Director's Reports
Director’s Report 1
Director's Report
Strategic Report
Independent Auditors' Report
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Director’s Report 2
Director's Report ?For the year ended 31 December 2013
The Directors present their annual report together with the audited financial statements of Pendle Shipping Limited (the "Company") for the year ended 31 December 2013.
Profits and dividends
During the year the Company made a los
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Directors Report 2
Director's Report ?For the year ended 31 December 2013
The Directors present their annual report together with the audited financial statements of Pendle Shipping Limited (the "Company") for the year ended 31 December 2013.
Profits and dividends
During the year the Company made a loss after tax of US$8,000 (2012: US$2,329,000). The Directors do not recommend the payment of a final dividend (2012: Nil).
Post Balance Sheet Events
There have been no post balance sheet events for the year ended 31 December 2013.
Directors
The Directors of the Company, who served during the year and up to the date of signing of the financial statements, together with their dates of resignation as appropriate, are shown below:
S Ewart M R S Nankivell (resigned on 12 June 2013) A Nath LA Tyson (resigned on 12 June 2013) Since the year end, A Nath resigned as a Director on 20 May 2014. Going concern
All vessels have been returned to the lessor with the final vessel returned on 7 November 2012. It is expected that the winding down of the company will be completed in the near future. For this reason, the directors no longer regard the going concern basis of accounting to be appropriate, and the financial statements of the Company have not been prepared on a going concern basis.
Statement of Director's responsibilities
The following statement, which should be read in conjunction with the Auditors' report set out on page 4 is made with a view to distinguishing for shareholders the respective responsibilities of the Directors and the Auditors in relation to the accounts.
The Directors are required by the Companies Act 2006 to prepare financial statements for each financial year. The Directors have prepared the accounts in accordance with International Financial Reporting Standards ('IFRS') to present fairly the financial position of the Company and the performance for that period. The Companies Act 2006 provides, in relation to such accounts, that references to accounts giving a true and fair view are references to fair presentation.
The Directors consider that in preparing the financial statements on pages 7 to 25:
?the Company has used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates, and
?that all the accounting standards which they consider to be applicable have been followed, and
?that the financial statements have not been prepared on a going concern basis.
1.0
Pendle Shipping Limited Director's Report For the year ended 31 December 2013
The Directors have responsibility for ensuring that the Company keeps accounting records which disclose with reasonable accuracy the financial position of the Company and which enable them to ensure 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.
Financial instruments
Barclays financial risk management objectives and policies, which are followed by the Company, including the policy for hedging each major type of forecasted transaction for which hedge account is used, and the exposure to market risk, credit risk and liquidity risk set out in the note 'Financial Risk' on pages 22 to 25.
Creditors' Payment Policy
The Company values its suppliers and acknowledges the importance of paying invoices, especially those of small businesses, in a timely manner. The Company's policy follows the Department of Business, Innovation & Skills' Prompt Payment Code, copies of which can be obtained from the Prompt Payment Code website at www.promptpaymentcode.org.uk.
The trade creditor payment days for the Company for 2013 were zero days (2012: 4 days). This is an arithmetical calculation based on the Companies Act regulations and does not necessarily reflect our practice, which is described above, nor the experience of any individual creditor.
Directors third party indemnity provisions
Qualifying third party indemnity provisions were in force during the course of the financial year ended 31 December 2013 for the benefit of the then Directors and, at the date of this report, are in force for the benefit of the Directors in relation to certain losses and liabilities which may occur (or have occurred).in connection with their duties, powers or office.
Independent auditors
PricewaterhouseCoopers LLP will continue to hold office in accordance with section 487 of the Companies Act 2006.
Statement of disclosure of information to auditors
So far as the Directors are aware, there is no relevant audit information of which the Company's Auditors are unaware.
BY ORDER OF THE BOARD
k., S Ewan Director 2014-06-12 00:00:00
Company number: 6456715
2.0 Pendle Shipping Limited Strategic Report For the year ended 31 December 2013
Principal Activity and Business Review
The principal activity of the business was to provide marine transportation services to Barclays Bank PLC ("BBPLC") and other third parties in respect of the world wide trading of various commodities by BBPLC. In 2012, the Board decided to wind down the Company's activities and therefore terminated all lease agreements and returned all vessels. The company will be liquidated in the near future. .
