Financial Statements
(e) Investments and loans to subsidiaries
| Shares in subsidiaries £m |
Loans to subsidiaries £m |
Investments in joint ventures £m |
Other investments £m |
Total £m |
|
|---|---|---|---|---|---|
| On 1 April 2005 | 6,741 | 6,222 | 26 | 11 | 13,000 |
| Additions | 305 | 1,441 | 1,746 | ||
| Exchange fluctuations | 2 | 2 | |||
| Revaluation | 10 | 10 | |||
| 31 March 2006 | 7,058 | 7,663 | 26 | 11 | 14,758 |
Shares in subsidiaries are included at cost or directors' valuation in 1977, 1995, 1997 and 1999 to 2006 inclusive; their historical cost is £7,227m (2005: £6,920m).
The amount of £26m (2005: £26m) includes £8m (2005: £8m) of loans to joint ventures by the Company. The Company has a 50% interest in The Public House Company Limited, which is registered and operates in England and Wales.
Results of the joint ventures are set out in note 12 of the consolidated financial statements.
The historical cost of other investments is £14m (2005: £14m).
The principal subsidiaries, which are wholly owned, and except where stated are registered and operate in England and Wales are:
| Executive | Property | |
| The British Land Corporation Limited* | 175 Bishopsgate Holdings Limited | |
| British Land Developments Limited | BLU Property Management Limited | |
| British Land Financing Limited* | Broadgate (PHC1) Limited | |
| British Land Properties Limited* | Broadgate (PHC11) 2005 Limited | |
| Broadgate (PHC 14) Limited | ||
| Finance, Investment and Management | Broadgate (PHC 15a) Limited | |
| British Land Property Management Limited | Broadgate (PHC 16) 2005 Limited | |
| Broadgate Financing PLC | Broadgate (PHC 2) Limited | |
| BL Superstores Finance PLC | Broadgate (PHC 3) Limited | |
| MSC (Funding) PLC | Broadgate (PHC 4) Limited | |
| BLU Nybil Limited | Broadgate (PHC 5) 2005 Limited | |
| British Land Property Advisers Limited | Broadgate (PHC 6) 2005 Limited | |
| British Land Hercules Limited | Broadgate (PHC 7) Limited | |
| British Land HIF Limited | Broadgate (PHC 8) Limited | |
| BL European Holdings Limited | Broadgate (PHC 9) Limited | |
| BL European Fund Management LLP (70% owned) | Broadgate Court Investments Limited | |
| Broadgate Plaza Limited | ||
| Cleola Limited | ||
| Clivara (No 1) Limited | ||
| Conafell Limited | ||
| Derby Investment Holdings Limited* | ||
| Exchange House Holdings Limited | ||
| Formcash Limited | ||
| Fromba Limited | ||
| Meadowhall Shopping Centre Limited | ||
| Peacocks Centre Limited | ||
| Ropemaker Unit Trust (Jersey) | ||
| Sealhurst Properties Limited | ||
| Tamagon Limited |
* Direct subsidiaries of the Company.