Langtree Property Partners had a successful first year after being formed through a management buyout. They manage £130 million in total assets, including 1.9 million square feet of property. Their major achievements included developing a 50,000 square foot office/lab building at Sci-Tech Daresbury. Going forward, they intend to further the objectives of their joint ventures and pursue new development opportunities. The directors believe the company has established a solid foundation for future growth.
This newsletter provides updates on the UHY Hacker Young accounting group. It announces that the group has reached the top 15 in UK accounting league tables. It also announces several new partners across the group and the retirement of two partners from the York office. The main article discusses the group's 2020 Vision strategy to achieve sustainable growth while ensuring best client service and care. Key goals include developing specialist expertise, international capabilities, and technology to improve client service delivery.
Anthropic
E: info@anthropic.com
We scale up your business to financial success
Thank you for your interest in Taras CFO Services Ltd. Please do not hesitate to contact us to discuss how we can help your business.
Savills is a leading global real estate services provider founded in 1855. It has over 19,000 employees in over 200 offices worldwide. Savills provides commercial, residential and agricultural property services across core areas including agency, investment, consultancy, property management, and financial services. The company has grown significantly through acquisitions and international expansion, and aims to become the real estate advisor of choice in chosen global markets.
The document summarizes key activities and milestones of the Students' Association of Finance (SAF) at the University of Sri Jayewardenepura from 2008-2009. Some highlights include organizing an annual trip, workshop on capital markets, cricket tournament, and "NADA 2009" musical event. The SAF also published a magazine, had guest lectures, and helped select teams for competitions to enhance students' career development outside the classroom.
The document summarizes the annual reports and auditors' opinions for several banks in Bangladesh, including Jamuna Bank Limited, Southeast Bank Limited, National Bank Limited, and Grameen Bank. For each bank, the auditor issued an unqualified opinion, meaning they believe the financial statements present a true and fair view of the bank's financial position and were prepared according to relevant standards and regulations.
The SGA had a very successful 2015-2016 year, achieving all of its goals. It saw a 300% increase in new organization interest, held its first full Senate, and had over 1,300 votes in the spring election. Notable events included various stress relief and safe drinking events. The #oneJWU campaign reached over 300,000 people online, helping foster a stronger sense of unity on campus. Overall, the SGA strengthened communication, increased student participation, and ensured fiscal responsibility.
Flagstaff 2016 Annual Report and Marketing PlanHeather Ainardi
Program and results during fiscal year 2015 as well as goals and objectives for fiscal 2016. I oversaw the marketing, advertising, online marketing and public relations (pages 4-11) portions along with supporting travel trade, meetings, visitor services and community relations.
The document is International Alert's 2013 annual report. It summarizes their work helping people find peaceful solutions to conflicts by bringing different groups together to build understanding and cooperation. In 2013, some of their key activities included:
- Working with women traders in the DRC to improve cross-border trade relations and address harassment issues, benefiting tens of thousands.
- Organizing visits between the Sri Lankan diaspora in the UK and politicians in Sri Lanka to promote reconciliation.
- Supporting dialogue between youth political leaders from different parties in Lebanon to discuss solutions to challenges facing the country.
This newsletter provides updates on the UHY Hacker Young accounting group. It announces that the group has reached the top 15 in UK accounting league tables. It also announces several new partners across the group and the retirement of two partners from the York office. The main article discusses the group's 2020 Vision strategy to achieve sustainable growth while ensuring best client service and care. Key goals include developing specialist expertise, international capabilities, and technology to improve client service delivery.
Anthropic
E: info@anthropic.com
We scale up your business to financial success
Thank you for your interest in Taras CFO Services Ltd. Please do not hesitate to contact us to discuss how we can help your business.
Savills is a leading global real estate services provider founded in 1855. It has over 19,000 employees in over 200 offices worldwide. Savills provides commercial, residential and agricultural property services across core areas including agency, investment, consultancy, property management, and financial services. The company has grown significantly through acquisitions and international expansion, and aims to become the real estate advisor of choice in chosen global markets.
The document summarizes key activities and milestones of the Students' Association of Finance (SAF) at the University of Sri Jayewardenepura from 2008-2009. Some highlights include organizing an annual trip, workshop on capital markets, cricket tournament, and "NADA 2009" musical event. The SAF also published a magazine, had guest lectures, and helped select teams for competitions to enhance students' career development outside the classroom.
The document summarizes the annual reports and auditors' opinions for several banks in Bangladesh, including Jamuna Bank Limited, Southeast Bank Limited, National Bank Limited, and Grameen Bank. For each bank, the auditor issued an unqualified opinion, meaning they believe the financial statements present a true and fair view of the bank's financial position and were prepared according to relevant standards and regulations.
The SGA had a very successful 2015-2016 year, achieving all of its goals. It saw a 300% increase in new organization interest, held its first full Senate, and had over 1,300 votes in the spring election. Notable events included various stress relief and safe drinking events. The #oneJWU campaign reached over 300,000 people online, helping foster a stronger sense of unity on campus. Overall, the SGA strengthened communication, increased student participation, and ensured fiscal responsibility.
Flagstaff 2016 Annual Report and Marketing PlanHeather Ainardi
Program and results during fiscal year 2015 as well as goals and objectives for fiscal 2016. I oversaw the marketing, advertising, online marketing and public relations (pages 4-11) portions along with supporting travel trade, meetings, visitor services and community relations.
The document is International Alert's 2013 annual report. It summarizes their work helping people find peaceful solutions to conflicts by bringing different groups together to build understanding and cooperation. In 2013, some of their key activities included:
- Working with women traders in the DRC to improve cross-border trade relations and address harassment issues, benefiting tens of thousands.
- Organizing visits between the Sri Lankan diaspora in the UK and politicians in Sri Lanka to promote reconciliation.
- Supporting dialogue between youth political leaders from different parties in Lebanon to discuss solutions to challenges facing the country.
The document summarizes a study on consumer behavior, customer satisfaction, and competitive strategy with reference to Mahindra & Mahindra tractors. Primary and secondary data were collected through questionnaires and research on various websites and publications. The analysis found that while customers were generally satisfied with Mahindra tractors' quality, power, and fuel efficiency, they were less satisfied with after-sales service and support. To improve sales, the study recommends that Mahindra focus on improving dealership experience and addressing issues like hydraulic problems and oil leaks more quickly.
This annual report provides an overview of AccessBank Azerbaijan's operations and financial results for 2015. It includes information on the bank's shareholders, mission statement, statements from the Chairman and CEO addressing the challenging economic environment, an overview of key customers and lending operations, and sections on governance, risk management, and financial statements.
Program and results during fiscal year 2014 as well as goals and objectives for fiscal 2015. I oversaw the marketing, online marketing and social media (pages 4-9) along with public relations (pages 14-15) and film (page 18). Additionally my programs supported travel trade, meetings, visitor services and community relations.
Our key objective is to pick stocks which can compound sustainably at a healthy rate for the next 3-5 years and create wealth. We like to select companies with strong competitive advantages and are quoting at a discount to their intrinsic value. The document discusses Mahindra & Mahindra Financial Services Ltd (MMFSL), a leading NBFC in India offering financial services in rural and semi-urban areas. It highlights MMFSL's strong parentage with Mahindra & Mahindra, large distribution network, experienced management team, and competitive strengths that position it for continued healthy growth and returns over the long term.