Business performance
During the year the Company made US$8,000 loss after tax (2012: US$2,329,000) for the year. The Company has total assets of US$5,038,000 (2012: US$5,923,000). Future outlook
? It is expected that the Company will be liquidated in the near future. Principal risks and uncertainties
From the perspective of the Company, the principal risks and uncertainties are integrated with the principal risks. of the Barclays PLC group and are not managed separately. Accordingly, the principal risks and uncertainties of Barclays PLC, which include those of the Company, are discussed in section 3 (Risk Factors) pages 133 to 14.1 of the Group's 2013 annual report which does not form part of this report. Further details of the Company's risk management policies are discussed in note 15.
Key performance indicators
The Directors of Barclays PLC manage the group's operations on a business cluster basis. For this reason, the Cbmpany's Directors believe that analysis Using key performance indicators for the Company is not necessary or appropriate for an understanding of the development, performance or position of the business of the Company. The development, performance and position of the Company, is discussed in pages 238 to 244 Key Performance Indicators of the Barclays PLC annual report which does not form part of this report. '
BY ORDER OF THE BOARD
S Ewart Director 2014-06-12 00:00:00
Company number: 6456715
3.0 Pendle Shipping Limited Independent Auditors' Report For the year ended 31 December 2013
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PENDLE SHIPPING LIMITED
Report on the financial statements
Our opinion
In our opinion the financial statements, defined below:
?give a true and fair view of the state of the company's affairs as at 31 December 2013 and of its profit and cash flows for the year then ended;
?have been properly prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union; and ?have been prepared in accordance with the requirements of the Companies Act 2006. This opinion is to be read in the context of what we say in the remainder of this report.
Emphasis of Matter ? basis of preparation
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of disclosures made in note 3 to the financial. statements concerning the going concern basis of accounting. The Company will be liquidated in the near future. Accordingly the going concern basis of accounting is no longer appropriate and the financial statements have been prepared on a basis other than going concern as described in note 3 to the financial statements. No adjustments were necessary in these financial statements to reduce assets to their realisable values, to provide for liabilities arising from the decision to liquidate the Company or to reclassify non-current assets and liabilities as current.
What we have audited
The financial statements, which are prepared by Pendle Shipping Limited, comprise
?the statement of financial position as at 31 December 2013;
?the statement of comprehensive income for the year then ended;
?the statement of cash flows for the year then ended;
?the statement of changes in equity for the year then ended; and
?the notes to the financial statements, which include a summary of significant athninting policies and other explanatory information
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.
In applying the financial reporting framework, the directors have made a number of subjective judgeTents, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events.
4.0 Pendle Shipping Limited Independent Auditors' Report For the year ended 31 December 2013 INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PENDLE SHIPPING LIMITED (continued) What an audit of financial statements involves
We conducted our audit in accordance With International Standards on Auditing (UK and Ireland) ("ISAs (UK & Ireland)"). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of:
?whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed;
?the reasonableness of significant accounting estimates made by the directors; and
?the overall presentation of the financial statements.
In addition, we read all the financial and non-financial information in the financial statements to identify material inconsistencies with the ,audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become ?aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Director's Report and Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Other matters on which we are required to report by exception
Adequacy of accounting records and information and explanations received
Under the Companies Act 2006 we are required to report to you if, in our opinion:
?we have not received all the information and explanations we require for our audit; or
?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.
We have no exceptions to report arising from this responsibility.
Directors' remuneration
Under the Companies Act 2006 we are required to report to you if, in our opinion, certain disclosures of directors' remuneration specified by law are not made. We have no exceptions to report arising from this responsibility.
