Views
10 months ago

Keepmoat Annual Report 2020

  • Text
  • Lease
  • Keepmoat
  • Strategic
  • Annual
  • Income
  • Assets
  • Limited
  • Homes
  • Statements
  • October
Keepmoat has released its Group financial results for the year ending 31 October 2020.

NOTES TO THE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 9 – Non-controlling interests (continued) 31 October 2020 31 October 2019 SUMMARISED CONSOLIDATED INCOME STATEMENT £’000 £’000 Revenue 405,953 649,808 (Loss)/profit before income tax (19,525) 37,669 Income tax credit/(charge) 5,112 (6,924) (Loss)/profit for the year (14,413) 30,745 Other comprehensive expense - - Total comprehensive (expense)/income (14,413) 30,745 Total comprehensive (expense)/income attributable to non-controlling interests (1,628) 3,354 A full list of the Group’s subsidiary undertakings is provided in note 23. 10 – Investments in joint ventures and associates Details of operating joint venture undertakings and associates, all of which are incorporated in England and Wales, are as follows: Name of undertaking Durham Villages Regeneration Limited Description of shares & proportion of nominal value of that class held A class ordinary shares of £1 each (51% held) Proportion of voting rights held by Keepmoat Limited Proportion of voting rights held by Group Accounting year end 50% 44% 31 March Sheffield Housing Company Limited Ordinary shares of £1 each (45% held) 45% 40% 31 March BK Scotswood LLP Members’ capital (50% held) 50% 44% 31 December New Tyne West Development Company LLP Osmaston Regeneration Partnership LLP Ilke Homes Holdings Limited Evolve Built for Life Limited Members’ capital (25% held) 25% 22% 31 December Members’ capital (50% held) 50% 44% 31 March Ordinary shares of £0.01 each (1.84% held) Ordinary shares of £1 each (50% held) 1.8% 1.6% 31 March 50% 44% 31 December Durham Villages Regeneration Limited is a joint venture between Keepmoat Limited and Durham County Council. Its principal activities are private housebuilding, land sales and property development. The Company’s registered office is: The Waterfront, Lakeside Boulevard, Doncaster DN4 5PL. Under agreements between Keepmoat Homes Limited, Durham Villages Regeneration Limited and Durham City Council (on 1 April 2010 Durham City Council merged into the Unitary Authority of Durham County Council), Keepmoat Homes Limited has a license to build on land owned by Durham Villages Regeneration Limited. Keepmoat Homes Limited is a wholly owned subsidiary of Keepmoat Limited. Sheffield Housing Company Limited is an associated undertaking of Keepmoat Limited. Its principal activity is the building and sale of new homes in the Sheffield area. The Company’s registered office is: The Waterfront, Lakeside Boulevard, Doncaster DN4 5PL. BK Scotswood LLP is a joint venture between Keepmoat Limited and BDW Trading Limited. Its principal activity is to invest in a joint venture undertaking, New Tyne West Development Company LLP, with Newcastle City Council. Its principal activities are to facilitate regeneration and property development. The Company’s registered office is: Barratt House, City West Business Park, Scotswood Road, Newcastle upon Tyne, NE4 7DF. 90 KEEPMOAT.COM

FINANCIAL REVIEW 10 – Investments in joint ventures and associates (continued) Osmaston Regeneration Partnership LLP is a joint venture between Keepmoat Limited and Derbyshire County Council formed in February 2015. The Company has not commenced trading activities at 31 October 2020. The principal activity of the Company will be procuration and delivery of new build housing and refurbishment within the Osmaston estate in Derby. The Company’s registered office is: The Waterfront, Lakeside Boulevard, Doncaster, DN4 5PL. Ilke Homes Holdings Limited is an associate undertaking of the Company as J Mitchell, E Hawkes and S Robertson are board members of both Companies and therefore Keystone JVco Limited is viewed as having significant influence over Ilke Homes Holdings Limited. The Company’s registered office is: Flaxby Industrial Estate, Knaresborough, Harrogate, HG5 0XJ. On 22 August 2018 Ilke Homes Holdings Limited made a further issuance in share capital in which the Group did not participate, consequently the Group’s voting rights in Ilke Homes Holdings Limited reduced to 5% from 10%. During the financial year ended 31 October 2019 Ilke Homes Holdings Limited made further issuances of share capital of which the Group did not participate, consequently the Group’s voting rights in Ilke Homes Holdings Limited reduced further to 2.2% from 5%. During the financial year ended 31 October 2020 Ilke Homes Holdings Limited made further issuances of share capital of which the Group did not participate, consequently the Group’s voting rights in Ilke Homes Holdings Limited reduced further to 1.84% from 2.2%. Details of transactions with these companies are set out in note 23. Investments in equity accounted joint ventures and associates are as follows: Joint ventures Associates Total £’000 £’000 £’000 At 1 November 2018 - 1,405 1,405 Impairment losses of investment in associated companies - (537) (537) Equity accounted share of net profits - 584 584 At 31 October 2019 - 1,452 1,452 Impairment losses of investment in associated companies - (45) (45) Equity accounted share of net profits - 1,054 1,054 As at 31 October 2020 - 2,461 2,461 Details of the results of the joint ventures and associated companies in the year are below: Joint venture companies Associated companies 31 October 2020 31 October 2019 31 October 2020 31 October 2019 £’000 £’000 £’000 £’000 Profit/(loss) before income tax 804 953 (37,399) (21,979) ANNUAL REPORT & FINANCIAL STATEMENTS 2020 91