Shaftesbury AR 2017 LR
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FINANCIAL STATEMENTS NOTES to the financial statements <strong>Shaftesbury</strong> Annual Report <strong>2017</strong><br />
11 Investment in joint venture continued<br />
The summarised Statement of Comprehensive Income and Balance Sheet used for consolidation purposes are presented below:<br />
Statement of Comprehensive Income<br />
<strong>2017</strong><br />
£M<br />
2016<br />
£M<br />
Rents receivable 17.7 15.1<br />
Recoverable property expenses 1.5 1.4<br />
Revenue from properties 19.2 16.5<br />
Property outgoings (1.7) (1.6)<br />
Recoverable property expenses (1.5) (1.4)<br />
Property charges (3.2) (3.0)<br />
Net property income 16.0 13.5<br />
Administrative expenses (0.2) (0.4)<br />
Operating profit before investment property valuation movements 15.8 13.1<br />
Net surplus on revaluation of investment properties 5.3 22.5<br />
Operating profit 21.1 35.6<br />
Net finance costs (6.8) (6.6)<br />
Profit before tax 14.3 29.0<br />
Current tax (1.7) (1.2)<br />
Deferred tax 0.2 9.1<br />
Tax (charge)/credit for the year (1.5) 7.9<br />
Profit and total comprehensive income for the year 12.8 36.9<br />
Profit attributable to the Group 6.4 18.5<br />
<strong>2017</strong><br />
£M<br />
2016<br />
£M<br />
Balance Sheet<br />
Non-current assets<br />
Investment properties at book value 462.6 455.0<br />
Accrued income 3.1 4.0<br />
Other receivables 1.3 1.3<br />
467.0 460.3<br />
Cash and cash equivalents 1.2 4.1<br />
Current assets 3.9 4.0<br />
Total assets 472.1 468.4<br />
Current liabilities 10.1 9.4<br />
Non-current liabilities<br />
Secured term loan 120.0 120.0<br />
Other non-current liabilities 46.1 46.3<br />
Total liabilities 176.2 175.7<br />
Net assets 295.9 292.7<br />
Net assets attributable to the Group 148.0 146.4<br />
125
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