Consolidated Interim Statement of Changes in Equity
(Unaudited)
Called
Up Share Merger Retained Total
Share Premium Reserve Earnings
Capital Account
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1(st) March 2013 668 18,552 - 20,895 40,115
Total comprehensive loss
for the period - - - (1,855) (1,855)
Transactions with owners
of the Company:
Dividends paid - - - (10,691) (10,691)
-------- -------- -------- --------- ---------
As at 31(st) August 2013 668 18,552 - 8,349 27,569
Total comprehensive loss
for the period - - - (943) (943)
Transactions with owners
of the Company:
Issue of Ordinary shares 390 4,013 8,086 - 12,489
As at 28(th) February 2014 1,058 22,565 8,086 7,406 39,115
Total comprehensive profit
for the period - - - 867 867
Transactions with owners
of the Company:
Dividends declared - - (8,086) (6,913) (14,999)
-------- -------- -------- --------- ---------
As at 31(st) August 2014 1,058 22,565 - 1,360 24,983
======== ======== ======== ========= =========
Northacre PLC
Notes to the Unaudited Interim Financial Statements
For the Six Months ended 31(st) August 2014
1. Basis of Preparation and Accounting Policies
Basis of Preparation
The interim financial information for the six months ended
31(st) August 2014 and 31(st) August 2013 is unaudited. The interim
financial information was approved by the Board of Directors on
11(th) November 2014.
The statutory financial statements for the year ended 28(th)
February 2014, prepared under International Financial Reporting
Standards (IFRS), have been reported on by the Group auditors and
delivered to the Registrar of Companies. The audit report was
unqualified and did not contain a statement under s498 of the
Companies Act 2006.
These accounts have been prepared in accordance with
International Accounting (IAS) 34 'Interim Financial
Reporting'.
The interim financial information does not constitute statutory
financial statements within the meaning of the Companies Act
2006.
Accounting Policies
The accounting policies adopted are consistent with those
applied as at 28(th) February 2014 and those that the Directors
expect to be adopted as at 31(st) December 2014. They are set out
in full in the financial statements for the year ended 28(th)
February 2014.
Going Concern
The Company and Group currently meet their day-to-day working
capital requirements through monies received from The Lancasters
Development and 33 Thurloe Square dividends and through fees
receivable from its projects: Vicarage Gate House, 13-14 Vicarage
Gate, 33 Thurloe Square, Chester Square and 1 Palace Street.
The Directors have prepared detailed cash flow projections for
the period ending 31(st) December 2018 making reasonable
assumptions about the levels and timings of income and expenditure,
and in particular the timing of receipt of certain fees due from
major developments. These projections show that the Group can meet
its on-going working capital requirements. On this basis the
Directors consider it appropriate to prepare the financial
statements on a going concern basis.
Significant Judgements and Estimates of Areas of Uncertainty
In preparing these financial statements the Directors are
required to make judgements and best estimates of the outcome of
and in particular, the timing of revenues, expenses, assets and
liabilities based on assumptions. These assumptions are based on
historical experience and various other factors that are considered
reasonable under the various circumstances. The estimates and
assumptions are reviewed on a regular basis with any revisions
being applied in the relevant period. The material areas where
estimates and assumptions are made are:
- The valuation of goodwill;
- The valuation of available for sale financial assets; and
- The status and progress of the developments and projects.
Basis of Consolidation
The Group financial statements include the financial statements
of the Company and its subsidiary undertakings. Subsidiary
undertakings are all entities over which the Group has the power to
govern the financial and operating policies of the subsidiary and
therefore exercises control. The existence and effect of both
current voting rights and potential voting rights that are
currently exercisable or convertible are considered when assessing
whether control of an entity is exercised. Subsidiaries are
consolidated from the date at which the Group obtains the relevant
level of control and are de-consolidated from the date at which
control ceases.
Revenue
Revenue represents amounts earned by the Group in respect of
services rendered during the period net of value added tax. Shares
in development profits and performance fees are recognised when the
amounts involved have been finally determined and agreed criteria
for recognition have been fulfilled. Fees in respect of project
management and interior and architectural design are recognised in
accordance with the stage of completion of the contract.
Investments
Investments in subsidiaries, associates and joint ventures, and
other investments are presented in the Group and Parent financial
statements at cost, less any necessary provision or impairment.
Associates
Associates are entities over which the Group exercise
significant influence but does not exercise control. Investments in
associates are accounted for using the equity method of accounting
and are initially recognised at cost, which includes goodwill
identified on acquisition, net of any accumulated impairment loss.
The Group's share of its associate's profits or losses after
acquisition of its interest is recognised in profit or loss and
cumulative post-acquisition movements are adjusted against the
carrying amount of the investment. Where the Group's share of
losses of an associate equals or exceeds the carrying amount of the
investment, the Group only recognises further losses where it has
incurred obligations or made payments on behalf of the
associate.
Financial Assets
Available for sale financial assets consist of equity
investments in other entities where the Group does not exercise
either control or significant influence. The investments reflect
capital contributions made in respect of projects undertaken with
other partners in which the Group will be entitled to an eventual
profit share.
Available for sale financial assets are shown at fair value at
each reporting date with changes in fair value being shown in Other
Comprehensive Income, or at cost less any necessary provision for
impairment where a reliable estimate of fair value is not able to
be determined.
Impairment of Assets
Assets that have an indefinite useful life are not subject to
amortisation but are instead tested annually for impairment and are
subject to additional impairment testing if events or changes in
circumstances indicate that the carrying amount of an asset may not
be recoverable.
Assets that are subject to depreciation and amortisation are
reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable.
Indicators of impairment are reviewed annually.
An impairment loss is recognised for the amount by which the
asset's carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of an asset's fair value less
costs to sell and value in use. Any impairment charge is recognised
in profit or loss in the year in which it occurs. When an
impairment loss, other than an impairment loss on goodwill,
subsequently reverses due to a change in the original estimate, the
carrying amount of the asset is increased to the revised estimate
of its recoverable amount, up to the carrying amount that would
have resulted, net of depreciation, had no impairment loss been
recognised for the asset in prior years.
Business Combinations and Goodwill
Goodwill relating to acquisitions prior to 1(st) March 2006 is
carried at the net book value on that date and is no longer
amortised but is subject to annual impairment review. On
acquisition, the assets, liabilities and contingent liabilities of
a subsidiary are measured at their fair values at the date of
acquisition. Any excess of the cost of acquisition over the fair
values of the identifiable net assets acquired is recognised as
goodwill. Any deficiency of the cost of acquisition below the fair
values of the identifiable net assets acquired (i.e. discount on
acquisition) is credited to profit or loss in the period of
acquisition. Goodwill is tested annually for impairment.
Capital and Financial Risk Management
The Group manages its capital to ensure that the Group will be
able to continue as a going concern, while maximising the return to
shareholders through the optimisation of its debt and equity
balance.
The capital structure of the Group consists of cash and cash
equivalents and equity attributable to equity holders of the Parent
Company, comprising issued capital, share premium account and
retained profits.
The Group manages the capital structure and makes adjustments to
it in the light of changes in economic conditions. In order to
maintain or adjust the capital structure, the Group may adjust the
amount of dividends payable to shareholders, return capital to
shareholders, issue new shares or sell assets to reduce debt or
increase capital.
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