This Illinois Longitudinal Data System (ILDS) Annual Report & Plan is the third such plan adopted by the ILDS Governing Board. This Annual Report & Plan initially describes the ILDS governance activities since January 2015, with a focus on activities since the adoption of the prior plan. Then, this Report & Plan describes the priorities for ILDS governance activities through 2016-17 that have been adopted by the Governing Board. Finally, this document includes a benchmarking of ILDS efforts against the requirements of the P-20 Longitudinal Education Data System Act 3.
IBA Annual Report 2015-16_full_web-accessibleTara Toohill
This document provides an overview of Indigenous Business Australia (IBA), including its role, legal framework, history and vision for the future economic advancement of Indigenous Australians. Key points include:
- IBA assists Indigenous Australians through programs focused on home ownership, business ownership and investments using its $1.24 billion in capital assets
- It was established in 1990 to enhance Indigenous self-management and economic self-sufficiency and now operates under the Aboriginal and Torres Strait Islander Act 2005
- In 2015-16, IBA provided 489 home loans, 49 business loans and supported 40 Indigenous co-investors
- IBA's vision is for Indigenous Australians to be economically independent and integral to the Australian economy by converting their land
University of Utah Health Exceptional Value Annual Report 2015University of Utah
Every year the Exceptional Value Annual Report documents the performance of University of Utah Health on all 45 of the key initiatives identified in the organization's Operational Plan. Focused on value-driven outcomes (quality, service and cost), our successes are celebrated and failures are reviewed for learning opportunities.
Project report on mahindra & mahindra ltd. (tractors division)Paras Dhingra
This document provides an overview of Mahindra & Mahindra Ltd., an Indian automotive manufacturing company. It discusses the company's history beginning in 1945, facilities and subsidiaries globally. The company manufactures tractors, utility vehicles, passenger cars and other vehicles. It has two main divisions - automotive and farm equipment. The document outlines the company's various products, competitors like Maruti Suzuki and Hind Motors, functional departments, business development operations including marketing strategies, and financial performance over time.
Annual business plan hr template : play this in slide show modeVipul Saxena
This is the Template which can be used for presenting Annual Business Plan for HR Deptt.
I have been using it and customise it as per needs of the organisation. Covers almost all aspects/challenges of HR Deptts
Solved Comprehensive Project Cbse Class 12 Accountancy ProjectDan John
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise boosts blood flow and levels of neurotransmitters and endorphins that elevate and stabilize mood.
en esta presentación se encontraran un glosario sobre términos relevantes en la higiene industrial tales como: riesgo físico, riesgo químico y riesgo biológico; ademas de esto se encontraran especificaciones de cada tipo de rieesgo
The document discusses Harper Macleod's infrastructure and projects team. The team specializes in major infrastructure projects in areas like schools, hospitals, roads, and housing. They have extensive experience with projects procured through the hub initiative and Scottish non-profit distributing model. Some of their areas of focus include the hub initiative, NPD and revenue funded projects, student accommodation projects, and managing operational projects. They have worked on numerous projects across these areas with a combined capital value of over $250 million.
HM Infrastructure and Projects Credentials BrochureCatriona Strachan
The document discusses Harper Macleod's infrastructure and projects team. The team specializes in major infrastructure projects in areas like schools, hospitals, roads, and housing. They have extensive experience with projects procured through the hub initiative and Scottish non-profit distributing model. Some of their areas of focus include the hub initiative, NPD and revenue funded projects, student accommodation projects, and managing operational projects. They have worked on numerous projects across these areas with a combined capital value of over $250 million.
This annual report and financial statements document from SigmaRoc provides:
- Financial highlights for 2019 including a 70.6% increase in underlying revenue to £70.4 million and a 47.6% increase in underlying EBITDA to £14.5 million.
- Operational highlights including four acquisitions that doubled the size of the Group, expansion of production capacity, and rollout of a new Group-wide safety policy.
- An overview of the Chairman and CEO's messages regarding the company's strong financial and operational performance in 2019, focus on safety and governance, and outlook for future growth.
This annual report and financial statements document provides an overview of SigmaRoc plc's performance in 2019. Key highlights include revenue reaching £70.4 million, a 70.6% increase over 2018. Underlying profit before tax grew 51.3% to £8.4 million. The company invested in four acquisitions that approximately doubled its size, expanded existing operations, and now operates over 30 production sites across four regions and platforms with over 400 million tonnes of reserves. Safety improvements reduced lost time injury frequency rates by 36%. Governance and sustainability efforts also advanced.
Our corporate team continues to have a strong focus on the private sector - maintaining and consolidating our position as a market leading provider of corporate services. We work with clients from various sectors including: retail, technology, financial services, insurance, food & drink and manufacturing.
https://www.brownejacobson.com/sectors-and-services/services/corporate-and-commercial/corporate-finance
East Midlands Corporate Finance Annual Review Spring 2016 (Single)Pete Wood
The document provides an annual review from an East Midlands corporate finance firm. It discusses the firm's growth over the past few years and highlights some of its accomplishments in 2015, including advising on over 20 transactions. It summarizes a few transactions the firm completed in 2015, including advising on an MBO of two lift companies. It also notes the return of MBOs as a transaction format in 2015 with increased availability of financing. The review discusses key considerations for successful MBOs, including having a strong cash-generative company, a solid management team, and setting the right price and structure.
Circle Housing is one of England's largest housing associations, providing homes and services to around 300,000 customers across 113 local authorities. It owns and manages over 70,000 properties through nine registered providers. The organization aims to enhance life chances by providing secure housing, sustainable communities, and trusted services. It is transforming its operations through a three-year change program to improve customer experience and offer lower-cost services. Key initiatives include restoring reliable repairs and maintenance, creating an agile workforce, growing affordable housing supply, and preparing for welfare reforms. Diversity and inclusion are also integrated into the business to attract and retain talent.
The document is the annual report of MartinCo PLC, a holding company for property franchise brands in the UK. It discusses MartinCo's strategy of using a franchise model to operate multiple established property brands and achieve increased market share in property lettings and sales. Key highlights from the year included acquiring additional brands, growing the number of managed properties and offices, and increasing revenue, EBITDA, profit, and dividends. The chairman's statement reflects on the company's consistent growth strategy and franchise principles over its 30-year history.
Place RESI 2014: Duncan Sutherland, Sigma InpartnershipPlace North West
Sigma Capital Group and Gatehouse Bank are launching a joint venture to create the largest new build privately rented sector portfolio in the UK. The initial phase will involve developing 2000 homes across multiple UK regions, with options to expand to 7000 total homes. Sigma will leverage its expertise in real estate development, funding, and management to oversee construction, leasing, and long-term maintenance of the high-quality rental properties.
The document summarizes a study on consumer behavior, customer satisfaction, and competitive strategy with reference to Mahindra & Mahindra tractors. Primary and secondary data were collected through questionnaires and research on various websites and publications. The analysis found that while customers were generally satisfied with Mahindra tractors' quality, power, and fuel efficiency, they were less satisfied with after-sales service and support. To improve sales, the study recommends that Mahindra focus on improving dealership experience and addressing issues like hydraulic problems and oil leaks more quickly.
This annual report provides an overview of AccessBank Azerbaijan's operations and financial results for 2015. It includes information on the bank's shareholders, mission statement, statements from the Chairman and CEO addressing the challenging economic environment, an overview of key customers and lending operations, and sections on governance, risk management, and financial statements.
