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Bnp Paribas Cmg Limited Strategic Report

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Bnp Paribas Cmg Limited Strategic Report BNP PARIBAS CMG LIMITED STRATEGIC REPORT, DIRECTORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2017 REGISTERED OFFICE 10 HAREWOOD AVENUE LONDON NWI 6AA REGISTERED NUMBER: 2028765 BNP PARIBAS CMG LIMITED CONTENTS Pages Strategic Report 2 Directors’ Report 3 4 Statement of Directors Responsibilities 5 Independent Auditors’ Report 6—7 Income Statement 8 Balance Sheet 9 Statement of Changes in Equity 10 Statement of Cash flows ii Notes to the Financiat Statements 12 -20 BNP PARIBAS CMG LIMiTED STRATEGIC REPORT FOR THE YEAR ENDED 30 DECEMBER 2017 The Directors present their Strategic report of BNP Paribas CMG Limited (the “Cornpany) for the year ended 30 December 2017. Principal activities The principal activity of the Company is the holding of warrants and other derivative financial products. The Company has not issued any financial instruments in the year and contincies to hold the existing warrants and other derivative financial products to maturity. Review of the business As shown in the Company’s income statement, the result for the year 2017 was £ nil (2016: £ nil). Total shareholders’ funds for the year ended 30 December 2017 were £100 (2016: £10,908). Business development and performance The Company continues to manage the liability on issued warrants, and other related derivative financial products. Principal risk and uncertainties The Company’s activities expose it to a variety of financial risks: credit risk and liquidity risk. Refer to note 8 for more details on financial risk management. Strategic aims The Company will continue to manage the liability on issued warrants and other related derivative financial products. Future developments The Directors will continue to actively manage the warrants and other derivative financial products. On behalfof the Board Director 6 June 2018 2 BNP PARIBAS CMG LIMiTED DIRECTORS’ REPORT FOR THE YEAR ENDED 30 DECEMBER 2017 The Directors present their report and the audited financial statements of the Company for the year ended 30 December 2017. The Company is a wholly owned scibsidiary of BNP PUK Hotding Limited. The ultimate parent undertaking is BNP Paribas, a Company incorporated in France. The Company is incorporated in the United Kingdom and registered in England and Wales. Future developments Refer to note under the Strategic report on page 2. Overview of risk management The Directors are responsible for identifying risks to which the Company is exposed and implementing a risk management programme. Financial risk is considered to have the highest potential for a loss event and is explained in further detail below. Financial risk management The Company’s activities expose it to a variety of financial risks: credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. Refer to note $ for more details on financial risk management. Dividends The Company paid an interim dividend of10,$0$ to its parent, BNP PUK 1-biding Limited (2016: £ nil). The Directors do not recommend the payment of a final dividend (2016: £ nil). Charitable and political donations During the year there were no charitable or political contributions made by the Company (2016: £ nil). Directors The Directors holding office during the year and to the date of this report were: Stephen Martin Middleton Hadi Monceau Donald Patti Reynolds Directors’ third party indemnity provisions BNP Paribas, the ultimate parent undertaking has put in place qualifying third party indemnity provisions in the form of a Directors and Officers’ insurance policy, for the benefit of the Company’s Directors, effective throughotit the year, and which remain in force at the date of this report. 3 BNP PARIBAS CMG LIMITED DIRECTORS’ REPORT FOR THE YEAR ENDED 30 DECEMBER 2017 (continued) Going concern and liquidity The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence Ibr the foreseeable future. Accordingly, they contincte to adopt the going concern basis in preparing the annual report and financial statements. The Company has sufficient financial resources in the form of cash and cash equivalents and financial assets which more than cover any liabilities under which it is currently obligated. Independent Auditors and disclosure of information to auditors PricewaterhouseCoopers LLP will continue to hold office in accordance with Section 487 of the Companies Act 2006. Each of the persons who is a Director at the date of approval of this annual report confirms that: (a) so far as the Director is aware, there is no relevant audit information of which the Company’s auditors are unaware; and (b) the Director has taken all the steps that he/she ought to have taken as a Director in order to make himself/herself aware of any relevant audit information and to establish that the Company’s auditors are aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of Section 41$ of the Companies Act 2006. On behalfof the Board S. I pLro Director 6 June 2018 4 BNP PARIBAS CMG LIMITED STATEMENT OF DIRECTORS’ RESPONSIBILITIES FOR THE YEAR ENDED 30 DECEMBER 2017 The Directors are responsible for preparing the Strategic report, 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 prepared the financial statements in accordance with International Financial Reporting Standards (“IFRSs”) as adopted by the European Union. 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 requited to: • select suitable accounting policies and then apply them consistently: • make judgements and accounting estimates that are reasonable and prudent; • state whether applicable IFRS as adopted by the European Union 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 safegciarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregtilarities. 5 BNP PARIBAS CMG LIMITED INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BNP PARIBAS CMG LIMITED Report on the audit of the financial statements Opinion In our opinion, BNP Paribas CMG Limited’s financial statements: • give a true and fair view of the state of the company’s affairs as at 30 December 2017 and of its result and cash flows for the year then ended; • have been properly prepared in accordance with IfRSs as adopted by the European Union; and • have been prepared in accordance with the reqclirements of the Companies Act 2006. We have audited the financial statements, included within the Annual Report, which comprise: the balance sheet as at 30 December 2017; the income statement for the year ended 30 December 2017, the statement of changes in equity for the year then ended 30 December 2017, the Statement of cash flows for the year ended 30 December 2017; and the notes to the financial statements, which include a description of the significant accounting policies. Basis for opinion We conducted our audit in accordance wilh International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the F RC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which ISAs (UK) require us to report to you when: • 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 atithorised for issue. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern. Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report. any form of assurance 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.
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