Annual Report 2012 - Development Securities PLC
Annual Report 2012 - Development Securities PLC
Annual Report 2012 - Development Securities PLC
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Financial Statements<br />
Included in the above amounts are projects stated at net realisable value, being development and trading properties of £48,959,000 (31st December 2010:<br />
£42,947,000).<br />
Net realisable value has been estimated by the Directors, taking account of our plans for each project, the planning status and competitive position of each<br />
asset, and the anticipated market for the scheme. For material developments the Directors have consulted with third party chartered surveyors in setting<br />
their market assumptions.<br />
Weeke Local Centre, Winchester, a property previously constructed by the Group for sale, has been transferred to investment assets in the period. It is the<br />
Group’s intention to hold the asset for income and long-term capital appreciation. Capitalised interest of £521,000 has been transferred with the asset.<br />
Interest of £665,000 (31st December 2010: £nil) was capitalised on development and trading properties during the period. Capitalised interest included<br />
within the carrying value of such properties on the Balance Sheet is £759,000 (31st December 2010: £615,000).<br />
16 Trade and other receivables<br />
29th February 31st December<br />
a) Non-current<br />
<strong>2012</strong><br />
£’000<br />
2010<br />
£’000<br />
Prepayments and accrued income 4,265 2,861<br />
b) Current<br />
29th February<br />
<strong>2012</strong><br />
£’000<br />
31st December<br />
2010<br />
£’000<br />
Trade receivables 4,046 10,750<br />
Amounts due from customers for contract work 10,594 3,109<br />
Other receivables 10,042 4,756<br />
Other tax and social security 566 3,372<br />
Prepayments and accrued income 3,576 3,793<br />
28,824 25,780<br />
The Group has provided £35,000 (31st December 2010: £72,000) for outstanding balances where recovery is considered doubtful. Apart from the<br />
receivables that have been provided for at the period-end, there are no other material receivables, past due but not impaired. The maximum exposure<br />
to credit risk at the reporting date is the carrying value of the receivable.<br />
Transactions and balances with related parties are disclosed in note 26.<br />
17 Trade and other payables<br />
a) Current<br />
29th February<br />
<strong>2012</strong><br />
£’000<br />
31st December<br />
2010<br />
£’000<br />
Trade payables 2,240 1,027<br />
Amounts due to customers for contract work 117 —<br />
Other payables 8,118 6,387<br />
Other tax and social security 2,122 1,625<br />
Accruals and deferred income 13,863 15,288<br />
26,460 24,327<br />
b) Provisions<br />
Onerous<br />
leases<br />
£’000<br />
Residual<br />
development<br />
liabilities<br />
£’000<br />
At 1st January 2011 5,276 775 6,051<br />
Credited to the Statement of Comprehensive Income — (775) (775)<br />
Charged to the Statement of Comprehensive Income 1,270 8 1,278<br />
Utilised during the period (4,178) — (4,178)<br />
Unwinding of discount 308 — 308<br />
At 29th February <strong>2012</strong> 2,676 8 2,684<br />
Total<br />
£’000<br />
<strong>Development</strong> <strong>Securities</strong> <strong>PLC</strong> / <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong> 91
Change language