Program and results during fiscal year 2014 as well as goals and objectives for fiscal 2015. I oversaw the marketing, online marketing and social media (pages 4-9) along with public relations (pages 14-15) and film (page 18). Additionally my programs supported travel trade, meetings, visitor services and community relations.
Our key objective is to pick stocks which can compound sustainably at a healthy rate for the next 3-5 years and create wealth. We like to select companies with strong competitive advantages and are quoting at a discount to their intrinsic value. The document discusses Mahindra & Mahindra Financial Services Ltd (MMFSL), a leading NBFC in India offering financial services in rural and semi-urban areas. It highlights MMFSL's strong parentage with Mahindra & Mahindra, large distribution network, experienced management team, and competitive strengths that position it for continued healthy growth and returns over the long term.
This Illinois Longitudinal Data System (ILDS) Annual Report & Plan is the third such plan adopted by the ILDS Governing Board. This Annual Report & Plan initially describes the ILDS governance activities since January 2015, with a focus on activities since the adoption of the prior plan. Then, this Report & Plan describes the priorities for ILDS governance activities through 2016-17 that have been adopted by the Governing Board. Finally, this document includes a benchmarking of ILDS efforts against the requirements of the P-20 Longitudinal Education Data System Act 3.
IBA Annual Report 2015-16_full_web-accessibleTara Toohill
This document provides an overview of Indigenous Business Australia (IBA), including its role, legal framework, history and vision for the future economic advancement of Indigenous Australians. Key points include:
- IBA assists Indigenous Australians through programs focused on home ownership, business ownership and investments using its $1.24 billion in capital assets
- It was established in 1990 to enhance Indigenous self-management and economic self-sufficiency and now operates under the Aboriginal and Torres Strait Islander Act 2005
- In 2015-16, IBA provided 489 home loans, 49 business loans and supported 40 Indigenous co-investors
- IBA's vision is for Indigenous Australians to be economically independent and integral to the Australian economy by converting their land
University of Utah Health Exceptional Value Annual Report 2015University of Utah
Every year the Exceptional Value Annual Report documents the performance of University of Utah Health on all 45 of the key initiatives identified in the organization's Operational Plan. Focused on value-driven outcomes (quality, service and cost), our successes are celebrated and failures are reviewed for learning opportunities.
Project report on mahindra & mahindra ltd. (tractors division)Paras Dhingra
This document provides an overview of Mahindra & Mahindra Ltd., an Indian automotive manufacturing company. It discusses the company's history beginning in 1945, facilities and subsidiaries globally. The company manufactures tractors, utility vehicles, passenger cars and other vehicles. It has two main divisions - automotive and farm equipment. The document outlines the company's various products, competitors like Maruti Suzuki and Hind Motors, functional departments, business development operations including marketing strategies, and financial performance over time.
Annual business plan hr template : play this in slide show modeVipul Saxena
This is the Template which can be used for presenting Annual Business Plan for HR Deptt.
I have been using it and customise it as per needs of the organisation. Covers almost all aspects/challenges of HR Deptts
Solved Comprehensive Project Cbse Class 12 Accountancy ProjectDan John
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise boosts blood flow and levels of neurotransmitters and endorphins that elevate and stabilize mood.
en esta presentación se encontraran un glosario sobre términos relevantes en la higiene industrial tales como: riesgo físico, riesgo químico y riesgo biológico; ademas de esto se encontraran especificaciones de cada tipo de rieesgo
The document discusses Harper Macleod's infrastructure and projects team. The team specializes in major infrastructure projects in areas like schools, hospitals, roads, and housing. They have extensive experience with projects procured through the hub initiative and Scottish non-profit distributing model. Some of their areas of focus include the hub initiative, NPD and revenue funded projects, student accommodation projects, and managing operational projects. They have worked on numerous projects across these areas with a combined capital value of over $250 million.
HM Infrastructure and Projects Credentials BrochureCatriona Strachan
The document discusses Harper Macleod's infrastructure and projects team. The team specializes in major infrastructure projects in areas like schools, hospitals, roads, and housing. They have extensive experience with projects procured through the hub initiative and Scottish non-profit distributing model. Some of their areas of focus include the hub initiative, NPD and revenue funded projects, student accommodation projects, and managing operational projects. They have worked on numerous projects across these areas with a combined capital value of over $250 million.
This annual report and financial statements document from SigmaRoc provides:
- Financial highlights for 2019 including a 70.6% increase in underlying revenue to £70.4 million and a 47.6% increase in underlying EBITDA to £14.5 million.
- Operational highlights including four acquisitions that doubled the size of the Group, expansion of production capacity, and rollout of a new Group-wide safety policy.
- An overview of the Chairman and CEO's messages regarding the company's strong financial and operational performance in 2019, focus on safety and governance, and outlook for future growth.
This annual report and financial statements document provides an overview of SigmaRoc plc's performance in 2019. Key highlights include revenue reaching £70.4 million, a 70.6% increase over 2018. Underlying profit before tax grew 51.3% to £8.4 million. The company invested in four acquisitions that approximately doubled its size, expanded existing operations, and now operates over 30 production sites across four regions and platforms with over 400 million tonnes of reserves. Safety improvements reduced lost time injury frequency rates by 36%. Governance and sustainability efforts also advanced.
Our corporate team continues to have a strong focus on the private sector - maintaining and consolidating our position as a market leading provider of corporate services. We work with clients from various sectors including: retail, technology, financial services, insurance, food & drink and manufacturing.
https://www.brownejacobson.com/sectors-and-services/services/corporate-and-commercial/corporate-finance
East Midlands Corporate Finance Annual Review Spring 2016 (Single)Pete Wood
The document provides an annual review from an East Midlands corporate finance firm. It discusses the firm's growth over the past few years and highlights some of its accomplishments in 2015, including advising on over 20 transactions. It summarizes a few transactions the firm completed in 2015, including advising on an MBO of two lift companies. It also notes the return of MBOs as a transaction format in 2015 with increased availability of financing. The review discusses key considerations for successful MBOs, including having a strong cash-generative company, a solid management team, and setting the right price and structure.
Circle Housing is one of England's largest housing associations, providing homes and services to around 300,000 customers across 113 local authorities. It owns and manages over 70,000 properties through nine registered providers. The organization aims to enhance life chances by providing secure housing, sustainable communities, and trusted services. It is transforming its operations through a three-year change program to improve customer experience and offer lower-cost services. Key initiatives include restoring reliable repairs and maintenance, creating an agile workforce, growing affordable housing supply, and preparing for welfare reforms. Diversity and inclusion are also integrated into the business to attract and retain talent.
The document is the annual report of MartinCo PLC, a holding company for property franchise brands in the UK. It discusses MartinCo's strategy of using a franchise model to operate multiple established property brands and achieve increased market share in property lettings and sales. Key highlights from the year included acquiring additional brands, growing the number of managed properties and offices, and increasing revenue, EBITDA, profit, and dividends. The chairman's statement reflects on the company's consistent growth strategy and franchise principles over its 30-year history.
Place RESI 2014: Duncan Sutherland, Sigma InpartnershipPlace North West
Sigma Capital Group and Gatehouse Bank are launching a joint venture to create the largest new build privately rented sector portfolio in the UK. The initial phase will involve developing 2000 homes across multiple UK regions, with options to expand to 7000 total homes. Sigma will leverage its expertise in real estate development, funding, and management to oversee construction, leasing, and long-term maintenance of the high-quality rental properties.
