Directors Report 1

Directors' Report For the year ended 31 December 2017
The directors present their report and the audited financial statements for the year ended 31 December 2017 for Eurocentral Partnership Limited, a private company limited by shares and incorporated and registered in England and Wales.
The directors' report has been prepared in accordance with the special provisions relating to small companies of the Companies Act 2006.
Strategic report The Company meets the size criteria required to qualify as a small company and is therefore not required to produce a Strategic Report.
Business review The Company reported a profit after taxation of ?1,396,000 during the year (2016: profit of ?337,000).
Dividends There was an interim dividend of ?2,500,000 paid for the year ended 31 December 2017 of ?2,520.16 per ordinary share (2016: ?nil). The directors do not recommend the payment of a final dividend (2016: ?ni1).
Principal activity The company's principal activity is industrial property development.
Political Contributions The Company made no political donations and did not incur any political expenditure during the year (2016: &dB.
Going Concern The financial statements have been prepared on a going concern basis. Further information on the basis of going concern is given in the Principal Accounting Policies.
Directors The directors who served during the year and since the year end, except as noted below, are shown on page 1.

Approved by the Board and signed on its behalf by:

Director
2018-08-20 00:00:00

2.0 Eurocentral Partnership Limited

Directors Report 2

Directors' Report For the year ended 31 December 2016
The directors present their report and the audited financial statements for the year ended 31 December 2016 for Eurocentral Partnership Limited, a private company limited by shares and incorporated and registered in England and Wales.
The directors' report has been prepared in accordance with the special provisions relating to small companies of the Companies Act 2006.
Strategic report The Company meets the size criteria required to qualify as a small company and is therefore not required to produce a Strategic Report.
Business review The Company reported a profit after taxation of ?337,000 during the year (2015: profit of ?344,000). This amount has been transferred to reserves.
Dividends The directors do not recommend the payment of a dividend (2015: ?ni1).
Principal activity The company's principal activity is industrial property development.
Political Contributions The Company made no political donations and did not incur any political expenditure during the year (2015: fnil).
Going Concern The financial statements have been prepared on a going concern basis. Further information on the basis of going concern is given in the Principal Accounting Policies.
Directors The directors who served during the year and since the year end, except as noted below, are shown on page 1.

Approved by the Board and signed on its behalf by:

2017-08-29 00:00:00

2.0 Eurocentral Partnership Limited

Directors Report 3

Directors' Report For the year ended 31 December 2015
The directors present their annual report and financial statements for the year ended 31 December 2015
The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption Accordingly no Enhanced Business Review is presented
Principal activities The company's principal activity is industrial property development
Business review and future prospects The results for the year are set out on page 3
The financial statements have been prepared on a going concern basis Further information on the basis of going concern is given in the Principal Accounting Policies
Dividends The directors do not recommend the payment of a dividend (2014 inil)
Directors The directors who served during the year and since the year end, except as noted below, are shown on page 1.0

Approved by the Board and signed on its behalf by

2016-09-05 00:00:00

2.0
Eurocentral Partnership Limited

Directors Report 4

Directors' Report For the year ended 31 December 2014
The directors present their annual report and financial statements for the year ended 31 December 2014
The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption Accordingly no Enhanced Business Review is presented
Principal activities The company's principal activity is industrial property development
Business review and future prospects The results for the year are set out on page 3
The financial statements have been prepared on a going concern basis Further information on the basis of going concern is given in the Principal Accounting Policies
Dividends The directors do not recommend the payment of a dividend (2013 Intl)
Directors The directors who served during the year and since the year end, except as noted below, are shown on page 1.0

Approved by the Board and signed on its behalf by

Director
2015-08-26 00:00:00

2.0 Eurocentral Partnership Limited

Directors Report 5

Directors' Report For the year ended 31 December 2013
The directors present their annual report and financial statements for the year ended 31 December 2013
The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption Accordingly no Enhanced Business Review is presented
Principal activities The company's principal activity is industrial property development
Business review and future prospects The results for the year are set out on page 3
The financial statements have been prepared on a going concern basis Further information on the basis of going concern is given in the Principal Accounting Policies
Dividends The directors do not recommend the payment of a dividend (2012 frill)
Directors The directors who served during the year and since the year end, except as noted, are shown on page 1

