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17 Other investments and negative goodwill
| Group | Parent – Other Investments | ||||||
|---|---|---|---|---|---|---|---|
Negative goodwill £m |
Other investments £m |
Shares in subsidiaries £m |
Loans to subsidiaries £m |
Other investments £m |
Total £m |
||
At 1 April 2003 |
(9.2) |
26.6 |
5,023.1 |
4,062.9 |
18.6 |
9,104.6 |
|
Additions |
(6.4) |
10.8 |
376.0 |
10.2 |
386.2 |
||
Release on sales |
1.5 |
||||||
Disposals |
(20.5) |
(17.8) |
(17.8) |
||||
Exchange fluctuations |
(2.9) |
(2.9) |
|||||
Revaluations |
0.3 |
7.6 |
0.1 |
7.7 |
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At 31 March 2004 |
(14.1) |
17.2 |
5,027.8 |
4,438.9 |
11.1 |
9,477.8 |
|
For the year ended 31 March 2004 dividends and interest from other investments amounted to £1.1m (2003: £0.3m). The historical cost of other Group investments is £18.3m (2003: £28.1m). Shares in subsidiaries are included at cost or directors’ valuation in 1977, 1995, 1997, 1999, 2000, 2001, 2002, 2003 and 2004 to take account of their underlying net asset value; their historical cost is £5,119.7m (2003: £5,122.6m).
These financial statements include, on a consolidated basis, the results and financial position of the Group’s 100% interest in the Peacock Centre Partnership and the Group’s 50% interest in the Tesco British Land Property Partnership, the Scottish Retail Property Limited Partnership and BL Rosemound Limited Partnership. Accordingly, advantage has been taken of the exemptions provided by Regulation 7 of the Partnerships and Unlimited Companies (Accounts) Regulations 1993.
Principal operating subsidiaries:
Executive |
|---|
The British Land Corporation Limited* |
British Land Developments Limited |
British Land Financing Limited* |
British Land Properties Limited* |
Finance, Investment and Management |
|---|
British Land Property Management Limited |
Broadgate (Funding) PLC |
BLSSP (Funding) PLC |
MSC (Funding) PLC |
| BLU Nybil Limited |
Property |
|
|---|---|
| 135 Bishopsgate Financing Limited* | Broadgate (PHC 9) Limited |
| BLU Property Management Limited | Broadgate (PHC 11) Limited |
| Broadgate City Limited | Broadgate (PHC 15a) Limited |
| Broadgate Court Investment Limited | Exchange House Holdings Limited |
| Broadgate (PHC 1) Limited | Meadowhall Shopping Centre Limited |
| Broadgate (PHC 2) Limited | Peacocks Centre Limited |
| Broadgate (PHC 3) Limited | Sealhurst Properties Limited |
| Broadgate (PHC 4) Limited | Tamagon Limited |
| Broadgate (PHC 7) Limited | Union Property Corporation Limited |
| Broadgate (PHC 8) Limited | Union Property Holdings (Investments) Limited |
Overseas Property Companies |
|---|
British Land Investments Netherlands B.V. (Netherlands) |
Firmount Limited* (Republic of Ireland) |
These companies are wholly owned and except where otherwise stated are registered and operate in England and Wales.
* Directly held by parent.
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