Development Finance Lunch | Glen Wilson, Lloyds BankPlace North West
This document summarizes a presentation on development finance in Manchester. It discusses Lloyds Bank's support for housing development through a commission on affordable housing. It then provides details on Lloyds Bank's lending in northwest England, including £100-£492 million in debt facilities. Case studies are presented on projects supported by Lloyds Bank loans. The document also summarizes Greater Manchester's investment funds, including over £297 million invested or approved across various regional funds. It outlines the process for projects over £500,000 seeking funding. Key benefits of the funds are noted as flexibility, collaboration, experience, and competitive financing. A case study is presented on a £15 million loan from Evergreen and Growing Places funds for a £
Osborne Construction had a challenging year in 2013 with a loss of £2 million due to issues with some new build housing contracts and delays in larger projects starting. However, the company took steps to learn from these problems by strengthening processes and restructuring. As a result, the order book increased significantly to £352 million, providing optimism for growth in 2014. While the market remains competitive, opportunities exist across the company's sectors. With a stronger order book and actions taken to improve customer service and operations, the CEO expects a return to profitability and sales near £300 million in the coming year.
SNC-Lavalin
We are fortunate to be one of few companies in the world with the
resources and capabilities to invest in, design, build, and then operate
and maintain infrastructure and power facilities that improve lives.
Recruitment Pack that provides with a really good insight in the PRG group, our vision for the future and what fantastic opportunities are available to you.
Recruitment Pack outlining what it is like to work for iO, Panoramic and the PRG group. This will give you a really good insight into the group, our vision for the future and what fantastic opportunities are available to you.
The document provides an overview of Precision Resource Group (PRG), a staffing group operating in the UK and internationally. It summarizes PRG's history and growth since 2009, current clients and sectors, vision to be a profitable international staffing group, culture that offers exciting career opportunities, and benefits for employees including training and commission structures. The summary highlights PRG's expansion plans over the next decade to have offices globally and increase its team size significantly, offering ambitious professionals opportunities to advance their careers.
Welcome to Browne Jacobson’s 2015/16 annual review. It has been another memorable year in which we both met and, in many cases, exceeded expectations.
We were delighted to deliver organic growth for the seventh year in succession, posting a 9% increase in work done to over £64m. The momentum from 2014/15 carried on and the results were in line with our own high expectations. It was particularly pleasing to see each of our five offices achieving growth - a further sign that the major investments we have made in recent years in new office openings, people and infrastructure have really started to bed in and deliver.
Whilst year on year comparisons are significant, it is also critically important to take a step back to truly assess how the firm has performed and developed. In the last five years alone we have opened offices in Exeter and Manchester and moved to new locations in Nottingham and London. Financially we have grown turnover by over 80% since 2011 - and this has been achieved organically through retention and growth of our clients and people, as well as new strategic hires and client wins. This puts into perspective what an incredible journey we have been on and how the business has been transformed.
https://www.brownejacobson.com/
Ruffena Capital provides strategic advisory, growth capital, and alternative investment services. It was founded in 2013 by experienced professionals who funded it themselves. Ruffena sources compelling private investment opportunities for its network of private investors, family offices, and funds. It focuses on established businesses seeking £500k to £10m in equity or £1m to £50m in debt financing. Ruffena rigorously evaluates opportunities and structures deals to match investors' risk/return profiles and deliver better returns through greater participation. The firm and its 14-person team have extensive industry experience and contacts to add value to investment projects.
Eloquent Group is a young property development company based in Liverpool that specializes in conversion projects, new builds, and mixed-use developments. They have a pipeline of residential and mixed-use projects in Liverpool totaling over £100 million that they are seeking joint venture partners and equity investments to fund. Their goal is capitalize on the growing demand for city center living in Liverpool through developing properties with "simple yet elegant" finishes to sell to investors.
We offer a unique devolution deal between Government
and the two Combined Authorities of the D2N2 LEP area.
The first deal in a two-tier area with significant physical,
social and geographic challenges. This deal represents a
nationally scalable model of sustained economic growth
in partnership with cities, counties and districts.
Using the two Combined Authorities as the platform for
strong cohesive delivery, we are resolute in ensuring that our
devolution ambitions drive sustainable economic growth
across the D2N2 LEP area. Detailed in this prospectus is our
approach of robust local collaboration and firm commitment
to work in partnership with Government. Our key proposals
that demonstrate this ambition are to establish:
1. A Free Trade Zone in association with East Midlands
Airport. We will work with Government to develop a
fully costed business case, and define its form, location
and development
2. An Investment Fund to maximise market success
through the finance required to develop infrastructure
and help business to grow
3. London Style Transport Powers for bus franchising to
better manage and rebalance the network, the devolution
of traffic management powers to allow more efficient
operation of local roads and direct influence over the
management and programming of enhancements to the
motorway and trunk road network.
Through this Devolution Prospectus, D2N2 makes the
offer to Government to:
• Provide a model of two-tier devolution that is scalable
nationally;
• Make resources and funding go further that will
demonstrate real value for money;
• Enable Government to talk to us as two Combined
Authorities;
• Increase competitiveness for UK businesses in terms
of trading on a global scale;
• Help create the 55,000 new private sector jobs
committed to in our Strategic Economic Plan;
• Develop a Further Education approach in the two areas
that is focused on business need now and in the future;
• Ensure more of our population become economically
active, reducing NEET levels, unemployment and the
welfare burden;
• Deliver a collective approach with developers to bring
forward sites that are exclusively or predominantly
employment-related, including the reclaiming of
contaminated sites;
• Coordinate local responses through our two Combined
Authorities to key national infrastructure decisions such
as HS2 and trunk road programmes;
• Deliver a detailed programme of strategic infrastructure
improvement through the Midlands Connect process;
• Develop an international exemplar through a Smart
Commission taking our traditional connectivity
strengths into a new age;
• Develop an advanced energy strategy that secures the
long-term security and affordability of supply and
development of the low-carbon sector.
2. Langtree Property Partners LtdAnnual Report and Financial Statements 2015–2016 03
450
Tenants within the
Langtree portfolio
£8.2m
Warrington
Southern Gateway
property assets
34
Langtree team
£24m
Investment at
Sci-Tech Daresbury
50,000
Sq ft of new
development at
Sci-Tech Daresbury
£130m
Total assets
under management
1.9m
Sq ft of property
under management
232
Acres planned at
former Parkside
Colliery
BUILDING A
SUCCESSFUL
BUSINESS
Contents
03 Overview
04 Chairman’s Report
08 The Directors and Team
12 Group Strategic Report
13 Directors’ Report
14 Independent auditor’s report to
the shareholders of Langtree
Property Partners Limited
15 Consolidated Profit and
Loss Account
16 Consolidated Balance Sheet
17 Company Balance Sheet
18 Consolidated Statement of
Changes in Equity
19 Company Statement of
Changes in Equity
20 Consolidated Statement of
Cash Flows
21 Notes to the Financial
Statements
Overview
£12m
Rent roll under
management
3. Langtree Property Partners LtdAnnual Report and Financial Statements 2015–2016 05
BUILDING
FOR OUR
FUTURE
It is with great pleasure that I am
in a position to write this first
Chairman’s statement for Langtree
Property Partners Ltd for the year
ending 2015/16. It is surprising how
quickly the first year has passed
and I am really pleased to be able
to report that it has been an
excellent first year of trading.
