British Land - Annual Report & Accounts 2003
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Notes to the Financial Statements

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

12 Joint ventures’ summary financial statements
 
  The Public BL BL BLT
  House Universal Fraser Properties
All joint ventures are held equally on a 50:50 basis Company Ltd PLC Ltd Ltd
Partners Scottish & Newcastle plc GUS
plc		 House of
Fraser plc		 Tesco
plc
Date established April 1995 February 1997 July 1999 November 1996
Accounting year end 31 March 31 March 25 January 31 December
 
Summarised profit and loss accounts £m £m £m £m
Gross rental income 11.1 58.6 14.4 16.2
Net rental income 11.0 51.9 14.2 16.2
Other expenditure (0.9) (1.2) (0.3) (0.4)
 
Operating profit 10.1 50.7 13.9 15.8
 
Disposal of fixed assets 13.2 1.2 2.8 0.2
 
Net interest – external (8.3) (23.2) (9.1) (8.2)

– shareholders

   (13.7) (2.9) (1.2)
 
Net interest (payable) receivable (8.3) (36.9) (12.0) (9.4)
 
Profit (loss) before tax 15.0 15.0 4.7 6.6
 
Tax 4.7 (5.3) (1.0) (1.9)
Profit (loss) after tax 19.7 9.7 3.7 4.7
 
Summarised statements of total recognised gains and losses
Profit (loss) retained for the year 19.7 9.7 3.7 4.7
Unrealised surplus (deficit) on revaluation 2.8 29.6 31.5 31.4
Total recognised gains and losses 22.5 39.3 35.2 36.1
 
Summarised balance sheets        
Investment properties at valuation 53.2 794.9 230.2 238.9
Development and trading properties at cost        
 
Total properties 53.2 794.9 230.2 238.9
Current assets 0.3 5.0 0.9 1.0
Cash and deposits 6.0 0.6 17.1 14.9
 
Gross assets 59.5 800.5 248.2 254.8
 
Current liabilities (0.6) (30.5) (4.6) (6.9)
Bank debt falling due within one year       (111.0)
Bank debt falling due after one year   (45.0) (139.1)  
Debentures   (295.9)    
Deferred tax (1.3) (4.8) (5.4) (0.5)
 
Gross liabilities (1.9) (376.2) (149.1) (118.4)
Net external assets 57.6 424.3 99.1 136.4
Represented by:        
Shareholder loans   164.9 53.1 18.2
Ordinary shareholders’ funds/Partners’ capital 57.6 259.4 46.0 118.2
Total Investment 57.6 424.3 99.1 136.4
Capital commitments   2.6    
Contingent tax 2.4 43.6 9.3 24.5

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12 Joint ventures’ summary financial statements (continued)
 
 
  Tesco BL Cherrywood  
  BL West Properties Ltd BL Davidson
All joint ventures are held equally on a 50:50 basis Holdings Ltd companies (Rep of Ireland) Group*
Partners Tesco plc West LB,WestImmo, Dunloe Ewart plc Manny Davidson,his
    and Provinzial   family & family trusts
Date established November 1999 September 2000 April 1999 September 2001
Accounting year end 31 December 31 December 31 December 31 December
 
Summarised profit and loss accounts £m £m £m £m
Gross rental income 22.9 24.6 1.2 29.6
Net rental income 22.4 23.6 1.2 27.4
Other expenditure (0.4) (0.4) (1.7) 2.3
 
Operating profit 22.0 23.2 (0.5) 29.7
 
Disposal of fixed assets       4.0
 
Net interest – external (14.7) (18.8) 0.1 (16.3)

– shareholders

       (0.6)
 
Net interest (payable) receivable (14.7) (18.8) 0.1 (16.9)
 
Profit (loss) before tax 7.3 4.4 (0.4) 16.8
Tax (2.2) (1.3) (0.4) (5.9)
Profit (loss) after tax 5.1 3.1 (0.8) 10.9
 
Summarised statements of total recognised gains and losses      
Profit (loss) retained for the year 5.1 3.1 (0.8) 10.9
Unrealised surplus (deficit) on revaluation 23.2 (31.9)   23.4
Total recognised gains and losses 28.3 (28.8) (0.8) 34.3
 
Summarised balance sheets        
Investment properties at valuation 368.7 333.3   437.2
Development and trading properties at cost     89.9 17.4
 
Total properties 368.7 333.3 89.9 454.6
Current assets 1.9 2.6 3.1 10.5
Cash and deposits 6.1 8.9 0.1 33.9
 
