 11 to 20 form part of these financial statements.
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Page 7
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EEP ADVISERS LIMITED
REGISTERED NUMBER: 03628367
BALANCE SHEET
AS AT 31 DECEMBER 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISIONS FOR LIABILITIES
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 March 2018.
The notes on pages 11 to 20 form part of these financial statements.
Page 8
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EEP ADVISERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
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Total comprehensive income for the year
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2016
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Total comprehensive income for the year
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The notes on pages 11 to 20 form part of these financial statements.
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Page 9
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EEP ADVISERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2017
CASH FLOWS FROM OPERATING ACTIVITIES
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Profit/(Loss) for the financial year
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Depreciation of tangible assets
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(Increase)/decrease in debtors
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Increase/(decrease) in creditors
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NET CASH GENERATED FROM OPERATING ACTIVITIES
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CASH FLOWS FROM INVESTING ACTIVITIES
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Purchase of tangible fixed assets
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NET CASH FROM INVESTING ACTIVITIES
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(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
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Cash and cash equivalents at beginning of year
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CASH AND CASH EQUIVALENTS AT THE END OF YEAR
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CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:
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Page 10
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EEP ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
EEP Advisers Limited is a private company, limited by shares, registered and incorporated in Great Britain. The functional and presentational currency is GBP.
The principal activity of the Company during the year was that of an investment advisory company acting in the United Kingdom on behalf of its parent company, EEP Managers Limited.
2.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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EEP Advisers Limited is a private company, limited by shares, registered and incorporated in Great Britain. The functional and presentational currency is GBP.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has sufficient cash resources at the date of signing the financial statements to continue trading for the forseeable future.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 11
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EEP ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
2.ACCOUNTING POLICIES (CONTINUED)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities including trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 12
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EEP ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
2.ACCOUNTING POLICIES (CONTINUED)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.
The company determines the classification of its financial liabilities at initial recognition in accordance with FRS 102. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs.
Subsequently, the measurement of financial liabilities depends on their classification as follows:
Financial liabilities at fair value through profit or loss includes financial financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. Derivatives, including separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in profit or loss.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.
Page 13
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EEP ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
2.ACCOUNTING POLICIES (CONTINUED)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
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No significant judgements have been made by the Directors in the preparation of these Financial Statements.
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An analysis of turnover by class of business is as follows:
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Page 14
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EEP ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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The operating profit is stated after charging:
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Depreciation of tangible fixed assets
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Staff costs were as follows:
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The average monthly number of employees, including the Directors, during the year was as follows:
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Investment advisers and administrators
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Total Directors' remuneration amounted to £1,665 (2016 - £18,801).
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Page 15
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EEP ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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Current tax on profits for the year
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Origination and reversal of timing differences
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TAXATION ON PROFIT ON ORDINARY ACTIVITIES
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FACTORS AFFECTING TAX CHARGE FOR THE YEAR
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The tax assessed for the year is higher than (2016 - higher than) the standard rate of corporation tax in the UK of 20% (2016 - 20%). The differences are explained below:
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Profit/(loss) on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20% (2016 - 20%)
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TOTAL TAX CHARGE FOR THE YEAR
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FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
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There are no factors that may affect future tax charges.
Page 16
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EEP ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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Office and computer equipment
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Charge for the period on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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CASH AND CASH EQUIVALENTS
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Page 17
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EEP ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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CREDITORS: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Financial assets that are debt instruments measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at amortised cost comprise amounts owed by group undertakings and other debtors.
Financial liabilities measured at amortised cost comprise trade creditors and other creditors.
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Charged to profit or loss
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Page 18
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EEP ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
14.DEFERRED TAXATION (CONTINUED)
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The provision for deferred taxation is made up as follows:
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Charged to the profit or loss
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Shares classified as equity
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Allotted, called up and fully paid
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16,252 Ordinary shares shares of £1 each
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Profit and loss account
This reserve represents profits and losses that have accumulated year on year since the Company began to trade, less the distribution of dividends paid.
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COMMITMENTS UNDER OPERATING LEASES
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At 31 December 2017 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Page 19
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EEP ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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RELATED PARTY TRANSACTIONS
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All non Directors are key management and as such their remuneration is disclosed in note 6.
The Company charged the Parent Undertaking, EEP Managers Limited, a total of £295,000 (2016 - £199,00) during the year in respect of consultancy, research and administration services. Of this, £70,000 was outstanding as at 31 December 2017 (2016 – £nil).
The Company recharged a total of £33,007 (2016 - £95,173) during the year to CMC Biologics S.a.r.l. in respect of expenses previously borne by the Company. Of this, £17,131 was outstanding as at 31 December 2017 (2016 - £6,674). The Director, Mr D C C von Kauffmann, was the chairman of CMC Biologics S.a.r.l (“CMC”) until February 2017.
The Company recharged a total of £nil (2016 - £nil) during the year to ARTS Biologics A/S in respect of expenses previously borne by the company. As at 31 December 2017, £16,518 (2016 - £16,518) was outstanding. The Director, Mr D C C von Kauffmann, is the chairman of ARTS Biologics A/S. The company has provided in full against the amount of £16,518 as at 31 December 2017 and at 31 December 2016.
The Company recharged a total of £22,155 (2016 - £14,960) during the year to Azanta. in respect of expenses previously borne by the Company. Of this, £15,571 was outstanding as at 31 December 2017 (2017 - £6,585). The Director, Mr D C C von Kauffmann, is the Chairman of Azanta.
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The immediate Parent Undertaking of the Company is EEP Managers Limited, and the ultimate Parent Undertaking is EEP Principal Holdings Limited. Both of these companies are incorporated in Guernsey.
The Ultimate Controlling Party is The David Kauffmann Discretionary Trust (based in Guernsey, of which the beneficiaries are the Director, Mr D C C Kauffmann and his family).
Page 20
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