Chairman’s
Report
Tim Johnston
Chairman
A significant achievement in our first year has been the
successful delivery of the major new development at Sci-Tech
Daresbury, this being the Techspace project. The project was
developed by Langtree on behalf of the Sci-Tech Daresbury
joint venture and during the coming financial year the
ownership will be transferred to the JV company. The project
comprises two speculative Grade A office/laboratory buildings
totalling 50,000 sq ft and lists as one of the largest speculative
developments in the North West in the past year. The
development was undertaken as part of a total £24m
investment at Sci-Tech Daresbury in new buildings,
infrastructure and public realm as part of our ongoing
investment programme to make the campus into a truly 21st
century science and innovation location for business.
The Group was formed following the successful Management
Buyout (MBO) of public sector joint ventures and management
agreements from Network Space Developments Ltd. The deal
was led by our Group Managing Director, John Downes and
Group Finance Director, Malcolm Jackson, and then followed
by the appointment to the Board of myself as Chairman, Neal
Biddle as Group Development Director, Jayne Furnival as
Group Property Director and Adrian Clery of Colliers
International London, as a Non-Executive Director. The Board
was also pleased to appoint David Brooks, formerly Industrial
Director of Jones Lang LaSalle, as a consultant to the Board.
Of course thanks must be given to Network Space for the
opportunity and for its help and financial support through the
MBO process and its continuing support as a minority
shareholder in the business.
In total the Langtree team now stands at 34, including site
based management staff, and comprises well-resourced and
experienced property management and property development
teams led by the respective Directors. Our major focus and
energy during our first year of operation has been directed
towards the joint venture (JV) assets we acquired in the MBO
to make sure that there was a seamless transition for our joint
venture partners. I am confident from the reaction that we
have had from our partners that we achieved this objective and
in the coming year we fully intend to build on our successful
first year and continue to drive forward the objectives of the
respective JVs.
The business has very rapidly developed from
its inception back in June 2015 into a solid,
well run and trusted company. It is a tribute
to the hard work of the staff that robust
operational procedures, reporting and
controls are now fully embedded, and the
business functions in a manner much
more reflective of a mature well-established
company than a new venture.
Langtree Property Partners Ltd Annual Report and Financial Statements 2015–201604
Our joint venture at Sci-Tech Daresbury is an
excellent example of how the public sector and
the private sector can achieve fantastic results
by working together. In conjunction with the
Science and Technology Facilities Council,
Langtree and Halton Council have together
transformed the Sci-Tech Daresbury site into a
21st century science and technology campus,
attracting major new investment and occupiers
to the site. Langtree’s focus and drive has
undoubtedly been key to the success that we’ve
achieved so far.”
David Parr
Chief Executive, Halton CouncilTechspace, Sci-Tech Daresbury
”
4. Langtree Property Partners Ltd Annual Report and Financial Statements 2015–2016 Langtree Property Partners LtdAnnual Report and Financial Statements 2015–2016 0706
Wire Regeneration, our JV with Warrington Borough Council,
has also made significant progress this year towards its aim to
regenerate the Southern Gateway of the town centre. The JV
already owns some £8.2m of property assets in the Gateway
area, including acquisitions undertaken in the year with more
planned in the coming year. The comprehensive masterplan
for the Southern Gateway has now been finalised and detailed
discussions are now fully underway with key partners in the
Gateway area to deliver the masterplan.
Our partnership with Oldham Council for the Hollinwood
regeneration scheme on Junction 22 of the M60 is now fully
engaged and we hope to see development commence on
the initial phase of the project by mid-2017.
Working with St Helens Council, our plans for the 232-acre
former Parkside colliery site in St Helens are also now well
underway and we expect to see a planning application for a
first phase of logistics development in Spring 2017.
During the year we were also very pleased to see our
partnership with fund manager PGIM Real Estate develop
further. Langtree began with an initial contract with PGIM Real
Estate to manage 23 industrial estates on its behalf owned by
the John Lewis Partnership Pension Trust and we are delighted
to have already added a further 9 sites to this management
remit during the year. In addition, we have assisted PGIM
Real Estate in the purchase of additional industrial investment
assets and we are also overseeing significant redesign
and refurbishment schemes of a number of the industrial
investment properties in their portfolio.
Our in-house property management team provides a total
property management solution both for our own investments
and for our managed portfolio, including a full in-house
marketing capability. In total we now manage some £130
million of assets.
In total the Group now manages a
total of 1.9 million sq ft of property
accommodating some 450 tenants
in the North West, Yorkshire and
the Midlands with a rent roll of
some £12m.
Our management portfolio also includes securing the contract
to manage The Base, a new speculative 40,000 sq ft office
building, developed by Warrington Borough Council in the
centre of Warrington’s emerging Stadium Quarter. The building
is particularly aimed at high growth, high-tech SME companies
in the borough. In managing the building for the local authority
we are also helping the authority to create a network of high-
tech SME businesses that will link to the activity.
In the year we have also strengthened our development
team as our portfolio of development opportunities begins
to expand. Firstly we remain firmly focused on delivering the
significant opportunities generated from our JV interests.
In addition, building on our experience of delivering large
complex regeneration development projects, we are also
pleased to be attracting a range of exciting new opportunities
that we will bring forward during the coming year.
The Base, Warrington
Langtree Roughians charity fundraising
In summary, I believe that 2015/16 has been an excellent
first year and that we have laid down very firm foundations
for the business.
We have a sound financial base and are now ready to drive
forward and I am already very confident that the coming year
will be even more successful. Langtree really has an excellent
team of people dedicated to developing the business
going forward and providing the best possible service to its
partners. I would like to give my thanks for their hard work and
enthusiasm which is truly infectious. We also work closely with
a small group of advisors and contractors who I would also like
to thank for their hard work on behalf of the business.
Finally, I would like to give my warmest thanks to our JV
partners for the exceptional support that they have given
the business in this first year and we all look forward to our
continued partnership working with them in the future.
Tim Johnston
Chairman
“ We now employ Langtree to manage a
significant portfolio of commercial property
on our behalf and we are delighted with
their hands-on approach and attention to
detail that ensures optimum performance
of the properties.”
Charles Crowe
Managing Director, PGIM Real Estate
Orbital Industry Park, Leeds
5. Langtree Property Partners Ltd Annual Report and Financial Statements 2015–2016 Langtree Property Partners LtdAnnual Report and Financial Statements 2015–2016 0908
The Directors and Team
Jayne Furnival
Group Property Director
Jayne has been employed by
Langtree for over 10 years, and as
Group Property Director she has
overall responsibility for letting,
marketing and asset management of
the investment properties. Jayne has
been a key part of letting and selling
the properties and bringing the
portfolio up to a mature occupancy
whilst ensuring the management and
retention of occupiers is maintained.
During this time, Jayne has had
involvement with the preparation
and implementation of joint ventures
within the business and assessment
of new sites.
John Downes
Group Managing Director
John is a Chartered Surveyor with
30 years’ property experience. At
British Coal Property he headed the
regeneration of former colliery sites
in the NW and Midlands involving
management of political/emotional
reaction to change of use. John
has held senior posts with English
Partnerships, Amec Regeneration
with considerable experience in
regeneration, public/private
partnerships and managing complex
multi-disciplinary developments.