Gross assets 376.7 344.8 93.1 499.0
 
Current liabilities (10.9) (12.3) (14.9) (58.8)
Bank debt falling due within one year       (14.2)
Bank debt falling due after one year (209.6) (256.2)   (113.5)
Debentures       (124.5)
Deferred tax (0.5) (1.4)   (4.6)
   
Gross liabilities (221.0) (269.9) (14.9) (315.6)
Net external assets 155.7 74.9 78.2 183.4
Represented by:        
Shareholder loans 83.5   46.0 10.0
Ordinary shareholders’ funds/Partners’ capital 72.2 74.9 32.2 173.4
Total Investment 155.7 74.9 78.2 183.4
Capital commitments 2.7     22.5
Contingent tax 11.7 1.6   47.9
* British Land’s share of negative goodwill is included current liabilities and amounts in total to £19.6m (2002: £23.3m)

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12 Joint ventures’ summary financial statements (continued)
 
      British  
  BVP Other Joint Land 2002
All joint ventures are held equally on a 50:50 basis Group Ventures Share Comparative
Partners ProLogis      
  Developments Ltd      
Date established June 1999      
Accounting year end 31 March      
 
Summarised profit and loss accounts £m £m £m £m
Gross rental income 4.9 20.9 102.2 98.5
Net rental income 4.6 17.7 95.1 90.3
Other expenditure (0.1) (2.5) (2.8) (1.7)
 
Operating profit 4.5 15.2 92.3 88.6
 
Disposal of fixed assets   19.4 20.4 (2.5)
   
Net interest – external (3.1) (11.2) (56.4) (50.0)
– shareholders   0.6 (8.9) (16.1)
   
 
Net interest (payable) receivable (3.1) (10.6) (65.3) (66.1)
 
Profit (loss) before tax 1.4 24.0 47.4 20.0
   
Tax (0.7) (7.2) (10.6) (6.3)
Profit (loss) after tax 0.7 16.8 36.8 13.7
 
Summarised statements of total recognised gains and losses        
Profit (loss) retained for the year 0.7 16.8 36.8 13.7
Unrealised surplus (deficit) on revaluation 1.5 15.3 63.4 41.7
Total recognised gains and losses 2.2 32.1 100.2 55.4
 
Summarised balance sheets        
Investment properties at valuation 83.5 132.5 1,336.2 1,510.2
Development and trading properties at cost 19.7 10.2 68.6 91.1
 
Total properties 103.2 142.7 1,404.8 1,601.3
Current assets 3.8 3.3 16.2 34.0
Cash and deposits 2.1 8.9 49.3 54.3
 
Gross assets 109.1 154.9 1,470.3 1,689.6
 
Current liabilities (12.7) (11.0) (81.6) (104.1)
Bank debt falling due within one year (1.4)   (63.3) (4.9)
Bank debt falling due after one year (47.0)   (405.2) (627.3)
Debentures     (210.2) (213.7)
Deferred tax (1.1)   (9.8) (12.4)
 
Gross liabilities (62.2) (11.0) (770.1) (962.4)
Net external assets 46.9 143.9 700.2 727.2
Represented by:      
Shareholder loans 12.4 29.9 209.0 293.9
Ordinary shareholders’ funds/Partners’ capital 34.5 114.0 491.2 433.3
Total Investment 46.9 143.9 700.2 727.2
Capital commitments 5.8 1.4 17.5 56.2
Contingent tax 11.1 1.7 76.9 73.8

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12 Joint ventures’ summary financial statements (continued)
 
The movement for the year:        
  Group Parent
 
 
  Equity Loans Total  
  £m £m £m £m
At 1 April 2002 433.3 293.9 727.2 224.0
Additions 5.4 19.8 25.2 7.3
Purchase of remaining interest in London & Henley (24.1) (11.2) (35.3)  
Repayment of loans   (93.5) (93.5) (65.1)
Share of profit attributable to joint ventures 36.8   36.8  
Dividends received from joint ventures (22.6)   (22.6)  
Disposals (1.0)   (1.0) (18.8)
Revaluation 63.4   63.4  
At 31 March 2003 491.2 209.0 700.2 147.4
The Group’s share of the market value of joint venture debt and derivatives as at 31 March 2003 was £40.6m more than the Group's share of the book value (2002: £16.8m). The Group’s share of joint venture external net debt is £632.0m (2002: £791.6m). The amount guaranteed by British Land is £12.0m (2002: £33.0m).
 
The historical cost of joint ventures is £484.0m (2002: £556.2m). The amount of £147.4m includes £130.1m of loans to joint ventures by the parent. Outline details of the joint ventures are set out in the Property Review.
 
The Group’s share of joint venture properties as at 31March 2003 was £1,404.8m (2002: £1,601.3m).
 
All companies are property investment companies registered in England and Wales unless otherwise stated.
 

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