Shaftesbury AR 2017 LR

FINANCIAL STATEMENTS NOTES to the financial statements Shaftesbury Annual Report 2017
12 Investment in subsidiaries
Shares in Group undertakings
At 1 October 754.7 997.9
Acquisition of subsidiary 9.8 1.7
Impairment of subsidiary (144.9) (244.9)
At 30 September 619.6 754.7
During the year the Company acquired 100% of the share capital of Shaftesbury West End Limited (formerly Soho Thai Limited). Shaftesbury Chinatown PLC
distributed £144.9 million to the Company, following a capital reduction during the year. Following this, the Company impaired its investment in this subsidiary. In
2016, Shaftesbury Carnaby PLC distributed £244.9 million to the Company following a capital reduction. The Company then impaired its investment. The
distributions were settled through intercompany indebtedness.
The full list of the Company’s subsidiary undertakings is presented below. Except where indicated otherwise, the Company owns, directly, all of the ordinary
issued share capital:
2017
£M
2016
£M
Active subsidiaries:
Shaftesbury Carnaby PLC
Shaftesbury Covent Garden Limited
Shaftesbury Chinatown PLC (formerly Shaftesbury Chinatown Limited)
Shaftesbury Soho Limited
Shaftesbury AV Investment Limited
Dormant subsidiaries:
Carnaby Estate Holdings Limited
Carnaby Investments Limited
Carnaby Property Investments Limited*
Chinatown Estate Holdings Limited
Chinatown Property Investments Limited*
Covent Garden Estate Holdings Limited
Shaftesbury Covent Garden Property Investments Limited*
Shaftesbury Charlotte Street Limited
Charlotte Street Estate Holdings Limited
Chinatown London Limited
Shaftesbury AV Limited*
Shaftesbury CL Investment Limited
Shaftesbury CL Limited*
Helcon Limited
Shaftesbury West End Limited (formerly Soho Thai Limited)
Shaftesbury Investments 1 Limited
Shaftesbury Investments 2 Limited
Shaftesbury Investments 4 Limited
Shaftesbury Investments 5 Limited
Shaftesbury Investments 6 Limited
Shaftesbury Investments 7 Limited
Shaftesbury Investments 8 Limited
Shaftesbury Investments 9 Limited
Shaftesbury Investments 10 Limited
* 100% of the share capital of these subsidiaries is held by other Group companies.
All of the companies are either engaged in property investment or dormant. They are incorporated in Great Britain and are registered in England and Wales.
The registered office of the subsidiaries is the same as the Group, as set out on page 103.
13 Trade and other receivables
GROUP
2017
£M
2016
£M
COMPANY
2017
£M
AS RESTATED
2016
£M
Amounts due from tenants 12.0 10.5 - -
Provision for doubtful debts (0.5) (0.5) - -
11.5 10.0 - -
Accrued income in respect of lease incentives (note 10) 2.1 2.2 - -
Amounts due from subsidiaries - - 482.7 769.1
Amounts due from joint venture 0.9 0.9 0.9 0.9
Prepayments 7.1 4.4 0.6 0.6
Other receivables 0.4 1.8 0.1 -
22.0 19.3 484.3 770.6
Amounts due from tenants at each year end included amounts contractually due and invoiced on 29 September in respect of rents and service charge
contributions in advance for the period 29 September to 24 December. As at 30 September 2017, amounts due from tenants which were more than 90 days
overdue totalled £1.1 million (2016: £1.5 million) and are considered to be past due. Provisions against these overdue amounts totalled £0.4 million (2016: £0.4
million). The remaining balance is not considered to be impaired.
At 30 September 2017, cash deposits totalling £18.5 million (2016: £18.0 million) were held against tenants’ rent payment obligations. The deposits are held in
bank accounts administered by the Group’s managing agents.
Amounts due from subsidiaries at 30 September 2016 have been restated and presented on a gross basis (see note 15). This has no impact on the net assets
of the Company for that year.
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