Approved by the Board and signed on its behalf by

2014-09-01 00:00:00

2.0

Eurocentral Partnership Limited

Directors Report 6

Directors' Report For the year ended 31 December 2012
The directors present their annual report and financial statements for the year ended 31 December 2012
The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption Accordingly no Enhanced Business Review is presented
Principal activities The company's principal activity is industrial property development.
Business review and future prospects The results for the year are set out on page 3
The financial statements have been prepared on a going concern basis Further information on the basis of

Dividends The directors do not recommend the payment of a dividend (2011 blip
Directors The directors who served during the year and since the year end, except as noted, are shown on page 1

Approved by the Board and signed on its behalf by?

2013-05-20 00:00:00
Eurocentral Partnership Limited

Directors Report 7

Report of the Directors
Report of the Independent Auditor

Directors Report 8

Directors' Report For the year ended 31 December 2010
The directors present their annual report and the audited financial statements for the year ended 31 2010-12-01 00:00:00
The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption Accordingly no Enhanced Business Review is presented
Principal activities The company's principal activity is industrial property development
Business review and future prospects The results for the year are set out on page 6
The financial statements have been prepared on a going concern basis Further information on the basis of going concern is given in the Principal Accounting Policies
Dividends The directors do not recommend the payment of a dividend (2009 fnil)
Directors The directors who served during the year and since the year end, except as noted, are shown on page 1
Auditor In the case of each of the persons who are directors of the company at the date when this report was approved
?so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware, and
?each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006
Deloitte LLP have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting
Approved by the Board and signed on its behalf by 2.0

2011-04-07 00:00:00
Eurocentral Partnership Limited ,

Directors' responsibilities statement
The directors are responsible for preparing the Annual 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 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 judgments and accounting estimates that are reasonable and prudent, and ?prepare the financial statements on the going concern basis unless it is inappropriate to presume

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

3.0

Eurocentral Partnership Limited

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROCENTRAL PARTNERSHIP LIMITED
We have audited the financial statements of Eurocentral Partnership Limited for year ended 31 December 2010 which comprise the Profit and Loss Account, the Statement of Total Recognised Gains and Losses, the Balance Sheet, the Reconciliation of Movements in Shareholders' Funds, the Principal Accounting Policies and the related notes I to 13 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 an auditor's 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
Respective responsibilities of directors and auditor
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 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 (APB'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
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 2010 and of its
?have been properly prepared in accordance with United Kingdom Generally Accepted accounting
?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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements

4.0

Eurocentral Partnership Limited

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROCENTFtAL PARTNERSHIP LIMITED (continued)
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 take advantage of the small companies exemption in preparing the directors' report

Alan Fendall (Senior Statutory Auditor) for and on behalf of Deloitte LLP Chartered Accountants and Statutory Auditor Manchester United Kingdom
2011-04-07 00:00:00

5.0

Eurocentral Partnership Limited

Directors Report 9

Directors' Report For the year ended 31 December 2009
The directors present their annual report and the audited financial statements for the year ended 31 2009-12-01 00:00:00
The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption Accordingly no Enhanced Business Review is presented
Principal activities The company's principal activity is industrial property development
Business review and future prospects The results for the year are set out on page 6
Details of significant events after the balance sheet date are contained in note 14 to the financial statements
The financial statements have been prepared on a going concern basis Further information on the basis of going concern is given in the Principal Accounting Policies
Dividends The directors do not recommend the payment of a dividend (2008 fnil)
Directors The directors who served during the year and since the year end, except as noted, are shown on page 1
Auditors In the case of each of the persons who are directors of the company at the date when this report was approved
?so far as each director is aware, there is no relevant audit information of which the company's auditors are unaware, and
?each director has taken all the steps that they ought to have taken as a director in order to make themselves 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 s418 of the Companies Act 2006
Deloitte LLP have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting
Approved by the Board and signed on its behalf by
2.0

DU Direct 9glApril 2010 Eurocentral Partnership Limited

Directors' responsibilities statement
The directors are responsible for preparing the Annual 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 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 judgments and accounting estimates that are reasonable and prudent, and ?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

