Total assets                                                                             580,422 
================================================  ==========  ============  =========  ========= 
 
Segment liabilities                                (168,447)      (81,454)    (3,667)  (253,568) 
Unallocated liabilities                                                                  (6,574) 
================================================  ==========  ============  =========  ========= 
Total liabilities                                                                      (260,142) 
================================================  ==========  ============  =========  ========= 
 
 
                                                                           2014 
================================  ==========  ============  =========  ======== 
                                               Development 
                                  Investment   and trading  Operating     Total 
                                     GBP'000       GBP'000    GBP'000   GBP'000 
================================  ==========  ============  =========  ======== 
OTHER SEGMENT INFORMATION 
Capital expenditure                   11,674            81        297    12,052 
Unallocated capital expenditure                                              17 
Impairment of assets                       -         (232)          -     (232) 
Depreciation                               -         (123)      (418)     (541) 
Unallocated depreciation                                                  (227) 
================================  ==========  ============  =========  ======== 
 
REVENUE 
Rental income                         14,985         3,664          -    18,649 
Serviced office income                     -             -      4,142     4,142 
Project management fees                    -           566          -       566 
Trading property sales                     -        20,608          -    20,608 
Other trading property income              -         2,846          -     2,846 
Construction contract revenue              -         8,040          -     8,040 
Development proceeds                       -        24,423          -    24,423 
Other                                     69             -          -        69 
================================  ==========  ============  =========  ======== 
                                      15,054        60,147      4,142    79,343 
================================  ==========  ============  =========  ======== 
 

In the year ended 28th February 2014, two projects with turnover totalling GBP20,688,000 generated in excess of 10.0 per cent of total revenue and fell within the development and trading segment.

 
                                                          2015      2014 
                                                       GBP'000   GBP'000 
====================================================  ========  ======== 
UNALLOCATED ASSETS CAN BE ANALYSED AS FOLLOWS: 
Other plant and equipment                                  206       411 
Deferred income tax asset                                1,588       362 
Trade and other receivables                             10,507     7,912 
Cash and cash equivalents                               45,537    22,309 
====================================================  ========  ======== 
                                                        57,838    30,994 
====================================================  ========  ======== 
 
UNALLOCATED LIABILITIES CAN BE ANALYSED AS FOLLOWS: 
Current borrowings                                        (17)      (17) 
Trade and other payables                              (11,044)   (4,362) 
Deferred income tax liability                          (3,442)         - 
Derivative financial instruments                          (21)   (2,195) 
Special dividend 2015                                  (9,995)         - 
====================================================  ========  ======== 
                                                      (24,519)   (6,574) 
====================================================  ========  ======== 
 
   3     Finance income and costs 
 
                                                                        2015      2014 
 a) Finance income                                                   GBP'000   GBP'000 
==================================================================  ========  ======== 
Interest receivable on loans and deposits                              2,771     1,377 
Other finance income                                                      66       222 
Fair value gains on financial instruments - interest rate swaps, 
 caps and collars                                                        429       953 
Net foreign currency differences arising on retranslation of cash 
 and cash equivalents                                                  4,648         - 
==================================================================  ========  ======== 
Total finance income                                                   7,914     2,552 
==================================================================  ========  ======== 
 
 
                                                                        2015      2014 
b) Finance costs                                                     GBP'000   GBP'000 
==================================================================  ========  ======== 
Interest on bank loans and other borrowings                         (10,779)  (10,370) 
Interest on debenture                                                (2,200)   (2,200) 
Amortisation of transaction costs                                    (1,413)     (606) 
Provision: unwinding of discount                                        (94)     (116) 
Net foreign currency differences arising on retranslation of cash 
 and cash equivalents                                                      -     (291) 
==================================================================  ========  ======== 
                                                                    (14,486)  (13,583) 
Capitalised interest on development and trading properties             1,735        51 
==================================================================  ========  ======== 
Total finance costs                                                 (12,751)  (13,532) 
==================================================================  ========  ======== 
 
Net finance costs                                                    (4,837)  (10,980) 
==================================================================  ========  ======== 
 

Interest was capitalised at an average rate of 5.36 per cent. Capitalised interest of GBP1,359,000 (2014: GBP63,000) was written off in the year. The tax treatment of capitalised interest follows the accounting treatment.

   4     Dividends 
 
                                                                          2015      2014 
                                                                       GBP'000   GBP'000 
====================================================================  ========  ======== 
DECLARED AND PAID DURING THE YEAR 
Equity dividends on Ordinary shares: 
Final dividend for 2014: 3.20 pence per share (2013: 2.40 pence 
 per share)                                                              3,994     2,934 
Interim dividend for 2015: 2.40 pence per share (2014: 2.40 pence 
 per share)                                                              2,995     2,934 
Special dividend for 2015*: 8.00 pence per share (2014: nil pence 
 per share)                                                              9,995         - 
====================================================================  ========  ======== 
                                                                        16,984     5,868 
====================================================================  ========  ======== 
 
PROPOSED FOR APPROVAL BY SHAREHOLDERS AT THE ANNUAL GENERAL MEETING 
Final dividend for 2015: 3.50 pence per share (2014: 3.20 pence 
 per share)                                                              4,373     3,911 
====================================================================  ========  ======== 
 

* On 24th February 2015 the Board approved the payment of a special dividend of 8.00 pence per share to be paid on 7th April 2015 to ordinary shareholders on the register at the close of business on 6th March 2015.

Subject to approval by shareholders, the final dividend was approved by the Board on 28th April 2015 and has not been included as a liability or deducted from retained earnings as at 28th February 2015. The final dividend is payable on 20th August 2015 to ordinary shareholders on the register at the close of business on 24th July 2015 and will be recognised in the year ending 29th February 2016.

   5     Earnings per share and net assets per share 

-- Basic earnings per share amounts are calculated by dividing profit for the year attributable to owners of the Parent by the weighted average number of Ordinary shares outstanding during the year, excluding shares purchased by the Parent and held as treasury shares.

-- Diluted earnings per share amounts are calculated by dividing the profit attributable to owners of the Parent by the weighted average number of Ordinary shares outstanding during the year plus the weighted average number of Ordinary shares that would be issued on the conversion of all the dilutive potential Ordinary shares into Ordinary shares.

-- Basic net assets per share amounts are calculated by dividing net assets by the number of Ordinary shares in issue at the balance sheet date excluding shares purchased by the Parent and held as treasury shares.