5.0 Pendle Shipping Limited Independent Auditors' Report For the year ended 31 December 2013
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PENDLE SHIPPING LIMITED (continued)
Responsibilities for the financial statements and the audit
Our responsibilities and those of the directors
As explained more fully in the Directors' Responsibilities Statement set out on pages 1 and 2, 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 ISAs (UK & Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this?report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Christopher Ro land (Senior Statutory Auditor) For and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London ((t; June 2014
6.0 _
Pendle Shipping Limited
Director’s Report 3
Directors' Report For the year ended 31 December 2012
The Directors present their annual report together with the audited financial statements of Pendle Shipping Limited (the "Company") for the year ended 31 December 2012
Principal Activities, Review of Business and Future Outlook
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Directors Report 3
Directors' Report For the year ended 31 December 2012
The Directors present their annual report together with the audited financial statements of Pendle Shipping Limited (the "Company") for the year ended 31 December 2012
Principal Activities, Review of Business and Future Outlook
The principal activity of the business is to provide marine transportation services to Barclays Bank PLC ("BBPLC") and other third parties in respect of the world wide trading of various commodities by BBPLC During the year the Board decided to wind down the Company's activities and therefore terminated all lease agreements and returned all vessels It is expected that the winding down of the company will be completed within the next year
Business Performance
The results of the Company show a loss before taxation of US$3,085,000 (2011 loss before taxation of US$1,173,000) for the year
Principal risks and uncertainties
From the perspective of the Company, the principal risks and uncertainties are integrated with the principal risks of the Barclays PLC group and are not managed separately Accordingly, the principal risks and uncertainties of Barclays PLC, which include those of the Company, are discussed in section 3 (Risk Factors) pages 108 to 115 of the Group's 2012 annual report which does not form part of this report Further details of the Company's risk management policies are discussed in note 17
Dividends
No dividends were paid out during the year ended 31 December 2012 (2011 Nil) The Directors do not recommend the payment of a final dividend
Going concern
During the year all vessels were returned to the lessor with the final vessel returned on 7 November 2012 It is expected that the winding down of the company will be completed in the near future For this reason, the financial statements have not been prepared on a going concern basis
Directors
The Directors of the Company, who served during the year and up to the date of signing the financial statements, are as shown below
S Ewart (appointed on 26 January 2012) MRS Nankivell (resigned on 12 June 2013) A Nath L Tyson (resigned on 12 June 2013)
1.0
Pendle Shipping Limited (Company No 6456715) Directors' Report For the year ended 31 December 2012
Statement of Directors' responsibilities
The Directors are responsible for preparing 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 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 required to
?select suitable accounting policies and then apply them consistently, ?make judgements and accounting estimates that are reasonable and prudent, ?state whether applicable International Financial Reporting Standards (IFRSs) as adopted by the
the financial statements, ?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
The Directors are responsible for the maintenance and integrity of the company's website Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions
Creditors' Payment Policy
The Company values its suppliers and acknowledges the importance of paying invoices, especially those of small businesses, in a timely manner The Company's policy follows the Department for Business, Innovation & Skills' Prompt Payment Code, copies of which can be obtained from the Prompt Payment Code website at www promptpaymentcode org uk
The trade creditor payment days for the Company for 2012 were 4 days (2011 19 days) This is an arithmetical calculation based on the Companies Act regulations and does not necessarily reflect our practice, which is described above, nor the experience of any individual creditor
Directors third party indemnity provisions
Qualifying third party indemnity provisions were in force during the course of the financial year ended 31 December 2012 for the benefit of the then Directors and, at the date of this report, are in force for the benefit of the Directors in relation to certain losses and liabilities which may occur (or have occurred) in connection with their duties, powers or office
2.0
Pendle Shipping Limited (Company No 6456715) Directors' Report For the year ended 31 December 2012
Independent auditors
PricewaterhouseCoopers LLP will continue to hold office in accordance with Section 487 of the Companies Act 2006
Statement of disclosure of information to auditors
The Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's Auditors are aware of that information So far as the Directors are aware, there is no relevant audit information of which the Company's Auditors are unaware
BY ORDER OF THE BOARD
6, S Eart Director 21st June2013 Company number 6456715 Pendle Shipping Limited (Company No 6456715) Independent Auditors' Report For the year ended 31 December 2012
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PENDLE SHIPPING LIMITED
We have audited the financial statements of Pendle Shipping Limited (the "Company") for the year ended 31 December 2012, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flow and the related notes 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
