Northacre PLC Results for the year ended 28 -12-
July 14 2014 - 2:00AM
UK Regulatory
year
Expenses charged
ADCM Ltd 7 116,544 27,596 - - by ADCM Ltd as
per the consultancy
agreement.
GBP144,140
was paid in the
year with GBP27,596
credit outstanding
at the year end
Development
management
Palace Revive 8 2,705,004 - - - fees for
Developments period of January
Limited 2014 to December
2014 as per
development
management
agreement.
Expenses paid on
Palace Revive 8 58,949 10,770 - - behalf of Palace
Developments Revive Developments
Limited Limited. GBP10,770
represents expenses
paid but not
reclaimed
at the year end.
Palace Real Amount invested
Estate 9 8,824,640 8,824,640 - - by Northacre PLC
Partners LP into Palace Real
Estate Partners
LP to develop 1
Palace Street
project.
Nature of Relationships
K.B. Nilsson is a trustee and beneficiary of the Northacre PLC Directors
1 Retirement and Death Benefit Scheme.
K.B. Nilsson is a Director
2 of the Company.
E.B. Harris is a Director of the Company,
3 and a member of E.C. Harris LLP.
M. Williams was a Director of the Company
4 (resigned on 27(th) March 2013).
M.A. AlRafi was a Director of the Company
5 (resigned on 25(th) June 2013).
A. de Rothschild was a Director of the
Company (resigned on 11(th) February
6 2014)
ADCM Ltd is a fully owned subsidiary of ADCM LLC, the Group's ultimate
7 parent company.
Palace Revive Developments Limited is a company set up to develop
8 1 Palace Street project and is controlled by ADCM Ltd.
Palace Real Estate Partners LP is a partnership that controls Palace
9 Revive Developments Limited.
Company
The Directors' and pension fund transactions in the Company are included
in the Group disclosure above. In addition to these, the Company has
the following related party transactions as defined by International
Accounting Standard 24 (revised).
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
Management fees
Group entities 1 231,000 - 264,931 - receivable
in year from
Group
subsidiaries
provided at
arm's length
Management fees
Group entities 1 (60,000) - (51,372) - payable in
year to Group
subsidiaries
provided at
arm's length
Nature of Relationships
The Group entities are wholly
1 owned subsidiaries of the Company.
The balances at the reporting date are shown under notes 18 and 19 of
the Consolidated Financial Statements.
28. Events after the reporting date
On 23(rd) April 2014 the Group announced that it has entered
into a Development Management Agreement with Vicarage Gate (1314)
Limited. Under the agreement the Company will be the Development
Manager for the development of the 13 & 14 Vicarage Gate
project. Under the terms of the Development Management Agreement,
the Company will be entitled to a fixed development management fee
and a performance fee.
On 19(th) May 2014 the Group announced that it intends to change
its accounting reference date from 28(th) February to 31(st)
December.
On 25(th) June 2014 the Group announced a sale of 33 Thurloe
Square project for the agreed price of GBP12.75m.The Group
anticipates that the total proceeds from its participation in the
project (comprising of both return on its equity investment and
fees under the DMA) will be approximately GBP1.2 million.
29. Immediate and ultimate parent undertakings
The immediate and ultimate parent undertakings are Spadille
Limited and Abu Dhabi Capital Management LLC respectively.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BSGDRBSBBGSB
Northacre (LSE:NTA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Northacre (LSE:NTA)
Historical Stock Chart
From Jul 2023 to Jul 2024