3.0 Eurooentral Partnership Limited

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROCENTRAL PARTNERSHIP LIMITED
We have audited the financial statements of Eurocentral Partnership Limited for year ended 31 December 2009 which comprise the Profit and Loss Account, the Statement of Total Recognised Gains and Losses, the Balance Sheet, the Reconciliation of Movements in Shareholders' Funds, the Principal Accounting Policies and the related notes 1 to 15 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 sections 495 and 496 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
Respective responsibilities of directors and auditors
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 Our responsibility is to audit 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 (APB'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
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 2009 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
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements 1

4.0

Eurocentral Partnership Limited

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROCENTRAL PARTNERSHIP LIMITED (continued)
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 take advantage of the small companies exemption in preparing the directors' report L____ E___
oc

Alan Fendall (Senior Statutory Auditor) for and on behalf of Deloitte LLP Chartered Accountants and Statutory Auditors Manchester United Kingdom

2010.0 5.0 Eurocentral Partnership Limited

Directors Report 10

Directors' Report For the year ended 31 December 2008
The directors present their annual report and the audited financial statements for the year ended 31 December 2008.
Principal activities The company's principal activity is industrial property development.
Business review and future prospects After a good performance in 2007, the performance of Eurocentral Partnership Limited in 2008 was less satisfactory reflecting the completion of only one further property sale in much more difficult market conditions.
The key performance indicators used within the business are:
?Turnover; ?Profit before tax; ?Cash at bank; and ?Return on capital employed
Key performance indicators were as follows:
Sheet2 In the opinion of the directors, the state of affairs of the company is satisfactory and the outlook for 2009 is stable. The financial statements have been prepared on a going concern basis. Further information on the basis of preparation is given in the Principal Accounting Policies on page 12.
Results and dividends The loss for the year on ordinary activities after taxation is ?101,000 (2007: profit of ?3,255,000). The directors do not recommend the payment of a dividend (2007: ?nil).
Principal risks and uncertainties The principal risks faced by Eurocentral Partnership Limited are as follows:
?Working within and complying with planning permissions; ?Completing projects / developments on schedule and on budget; ?Selling property at suitable revenue levels; and ?Interest rates.
The company's operations expose it to a variety of financial risks that include interest rate risk and price risk.

2.0
Eurocentral Partnership Limited

Directors' Report (continued) For the year ended 31 December 2008
Principal risks and uncertainties (continued) In respect of interest rate risk, the company has interest bearing net assets. Bank loans carry interest at a floating rate with an agreed margin over LIBOR. Cash at bank and in hand earns interest at a floating rate with a flexible margin.
The company is exposed to the current downturn in the commercial property sector being caused by tougher credit conditions and a worsening of the general economic environment. These conditions have made trading conditions difficult during 2008 and are expected to present continued challenges in 2009. Despite the tough trading environment, the opinion of the directors is that the outlook for 2009 is stable.
Directors The directors who served during the year and thereafter are shown on page 1.
Creditor payment policy The company's policy is to clearly agree and set down the terms of payment with suppliers and subcontractors when agreeing the terms for each transaction and to make payments in accordance with its obligations, save in the case of genuine dispute.
As at 31 December 2008 the company's number of creditor days outstanding was equivalent to 4 days' purchases (2007: 21 days). This is based on the average daily amount invoiced by suppliers during the year.
Auditors and disclosure of information to auditors In the case of each of the persons who are directors of the company at the date when this report was approved:
?So far as each director is aware, there is no relevant audit information of which the company's auditors are unaware; and
?Each director has taken all the steps that they ought to have taken as a director in order to make themselves 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 s234ZA of the Companies Act 1985.
The auditors, Dcloitte LLP, have indicated their willingness to continue in office. A resolution concerning their re-appointment will be proposed at the forthcoming Annual General Meeting.
By order of the board

Turner Director
29 MAY 2009

3.0
Eurocentral Partnership Limited

Statement of directors' responsibilities
The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to 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 judgments and 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; and 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 proper accounting records that 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 1985. 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.

