report & accounts 2010

REPORT & ACCOUNTS

2010

It gives me great pleasure to be Managing Director of Ibex as we celebrate our 15th anniversary of trading.

As the market continues to change reflecting the global economic situation, Ibex looks forward with optimism to 2011 and a positive set of results, which will form the foundation for another 15 years.

Whilst I was not one of the 11 original members of staff who started Ibex in April 1996, I did join six months after this date and as a consequence I am very familiar with the early goals to build a company that consistently provides the highest quality product possible to the commercial office market in London. This is still our core market sector, however the company has expanded geographically and is also completing several complex refurbishment projects.

The last 15 years have seen many changes in all aspects of personal and business life and one of the many attributes of Ibex has been it's ability to change with the differing demands of the market in which it operates and we will continue to do this.

There have been a number of noticeable achievements during the last 15 years, we have moved offices three times, successfully established a Midlands business, which has been complimented by the recent opening of a Thames Valley office in the UK Regions and also a Residential division targeting high net

worth clients in Central London. Within these achievements, over 900 projects have been completed with a total value in excess £1BN.

Like all dynamic businesses, there have been changes in personnel, however, we have always managed to retain the culture of the business and have remained prosperous in each of our 15 years of trading. We are today a mature business, which has a strong brand and is well respected for the service and product it produces in a fiercely competitive and challenging market place.

As with any successful business, we are reliant on all of those who have worked for, or with us during the past 15 years, and I would like to take this opportunity to thank you all as we prepare ourselves for the challenges that the next 15 years will hold for us.

Mark Taylor Managing Director, Ibex

A MESSAGE FROM THE MANAGING DIRECTOR

NEW CLIENTS 2010: % of turnover

REPEAT BUSINESS CLIENTS

NEW CLIENTS

38%

62%

£10M-£5M 14%

39%>£0.75M

5%

42%>£5M-0.75M

PROJECT BY VALUE: 2010 (AS % OF PROJECTS SECURED)

OVERVIEW

DIVISIONS % TURNOVER

Fit-Out (UK Regions)

Churn & Change

Residential

Refurbishment

Fit-Out (London)

15%

20%

18%

12%

35%

NEW PROJECTS WON BY SCOPE OF WORKS

REFURBISHMENT:(includes major refurbishment and new build)

26%

74%FIT-OUT: (includes fit-out of Cat B space for end user and refit of existing space, often in occupied buildings)

TURNOVER STORY: 1996 – 2011

£46M

£65M

£82M

£27M

£83M£81M

£95M£85M

£106M

£18M£10M

£36M

£70M£64M £61M

£75M (projected)

2009

2010

2011

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

£10M

UK REGIONSLONDON FIT-OUT

CHANNEL 4124 Horseferry Road, London SW1 Multi Million

Multi Project

ORIEL SECURITIESLevel 7, 150 Cheapside London EC2V

1,672m2

1.5M

12 Weeks

CHARTISLevel 5 & 6, 150 Cheapside, London EC2V

4,645m2

Multi Million

18 Weeks

HR WALLINGFORDKestrel House, Howberry Park, Wallingford Oxford, 0X10

BCO Regional Winner: Corporate Workplace 2011 2,787m2

1.3M

15 Weeks

CELGENE1 Longwalk, Stockley Park, Uxbridge UB11

7,000m2

4.7M

16 Weeks

ENVISAGE GROUPUnit F, Leofric Business Park, Coventry CV3

2,923m2

1.15M

16 Weeks

CHURN & CHANGE

THE CROWN ESTATE68 Pall Mall & 67-68 Jermyn Street, Greener House & 15-17 King Street, London SW1

FRESHFIELDS BRUCKHAUS DERINGER65 Fleet Street, London EC4Y

285K

22 Weeks

570m2

970K

10 Weeks

RESIDENTIAL

ROMEO PROPERTY RESOURCES LTD AND JULIET PROPERTIES LTD22-24 Cranley Gardens, London SW7

RUSSELL JACOBS17 Hanover Terrace, London UB11

1,940m2

6.6M

100 Weeks

50m2

430K

30 Weeks

REFURBISHMENT

PRUPIMErgon House, Horseferry Road, London SW1

NETWORK RAILEnterprise House, 167-169 Paddington Station, London W2

100m2

1.0M

26 Weeks

4,645m2

8.5M

41 Weeks

Directors

↗ S Stefanou

↗ M A Taylor

↗ I Carr

↗ K Ashcroft

↗ J Fahy

Secretary S G Harvey

Company Number 02099985 (England and Wales)

Registered Office John Doyle House Little BurrowWelwyn Garden CityHerts AL7 4SP

Auditors Baker Tilly UK Audit LLP1st Floor 46 Clarendon RoadWatfordHerts WD17 1JJ

FINANCIAL STATEMENTS

Network Rail, Enterprise House, London W2

DIRECTORS' REPORT

The directors present their report and financial statements for the year ended 31 December 2010.

