Northacre PLC Results for the year ended 28 -9-
July 14 2014 - 2:00AM
UK Regulatory
trade and other receivables in the Consolidated and Company Statements
of Financial Position.
(b) Other investments
Company
Subsidiary Other Total
Undertakings Investments
GBP GBP GBP
Cost
At 1(st) March
2013 14,492,681 - 14,492,681
Additions - 8,824,655 8,824,655
As at 28(th)
February 2014 14,492,681 8,824,655 23,317,336
=============== ================ ===============
Impairment
At 1(st) March
2013 6,485,260 - 6,485,260
Impairment in
the year 1,108 - 1,108
As at 28(th)
February 2014 6,486,368 - 6,486,368
=============== ================ ===============
Net book value as at
28(th) February 2014 8,006,313 8,824,655 16,830,968
=============== ================ ===============
Net book value as at
28(th) February 2013 8,007,421 - 8,007,421
=============== ================ ===============
Company Subsidiary Other Total
Undertakings Investments
GBP GBP GBP
Cost
At 1(st) March 2012 14,492,681 - 14,492,681
As at 28(th) February
2013 14,492,681 - 14,492,681
============= ============ ===========
Impairment
At 1(st) March 2012 6,485,260 - 6,485,260
Impairment in the year - - -
As at 28(th) February
2013 6,485,260 - 6,485,260
============= ============ ===========
Net book value as at
28(th) February 2013 8,007,421 - 8,007,421
============= ============ ===========
Net book value as at
29(th) February 2012 8,007,421 - 8,007,421
============= ============ ===========
(c) Group shareholdings
The Group has shareholdings in the following
companies, all incorporated in England and Wales:
Proportion
Subsidiary undertakings Holding held Nature of Business
Waterloo Investments Ordinary Development management
Limited shares 100% services
Ordinary
Intarya Limited shares 100% Interior design
Northacre Development Ordinary
Management shares 100% Development management
Services Limited services
Nilsson Architects Ordinary Design
Limited shares 100% architects
Northacre Capital Ordinary
(1) Limited shares 100% Dormant
Northacre Capital Ordinary
(3) Limited shares 100% Dormant
Northacre Capital Ordinary
(5) Limited shares 100% Property development
Northacre Capital Ordinary
(7) Limited shares 100% Dormant
Northacre International Ordinary
Limited shares 100% Dormant
Lancaster Gate (Hyde Ordinary
Park) Limited shares 100% Property development
Templeco 643 Limited was dissolved on 29(th) October 2013.
Northacre Capital (8) Limited changed its name to Northacre International
Limited on 3(rd) July 2013.
The holding in Lancaster Gate (Hyde Park) Limited is held by Northacre
Capital (5) Limited.
Acquisition of
16. subsidiary
On 16(th) December 2013 the Group obtained control of Lancaster Gate
(Hyde Park) Limited by acquiring the remaining 74.9% of the issued
shares and voting rights of the company. As a result the Group's equity
interest in Lancaster Gate (Hyde Park) Limited increased from 25.1%
to 100%.
Lancaster Gate (Hyde Park) Limited is the company that was established
by Northacre PLC and Minerva Limited as a joint venture to acquire,
manage and develop The Lancasters Development. This development reached
its practical completion in November 2011 and the last apartment was
sold in June 2013. Northacre PLC acquired Minerva's interest and in
return, the Group has full ownership and received all dividend distributions
whilst continuing to manage the on-going snagging process.
The purchase of Minerva's stake and taking on the snagging process
is not expected to have a material effect on the Group's operations
or financial performance. Since the date of acquisition to 28(th)
February 2014 the subsidiary contributed a profit of GBP56,754 to
the results of the Group.
The fair value of the assets and liabilities acquired which were equivalent
to their book values at the date of acquisition were as follows:
Fair values
GBP
Cash and cash equivalents 16,684,593
Work in progress 153,433
Other receivables 337,357
Accruals and deferred
income (2,193,630)
Trade and other
payables (83,221)
Corporation tax
payable (1,199,268)
-----------------
Net assets 13,699,264
=================
The consideration for the acquisition and the goodwill arising on
acquisition were as follows:
GBP
Consideration paid 6,182,402
Fair value of net
identifiable assets (13,699,264)
Fair value of the previously
held investment 7,148,575
Stamp duty 30,915
-----------------
Negative goodwill (337,372)
=================
On 23(rd) December 2013 the Group acquired NTA CB Limited as part
of total capital raising of GBP12.5m as detailed in note 24.
NTA CB Limited had a balance sheet comprising solely of GBP8,347,142
of cash and the company was dissolved following the completion of
the transaction.
17. Inventories Group
2014 2013
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