4.0
Eurocentral Partnership Limited

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROCENTRAL PARTNERSHIP LIMITED We have audited the financial statements of Eurocentral Partnership Limited for year ended 31 December 2008 which comprise the Profit and Loss Account, the Statement of Total Recognised Gains and Losses, the Balance Sheet, the Reconciliation of Movements in Shareholders' Funds / (Deficit), the Cash Flow Statement, the Principal Accounting Policies and the related notes I to 17. These financial statements have been prepared under the accounting policies set out therein.
This report is made solely to the company's members, as a body, in accordance with section 235 of the Companies Act 1985. 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.
Respective responsibilities of directors and auditors
The directors responsibilities for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the statement of directors' responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the directors' report is consistent with the financial statements.
In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and other transactions is not disclosed.
We read the other information contained in the Annual Report, as described in the contents section, and consider whether it is consistent with the audited financial statements. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any further information outside the Annual Report.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

5.0
Eurocentral Partnership Limited

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROCENTRAL PARTNERSHIP LIMITED (continued) Opinion
In our opinion: ?the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the company's affairs as at 31 December 2008 and of its loss for the year then ended; ?the financial statements have been properly prepared in accordance with the Companies Act 1985; and ?the information given in the directors' report is consistent with the financial statements.

)9,62)44c Lc f
Deloitte LLP Chartered Accountants and Registered Auditors Manchester United Kingdom
1 -Scutt 2009

6.0
Eurocentral Partnership Limited

Directors Report 11

Directors' Report For the year ended 31 December 2007
The directors present their annual report and the audited financial statements for the year ended 2007-12-31 00:00:00
Principal activities
The company's principal activity is industrial property development
In the opinion of the directors, the state of affairs of the company is satisfactory and the outlook for 2008 is positive
Business review
Overall, Eurocentral Partnership Limited performed strongly in 2007, where a satisfactory number of property sales were completed with a number of investment syndicates
The key performance indicators used within the business are
?Turnover, ?Profit before tax, ?Net assets, ?Cash at bank, and ?Return on capital employed
Key performance indicators were as follows
Sheet2 The profit for the year on ordinary activities after taxation is ?3,255,000 (2006 loss of ?901,000) The directors do not recommend the payment of a dividend (2006 ?nil)

2.0
Eurocentral Partnership Limited

Directors' Report (continued) For the year ended 31 December 2007
Principal risks and uncertainties
The principal risks faced by Eurocentral Partnership Limited are as follows
?Working within and complying with planning permissions, ?Completing projects / developments on schedule and on budget, ?Selling developments at suitable revenue levels, and ?Interest rates
The company's operations expose it to a variety of financial risks that include interest rate risk and price risk
In respect of interest rate risk, the company has interest bearing net assets Bank loans carry interest at a floating rate with an agreed margin Cash at bank and in hand earns interest at a floating rate with a flexible margin
Directors
The directors who served during the year and thereafter are shown on page 1
Creditor payment policy
The company's policy is to clearly agree and set down the terms of payment with suppliers and subcontractors when agreeing the terms for each transaction and to make payments in accordance with its obligations, save in the case of genuine dispute
As at 31 December 2007 the company's number of creditor days outstanding was equivalent to 21 days' purchases (2006 106 days) This is based on the average daily amount invoiced by suppliers during the year
Auditors and disclosure of information to auditors
In the case of each of the persons who are directors of the company at the date when this report was approved
?So far as each director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
?Each director has taken all the steps that they ought to have taken as a director in order to make themselves 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 s234ZA of the Companies Act 1985

3.0
Eurocentral Partnership Limited

Directors' Report (continued) For the year ended 31 December 2007
Auditors and disclosure of information to auditors (continued)
During the year, KPMG Audit plc resigned as auditors of the company Deloitte & Touche LLP
continue in office A resolution concerning their re-appointment will be proposed at the forthcoming Annual General Meeting

By order of the board

H Turner M J Fowkes Director Director
24 OCT 2008 24 OCT 2008

4.0
Eurocentral Partnership Limited

Statement of directors' responsibilities
The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) The financial statements are required by law to 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 judgments and 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, and ?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 proper accounting records that 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 1985 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