Principal Activities

The principal activity of the company during the year was that of high quality interior fitting out, refurbishment and residential developments.

Review of the Business

Considering the general economic climate in the UK we look back on 2010 as a job well done. The continuing difficult trading conditions for the sector in 2010 proved extremely challenging with the recession still hitting the property and construction industry particularly hard, as clients delayed, postponed or shelved new projects.

Construction volumes continued to decline and margin was therefore earned through hard work and an even greater attention to detail in all aspects of the delivery process and also our ability to change and flex to suit ever changing market conditions. Against this backdrop, it gives me great pleasure to report a profit before tax for 2010 of £ 361,387 (2009 : £521,211) on a reduced turnover of £ 45,856,491 (2009 : £60,994,701).

The year started very slowly with work carried forward from 2009 of £22M and this trend continued until mid year. We did however see a significant improvement in the market, particularly the Fit-Out sector, during the second half of the year, which enabled us to deliver a positive result for 2010 and has also given us a good start to 2011 with a carry forward order book of £36M. This trend has continued into the early part of 2011 and bodes well for a better result in 2011.

The growth in new orders for our core Fit-Out division was complimented by the continued growth of our Residential division amongst high net worth individuals in central London and also the Refurbishment division, which benefited from the renewed interest in the upgrade of old stock.

As a consequence, we look forward to 2011 with a healthy order book and a business structured and geared to deal with what we believe will continue to be challenging times ahead.

Environment

The company complies with relevant environmental legislation, industry codes of practice, the Doyle Group Environmental Policy and any other applicable requirements. Construction methods are selected which minimise the use of natural resources associated with the use of energy and materials. Where appropriate, we will investigate and promote the use of by-products, recyclable and sustainable materials. We seek to minimise waste production and avoid contamination from any waste produced by ensuring that disposal is safely handled by licensed operators.

Future Developments

The directors expect continued growth in the forthcoming year.

Financial Instruments

The Group, of which the company is a member, has a loan and overdraft facility with Bank of Scotland plc. A mortgage debenture exists giving the bank a fixed and floating charge over the assets of the Group as security for the overdraft and loan facilities provided to the Group. These facilities are reviewed annually alongside the business plans and budgets for the forthcoming year.

The Group enters into interest rate swap and cap and collar arrangements.

The Group does not enter into any other financial instruments bar normal short-term creditors and debtors on normal commercial terms.

DIRECTORS' REPORT (cont.)

Principal Risks and Uncertainties

The market sector in which Ibex Interiors Limited operates in is highly competitive, however we believe Ibex Interiors Limited remains a key player, therefore we fully expect to achieve the targets that have been set for the forthcoming financial year.

Contract risk is reviewed on a project by project basis by senior management on a risk averse basis relative to the sector.

Contract debtors are managed on an ongoing basis via a regular review of individual contracts to ensure that our full entitlement is recognised and monitored through to crystallisation of the debt.

Trade creditors are managed closely and are paid as far as possible within the credit terms agreed.

Senior management closely monitor the cash position on a daily basis and use this information to direct creditor payment policy in response to the liquidity and cashflow risks affecting the business.

Key Performance Indicators

The company undertakes a comprehensive budgeting process and sets both company and profit centre targets with an objective of continuous organic growth in PBT.

2010 2009 2008 2007

Turnover (£’000) 45,856 60,995 95,107 106,608

Turnover Growth (%) (24.82) (35.87) (10.79) 30.89

Gross Margin (%) 7.71 4.72 6.61 6.00

PBT (£’000) 361 521 1,484 2,183

Results and Dividends

The results for the year are set out on page 11. The trading profit for the year after taxation was £199,399 (2009: £338,951).