He is a Board member of Atlantic
Gateway, Warrington & Co,
Daresbury Enterprise Zone and
St Helens Chamber.
Tim Johnston
Chairman
Tim is Executive Chairman of AMION
Consulting, a firm that advises on
regeneration and economic
development. He is an economist
and a Chartered Accountant, and his
other non-executive director roles
include Aintree University Hospital,
the NW Urban Investment Fund and
Liverpool Philharmonic. As Chairman
of Langtree, Tim provides advice for
the stewardship of the joint ventures,
drawing on his wide public sector
and development experience.
Adrian Clery
Non-Executive Director
Adrian is a director at Colliers
International based in London,
focusing on funding and specialist
investment, including joint ventures.
During his years at Colliers he has
worked in all aspects of property
from property management through
to industrial and development
agency, insolvency and fund
management through to investment
work. Adrian has worked closely
with Langtree on development and
investment projects, and brings a
national investment perspective to
the team.
Malcolm Jackson
Group Finance Director
Malcolm is Langtree’s Group Finance
Director. His background includes six
years at Wainhomes where his roles
included Group Company Secretary
and Divisional Finance Director. Prior
to this Malcolm worked for KPMG
in the North West and Australia.
He is a Chartered Accountant and
an Associate Member of Corporate
Treasurers. Malcolm has 14 years’
experience at Langtree, and has
been involved in establishing and
subsequent management of the
Group’s existing JV projects.
Neal Biddle
Group Development Director
Neal is Langtree’s Group
Development Director with 15 years’
experience in commercial
development. Neal joined Langtree
from MAG Developments (part of
Manchester Airports Group). He was
part of the Manchester Airport
Property and Development team
which brought forward the Airport
City development masterplan
securing £650m investment from
Chinese investors. Neal led the
delivery of Airport City South
Logistics Park and the infrastructure
development strategy for the
whole masterplan.
1
1
3
3
5
5
2
2
4
4
6
6
BUILDING
A SUCCESSFUL
TEAM
6. Langtree Property Partners LtdAnnual Report and Financial Statements 2015–2016 11
BUILDING
RESULTS
In summary, I believe
that 2015/16 has been
an excellent first year
and that we have
laid down very firm
foundations for
the business.
7. Group Strategic Report
For the year ended 31 March 2016
Directors’ Report
For the year ended 31 March 2016
Introduction
The Directors present their Strategic Report for Langtree Property Partners Limited for the year ended 31 March 2016.
Business review
The Group commenced trading on 12 June 2015.
The Directors are satisfied with the financial performance of the Group in 2016. The profit for the year, after taxation, amounted to
£343,058 and has been taken to reserves. The Directors do not propose the payment of a dividend for the year.
Principal risks and uncertainties
The Group has a monthly Board meeting, which is chaired by a Non‑Executive Director. Performance is monitored for all Group
companies against detailed budgets. The Board consider all material operating items arising from the presentation of written reports
in the Board pack.
All outstanding trade debtors are reviewed formally each month and appropriate debt recovery action taken. The level of enquiry activity
across the investment portfolio is monitored on a weekly basis.
Financial key performance indicators
At Group level the Board focuses on strategies to create growth in net asset value. On existing tenanted sites, the Group concentrates
on key rental statistics such as occupancy and passing rent, together with site profitability. For development sites the Group use internal
rate of return as it primary key performance indicator. For management contracts the Group focuses on gross profit return.
This report was approved by the Board on 5 October 2016 and signed on its behalf.
Mr J Downes
Director
The Directors present their report and the financial statements for
the year ended 31 March 2016.
Directors’ responsibilities statement
The Directors are responsible for preparing the Group strategic
report, the Directors’ report and the consolidated financial
statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have elected to prepare the financial statements in accordance
with applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice),
including Financial Reporting Standard 102 ‘The Financial
Reporting Standard applicable in the UK and Republic of Ireland’.
Under Company law the Directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Company and the Group and of
the profit or loss of the Group for that period. In preparing these
financial statements, the Directors are required to:
– select suitable accounting policies for the Group financial
statements and then apply them consistently;
– make judgments and accounting estimates that are reasonable
and prudent; and
– prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Group will
continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company’s
transactions and disclose with reasonable accuracy at any time
the financial position of the Company and the Group and enable
them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding
the assets of the Company and the Group and hence for taking
reasonable steps for the prevention and detection of fraud and
other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £343,058
(2015: £Nil).
No dividend has been paid or declared for the year ended
31 March 2016 (2015: £Nil).
Directors
The Directors who served during the year were:
Mr J Downes
Mr M Jackson
Mr N Biddle (appointed 12 December 2015)
Ms J Furnival (appointed 15 December 2015)
Mr T Johnston (appointed 12 June 2015)
Mr A Clery (appointed 13 July 2015)
Future developments
In the coming year we fully intend to build on our first successful
year and drive forward the objectives of the respective JVs.
We are very pleased to already be attracting a range of exciting
new opportunities that we intend to progress further during the
coming year.
We have a sound financial base and we are now ready to drive
forward, the directors are confident that the coming year will be
even more successful.
Disclosure of information to auditor
Each of the persons who are Directors at the time when this
Directors’ report is approved has confirmed that:
– so far as that Director is aware, there is no relevant audit
information of which the Company and the Group’s auditor is
unaware, and
– that Director has taken all the steps that ought to have been
taken as a Director in order to be aware of any relevant audit
information and to establish that the Company and the Group’s
auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since
the year end.
Auditors
The auditor, Mazars LLP, will be proposed for reappointment in
accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 5 October 2016 and
signed on its behalf.
Mr J Downes
Director
Annual Report and Financial Statements 2015–201612 Annual Report and Financial Statements 2015–2016 13Company Reg No.09245496 Langtree Property Partners LtdLangtree Property Partners Ltd Company Reg No.09245496
8. Independent auditor’s report to the shareholders of
Langtree Property Partners Limited
Consolidated Profit and Loss Account
for the year ended 31 March 2016
We have audited the financial statements of Langtree Property
Partners Limited for the year ended 31 March 2016 which
comprise the Consolidated Profit and Loss Account, the
Consolidated and Company Balance Sheets, the Consolidated
and Company Statement of Changes in Equity, the Consolidated
Statement of Cash Flows and the related notes. The financial
reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice), including
Financial Reporting Standard 102 ‘The Financial Reporting
Standard applicable in the UK and Republic of Ireland’.
Respective responsibilities of Directors and auditor
As explained more fully in the Directors’ responsibilities statement
set out on page 13, the Directors are responsible for the
preparation of the financial statements and for being satisfied
that they give a true and fair view.
Our responsibility is to audit and express an opinion on the
financial statements in accordance with applicable law and
International Standards on Auditing (UK and Ireland). Those
standards require us to comply with the Auditing Practices Board’s
Ethical Standards for Auditors. This report is made solely to the
Company’s members as a body in accordance with Chapter 3 of
Part 16 of the Companies Act 2006. Our audit work has been
undertaken so that we might state to the Company’s members
those matters we are required to state to them in an Auditor’s
report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other
than the Company and the Company’s members as a body for our
audit work, for this report, or for the opinions we have formed.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements
is provided on the Financial Reporting Council’s website at
www.frc.org.uk/auditscopeukprivate.
