Annual Report 2012 - Development Securities PLC
Annual Report 2012 - Development Securities PLC
Annual Report 2012 - Development Securities PLC
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Financial Statements continued<br />
Notes to the Consolidated Financial Statements continued<br />
For the 14-month period ended 29th February <strong>2012</strong><br />
14 Investments<br />
86 <strong>Development</strong> <strong>Securities</strong> <strong>PLC</strong> / <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong><br />
Investments<br />
in associates<br />
£’000<br />
Investments in<br />
joint ventures<br />
£’000<br />
At 1st January 2010 1,500 —<br />
Additions 444 9,718<br />
At 31st December 2010 1,944 9,718<br />
Additions 2,332 16,850<br />
At 29th February <strong>2012</strong> 4,276 26,568<br />
A summary of the Group’s projects in partnership and the balance sheet classification of its interests is set out in note 27.<br />
a) Investment in associates<br />
The Group has the following interest in associates:<br />
% of<br />
holding<br />
Country of<br />
incorporation<br />
Principal activity <strong>Report</strong>ing segment<br />
Atlantic Park (Bideford) Limited 40 United Kingdom Property development <strong>Development</strong> and trading<br />
Barwood <strong>Development</strong> <strong>Securities</strong> Limited 40 United Kingdom Property development <strong>Development</strong> and trading<br />
Barwood Land and Estates Limited 25 United Kingdom Property development <strong>Development</strong> and trading<br />
Continental Estates Corporation BV 29 The Netherlands Investment company Investment<br />
CTP <strong>Securities</strong> Limited 25 United Kingdom Property development <strong>Development</strong> and trading<br />
Wessex Property Fund 47 Jersey Investment property Investment<br />
During 2010, the Group acquired 40.0 per cent of the Ordinary shares of Atlantic Park (Bideford) Limited, a company incorporated and registered in the<br />
United Kingdom, whose principal activity is investment in strategic land.<br />
In January <strong>2012</strong>, the Group exercised an option to acquire 40.0 per cent of the share capital in Barwood <strong>Development</strong> <strong>Securities</strong> Limited, a company<br />
incorporated and registered in the United Kingdom, whose principal activity is investment in strategic land, for £2,500,000.<br />
In 2009, the Group acquired 25.0 per cent of the Ordinary shares of Barwood Land and Estates Limited, a company incorporated and registered in the<br />
United Kingdom, whose principal activity is investment in strategic land, for £1,500,000.<br />
The Group holds a 29.0 per cent interest in Continental Estates Corporation BV, a company incorporated and registered in The Netherlands, whose principal<br />
activity is the holding of investments. The equity investment of £256,000 has been provided against in full in previous years.<br />
The Group holds 25.0 per cent of the Ordinary shares of CTP <strong>Securities</strong> Limited, a company incorporated and registered in the United Kingdom,<br />
whose principal activity is property development. The rights granted under the shareholder agreement for this company reflect the status of this investment<br />
as an associate. As at 29th February <strong>2012</strong> and 31st December 2010, the investment in Ordinary shares has been fully provided against.<br />
Wessex Property Fund is a Jersey property unit trust that was established on 5th April 2006. Its principal activity is to invest in property situated in the<br />
south-west of England. As at 29th February <strong>2012</strong> and 31st December 2010 the Group held 47.0 per cent of the units in issue. The investment has been<br />
fully provided against.<br />
Any contingent liabilities in relation to our associate investment partners are disclosed in note 24.
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