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 14 Investments 86 Development Securities PLC / Annual Report 2012 Investments in associates £’000 Investments in joint ventures £’000 At 1st January 2010 1,500 — Additions 444 9,718 At 31st December 2010 1,944 9,718 Additions 2,332 16,850 At 29th February 2012 4,276 26,568 A summary of the Group’s projects in partnership and the balance sheet classification of its interests is set out in note 27. a) Investment in associates The Group has the following interest in associates: % of holding Country of incorporation Principal activity Reporting segment Atlantic Park (Bideford) Limited 40 United Kingdom Property development Development and trading Barwood Development Securities Limited 40 United Kingdom Property development Development and trading Barwood Land and Estates Limited 25 United Kingdom Property development Development and trading Continental Estates Corporation BV 29 The Netherlands Investment company Investment CTP Securities Limited 25 United Kingdom Property development Development and trading Wessex Property Fund 47 Jersey Investment property Investment 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 United Kingdom, whose principal activity is investment in strategic land. In January 2012, the Group exercised an option to acquire 40.0 per cent of the share capital in Barwood Development Securities Limited, a company incorporated and registered in the United Kingdom, whose principal activity is investment in strategic land, for £2,500,000. 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 United Kingdom, whose principal activity is investment in strategic land, for £1,500,000. The Group holds a 29.0 per cent interest in Continental Estates Corporation BV, a company incorporated and registered in The Netherlands, whose principal activity is the holding of investments. The equity investment of £256,000 has been provided against in full in previous years. The Group holds 25.0 per cent of the Ordinary shares of CTP Securities Limited, a company incorporated and registered in the United Kingdom, whose principal activity is property development. The rights granted under the shareholder agreement for this company reflect the status of this investment as an associate. As at 29th February 2012 and 31st December 2010, the investment in Ordinary shares has been fully provided against. 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 south-west of England. As at 29th February 2012 and 31st December 2010 the Group held 47.0 per cent of the units in issue. The investment has been fully provided against. Any contingent liabilities in relation to our associate investment partners are disclosed in note 24.
The Group’s share of assets and liabilities in its associates is set out below: Atlantic Park (Bideford) Limited £’000 Barwood Development Securities Limited £’000 Barwood Land and Estates Limited £’000 Continental Estates Corp. BV £’000 CTP Securities Limited £’000 Wessex Property Fund £’000 Financial Statements 29th February 2012 Summarised balance sheets: Non-current assets — 34 177 329 1,205 5,071 6,816 Current assets 247 1,195 97 10 4,861 282 6,692 Current liabilities (116) (188) (35) (141) (954) (345) (1,779) Non-current liabilities — — — (757) (6,489) (9,268) (16,514) Share of net assets/(liabilities) 131 1,041 239 (559) (1,377) (4,260) (4,785) Share of net liabilities not recognised — — — 559 1,377 4,260 6,196 Goodwill 145 1,459 1,261 — — — 2,865 Group’s share of net assets 276 2,500 1,500 — — — 4,276 Summarised income statements: Share of revenue — 20 33 — 63 575 691 Share of post-tax (losses)/profits of associates (15) (27) 5 (50) (62) (2,210) (2,359) Share of losses/(profits) not recognised 15 27 (5) 50 62 2,210 2,359 Share of (losses)/profits recognised — — — — — — — Atlantic Park (Bideford) Limited £’000 Barwood Land and Estates Limited £’000 Continental Estates Corp. BV £’000 CTP Securities Limited £’000 Wessex Property Fund £’000 Total £’000 31st December 2010 Summarised balance sheets: Non-current assets — 139 329 1,205 7,261 8,934 Current assets 180 93 11 2,964 366 3,614 Current liabilities — (21) (93) (547) (254) (915) Non-current liabilities — — (757) (5,041) (9,424) (15,222) Share of net assets/(liabilities) 180 211 (510) (1,419) (2,051) (3,589) Share of net liabilities not recognised — — 510 1,419 2,051 3,980 Goodwill 264 1,289 — — — 1,553 Group’s share of net assets 444 1,500 — — — 1,944 Summarised income statements: Share of revenue — 213 160 3,833 609 4,815 Share of post-tax profits of associates — — 73 41 183 297 Share of profits not recognised — — (73) (41) (183) (297) Share of profits recognised — — — — — — Total £’000 Development Securities PLC / Annual Report 2012 87
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Developing value Annual Report 2012
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From left to right: Michael Marx Ch
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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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Investment property - key statistic
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Case study St Andrew’s Club Earli
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