Annual Report 2012 - Development Securities PLC

Financial Statements continued
Notes to the Consolidated Financial Statements continued
For the 14-month period ended 29th February 2012
14 Investments continued
b) Investment in joint ventures continued
90 Development Securities PLC / Annual Report 2012
Curzon Park
Limited
£’000
Manchester
Arena
Complex LP
£’000
Wimbledon
Phoenix
Limited
£’000
31st December 2010
Summarised balance sheets:
Non-current assets — 22,347 462 22,809
Current assets 19,009 2,614 3 21,626
Current liabilities (62) (927) (43) (1,032)
Non-current liabilities (12,805) (14,316) — (27,121)
Share of net assets 6,142 9,718 422 16,282
Share of net assets not recognised (6,142) — (422) (6,564)
Share of net assets recognised — 9,718 — 9,718
Summarised income statements:
Revenue 98 925 — 1,023
Administrative expenses (246) (165) (5) (416)
Finance income — 6 — 6
Finance costs (349) (533) — (882)
Gain on revaluation — 3,294 — 3,294
Share of (loss)/profit before taxation (497) 3,527 (5) 3,025
Taxation — (111) — (111)
Share of (loss)/profit recognised after taxation (497) 3,416 (5) 2,914
c) Principal subsidiaries
The Group has taken advantage of the exemption under s410 of the Companies Act 2006 and presents below only those undertakings with net assets
in excess of 5.0 per cent of Group net assets.
The following were principal subsidiaries at 29th February 2012:
% holding in
Ordinary shares Country of incorporation Principal activity
Development Securities Estates PLC 100 United Kingdom Management and Investment Company
Development Securities (Investments) PLC 100 United Kingdom Property Investment
DS Cardiff Unit Trust* 100 Jersey Property Investment
DS Jersey (No. 1) Limited 100 Jersey Investment
Kirkby Centre (No. 2) Limited* 100 United Kingdom Investment
*Indirectly held.
A full list of subsidiaries is available on request.
15 Inventory – development and trading properties
Inventory
Development
properties
£’000
Trading
properties
£’000
At 1st January 2010 35,333 43,222 78,555
Additions:
— acquisitions 34,430 37,168 71,598
— acquired through business combination 18,114 — 18,114
— development expenditure 3,180 — 3,180
Disposals (11,386) (2,378) (13,764)
Transfer from trading to development properties 4,507 (4,507) —
At 31st December 2010 84,178 73,505 157,683
Additions:
— acquisitions 10,906 18,204 29,110
— development expenditure 18,338 1,858 20,196
Disposals (19,824) (10,167) (29,991)
Transfer to investment properties (20,029) — (20,029)
Write down of development and trading properties to net realisable value (1,657) (119) (1,776)
At 29th February 2012 71,912 83,281 155,193
Total
£’000
Total
£’000