5.0
Eurocentral Partnership Limited

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROCENTRAL PARTNERSHIP LIMITED We have audited the financial statements of Eurocentral Partnership Limited for year ended 31 December 2007 which comprise the Profit and Loss Account, the Statement of Total Recognised Gains and Losses, the Balance Sheet, the Reconciliation of Movements in Shareholders' Funds/(Deficit), the Cash Flow Statement, the Principal Accounting Policies and the related notes 1 to 17 These financial statements have been prepared under the accounting policies set out therein
This report is made solely to the company's members, as a body, in accordance with section 235 of the Companies Act 1985 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
Respective responsibilities of directors and auditors
The directors' responsibilities for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the statement of directors' responsibilities
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland)
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985 We also report to you whether in our opinion the information given in the directors' report is consistent with the financial statements
In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and other transactions is not disclosed
We read the other information contained in the Annual Report, as described in the contents section, and consider whether it is consistent with the audited financial statements We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements Our responsibilities do not extend to any further information outside the Annual Report
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregulanty or error In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements
6.0

Eurocentral Partnership Limited

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EUROCENTRAL PARTNERSHIP LIMITED (continued)

Opinion
In our opinion ?the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the company's affairs as at 31 December 2007 and of its profit for the year then ended, ?the financial statements have been properly prepared in accordance with the Companies Act 1985, and ?the information given in the directors' report is consistent with the financial statements

Deloitte & Touche LLP Chartered Accountants and Registered Auditors
Manchester United Kingdom 2-1, 0 jk --6 v?-, 2008

7.0
Eurocentral Partnership Limited
1.0 Profit and Loss Account 1 For the year ended 31 December 2007
Sheet3 The result for the current and prior financial year derives from continuing operations
The company has no recognised gains and losses other than those included in the results above and therefore no separate statement of total recognised gains and losses has been presented

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Eurocentral Partnership Limited

Directors Report 12

Directors' report
The directors present herewith their report and the audited accounts for the year ended 31 2006-12-01 00:00:00
Business review The company's principal activity is the development of a distribution park in Lanarkshire
The loss for the year on ordinary activities after taxation amounted to ?901,000 (2005 ?649,000) The directors do not recommend the payment of a dividend (2005 ?Nil)
Directors The current directors are listed on page 1
The directors who served during the year were as follows
SA Bettany (appointed 22 December 2006, resigned 16 August 2007) MJ Fowkes (appointed 22 December 2006) NJH Franklin J McManus G R Smyth (resigned 22 December 2006) JM Thornton (resigned 22 December 2006) SH Turner
P Whitby was appointed as a director of the company on 16 August 2007
Third party indemnity provisions Certain directors benefited from qualifying third party indemnity provisions in place during the financial year and at the date of this report
Disclosure of information to auditors The directors who held office at the date of approval of this directors' report confirm that, so far as they are each aware, there is no relevant audit information 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 to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information
Auditors Pursuant to Section 386 of the Companies Act 1985 the company is not required to reappoint its auditors annually KPMG Audit Plc will therefore continue as the company's auditor
By Order of the Board

CL Fidler Secretary

Booths Park
Knutsford Cheshire WA16 8QZ 2.0
Eurocentral Partnership Limited

Directors Report 13

Directors' report
The directors present herewith their report and the audited accounts for the year ended 31 December 2005.

Business review
The company's principal activity is the development of a distribution park in Lanarkshire.
The company made a profit for the year of ?649,000 (2004: ?906,000) and did not pay a dividend in the year.
Directors
The current directors are listed on page 1.
The directors who served during the year were as follows:
NJH Franklin J McManus G R Smyth JM Thornton SH Turner
None of the directors has an interest in the share capital of the company or its parent company, Eurocentral Holdings Limited

Auditors
A resolution is to be proposed at the Annual General Meeting for the reappointment of KPMG Audit Plc as auditor of the company.
By Order of the Board

ei,Las C L FIDLER Sandiway House Secretary Hartford
Cheshire CW8 2YA

2.
Eurocentral Partnership Limited

Directors Report 14

Directors' report
The directors present herewith their report and the audited accounts for the year ended 31 December 2004.

