Annual Report 2012 - Development Securities PLC

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Financial Statements continued Notes to the Consolidated Financial Statements continued For the 14-month period ended 29th February 2012 26 Related parties During the period, the Group entered into transactions, in the ordinary course of business, with related parties. Transactions entered into and balances outstanding at 29th February 2012 and 31st December 2010 with related parties are set out below. Only Directors are considered to be key management personnel. There were no transactions with Directors other than remuneration set out in the Remuneration Report on pages 57 to 64. 104 Development Securities PLC / Annual Report 2012 Finance income from related parties £’000 Amounts owed by related parties (before provision) £’000 Joint ventures 29th February 2012 — 23,193 31st December 2010 — 11,473 Associates 29th February 2012 1,322 20,323 31st December 2010 668 14,341 27 Projects in partnership The following is a summary of the Group’s projects in partnership and the Balance Sheet classification of its financial interests: Project/partner Project activity Accounting classification 29th February 2012 £’000 31st December 2010 £’000 Barwood Land and Estates Limited Strategic land investment Investment in associates 1,500 1,500 Financial assets — 1,178 Barwood Development Securities Limited Strategic land investment Investment in associates 2,500 — Atlantic Park (Bideford) Limited Strategic land investment Investment in associates 276 444 Wessex Property Fund Property investment Investment in associates — — CTP Securities Limited Property development Investment in associates — — Financial assets 19,916 14,328 Continental Estates Corporation BV Holding of investments Investment in associates — — Financial assets 89 89 Manchester Arena Complex LP Investment property Investment in joint ventures 9,627 9,718 Curzon Park Limited Property development Investment in joint ventures — — Financial assets 5,000 5,000 Beyond Green Developments Property development Development properties 5,112 4,516 Wessex Investors Property development Development properties 3,360 3,121 Grantham Associates Hotel operator Trading property 4,267 4,215 Orion Shepherds Bush Limited Property development Financial assets 2,545 408 Cathedral (Greenwich Village) LLP Property development Financial assets 2,185 1,437 Property Alliance Group Property development Financial assets 1,500 — S Harrison Developments Lichfield Limited Property development Investment in joint ventures 2,423 — Accrue Student Housing GP Limited Student accommodation Investment in joint ventures 1,438 — Notting Hill (Guernsey Holdco) Limited Development property Investment in joint ventures 6,082 — Purplexed LLP Property development Investment in joint ventures 6,864 — Development Equity Partners Limited Property development Investment in joint ventures 134 — 74,818 45,954 The aggregate amounts included within each relevant Balance Sheet account are as follows: 29th February 2012 £’000 31st December 2010 £’000 Investment in associates 4,276 1,944 Investment in joint ventures 26,568 9,718 Financial assets – current 1,700 200 Financial assets – non-current 29,535 22,240 Development properties 8,472 7,637 Trading properties 4,267 4,215 74,818 45,954
28 Post balance sheet events Since the balance sheet date the Group has entered into the following significant contracts: In March 2012, the Group entered into a joint venture agreement to acquire and develop a vacant 19-acre site in East London for £1,760,000. In April 2012, the Group entered into a joint venture established to acquire a vacant residential building adjacent to the Olympic Park in East London. Subsequently the building was purchased by the jointly controlled entity for £15,700,000. The Group’s share of the entity is 35.0 per cent. During April, contracts have been exchanged for the sale of seven development and trading assets with a combined book value of £4,500,000. These sales are due to complete by the end of May 2012. Financial Statements Development Securities PLC / Annual Report 2012 105
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Developing value Annual Report 2012
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Financial Highlights Demonstrable o
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annualreport2012. developmentsecuri
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From left to right: Michael Marx Ch
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Operating Review Developing value T
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Westminster Palace Gardens, London
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Development Securities PLC / Annual
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Bexleyheath, Kent A prominent retai
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Development Securities PLC / Annual
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328 Sandbanks Road, Dorset A single
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Development and trading assets Watf
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Investment assets Property Manchest
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Bannerbrook Coventry Braehead Glasg
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Investment property - key statistic
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Case study St Andrew’s Club Earli
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Case study Who Owns the City In Nov
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The £15.6 million bank loan to the
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Result for the period and movement
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The Group’s share of joint ventur
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details of the share option schemes
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The Directors have no present inten
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Disclosure of information to audito
Page 55 and 56: Company. V M Mitchell chaired a mee
Page 57 and 58: Internal control The Directors ackn
Page 59 and 60: Remuneration Report Dear Shareholde
Page 61 and 62: ) Annual bonus The non-pensionable
Page 63 and 64: In addition, the Committee must be
Page 65 and 66: l) Retirement benefits Qualifying m
Page 67 and 68: Financial Statements Group Independ
Page 69 and 70: Consolidated Balance Sheet As at 29
Page 71 and 72: Consolidated Cash Flow Statement Fo
Page 73 and 74: staff to manage the property (over
Page 75 and 76: g) Intangible assets (i) Goodwill G
Page 77 and 78: Available-for-sale financial assets
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Page 81 and 82: Investment £’000 Development and
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Page 85 and 86: 14-month period ended 29th February
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Page 91 and 92: Financial Statements In July 2011,
Page 93 and 94: Financial Statements Included in th
Page 95 and 96: Available-for-sale financial assets
Page 97 and 98: £38,000,000 variable rate loan £2
Page 99 and 100: Liquidity risk A review of the Grou
Page 101 and 102: Financial Statements 19 Deferred in
Page 103 and 104: Share-based payments The following
Page 105: 23 Financial commitments and operat
Page 109 and 110: Company Balance Sheet As at 29th Fe
Page 111 and 112: No expense is recognised for awards
Page 113 and 114: 35 Financial assets Financial State
Page 115 and 116: Financial Statements Any options gr
Page 117 and 118: Financial Calendar and Advisors Fin
Page 120: Development Securities PLC Portland
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Annual Report 2012 - Development Securities PLC

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