Northacre PLC Results for the year ended 28 -11-
July 14 2014 - 2:00AM
UK Regulatory
The Company is included in a group registration for VAT purposes
and is therefore jointly and severally liable for all other group
companies' VAT liabilities amounting to GBP477,048 (2013:
GBPnil).
27. Related party transactions
Group
The Group's related parties as defined by International Accounting
Standard 24 (revised), the nature of the relationship and the amount
of transactions
with them during the period were as
follows:
Nature
of 2014 2013
Nature of
Related Party Relationship GBP GBP GBP GBP Transactions
Total Balance Total Balance
transactions at the transactions at the
in the year in the year
year end year end
Northacre Loan repayable
PLC 1 - - 699,602 - to the Scheme
Directors
Retirement by Northacre PLC.
and Loan was repaid
Death Benefit on 27(th) December
Scheme 2012
Northacre
PLC
Directors
Retirement
and Death Interest payable
Benefit Scheme 1 - - 24,859 - to the Scheme on
the loan to
Northacre
PLC. All
interest was paid
on 27(th) December
2012
Provision in
Northacre respect
PLC 1 - - 1,200,000 - of profit share
Directors to the Scheme in
Retirement relation to the
and sale
of Group's
Death Benefit interests
Scheme in The
Abingdons
Partnership.
It was paid on
30(th) November
2012
Consultancy fees
K. Nilsson 2 57,150 (57,150) - - for services
provided for the
1 Palace Street
project for the
period December
2013 to February
2014
Non-executive
Directors
E.B. Harris 3 30,000 (30,000) 66,125 (30,000) fees for
March 2013 -
February
2014 invoiced from
E.C. Harris LLP
Non-executive
Directors
M. Williams 4 10,000 - 65,500 (5,000) fees for
March 2013
Executive Directors
M.A. AlRafi 5 10,000 - 120,000 - fees for
March 2013 - June
2013
Bonus of
GBP1,000,000
M.A. AlRafi 5 - (975,000) 1,000,000 (975,000) was payable
from The Lancasters
Development
dividends.
GBP25,000 was paid
on 28(th) November
2012 and the
balance
of GBP975,000 was
paid post year
end on 28(th) March
2014
Non-executive
Directors
A. de Rothschild 6 17,500 (17,500) - - fees for
July 2013 -
February
2014
Consultancy fees
ADCM Ltd 7 1,100,000 - - - charged for
April 2013 -
February
2014 with
GBP1,200,000
being paid in the
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