Development Securities PLC Preliminary Results -24-
29 April 2015 - 4:02PM
UK Regulatory
Limited development and trading
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Curzon Park Limited 50 United Kingdom Property Development November 28th February
development and trading 2006
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Development Equity Partners 50 Jersey Property Development December 28th February
Limited development and trading 2011
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DSP Tirol Limited 50 United Kingdom Investment Investment January 28th February
property 2015
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DS Renewables LLP 50 United Kingdom Property Development May 2012 28th February
development and trading
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Harwell Oxford Developments 50 United Kingdom Property Development December 28th February
Limited development and trading 2013
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Kensington & Edinburgh 50 United Kingdom Property Development July 2013 28th February
Estates (South Woodham development and trading
Ferrers) Limited
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Manchester Arena Complex 30 United Kingdom Investment Investment June 2010 28th February
LP property
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Notting Hill (Guernsey 24 Guernsey Investment Development June 2011 31st December
Holdco) Limited property and trading
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Opportunities of Sittingbourne 50 United Kingdom Property Development January 28th February
Limited development and trading 2015
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OSB (Holdco 1) Limited 50 United Kingdom Property Development February 28th February
development and trading 2014
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Winnebago Holdings Sarl 35 Luxembourg Investment Investment April 2012 31st December
property
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On 19th May 2014, the Group acquired an additional 45.0 percent
of the shares in Purplexed LLP as part of the Cathedral acquisition
(refer note 14). Accordingly the company is now accounted for as a
subsidiary with effect from that date.
On 7th March 2014, the Group acquired a 15.0 per cent holding in
Becket House Unit Trust with its partner Proprium Finance
Cooperatief U.A holding the remaining 85.0 per cent. The company is
registered and incorporated in Jersey.
On 19th May 2014, the Group acquired a 50.0 per cent holding in
Cathedral (Brighton) Limited with its partner McLaren Property
Limited holding the remaining 50.0 per cent. The company is
registered and incorporated in the United Kingdom.
On 22nd December 2014, the Group acquired a 50.0 per cent
holding in DSP Tirol Limited with its partner Pemberstone
Investments Limited holding the remaining 50.0 per cent. The
company is registered and incorporated in the United Kingdom.
On 21st January 2015, the Group acquired a 50.0 per cent holding
in Opportunities of Sittingbourne limited with its partner Swale
Borough Council holding the remaining 50.0 per cent. The company is
registered and incorporated in the United Kingdom.
Investments under joint arrangements are not always represented
by an equal percentage holding by each partner. In a number of
joint ventures, the Group holds a minority shareholding but has
joint control and therefore the arrangement is accounted for as a
joint venture.
8 Inventory
Development Trading
properties properties Total
GBP'000 GBP'000 GBP'000
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DEVELOPMENT AND TRADING PROPERTIES
At 1st March 2013 86,255 67,161 153,416
Additions:
- acquisitions 4,733 37,946 42,679
- development expenditure 17,822 8,840 26,662
- transfer from development to trading properties (7,722) 7,722 -
Disposals (14,299) (15,743) (30,042)
Write down of trading properties to net realisable
value (182) (50) (232)
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At 28th February 2014 86,607 105,876 192,483
Additions:
- acquisition of subsidiaries (refer note 14) 64,969 - 64,969
- acquisitions 8,742 33,351 42,093
- development expenditure 47,713 4,783 52,496
- transfer from trading to development properties 2,300 (2,300) -
Disposals (69,120) (60,576) (129,696)
Foreign currency differences (1,037) (2,640) (3,677)
Write down of trading properties to net realisable
value (986) (208) (1,194)
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At 28th February 2015 139,188 78,286 217,474
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Included in the above amounts are projects stated at net
realisable value of GBP18,720,000 (2014: GBP42,308,000).
Net realisable value has been estimated by the Directors, taking
account of the plans for each project, the planning status and
competitive position of each asset, and the anticipated market for
the scheme. For material developments, the Directors have consulted
with third party chartered surveyors in setting their market
assumptions.
Interest of GBP1,735,000 (2014: GBP51,000) was capitalised on
development and trading properties during the year. Capitalised
interest included within the carrying value of such properties on
the Balance Sheet is GBP2,029,000 (2014: GBP1,653,000).
9 Trade and other receivables
2015 2014
a) Non-current GBP'000 GBP'000
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Prepayments and accrued income 4,238 7,652
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2015 2014
b) Current GBP'000 GBP'000
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Trade receivables 10,302 2,229
Amounts due from customers for contract work - 605
Other receivables 25,328 34,227
Other tax and social security 1,029 1,596
Prepayments and accrued income 8,175 2,178
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44,834 40,835
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