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UAI U And I Group Plc

148.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
U And I Group Plc LSE:UAI London Ordinary Share GB0002668464 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 148.50 148.50 149.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Development Securities PLC Preliminary Results -24-

29/04/2015 7:02am

UK Regulatory


 Limited                                                       development   and trading 
==============================  =========  =================  ============  ============  ===========  ============= 
Curzon Park Limited             50         United Kingdom     Property      Development   November     28th February 
                                                               development   and trading   2006 
==============================  =========  =================  ============  ============  ===========  ============= 
Development Equity Partners     50         Jersey             Property      Development   December     28th February 
 Limited                                                       development   and trading   2011 
==============================  =========  =================  ============  ============  ===========  ============= 
DSP Tirol Limited               50         United Kingdom     Investment    Investment    January      28th February 
                                                               property                    2015 
==============================  =========  =================  ============  ============  ===========  ============= 
DS Renewables LLP               50         United Kingdom     Property      Development   May 2012     28th February 
                                                               development   and trading 
==============================  =========  =================  ============  ============  ===========  ============= 
Harwell Oxford Developments     50         United Kingdom     Property      Development   December     28th February 
 Limited                                                       development   and trading   2013 
==============================  =========  =================  ============  ============  ===========  ============= 
Kensington & Edinburgh          50         United Kingdom     Property      Development   July 2013    28th February 
 Estates (South Woodham                                        development   and trading 
 Ferrers) Limited 
==============================  =========  =================  ============  ============  ===========  ============= 
Manchester Arena Complex        30         United Kingdom     Investment    Investment    June 2010    28th February 
 LP                                                            property 
==============================  =========  =================  ============  ============  ===========  ============= 
Notting Hill (Guernsey          24         Guernsey           Investment    Development   June 2011    31st December 
 Holdco) Limited                                               property      and trading 
==============================  =========  =================  ============  ============  ===========  ============= 
Opportunities of Sittingbourne  50         United Kingdom     Property      Development   January      28th February 
 Limited                                                       development   and trading   2015 
==============================  =========  =================  ============  ============  ===========  ============= 
OSB (Holdco 1) Limited          50         United Kingdom     Property      Development   February     28th February 
                                                               development   and trading   2014 
==============================  =========  =================  ============  ============  ===========  ============= 
Winnebago Holdings Sarl         35         Luxembourg         Investment    Investment    April 2012   31st December 
                                                               property 
==============================  =========  =================  ============  ============  ===========  ============= 
 

On 19th May 2014, the Group acquired an additional 45.0 percent of the shares in Purplexed LLP as part of the Cathedral acquisition (refer note 14). Accordingly the company is now accounted for as a subsidiary with effect from that date.

On 7th March 2014, the Group acquired a 15.0 per cent holding in Becket House Unit Trust with its partner Proprium Finance Cooperatief U.A holding the remaining 85.0 per cent. The company is registered and incorporated in Jersey.

On 19th May 2014, the Group acquired a 50.0 per cent holding in Cathedral (Brighton) Limited with its partner McLaren Property Limited holding the remaining 50.0 per cent. The company is registered and incorporated in the United Kingdom.

On 22nd December 2014, the Group acquired a 50.0 per cent holding in DSP Tirol Limited with its partner Pemberstone Investments Limited holding the remaining 50.0 per cent. The company is registered and incorporated in the United Kingdom.

On 21st January 2015, the Group acquired a 50.0 per cent holding in Opportunities of Sittingbourne limited with its partner Swale Borough Council holding the remaining 50.0 per cent. The company is registered and incorporated in the United Kingdom.

Investments under joint arrangements are not always represented by an equal percentage holding by each partner. In a number of joint ventures, the Group holds a minority shareholding but has joint control and therefore the arrangement is accounted for as a joint venture.

   8     Inventory 
 
                                                     Development      Trading 
                                                      properties   properties      Total 
                                                         GBP'000      GBP'000    GBP'000 
===================================================  ===========  ===========  ========= 
DEVELOPMENT AND TRADING PROPERTIES 
At 1st March 2013                                         86,255       67,161    153,416 
Additions: 
- acquisitions                                             4,733       37,946     42,679 
- development expenditure                                 17,822        8,840     26,662 
- transfer from development to trading properties        (7,722)        7,722          - 
Disposals                                               (14,299)     (15,743)   (30,042) 
Write down of trading properties to net realisable 
 value                                                     (182)         (50)      (232) 
===================================================  ===========  ===========  ========= 
At 28th February 2014                                     86,607      105,876    192,483 
Additions: 
- acquisition of subsidiaries (refer note 14)             64,969            -     64,969 
- acquisitions                                             8,742       33,351     42,093 
- development expenditure                                 47,713        4,783     52,496 
- transfer from trading to development properties          2,300      (2,300)          - 
Disposals                                               (69,120)     (60,576)  (129,696) 
Foreign currency differences                             (1,037)      (2,640)    (3,677) 
Write down of trading properties to net realisable 
 value                                                     (986)        (208)    (1,194) 
===================================================  ===========  ===========  ========= 
At 28th February 2015                                    139,188       78,286    217,474 
===================================================  ===========  ===========  ========= 
 

Included in the above amounts are projects stated at net realisable value of GBP18,720,000 (2014: GBP42,308,000).

Net realisable value has been estimated by the Directors, taking account of the plans for each project, the planning status and competitive position of each asset, and the anticipated market for the scheme. For material developments, the Directors have consulted with third party chartered surveyors in setting their market assumptions.

Interest of GBP1,735,000 (2014: GBP51,000) was capitalised on development and trading properties during the year. Capitalised interest included within the carrying value of such properties on the Balance Sheet is GBP2,029,000 (2014: GBP1,653,000).

   9     Trade and other receivables 
 
                                     2015      2014 
a) Non-current                    GBP'000   GBP'000 
===============================  ========  ======== 
Prepayments and accrued income      4,238     7,652 
===============================  ========  ======== 
 
 
                                                   2015      2014 
b) Current                                      GBP'000   GBP'000 
=============================================  ========  ======== 
Trade receivables                                10,302     2,229 
Amounts due from customers for contract work          -       605 
Other receivables                                25,328    34,227 
Other tax and social security                     1,029     1,596 
Prepayments and accrued income                    8,175     2,178 
=============================================  ========  ======== 
                                                 44,834    40,835 
=============================================  ========  ======== 
 

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