Business review
The company's principal activity is the development of a distribution park in Lanarkshire.
Directors
The current directors are listed on page 1.
The directors who served during the year were as follows:
J McManus NJH Franklin (appointed 28 May 2004) P Parry (resigned 28 May 2004) G R Smyth JM Thornton SH Turner
None of the directors has an interest in the share capital of the company or its parent company, Eurocentral Holdings Limited

Auditors
A resolution is to be proposed at the Annual General Meeting for the reappointment of KPMG Audit Plc as auditor of the company.
By Order of the Board

05 SEP 2005

C L FIDLER Sandiway House Secretary Hartford
Cheshire CW8 2YA

2.
Eurocentral Partnership Limited

Directors Report 15

Directors' report
The directors present herewith their report and the audited accounts for the year ended 31 December 2003.

Business review
The company's principal activity is the development of a distribution park in Lanarkshire.
Directors
The current directors are listed on page 1.
The directors who served during the year were as follows:
J McManus P Parry (resigned 28 May 2004) G R Smyth JM Thornton SH Turner
Mr NJH Franklin was appointed as a director on 28 May 2004.
None of the directors has an interest in the share capital of the company or its parent company, Eurocentral Holdings Limited

Auditors
A resolution is to be proposed at the Annual General Meeting for the reappointment of KPMG Audit Plc as auditor of the company.
By Order of the Board

C L FIDLER Sandiway House Secretary Hartford
Cheshire CW8 2YA

2.
Eurocentral Partnership Limited

Directors Report 16

Directors' report
The directors present herewith their report and the audited accounts for the year ended 31 December 2002.

Business review
The company's principal activity is the development of a distribution park in Lanarkshire.
Directors
The current directors are listed on page 1.
The directors who served during the year were:
J F Greenshields (resigned 24 June 2002) J McManus P Parry G R Smyth (appointed 24 June 2002) JM Thornton SH Turner
None of the directors has an interest in the share capital of the company or its parent company, Eurocentral Holdings Limited

Auditors
A resolution is to be proposed at the Annual General Meeting for the reappointment of KPMG Audit Plc as auditor of the company.
By Order of the Board 09 JUL 2003

C L FIDLER Secretary

Sandiway House
Northwich Cheshire CW8 2YA 2.
Eurocentral Partnership Limited

Directors Report 17

Directors' report
The directors present herewith their report and the audited accounts for the year ended 31 December 2001.

Business review
The company's principal activity is the development of a distribution park in Lanarkshire.
Directors
The current directors are listed on page 1.
The directors who served during the year were:
P Parry N Pascoe (resigned 14 September 2001) JF Greenshields (resigned 24 June 2002) JM Thornton J McManus SH Turner (appointed 14 September 2001)
Mr G R Smyth was appointed as a director of the company on 24 June 2002.
None of the directors has an interest in the share capital of the company or its parent company, Eurocentral Holdings Limited

Auditors
A resolution is to be proposed at the Annual General Meeting for the reappointment of KPMG Audit Plc as auditor of the company.
By Order of the Board

S TABERNER Se?retary Of2?

Sandiway House
Northwich Cheshire CW8 2YA 2.
Eurocentral Partnership Limited

Directors Report 18

Directors' Report The directors present herewith their report and the audited financial statements for the period ended 31 December 2000.

Business Review The company's principal activity is the development of a distribution park in Lanarkshire. The company was incorporated on 22 November 1999. On 30 November 1999, the company changed its name from Macrocom (583) Limited to Eurocentral Partnership Limited. On 21 January 2000, the company commenced to trade.

Share Capital On 21 December 1999, the company issued and Eurocentral Holdings Limited subscribed for 992 ordinary shares of ?1 each in the company.
On 21 December 1999, the company issued and Scottish Enterprise subscribed for 800 1p preference shares.
Directors The current directors are listed on page. 1.
The following were directors during the period:
Messrs P Parry, N Pascoe, J F Greenshields, J M Thornton, J McManus and MacRoberts Corporate Services Limited.
Messrs P Parry, N Pascoe, J F Greenshields, J M Thornton and 3 McManus were appointed as directors on 21 December 1999. MacRoberts Corporate Services were appointed as a director on 22 November 1999 and ceased to be a director on 21 December 1999. Mr N Pascoe resigned as a director on 14 September 2001, on which date Mr S H Turner was appointed a director.
None of the directors has an interest in the share capital of the company or its parent company Eurocentral Holdings Limited