Respective responsibilities of Directors and auditors
As explained more fully in the Statement of Directors' Responsibilities set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors
This report, including the opinions, has been prepared for and only for the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error This includes an assessment of whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed, the reasonableness of significant accounting estimates made by the Directors, and the overall presentation of the financial statements In addition, we read all the financial and non-financial information in the Directors' Report to identify material inconsistencies with the audited financial statements If we become aware of any apparent material misstatements or Inconsistencies we consider the implications for our report
Opinion on financial statements
In our opinion the financial statements
?give a true and fair view of the state of the company's affairs as at 31 December 2012 and of its loss 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 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
Pendle Shipping Limited (Company No 6456715) Independent Auditors' Report For the year ended 31 December 2012
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PENDLE SHIPPING 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 Emphasis of Matter
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures made in note 3 to the financial statements concerning the going concern basis of accounting During the year the Directors have decided to liquidate the Company Adiustments have been made in these financial statements to measure current tax assets at their estimated recoverable amount
Antony Eldridge (Senior Statutory Auditor) For and on behalf of PncewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London
12-S June 2013
5.0 Pendle Shipping Limited (Company No 6456715)
Director’s Report 4
Directors' Report For the year ended 31 December 2011
The Directors present their annual report together with the audited financial statements of Pendle Shipping Limited (the "Company") for the year ended 31 December 2011
Review and principal activities
The principal activity of the
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Directors Report 4
Directors' Report For the year ended 31 December 2011
The Directors present their annual report together with the audited financial statements of Pendle Shipping Limited (the "Company") for the year ended 31 December 2011
Review and principal activities
The principal activity of the business is to provide marine transportation services to Barclays Bank PLC ("BBPLC") and other third parties in respect of the world wide trading of venous commodities by BBPLC
Business Performance
The results of the Company show a loss before taxation of US$1,173,000 (2010 loss before taxation of US$157,000) for the year
Future Outlook
No significant change in the Company's activities is envisaged in the foreseeable future
Principal risks and uncertainties
From the perspective of the Company, the principal risks and uncertainties are integrated with the principal risks of the Barclays PLC group and are not managed separately Accordingly, the principal risks and uncertainties of Barclays PLC, which include those of the Company, are discussed in section 3 (Risk Factors) pages 74 to 78 of the Group's 2011 annual report which does not form part of this report Further details of the Company's risk management policies are discussed in note 17
Dividends
No dividends were paid out during the year ended 31 December 2011 (2010 Nil) The Directors do not recommend the payment of a final dividend
Going concern
After reviewing the Company's performance projections, the available banking facilities and taking into account the support available from Barclays Bank PLC, the Directors are satisfied that the Company has adequate access to resources to enable it to meet it's obligations and to continue in operational existence for the foreseeable future For this reason, the Directors have adopted the going concern basis in preparing these financial statements
Directors
The Directors of the Company, who served dunng the year and up to the date of signing the financial statements, are as shown below
MRS Nankivell A Nath D Wardley (resigned 2 September 2011) L Tyson (appointed 4 November 2011) V V Karlekar (resigned 21 October 2011)
Since the year end, S Ewart was appointed as a Director on 26 January 2012
1.0
- - - - - - Pendle Shipping Limited (Company No 6456715) Directors' Report For the year ended 31 December 2011
Statement of Directors' responsibilities
The following statement, which should be read in conjunction with the Independent Auditors' Report set out on pages 4 to 5, is made with a view to distinguishing for shareholders the respective responsibilities of the Directors and of the Auditors in relation to the financial statements
The Directors are required by the Companies Act 2006 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of the profit or loss for the financial year The Directors have prepared the financial statements in accordance with International Financial Reporting Standards ("IFRS")s as published by the International Accounting Standards Board They are also in accordance with IFRSs as adopted by the European Union
The Directors consider that in preparing the financial statements on pages 6 to 23
?that the Company has used appropnate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates, ?that all the accounting standards which they consider to be applicable have been followed, and ?that the financial statements have been prepared on a going concern basis
The Directors have responsibility for ensuring that the Company keeps accounting records which disclose with reasonable accuracy the financial position of the Company and which enable them to ensure the financial statements comply with the Companies Act 2006