The directors have not paid an ordinary interim dividend (2009: £nil) and they do not recommend payment of a final dividend (2009: £nil).

Directors

The following directors have held office since 1 January 2010:

↗ S Stefanou

↗ K Ashcroft

↗ I Carr

↗ M A Taylor

↗ J Fahy

Creditor Payment Policy

The company does not adhere to any formal code regarding payments to creditors. Its current policy in this respect, which the company endeavours to follow, is to:

↗ Use unamended terms of standard forms of contract widely recognised in, and drawn up by bodies representing the industry.

↗ Clearly agree and set down the terms of payment with suppliers and subcontractors.

↗ Make payments in accordance with its obligations.

↗ Trade creditor days based on creditors at 31 December 2010 were 43 days (2009: 33 days).

DIRECTORS’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS

Charitable Donations

2010 2009 £ £

During the year the company made the following payments:

Charitable donations 2,831 861

Auditor

A resolution to reappoint Baker Tilly UK Audit LLP as auditors will be put to the members at the Annual General Meeting.

Statement as to Disclosure of Information to Auditor

The directors who are in office on the date of approval of these financial statements have confirmed that, as far as they are aware, there is no relevant audit information of which the auditor is unaware. Each of the directors have confirmed that they 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 it has been communicated to the auditor.

The Directors' Report was approved by the Board and signed on their behalf by:

I Carr Director 8th September 2011

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 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.

a. in preparing those financial statements, the directors are required to: select suitable accounting policies and then apply them consistently;

b. make judgements and accounting estimates that are reasonable and prudent;

c. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

d. 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.

DIRECTORS' REPORT (cont.)

We have audited the financial statements set out on pages 11 to 24. 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 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 Auditor

As more fully explained in the Directors' Responsibilities Statement set out on page 9, 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

A description of the scope of an audit of financial statements is provided on the APB's website at www.frc.org.uk/apb/scope/private.cfm.

Opinion on the 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 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 Matters 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.

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.

Andrew Monteith (Senior Statutory Auditor) for and on behalf of Baker Tilly UK Audit LLP , Statutory Auditor,

Chartered Accountants 1st Floor 46 Clarendon Road Watford Hertfordshire WD17 1JJ

9th September 2011

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF IBEX INTERIORS LIMITED

PROFIT AND LOSS ACCOUNT

For the year ended 31 December 2010

2010 2009 Notes £ £

Turnover 1 45,856,491 60,994,701

Cost of sales (42,320,333) (58,118,439)

Gross Profit 3,536,158 2,876,262

Other operating expenses (net) 2 (3,173,103) (2,389,462)

Operating Profit 363,055 486,800

Investment income 3 21,738 40,355

Interest payable and similar charges 4 (23,406) (5,944)

Profit on Ordinary Activities Before Taxation 5 361,387 521,211

Taxation 8 (161,988) (182,260)

Profit on Ordinary Activities After Taxation 16 199,399 338,951

The profit for the year arises from the company’s continuing operations.

No separate Statement of Total Recognised Gains and Losses has been presented as all such gains and losses have been dealt with in the Profit and Loss Account.

BALANCE SHEET

As at 31 December 2010

2010 2009 Notes £ £

Fixed Assets

Tangible assets 9 205,818 301,908

Current Assets

Debtors 10 26,121,615 17,503,989

26,121,615 17,503.989

Creditors: Amounts Falling Due Within One Year 11 (21,795,048) (13,235,971)

Net current assets 4,326,567 4,268,018

Total Assets Less Current Liabilities 4,532,385 4,569,926

Creditors: Amounts Falling Due After More Than One Year 12 (275,147) (512,087)

Net Assets 4,257,238 4,057,839

Capital and Reserves

Called up share capital 15 1,500,000 1,500,000

Profit and loss account 16 2,757,238 2,557,839

Shareholders’ Funds 17 4,257,238 4,057,839

The financial statements on pages 11 to 24 were approved by the board of directors and authorised for issue on 8th September 2010 and are signed on its behalf by:

I Carr, Director

ACCOUNTING POLICIES

Basis of Accounting

The financial statements have been prepared under the historical cost convention in accordance with applicable accounting standards.

Going Concern

The Group (of which the company is a member) has a loan and overdraft facility in place with the bank. Forecasts have been prepared covering a period greater than 12 months from the date of approval of these financial statements which show that it can continue to operate within the facilities currently available.