Opinion on the financial statements
In our opinion the financial statements:
– give a true and fair view of the state of the Group’s and the
parent Company’s affairs as at 31 March 2016 and of the
Group’s profit for the year then ended;
– have been properly prepared in accordance with United
Kingdom Generally Accepted Accounting Practice, including
Financial Reporting Standard 102 ‘The Financial Reporting
Standard applicable in the UK and Republic of Ireland’; and
– have been prepared in accordance with the requirements of
the Companies Act 2006.
Opinion on the other matter prescribed by the Companies
Act 2006
In our opinion the information given in the Strategic report and
Directors’ report for the financial year for which the financial
statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters
where the Companies Act 2006 requires us to report to you if,
in our opinion:
– adequate accounting records have not been kept by the parent
Company, or returns adequate for our audit have not been
received from branches not visited by us; or
– the parent Company financial statements are not in agreement
with the accounting records and returns; or
– certain disclosures of directors’ remuneration specified by law
are not made; or
– we have not received all the information and explanations we
require for our audit.
Gareth Hitchmough
(Senior Statutory Auditor)
For and on behalf of Mazars LLP
Chartered Accountants and Statutory Auditor
The Lexicon
Mount Street
Manchester
M2 5NT
14 November 2016
12 months 6 months
ended ended
31 March 31 March
2016 2015
Note £ £
Turnover 1,029,828 –
Gross profit 1,029,828 –
Administrative expenses (624,594) –
Operating profit 4 405,234 –
Income from participating interests 337,383 –
Interest receivable and similar income 1,580 –
Interest payable and similar charges 8 (426,397) –
Profit before tax 317,800 –
Tax on profit on ordinary activities 9 25,258 –
Profit for the year/period 343,058 –
Profit for the year/period attributable to:
Owners of the parent 343,058 –
Total comprehensive income for the year/period 343,058 –
There were no recognised gains and losses for 2016 or 2015 other than those included in the consolidated profit and loss account.
The notes on pages 21 to 38 form part of these financial statements.
Annual Report and Financial Statements 2015–201614 Annual Report and Financial Statements 2015–2016 15Company Reg No.09245496 Langtree Property Partners LtdLangtree Property Partners Ltd Company Reg No.09245496
9. Company Balance Sheet
as at 31 March 2016
Consolidated Balance Sheet
as at 31 March 2016
2016 2015
Note £ £ £ £
Fixed assets
Tangible assets 11 28,927 –
Investments in joint ventures 12 4,168,619 –
4,197,546 –
Current assets
Stocks 13 7,413,495 –
Debtors: amounts falling due within one year 14 445,107 2
Cash at bank and in hand 15 1,642,885 –
9,501,487 2
Creditors: amounts falling due within one year 16 (7,958,502) –
Net current assets 1,542,985 2
Total assets less current liabilities 5,740,531 2
Creditors: amounts falling due after more than one year 17 (4,607,473) –
Net assets 1,133,058 2
Capital and reserves
Called up share capital 20 100 2
Share premium account 21 789,900 –
Profit and loss account 21 343,058 –
1,133,058 2
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 October 2016.
Mr J Downes
Director
The notes on pages 21 to 38 form part of these financial statements.
2016 2015
Note £ £ £ £
Fixed assets
Tangible assets 11 28,927 –
Investments 12 3,831,236 –
3,860,163 –
Current assets
Debtors: amounts falling due within one year 14 267,550 2
Cash at bank and in hand 15 572,960 –
840,510 2
Creditors: amounts falling due within one year 16 (348,666) –
Net current assets 491,844 2
Total assets less current liabilities 4,352,007 2
Creditors: amounts falling due after more than one year 17 (3,317,000) –
Provisions for liabilities
Deferred taxation 19 (3,962) –
(3,962) –
Net assets 1,031,045 2
Capital and reserves
Called up share capital 20 100 2
Share premium account 21 789,900 –
Profit and loss account 21 241,045 –
1,031,045 2
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 October 2016.
Mr J Downes
Director
Annual Report and Financial Statements 2015–201616 Annual Report and Financial Statements 2015–2016 17Company Reg No.09245496 Langtree Property Partners LtdLangtree Property Partners Ltd Company Reg No.09245496
10. Company Statement of Changes in Equity
for the year ended 31 March 2016
Consolidated Statement of Changes in Equity
for the year ended 31 March 2016
Share
Called up premium Profit and
share capital account loss account Total equity
£ £ £ £
At 1 April 2015 2 – – 2
Comprehensive income for the year
Profit for the year – – 343,058 343,058
Total comprehensive income for the year – – 343,058 343,058
Shares issued during the year 98 789,900 – 789,998
At 31 March 2016 100 789,900 343,058 1,133,058
Consolidated Statement of Changes in Equity
for the year ended 31 March 2015
Called up
share capital Total equity
£ £
Total comprehensive income for the period – –
Shares issued during the period 2 2
At 31 March 2015 2 2
The notes on pages 21 to 38 form part of these financial statements.
Share
Called up premium Profit and
share capital account loss account Total equity
£ £ £ £
At 1 April 2015 2 – – 2
Comprehensive income for the period
Profit for the year – – 241,045 241,045
Total comprehensive income for the year – – 241,045 241,045
Shares issued during the year 98 789,900 – 789,998
At 31 March 2016 100 789,900 241,045 1,031,045
Company Statement of Changes in Equity
for the year ended 31 March 2015
Called up
share capital Total equity
£ £
Total comprehensive income for the period – –
Shares issued during the period 2 2
Total transactions with owners 2 2
At 31 March 2015 2 2
The notes on pages 21 to 38 form part of these financial statements.
Annual Report and Financial Statements 2015–2016 Annual Report and Financial Statements 2015–2016 1918 Company Reg No.09245496 Langtree Property Partners LtdLangtree Property Partners Ltd Company Reg No.09245496
11. Notes to the Financial Statements
for the year ended 31 March 2016
Consolidated Statement of Cash Flows
for the year ended 31 March 2016
2016 2015
£ £
Cash flows from operating activities
Profit for the financial year 343,058 –
Adjustments for:
Depreciation of tangible assets 453 –
Interest paid 426,397 –
Interest received (1,580) –
Taxation (25,258) –
(Increase) in stocks (7,413,495) –
(Increase) in debtors (416,096) (2)
Increase in creditors 7,954,751 –
Share of profit in joint venture (337,383) –
Net cash generated from operating activities 530,847 (2)
Cash flows from investing activities
Purchase of tangible fixed assets (29,380) –
Purchase of share in joint ventures (3,831,236) –
Interest received 1,580 –
Government grants received 1,290,473 –
Net cash from investing activities (2,568,563) –
Cash flows from financing activities
Issue of ordinary shares 789,998 2
Other new loans 3,317,000 –
Interest paid (426,397) –
Net cash used in financing activities 3,680,601 2
Cash and cash equivalents at the end of year 1,642,885 –
Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand 1,642,885 –
1,642,885 –
1. General information
Langtree Property Partners Limited (“the company”) is a limited
company incorporated in England and Wales.
The address of its registed office and principle place of business is:
St James Business Centre
Wilderspool Causeway
Warrington
WA4 6PS
Langtree Property Partners Limited is a parent undertaking
and therefore these consolidated financial statements present
the financial information of the Company and its subsidiary
undertakings (together referred to as “the Group”).
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical
cost convention and in accordance with Financial Reporting
Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006.