The Directors are also responsible for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities
Creditors' Payment Policy
The Company values its suppliers and acknowledges the importance of paying invoices, especially those of small businesses, in a timely manner The Company's policy follows the Department for Business, Innovation & Skills' Prompt Payment Code, copies of which can be obtained from the Prompt Payment Code website at www promptpaymentcode org uk
The trade creditor payment days for the Company for 2011 were 19 days (2010 14 days) This is an arithmetical calculation based on the Companies Act regulations and does not necessarily reflect our practice, which is described above, nor the experience of any individual creditor
Directors third party indemnity provisions
Qualifying third party indemnity provisions were in force during the course of the financial year ended 31 December 2011 for the benefit of the then Directors and, at the date of this report, are in force for the benefit of the Directors in relation to certain losses and liabilities which may occur (or have occurred) in connection with their duties, powers or office
Independent auditors
PricewaterhouseCoopers LLP will continue to hold office in accordance with Section 487 of the Companies Act 2006
2.0
Pendle Shipping Limited (Company No. 6456715) Directors' Report For the year ended 31 December 2011
Statement of disclosure of information to auditors
The Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's Auditors are aware of that information So far as the Directors are aware, there is no relevant audit information of which the Company's Auditors are unaware
Company number 6456715
3.0
BY ORDER OF THE BOARD /it dsof,'
M R S Nankivell Directo292_ calAle-2012
Pendle Shipping Limited (Company No. 6456715) Independent Auditors' Reportto the members of Pendle Shipping Limited For the year ended 31 December 2011
We have audited the financial statements of Pendle Shipping Limited (the "Company") for the year ended 31 December 2011, which comprise the Statement of Comprehensive Income, the Statement of Changes in Equity, the Balance Sheet, the Cash Flow Statement and the related notes 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
Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors
This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error This includes an assessment of whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed, the reasonableness of significant accounting estimates made by the directors, and the overall presentation of the financial statements In addition, we read all the financial and non-financial information in the Directors' Report to identify material inconsistencies with the audited financial statements If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report
Opinion on financial statements
In our opinion the financial statements
?give a true and fair view of the state of the company's affairs as at 31 December 2011 and of its loss 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 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
Pendle Shipping Limited (Company No 6456715) Independent Auditor's Report To The Members Of Pendle Shipping Limited For the year ended 31 December 2011
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
Antony Eldridge (Senior Statutory Auditor) For and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London -2---37, 2012
5.0 Pendle Shipping Limited (Company No 6456715)
Director’s Report 5
Directors' Report For the year ended 31 December 2010
The Directors present their annual report together with the audited financial statements of Pendle Shipping Limited (the "Company") for the year ended 31 December 2010
Review and principal activities
The principal activity of the
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Directors Report 5
Directors' Report For the year ended 31 December 2010
The Directors present their annual report together with the audited financial statements of Pendle Shipping Limited (the "Company") for the year ended 31 December 2010
Review and principal activities
The principal activity of the business is to provide mann e transportation services to Barclays Bank PLC ("BBPLC") and other third parties in respect of the world wide trading of various commodities by BBPLC
Business Performance
The results of the Company show a loss before taxation of US$ 157,000 (2009 profit before tax of US$ 7,000) for the year The Directors consider that the Company's position is due to the fact that the Company is still in its early stage of operation and scale-up
Future Outlook
Freight markets remained subdued during 2010 as the extent of new build tanker deliveries across all asset classes continued to weigh on the market, more than matching improving demand conditions In 2011 we anticipate that the negative influence of excessive new builds will lesson and the impact of stronger global growth will begin to fully exert itself leading to increased demand for shipping primarily as a result of increased tonne miles
Principal risks and uncertainties
From the perspective of the Company, the principal risks and uncertainties are integrated with the principal risks of the Barclays PLC group and are not managed separately Accordingly, the principal risks and uncertainties of Barclays PLC, which include those of the Company, are discussed in section 4 (Risk Factors) pages 73 to 81 of the Group's 2010 annual report which does not form part of this report Further details of the Company's risk management policies are discussed in note 19
Dividends
No dividends were paid out during the current year (2009 Nil)
Going concern
After reviewing the Company's performance projections, the available banking facilities and taking into account the support available from Barclays Bank PLC, the directors are satisfied that the Company has adequate access to resources to enable it to meet it's obligations and to continue in operational existence for the foreseeable future For this reason, the directors have adopted the going concern basis in preparing these financial statements