After considering the forecasts and the available financing the directors are of the opinion that the company will continue to meet its liabilities as they fall due and therefore consider it appropriate to draw up the accounts on a going concern basis.

Cashflow Statement

The company has taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from the requirement to produce a cash flow statement on the grounds that it is a subsidiary undertaking where 90 percent or more of the voting rights are controlled within the group and it is included within consolidated accounts that are publicly available.

Turnover

Turnover is ascertained in a manner appropriate to the stage of completion of the contract, and credit taken for the profit earned to date when the outcome of the contract can be assessed with reasonable certainty.

Tangible Fixed Assets And Depreciation

Fixed assets are stated at historical cost less accumulated depreciation.

Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value over its expected useful life, as follows:

↗ Leasehold improvements - on a straight line basis over the term of the lease

↗ Fixtures, fittings & equipment - 25% on reducing balance basis

Leasing

The annual rentals on "operating leases" are charged to profit and loss on a straight line basis over the lease term.

Long Term Contracts

Long term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract and measured by reference to value of work done in comparison to total contract value. Credit is taken for profit earned to date when the outcome of the contract can be assessed with reasonable certainty. The amount by which turnover exceeds payments on account is classified as "amounts recoverable on contracts" and included in debtors; to the extent that payments on account exceed relevant turnover and long term contract balances, the excess is included as a creditor. Where it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense as soon as it is foreseen.

ACCOUNTING POLICIES (cont.)

Retirement Benefits

For defined contribution schemes the amount charged to the profit and loss account in respect of pension costs represent the contributions payable by the company during the year. The value of any prepaid or outstanding balances are disclosed separately within either debtors or creditors as is appropriate.

Deferred Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Deferred tax assets are provided to the extent that, in the opinion of the directors, there is a reasonable probability that the asset will crystallise in the foreseeable future.

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2010

1 Turnover

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

2 Other Operating Expenses (Net)

2010 2009 £ £

Administrative expenses 3,180,200 2,489,462

Other operating income (7,097) (100,000)

3,173,103 2,389,462

3 Investment Income

2010 2009 £ £

Group interest 21,738 40,355

4 Interest Payable and Similar Charges

2010 2009 £ £

On overdue tax 615 300

Group interest 22,791 5,644

23,406 5,944

NOTES TO THE FINANCIAL STATEMENTS (cont.)

5 Profit on Ordinary Activities Before Taxation

2010 2009 £ £

Profit is stated after charging:

Depreciation of tangible assets 101,349 86,189

Operating lease rentals

- Plant and machinery 4,985 9,305

-Other assets 386,220 393,790

Auditor’s remuneration 24,450 24,450

Remuneration of auditor for non-audit work- other 1,250 1,250

6 Directors’ Emoluments

2010 2009 £ £

Emoluments 348,967 360,607

Company pension contributions to money purchase schemes 21,240 22,027

370,207 382,634

The number of directors for whom retirement benefits are accruing under money purchase scheme was: 3 3

Emoluments disclosed above include the following amounts paid to the highest paid director:

Emoluments 126,064 130,188

Company pension contributions to money purchase schemes 11,250 11,667


7 Employees

Number of Employees

The average monthly number of employees (including directors) during the year was:

2010 2009 Number Number

Administration 12 18

Site workers 5 4

Supervisory 52 64

Directors 3 3

72 89

Employment Costs

2010 2009 £ £

Wages and salaries 3,951,942 5,124,058

Social security costs 417,243 575,740

Other pension costs 108,877 146,553

4,478,062 5,846,351


8 Taxation

2010 2009 £ £

UK Corporation Tax

Current tax on profit of the period - -

Adjustment for prior years (3,212) -

Payment in respect of group relief 165,200 202,919

Current Tax Charge 161,988 202,919

Deferred Tax

Deferred tax (credit) current year - (20,659)

Tax on profit on ordinary activities 161,988 182,260

Factors Affecting the Tax Charge for the Year

The tax assessed for the year is higher than the standard rate of corporation tax (28%) as explained below:

Profit on ordinary activities before taxation 361,387 521,211

Profit on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 28.00% (2009 - 28.00%) 101,188 145,939

Effects of:

