Final Results -21-
25 März 2009 - 8:00AM
UK Regulatory
| As at 30 June 2007 | - | | - | | - |
+---------------------------------------------+-----------+--+---------+--+-------------------+
| As at 1 January 2008 | 16,080 | | 8,697 | | 24,777 |
+---------------------------------------------+-----------+--+---------+--+-------------------+
| As at 31 December 2008 | 19,897 | | 13,439 | | 33,336 |
+---------------------------------------------+-----------+--+---------+--+-------------------+
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2008
15 INVESTMENT PROPERTY (continued)
The total estimated fair value ("market value") of all of the investment
properties including the Group's share of joint ventures is GBP66,207,000
(EUR67,958,000) arrived at by Colliers CRE Chartered Surveyors in their report
dated 31 December 2008 (2007: GBP 55,162,000, EUR75,020,000).
+--------------------------------+------------------------------------------------+
| Average rental rate per sqm in | 4.5 - 34.9 |
| GBP | |
+--------------------------------+------------------------------------------------+
| Net initial yield | 8.57% - 9.25% |
+--------------------------------+------------------------------------------------+
| Construction area in sqm | 7,174 - 125,788 |
+--------------------------------+------------------------------------------------+
The table below presents the sensitivity of fair value to average fair value as
per valuation report GBP66,207,000, due to change in assumptions:
+----------------------------------+---+----------------------+---+------------------+
| | | As at | | Change |
| | | 31 December 2008 | | to average |
+----------------------------------+---+----------------------+---+------------------+
| | | GBP'000 | | GBP'000 |
+----------------------------------+---+----------------------+---+------------------+
| | | | | |
+----------------------------------+---+----------------------+---+------------------+
| Increase of 10% in construction | | 71,830 | | 6,120 |
| area | | | | |
+----------------------------------+---+----------------------+---+------------------+
| Decrease of 10% in construction | | 59,198 | | (6,511) |
| area | | | | |
+----------------------------------+---+----------------------+---+------------------+
| | | | | |
+----------------------------------+---+----------------------+---+------------------+
| Increase of 10% in estimated | | 86,234 | | 20,495 |
| rental income | | | | |
+----------------------------------+---+----------------------+---+------------------+
| Decrease of 10% in estimated | | 44,829 | | (20,881) |
| rental income | | | | |
+----------------------------------+---+----------------------+---+------------------+
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2008
16INVENTORIES
+---------------------------------------------+----------------+--+----------------+
| | 31 December | | 31 December |
| | 2008 | | 2007 |
+---------------------------------------------+----------------+--+----------------+
| | GBP'000 | | GBP'000 |
+---------------------------------------------+----------------+--+----------------+
| | | | |
+---------------------------------------------+----------------+--+----------------+
| Balance at start of period | - | | 21,040 |
+---------------------------------------------+----------------+--+----------------+
| Acquisitions | - | | 3,812 |
+---------------------------------------------+----------------+--+----------------+
| Reclassification to investment property | - | | (24,852) |
+---------------------------------------------+----------------+--+----------------+
| Balance at end of period | - | | - |
+---------------------------------------------+----------------+--+----------------+
Effective from December 2007 Management changed its intentions with respect to
the trading properties held for future undetermined use and therefore the
respective properties were reclassified to investment properties.
17 TRADE AND OTHER RECEIVABLES
+----------------------+-------------+--+-------------+--+------------+--+-----------+
| | 31 December 2008 | | 31 December 2007 |
+----------------------+------------------------------+--+---------------------------+
| | Group | | Company | | Group | | Company |
+----------------------+-------------+--+-------------+--+------------+--+-----------+
| | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------+-------------+--+-------------+--+------------+--+-----------+
| | | | | | | | |
+----------------------+-------------+--+-------------+--+------------+--+-----------+
| Trade receivables | - | | - | | - | | - |
+----------------------+-------------+--+-------------+--+------------+--+-----------+
| Amounts owed by | - | | 1,864 | | - | | 2,610 |
| group undertakings | | | | | | | |
+----------------------+-------------+--+-------------+--+------------+--+-----------+
| Other debtors | 509 | | - | | 261 | | 31 |
+----------------------+-------------+--+-------------+--+------------+--+-----------+
| Other taxes | 100 | | 7 | | 287 | | - |
+----------------------+-------------+--+-------------+--+------------+--+-----------+
| Prepayments | 89 | | 81 | | 27 | | 24 |
+----------------------+-------------+--+-------------+--+------------+--+-----------+
| | 698 | | 1,952 | | 575 | | 2,665 |
+----------------------+-------------+--+-------------+--+------------+--+-----------+
Trace receivables and other receivables constitute the only financial assets
within the category "loans and receivables" as defined by IAS 39.
Based on prior experience and an assessment of the current economic environment,
the directors do not consider any impairment provision is required against the
above assets and consider that the carrying amount of the Company's trade and
other receivables approximates their fair value.
Included within amounts owed by group companies is a loan (31 December 2008,
GBP1,756,000; 31 December 2007, GBP1,756,000) repayable on demand. This loan is
denominated in Sterling and carries interest charged at the Bank of England Base
Rate plus 2%.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2008
18 TRADE AND OTHER PAYABLES
+----------------------+-------------+--+-------------+--+------------+--+------------+
| | 31 December 2008 | | 31 December 2007 |
+----------------------+------------------------------+--+----------------------------+
| | Group | | Company | | Group | | Company |
+----------------------+-------------+--+-------------+--+------------+--+------------+
| | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------+-------------+--+-------------+--+------------+--+------------+
| | | | | | | | |
+----------------------+-------------+--+-------------+--+------------+--+------------+
| Trade payables | - | | - | | 84 | | - |
+----------------------+-------------+--+-------------+--+------------+--+------------+
| Other taxation and | 58 | | 7 | | 11 | | 6 |
| social security | | | | | | | |
+----------------------+-------------+--+-------------+--+------------+--+------------+
| Other creditors * | 3,946 | | - | | 116 | | - |
+----------------------+-------------+--+-------------+--+------------+--+------------+
| Wages & Salaries | 9 | | 7 | | 12 | | 8 |
+----------------------+-------------+--+-------------+--+------------+--+------------+
| Accruals | 123 | | 123 | | 725 | | 725 |
+----------------------+-------------+--+-------------+--+------------+--+------------+
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