Notes to the accounts
12 Investment in group companies
| Company 2007 £m |
Company 2006 £m |
|
|---|---|---|
| At 1 January | 1,962.7 | 2,092.8 |
| Additions | – | 100.0 |
| Disposals | (19.0) | (230.1) |
| At 31 December | 1,943.7 | 1,962.7 |
Investment in group companies includes equity and debt instruments.
| Joint ventures | Group share 2007 £m |
Group share 2006 £m |
|---|---|---|
| Summarised income statements | ||
| Gross rental income | 20.0 | 3.9 |
| Net rental income | 17.2 | 2.7 |
| Property trading profits | – | 11.4 |
| (Deficit)/gain on revaluation and sale of investment and development property | (18.9) | 4.9 |
| Administration expenses | (1.0) | (0.8) |
| Net finance costs | (0.1) | (1.6) |
| Tax | – | (0.9) |
| Profit/(loss) after tax | (2.8) | 15.7 |
| Summarised balance sheets | ||
| Non-current assets | 658.7 | 284.7 |
| Current assets | 26.5 | 26.1 |
| Partners’ loans | 2.5 | 44.5 |
| Current liabilities | (32.6) | (10.2) |
| Creditors: amounts falling due after more than one year | (80.4) | (49.3) |
| Net assets | 574.7 | 295.8 |
All joint ventures are held equally with other joint venture investors on a 50:50 basis. Joint ventures are accounted for in the group accounts using proportional consolidation. The group’s share of the assets, liabilities, income and expenditure shown above are included in the consolidated financial statements on a line by line basis. In the UK, joint ventures comprise the Xscape Braehead general partnership, the St David’s Limited Partnership and The Great Capital Partnership. The Xscape Braehead general partnership was established in 2004, for investment in the Xscape Leisure Scheme at Braehead, Renfrew, Glasgow and has a 31 December year end. The St David’s Limited Partnership was established in 2004 for investment in the existing St David’s shopping centre, Cardiff, and development of a 967,500 sq. ft. retail-led mixed-use extension, and has a 31 December year end. The Great Capital Partnership was established during the year to own, manage and develop a number of Central London properties and has a 31 March year end.
All other joint ventures are registered in the United States and are in the business of property investment. Full details of all joint ventures will be attached to the company’s Annual Return to be filed with the Registrar of Companies.