Non deductible expenses 27,976 30,505

Depreciation add back 28,369 24,133

Adjustments to previous periods (3,212) -

Other tax adjustments 7,667 2,342

60,800 56,980

Current Tax Charge 161,988 202,919


9 Tangible Fixed Assets

£ £ £

Cost

At 1 January 2010 439,932 231,259 671,191

Additions - 5,259 5,259

At 31 December 2010 439,932 236,518 676,450

Depreciation

At 1 January 2010 192,986 176,297 369,283

Charge for the year 87,989 13,360 101,349

At 31 December 2010 280,975 189,657 470,632

Net Book Value

At 31 December 2010 158,957 46,861 205,818

At 31 December 2009 246,946 54,962 301,908

Leasehold Improvements

Fixtures, fittings and equipment

Total

10 Debtors

2010 2009 £ £

Trade debtors 10,048,539 6,859,754

Amounts recoverable on long term contracts 8,431,228 7,376,479

Amounts owed by parent and fellow subsidiary undertakings 7,412,258 2,698,730

Corporation tax - 31,004

Other debtors 20,083 308,168

Prepayments and accrued income 123,693 144,040

Deferred tax asset (see note 13) 85,814 85,814

26,121,615 17,503,989

Amounts falling due after more than one year and included in the debtors above are:

2010 2009 £ £

Trade debtors 388,271 548,268



11 Creditors: Amounts Falling Due Within One Year

2010 2009 £ £

Bank overdraft 189,306 1,067,482

Payments received on account 3,921,085 383,575

Trade creditors 15,929,408 11,174,534

Amounts owed to group undertakings 553,639 220,001

Taxes and social security costs 772,970 183,655

Other creditors 45,673 23,198

Accruals and deferred income 382,967 183,526

21,795,048 13,235,971

The bank overdraft is secured by a fixed charge on the Group freehold land and buildings and a floating charge over all current and future assets of the Group.

12 Creditors: Amounts Falling Due After More Than One Year

2010 2009 £ £

Trade creditors 275,147 512,087


13 Deferred Tax

The Deferred Tax Asset (Included in Debtors, Note 10) is made up as follows:

2010 £

Balance at 1 January 2010 & at 31 December 2010 (85,814)

2010 2009 £ £

Decelerated capital allowances (83,235) (82,868)

Other timing differences (2,579) (2,946)

(85,814) (85,814)

The deferred tax asset in respect of decelerated capital allowances has been recognised on the basis of expected reversal of the timing difference against future profits.

14 Pension and Other Post-Retirement Benefit Commitments

Defined Contribution

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. Contributions totalling £14,482 (2009- £15,676) were payable to the fund at the year end and are included in creditors.

2010 2009 £ £

Contributions payable by the company for the year 108,877 146,553


15 Share Capital

2010 2009 £ £

Allotted, Called Up and Fully Paid

1,500,000 Ordinary shares of £1 each 1,500,000 1,500,000

Equity Shares

1,500,000 Ordinary shares of £1 each 1,500,000 1,500,000

16 Reserves

Profit and lossaccount

£

Balance at 1 January 2010 2,557,839

Profit for the year 199,399

Balance at 31 December 2010 2,757,238

17 Reconciliation of Movements in Shareholders’ Funds

2010 2009 £ £

Profit for the financial year 199,399 338,951

Opening shareholders’ funds 4,057,839 3,718,888

Closing shareholders’ funds 4,257,238 4,057,839


18 Contingent Liabilities

The company has a cross guarantee arrangement with its principal bankers in respect of the total net group borrowings of £16,612,000 (2009: £16,645,000). These amounts due to the bank are secured by way of a fixed charge over the freehold land and buildings of Doyle plc and by way of a floating charge over the current assets of Doyle plc and its group, which includes Ibex Interiors Limited.

19 Financial Commitments

At 31 December 2010 the company was committed to making the following payments under non-cancellable operating leases in the year to 31 December 2011:

Land and buildings Other 2010 2009 2010 2009 £ £ £ £

Operating leases which expire:

Within one year - - - 3,019

Between two and five years 356,175 - 7,862 246

In over five years - 356,175 - -

356,175 356,175 7,862 3,265

20 Control

The immediate parent company is John Doyle Holdings Limited, a company incorporated in England and Wales. The ultimate parent company is Doyle plc, a company incorporated in England and Wales. There is no ultimate controlling party.

A copy of the Doyle plc consolidated financial statements can be obtained from John Doyle House, Little Burrow, Welwyn Garden City, Herts, AL7 4SP.