Auditors A resolution is to be proposed at the Annual General Meeting for the reappointment of KPMG Audit Plc as auditor of the company.
By Order of the Board

Sandiway House Hartford Northwich Cheshire CW8 2YA

S TABERNER Secretary 2-2 I lot Ov

2. Eurocentral Partnership Limited (formerly Macrocom (583) Limited)

Directors Report 19

DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2017
The Directors present their annual report and the audited financial statements for the year ended 31 December 2017. The annual report comprises the Strategic Report and the Directors' Report, which together provide the information required by the Companies Act 2006. The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted by the European Union.
Going concern The directors have a reasonable expectation that the Company and the Morgan Sindall Group of which it is a part have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements. Further details can be found in the principal accounting policies in the financial statements.
Directors The directors who served during the year and thereafter are shown on page 1
Directors' indemnities The Company indemnifies the directors in its Articles of Association to the extent allowed under section 232 of the Companies Act 2006. Furthermore Morgan Sindall Group plc maintains liability insurance for its directors and officers and those of its directors and officers of its associated companies.
The Company has not made qualifying third party indemnity provisions for the benefit of its directors during the year.
Dividends An interim dividend of ?3,953,000 was paid during the year (2016: ?5,313,000). The directors do not recommend the payment of a final dividend (2016: ?ni1).
Employment policies The Group insists that a policy of equal opportunity employment is demonstrably evident at all times. Selection criteria and procedures and training opportunities are designed to ensure that all individuals are selected, treated and promoted on the basis of their merits, abilities and potential.
Directors' responsibilities statement The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare such financial statements for each financial year. Under that law the directors are required to prepare the Company and Group 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.

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MUSE DEVELOPMENTS LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2017
In preparing the Company and Group financial statements, International Accounting Standard 1 requires that directors: ?properly select and apply accounting policies; ?present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; ?provide additional disclosures when compliance with the specific requirements in IFR5s are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and ?make an assessment of the Company's ability to continue as a going concern.
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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Independent Auditor and disclosure of information to the independent Auditor In the case of each of the persons who are directors of the Company at the date when this report was approved:
?So far as each director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
?Each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Deloitte LLP has expressed its willingness to be reappointed for another term and subject to the receipt of any objections as provided under statute or the Company's Articles of Association, the Company is relying on the provisions as provided in section 487 of the Companies Act 2006 for the deemed reappointment of Deloitte LLP as auditors.
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oved ? the Board and signed on its behalf by:
D Hoyl Directo 16 April 2
MUSE DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MUSE DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2017
Report on the audit of the financial statements
Opinion In our opinion: ?the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2017 and of the group's profit for the year then ended; ?the group financial statements have been properly prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and IFRSs as issued by the International Accounting Standards Board (IASB); ?the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006; and ?the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Muse Developments Limited (the 'parent company') and its subsidiaries (the 'group') which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Cash flow Statement, the Consolidated Statement of Changes in Equity, the Company Balance Sheet, the Company Cash flow Statement, the Company Statement of Changes in Equity, the Principal Accounting Policies and the related notes 1 to 24.
The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union and, as regards the parent company financial statements, as applied in accordance with the provisions 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 auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the group and the parent 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 are required by ISAs (UK) to report in respect of the following matters where: ?the directors' use of the going concern basis of accounting in 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 group's or the parent 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.
7.0
MUSE DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MUSE DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2017
We have nothing to report in respect of these matters.
Other information The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. 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 respect of these matters.
Responsibilities 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 group's and the parent 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 group or the parent 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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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MUSE DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MUSE DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2017
Use of our report 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 auditor's 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.
Report on other legal and regulatory requirements
Opinions 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 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.
In the light of the knowledge and understanding of the group and of the parent company and their environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report or the directors' report.
Matters on which we are required to report by exception Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion: ?adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or ?the parent company 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.
We have nothing to report in respect of these matters.

Rachel Argyle (Senior Statutory Auditor) for and on behalf of Deloitte LLP Statutory Auditor Manchester United Kingdom /Cs" .Ar,41 zeir

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MUSE DEVELOPMENTS LIMITED