Directors
The Directors of the Company, who served during the year and up to the date of signing the financial statements, are as shown below
V V Karlekar (appointed 29 September 2010) S L Krueger (resigned 30 June 2010) M R S Nankivell A Nath D Wardley
1.0
Pendle Shipping Limited (Company No 6456715) Directors' Report For the year ended 31 December 2010
Statement of Directors' responsibilities
The following statement, which should be read in conjunction with the Auditors' Report set out on pages 4 to 5, is made with a view to distinguishing for shareholders the respective responsibilities of the Directors and of the Auditors in relation to the financial statements
The Directors are required by the Companies Act 2006 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of the profit or loss for the financial year The Directors have prepared the financial statements in accordance with International Financial Reporting Standards ("IFRS")s as published by the International Accounting Standards Board They are also in accordance with IFRSs as adopted by the European Union
The Directors consider that in preparing the financial statements on pages 6 to 22
?that the Company has used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates, ?that all the accounting standards which they consider to be applicable have been followed, and ?that the financial statements have been prepared on a going concern basis
The Directors have responsibility for ensuring that the Company keeps accounting records which disclose with reasonable accuracy the financial position of the Company and which enable them to ensure the financial statements comply with the Companies Act 2006
The Directors are also responsible for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities
Creditors' Payment Policy
The Company values its suppliers and acknowledges the importance of paying invoices, especially those of small businesses, in a timely manner The Company's policy follows the Department for Business, Innovation & Skills' Prompt Payment Code, copies of which can be obtained from the Prompt Payment Code website at www promptpaymentcode org uk
The trade creditor payment days for the Company for 2010 were 14 da ys (2009 16 days) This is an arithmetical calculation based on the Companies Act regulations and does not necessarily reflect our practice, which is described above, nor the experience of any individual creditor
Directors third party indemnity provisions
Qualifying third party indemnity provisions were in force during the course of the financial year ended 31 December 2010 for the benefit of the then Directors and, at the date of this report, are in force for the benefit of the Directors in relation to certain losses and liabilities which may occur (or have occurred) in connection with their duties, powers or office
Independent auditors
PncewaterhouseCoopers LLP will continue to hold office in accordance with Section 487 of the Companies Act 2006
Pendle Shipping Limited (Company No 6456715) Directors' Report For the year ended 31 December 2010
Statement of disclosure of information to auditors
The Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's Auditors are aware of that information So far as the Directors are aware, there is no relevant audit information of which the Company's Auditors are unaware
BY ORDER OF THE BOARD
M R S Nankivell Director -2- 0 "nA,AN C 2011
3.0
Pendle Shipping Limited (Company No. 6456715) Independent Auditors' Report to the members of Pendle Shipping Limited For the year ended 31 December 2010
We have audited the financial statements of Pendle Shipping Limited for the year ended 31 December 2010, which comprise of the Income Statement, the Statement of Changes in Equity, the Balance Sheet, the Cash Flow Statement and the related notes 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
Respective responsibilities of Directors and Auditors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 Ethical Standards for Auditors
This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing
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 loss 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 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
Pendle Shipping Limited (Company No 6456715) Independent Auditor's Report To The Members Of Pendle Shipping Limited For the year ended 31 December 2010
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
Antony Eldridge (Senior Statutory Auditor) PricewaterhouseCoopers LLP Chartered Accountants and Registered Auditors London, United Kingdom 2% 4---i- 2011
5.0 Pendle Shipping Limited (Company No 6456715)
Director’s Report 6
Directors' Report
The Directors present their report together with the audited financial statements of Pendle Shipping Limited (the Company) for the year ended 31 December 2009
Review and principal activities
The principal activity of the business is to provide marine transportation
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Directors Report 6
Directors' Report
The Directors present their report together with the audited financial statements of Pendle Shipping Limited (the Company) for the year ended 31 December 2009
Review and principal activities
The principal activity of the business is to provide marine transportation services to Barclays Bank PLC (BBPLC) and other third parties in respect of the world wide trading of various commodities by BBPLC
Business Performance
The results of the Company show a profit before taxation of USD 7,000 (2008 loss of USD 2,280,000 for the period from 19 December 2007 to 31 December 2008) for the year The Directors consider that the Company's position is due to the fact that the Company is still in its early stage of formation and operation
Future Outlook