21 Related Party Transactions

The company has taken advantage of the exemption in Financial Reporting Standard Number 8 from the requirement to disclose transactions with 100% owned group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company, which are publicly available.

During the year, Ibex Interiors Limited engaged in an interior fit out contract with Stelio Stefanou, the brother of Stef Stefanou (director and shareholder of Doyle plc). During the year £482,678 of turnover has been recognised in relation to this contract (2009 : £Nil). During the year, Ibex Interiors Limited received payments totalling £3.6M in relation to this contract, of which £3.1M is included within creditors as at 31 December 2010 (2009 : £Nil).

XXX

PAGE 25

BRAND VALUES (A SELECTION OF IBEX CLIENTS)

AWARDS

BCO Award (South and East of England) 2001

Winner: Fit-Out of Workplace: BAT Imagination and Evolution

BCO Award (London) 2002

Winner: Fit-Out of Workplace: Bloomberg European Headquarters

D&AD British Design and Art Director Award 2003

Winner: Bloomberg European Headquarters

BCO Award (Regional) 2003

Winner: Fit-Out of Workplace (smaller projects): Workforce Academy

Building Magazine Award 2003

Winner: Interior & Specialist Contractor of the Year

Times & Gestetner Award 2003

Overall Winner: The Digital Office Collection: Bloomberg LP

FX International Design Award 2003

Winner: Best Medium to Large Office Fit-Out: Corinthian Television

BCO Award (Regional) 2004

Winner: Fit-Out of Workplace (major projects), (North England): N. Brown / JD Williams

FX International Design Award 2006

Winner: Total Workplace Concept: Red Bull, London

AIA Chicago 2007 Excellence in Architecture Award

Winner: Kirkland & Ellis, London

Building 2007 Specialist Contractor Awards

Winner: Fit-Out Specialist of the Year

BCO Award (Midlands & East Anglia) 2009

Winner: Best Fit-Out of Workplace: Driving Standards Agency

Considerate Constructors Award 2009

Silver: Debevoise and Plimpton, London

Association of Interior Specialists 2009

Silver: Engine Group, London

Considerate Contractor Scheme 2009

Highly Commended Gold Award: Halcyon Properties, London

Considerate Constructors Award 2010

Silver: Caxton House, London


Highly Commended: Aqua Restaurant, London


Nominated for Major Project: Russell Reynolds Associates, London

BCO Award (National) 2011

Winner: Corporate Workplace: HR Wallingford, Oxford

Specialist Systems

10 Keys is the Ibex ‘DNA’ which maps the processes and systems by which all projects are managed and monitored as part of our Quality Management Systems. Ibex has also consolidated the environmental management system, ISO 14001, and uses this tool for complying with the relevant environmental regulations, achieving self-defined environmental objectives and maintaining continual improvement of performance.

istandard is an approved method, implemented by a dedicated Ibex team during the Project Close Out period, to ensure a consistency in the level of quality and client satisfaction at handover. This is also measured as part of the Quality Audit system with rigorous metrics and awards for best practice and approach.

Sustainability & The Environment

Ibex take the environmental and sustainability agenda very seriously. To reflect this we have not only consolidated our environmental management system (ISO14001) but also achieved accreditation as a BREEAM Office Assessor for clients such as DTZ, Canada Life, Network Rail and Trillium.

As part of this process we have achieved a Planet Positive and SKA accreditation which impacts on the whole business, as we use recycled paper and ensure sites identify and recycle waste to our strict standards.

We continue to review all of our projects to ensure best practice and our high environmental standards are maintained.

SPECIALIST SYSTEMS & SUSTAINABILITY & THE ENVIRONMENT

STAN

DARD

Russell Reynolds Associates, London

HR Wallingford, Oxford

Chancery Exchange 10 Furnival Street London, EC4A 1AB

020 3206 4300

020 3206 4301

12A Fleet Street Birmingham B3 1JL

0121 236 9369

0121 236 4367

Lakeside House 1 Furzeground Way Stockley Park (East) Uxbridge, UB11 1BD

020 8622 3041

020 8622 3281

ibex-interiors.co.uk

[email protected]

printed on recycled paper

report & accounts 2010

Documents

new projects

years of trading

business life

successful business

midlands business

mature business

london sw1 multi

cheapside london ec2v