Annual Report 2012 - Development Securities PLC

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Financial Statements continued Company Independent Auditors’ Report We have audited the Parent company financial statements of Development Securities PLC for the 14-month period ended 29th February 2012 which comprise the Parent Company Balance Sheet and the related notes. 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). Respective responsibilities of Directors and auditors As explained more fully in the Directors’ Responsibilities Statement set out on pages 55 and 56, the Directors are responsible for the preparation of the Parent company 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 Parent company 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 Parent 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 annual 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 Parent company financial statements: give a true and fair view of the state of the Company’s affairs as at 29th February 2012; 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. 106 Development Securities PLC / Annual Report 2012 Opinion on other matters prescribed by the Companies Act 2006 In our opinion: the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006; and the information given in the Directors’ Report for the financial period for which the Parent company financial statements are prepared is consistent with the Parent company 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 by the Parent company, or returns adequate for our audit have not been received from branches not visited by us; or the Parent company financial statements and the part of the Directors’ Remuneration Report to be audited 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. Other matter We have reported separately on the Group financial statements of Development Securities PLC for the 14-month period ended 29th February 2012. Andrew Paynter (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 1st May 2012
Company Balance Sheet As at 29th February 2012 Notes £’000 29th February 2012 £’000 £’000 Financial Statements 31st December 2010 £’000 Fixed assets Tangible assets 32 862 963 Financial assets 35 13,735 6,111 Investments 33 96,299 96,198 110,896 103,272 Current assets Financial assets 35 1,700 467 Debtors 34 530,541 525,742 Cash in hand and at bank 23,626 50,167 555,867 576,376 Creditors Amounts falling due within one year 36(a) (265,925) (312,844) Net current assets 289,942 263,532 Total assets less current liabilities 400,838 366,804 Creditors Amounts falling due after more than one year: Bank loans 36(b) (75,615) (56,850) Provisions for liabilities 36(c) (1,051) (4,634) (76,666) (61,484) Net assets 324,172 305,320 Capital and reserves Called up share capital 37 61,176 61,176 Share premium 38 103,961 103,961 Capital redemption reserve 38 1,631 1,631 Profit and loss account 38 157,404 138,552 Total equity shareholders’ funds 324,172 305,320 The notes on pages 108 to 114 are an integral part of these financial statements. Approved by the Board of Directors on 1st May 2012 and signed on its behalf by M H Marx Director Development Securities PLC / Annual Report 2012 107
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Developing value Annual Report 2012
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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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Case study St Andrew’s Club Earli
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Case study Who Owns the City In Nov
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details of the share option schemes
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Annual Report 2012 - Development Securities PLC

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