The freight markets weakened throughout 2009 due to the drop in demand for oil products caused by the global recession centered on the US and Europe Expectations for 2010 are for a weak Asian led recovery in second quarter to strengthen towards year end across all asset classes as global trade and confidence recovers High delivery of new vessel builds throughout the year will continue to weigh on markets
Principal risks and uncertainties
From the perspective of the Company, the principal risks and uncertainties are credit risk, interest rate risk, liquidity risk and price risk Further details of the Company's policies are discussed in note 19
Key performance indicators
The directors of Barclays PLC manage the group's operations on a business cluster basis For this reason, the Company's directors believe that analysis using key performance indicators for the Company is not necessary or appropriate for an understanding of the development, performance or position of the business of the Company
Results and Dividends
During the year the Company made a loss after taxation of USD 7,000 (2008 loss of USD 1,631,000 for the period from 19 December 2007 to 31 December 2008) No dividend was declared for the period
Directors
The Directors of the Company who served during the year are shown below
Steven Lewis Krueger Avtansini Nath David Wardley Mark Robert Stormonth Nankivell
1.0
Pendle Shipping Limited (Company No 6456715) For the year ended 31 December 2009 Directors' Report (cont)
Statement of Directors' responsibilities
The following statement, which should be read in conjunction with the Auditors' Report set out on pages 3 to 4, is made with a view to distinguishing for shareholders the respective responsibilities of the Directors and of the Auditors in relation to the financial statements
The Directors are required by the Companies Act 2006 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of the profit or loss for the financial year The Directors have prepared the financial statements in accordance with International Financial Reporting Standards (IFRS)s as published by the International Accounting Standards Board They are also in accordance with IFRSs as adopted by the European Union
The Directors consider that in preparing the financial statements on pages 5 to 21
?the Company has used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates, and ?that all the accounting standards which they consider to be applicable have been followed, and ?that the financial statements have been prepared on a going concern basis
The Directors have responsibility for ensuring that the Company keeps accounting records which disclose with reasonable accuracy the financial position of the Company and which enable them to ensure the financial statements comply with the Companies Act 2006
The Directors have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregulanties
Financial instruments The Company's financial risk management objectives and policies are set out in note 19 Directors third party indemnity provisions
Qualifying third party indemnity provisions were in force during the course of the financial year ended 31 December 2009 for the benefit of the then Directors and, at the date of this report, are in force for the benefit of the Directors in relation to certain losses and liabilities which may occur (or have occurred) in connection with their duties, powers or office
Auditors
PricewaterhouseCoopers will continue to hold office in accordance with Section 487 of the Companies Act 2006.0
So far as the Directors are aware, there is no relevant audit information of which the Company's Auditors are unaware The Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's Auditors are aware of that information
BY ORDER OF THE BOARD
Mark Nankivell Director
2010-06-16 00:00:00
2.0
Pendle Shipping Limited (Company No 6456715) For the year ended 31 December 2009 Independent Auditors' Report to the members of Pendle Shipping Limited
We have audited the financial statements of Pendle Shipping Limited for the year ended 31 December 2009, which comprise of the Income Statement, the Statement of Changes in Equity, the Balance Sheet, the Cash Flow Statement and the related notes 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
Respective responsibilities of Directors and Auditors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 Ethical Standards for Auditors
This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Sections 495 and 496 of the Companies Act 2006 and for no other purpose We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing
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 loss 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 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
3.0
Pendle Shipping Limited (Company No 6456715) For the year ended 31 December 2009 Independent Auditor's Report To The Members Of Pendle Shipping Limited (cont)
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
-,--,--- --- / Antony Eldridge (Senior Statutory Auditor) PricewaterhouseCoopers LLP Chartered Accountants and Registered Auditors London, United Kingdom
2010-06-01 00:00:00
4.0 Pendle Shipping Limited (Company No 6456715) For the year ended 31 December 2009
Director’s Report 7
Directors' Report
The Directors present their report together with the audited financial statements of Pendle Shipping Limited (the Company) for the period from 19 December 2007 to 31 December 2008.
Business review and principal activities
The principal activity of the business is to
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Directors Report 7
Directors' Report
The Directors present their report together with the audited financial statements of Pendle Shipping Limited (the Company) for the period from 19 December 2007 to 31 December 2008.
Business review and principal activities
The principal activity of the business is to provide marine transportation services to Barclays Bank PLC (BBPLC) in respect of the world wide trading of various commodities by BBPLC.
Business Performance
The results of the Company show a loss before taxation of USD 2,280,000 for the period. The Directors consider that the Company's position is due to the fact that the Company is still in its early stage of formation and operation.
Future Outlook
The freight markets are expected to remain weak throughout the second and third quarters of 2009, with an anticipated recovery in the fourth quarter continuing into 2010 and beyond.
Principal risks and uncertainties
From the perspective of the Company, the principal risks and uncertainties are credit risk, interest rate risk, liquidity risk and price risk. Further details of the Company's policies are discussed in note 18.
Key performance indicators
The directors of Barclays PLC manage the group's operations on a business cluster basis. For this reason, the Company's directors believe that analysis using key performance indicators for the Company is not necessary or appropriate for an understanding of the development, performance or position of the business of the Company.
Results and Dividends
During the period the Company made a loss after taxation of USD 1,631,000. No dividend was declared for the period.
Directors
The Directors of the Company who served during the period are shown below:
Reed Smith 2006 Limited S Krueger A Nath D Wardley M Nankivell (resigned 23 April 2008) (appointed 23 April 2008) (appointed 23 April 2008) (appointed 23 April 2008) (appointed 4 November 2008) Pendle Shipping Limited For the period from 19 December 2007 to 31 December 2008 Directors' Report (cont.)
Statement of Directors' responsibilities
The following statement, which should be read in conjunction with the Auditors' Report set out on pages 3 to 4, is made with a view to distinguishing for shareholders the respective responsibilities of the Directors and of the Auditors in relation to the financial statements.
The Directors are required by the Companies Act 1985 to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Company as at the end of the financial period and of the profit or loss for the financial period.
The Directors consider that in preparing the financial statements on pages 5 to 16:
?the Company has used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates, ?that all the accounting standards which they consider to be applicable have been followed, and ?that the financial statements have been prepared on a going concern basis.
The Directors have responsibility for ensuring that the Company keeps accounting records which disclose with reasonable accuracy the financial position of the Company and which enable them to ensure the financial statements comply with the Companies Act 1985.
The Directors have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
Financial Instruments The Company's financial risk management objectives and policies are set out in note 18. Directors' Indemnities
Qualifying third party indemnity provisions were accordingly in force during the course of the financial year ended 31 December 2008 for the benefit of the then Directors and, at the date of this report, are in force for the benefit of the Directors in relation to certain losses and liabilities which may occur (or have occurred) in connection with their duties, powers or office.
Auditors
So far as the Directors are aware, there is no relevant audit information of which the Company's Auditors are unaware. The Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's Auditors are aware of that information.
PricewaterhouseCoopers LLP will continue to hold office in accordance with Section 487 of the Companies Act 2006
F THE BOARD
BY
uegkr Director 2009-06-22 00:00:00
2.0
Pendle Shipping Limited For the period from 19 December 2007 to 31 December 2008 Independent Auditors' Report to the members of Pendle Shipping Limited
We have audited the financial statements of Pendle Shipping Limited for the period ended 31 December 2008, which comprise of the Income Statement, the Statement of Changes in Equity, the Balance Sheet, the Cash Flow Statement and the related notes on pages 9 to 16. These financial statements have been prepared under the accounting policies set out on pages 9 to 11.
Respective responsibilities of Directors and Auditors
The Directors' responsibilities for preparing the financial statements in accordance with applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union 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). This report, including the opinion, has been prepared for and only for the Company's members as a body in accordance with Section 235 of the Companies Act 1985 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements have been 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 transactions is not disclosed.
We read the Directors' Report and consider the implications for our report if we become aware of any apparent misstatements within it.
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 judgements 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.
3.0 Pendle Shipping Limited For the period from 19 December 2007 to 31 December 2008 Independent Auditor's Report To The Members Of Pendle Shipping Limited (cont.)
Opinion
In our opinion:
?the financial statements give a true and fair view, in accordance with IFR5s as adopted by the European Union, of the state of the Company's affairs as at 31 December 2008 and of its loss and cash.flows for the.. period 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.
lave
PricewaterhouseCoopers LLP Chartered Accountants and Registered Auditors London, United Kingdom 2009-06-25 00:00:00
4.0 Pendle Shipping Limited For the period from 19 December 2007 to 31 December 2008