Information on the impact of first-time adoption of FRS 102 is
given in note 28.
The consolidated financial statements have been presented in
pounds sterling, which is deemed to be the functional currency of
the Company and rounded to the nearest £.
The preparation of financial statements in compliance with FRS
102 requires the use of certain critical accounting estimates. It also
requires Group management to exercise judgment in applying
the Group’s accounting policies (see note 3).
The following principal accounting policies have been applied:
2.2 Transition to FRS 102
The financial statements for the year ended 31 March 2016 are the
Group’s first financial statements that comply with FRS 102. Note
28 describes the impact on reported profit or loss and equity from
transition to FRS 102.
2.3 Basis of consolidation
The consolidated financial statements present the results of the
Group and its own subsidiaries (“the Group”) as if they form a
single entity. Intercompany transactions and balances between
group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of
business combinations using the purchase method. In the Balance
sheet, the acquiree’s identifiable assets, liabilities and contingent
liabilities are initially recognised at their fair values at the
acquisition date. The results of acquired operations are included
in the Consolidated profit and loss account from the date on
which control is obtained. They are deconsolidated from the
date control ceases.
2.4 Associates and joint ventures
An entity is treated as a joint venture where the Group is a party
to a contractual agreement with one or more parties from outside
the Group to undertake an economic activity that is subject to
joint control.
An entity is treated as an associated undertaking where the Group
exercises significant influence in that it has the power to participate
in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings
are accounted for using the equity method of accounting.
Under this method an equity investment is initially recognised
at the transaction price (including transaction costs) and is
subsequently adjusted to reflect the investors share of the profit
or loss, other comprehensive income and equity of the associate.
The Consolidated profit and loss account includes the Group’s
share of the operating results, interest, pre-tax results and
attributable taxation of such undertakings applying accounting
policies consistent with those of the Group. In the Consolidated
balance sheet, the interests in associated undertakings are shown
as the Group’s share of the identifiable net assets, including any
unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the
goodwill policy.
2.5 Going concern
The business meets its day to day working capital requirements
from the initial equity contributed to the partnership and the
ongoing profitability from operating cashflows.
After making enquires, the directors have a reasonable expectation
that the company has adequate resources to continue in
operational existence for the foreseeable future. Accordingly,
they continue to adopt the going concern basis in preparing the
annual report and financial statements.
2.6 Revenue
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Group and the revenue can be
reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.
All turnover is derived in the UK from the Company’s principal
activities. Revenue represents the rental income receivable in the
period and amounts (excluding value added tax) derived from
the provision of site services to customers during the period.
2.7 Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical
cost less accumulated depreciation and any accumulated
impairment losses. Historical cost includes expenditure that is
directly attributable to bringing the asset to the location and
condition necessary for it to be capable of operating in the manner
intended by management.
Annual Report and Financial Statements 2015–2016 Annual Report and Financial Statements 2015–2016 2120 Company Reg No.09245496 Langtree Property Partners LtdLangtree Property Partners Ltd Company Reg No.09245496
12. Notes to the Financial Statements
for the year ended 31 March 2016
Notes to the Financial Statements
for the year ended 31 March 2016
2.16 Pensions (continued)
The contributions are recognised as an expense in the Profit and
loss account when they fall due.
Amounts not paid are shown in accruals as a liability in the Balance
sheet. The assets of the plan are held separately from the Group in
independently administered funds.
2.17 Interest income
Interest income is recognised in the Profit and loss account using
the effective interest method.
2.18 Borrowing costs
All borrowing costs are recognised in the Profit and loss account in
the year in which they are incurred.
2.19 Current and deferred taxation
The tax expense for the year comprises current and deferred tax.
Tax is recognised in the Profit and loss account, except that a
change attributable to an item of income and expense recognised
as other comprehensive income or to an item recognised directly
in equity is also recognised in other comprehensive income or
directly in equity respectively.
The current income tax charge is calculated on the basis of tax
rates and laws that have been enacted or substantively enacted by
the balance sheet date in the countries where the Company and
the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing
differences that have originated but not reversed by the Balance
sheet date, except that:
– The recognition of deferred tax assets is limited to the extent
that it is probable that they will be recovered against the reversal
of deferred tax liabilities or other future taxable profits;
– Any deferred tax balances are reversed if and when all conditions
for retaining associated tax allowances have been met; and
– Where they relate to timing differences in respect of interests in
subsidiaries, associates, branches and joint ventures and the
Group can control the reversal of the timing differences and such
reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent
differences except in respect of business combinations, when
deferred tax is recognised on the differences between the fair
values of assets acquired and the future tax deductions available
for them and the differences between the fair values of liabilities
acquired and the amount that will be assessed for tax. Deferred
tax is determined using tax rates and laws that have been enacted
or substantively enacted by the balance sheet date.
3. Judgments in applying accounting policies and key sources
of estimation uncertainty
In applying the Group’s accounting policies, the directors are
required to make judgements, estimates and assumptions in
determining the carrying amounts of assets and liabilities. The
directors’ judgements, estimates and assumptions are based on
the best and most reliable evidence available at the time when
the decisions are made, and are based on historical experience
and other factors that are considered to be applicable. Due to
the inherent subjectivity involved in making such judgements,
estimates and assumptions, the actual results and outcomes
may differ.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised, if the revision
affects only that period, or in the period of the revision and future
periods, if the revision affects both current and future periods.
Significant accounting judgements
The significant accounting judgements that the directors have
made in the process of applying the Group’s accounting policies
that have the most significant effect on the amounts recognised in
the statutory financial statements are discussed below.
(i) Assessing development land valuations
In assessing whether there have been any indicators of impairment
assets, the directors have considered both external and internal
sources of information such as market conditions, counterparty
credit ratings and experience of recoverability. There have been
no indicators of impairments identified during the current financial
year.
(ii) Determining fair values of joint venture investments.
The Group has joint venture investments which hold significant
land and investment property assets. These assets are carried at
a fair value determined by an independent valuer at each
reporting date.
Due to restricted control and influence, pertained through the
public sector joint venture relationships, the Group is unable to
realise the full asset value of development land and investment
properties.
The Group has therefore determined the fair value of joint venture
investments by taking account of expected future cash flows,
discounted at the Group’s weighted average cost of capital.
Refer to note 22.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources
of estimation uncertainty, that have a significant risk of causing
a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are discussed below.
(i) Recoverability of receivables
The Group establishes a provision for receivables that are estimated
not to be recoverable. When assessing recoverability the directors
consider factors such as the aging of the receivables, past
experience of recoverability, and the credit profile of individual or
groups of customers.
2.7 Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less
their residual value over their estimated useful lives, using the
straight-line method.
Depreciation is provided on the following basis:
Motor vehicles - 25% straight line
Fixtures & fittings - 25% straight line
Office equipment - 25% straight line
The assets’ residual values, useful lives and depreciation
methods are reviewed, and adjusted prospectively if appropriate,
or if there is an indication of a significant change since the last
reporting date.
Gains and losses on disposals are determined by comparing the
proceeds with the carrying amount and are recognised in the
Income Statement.
2.8 Valuation of investments
Investments in subsidiaries are measured at cost less accumulated
impairment.
2.9 Stocks
Stocks are stated at the lower of cost and net realisable value,
being the estimated selling price less costs to complete and sell.
Cost is based on the purchase price of acquired development land
and subsequent development costs.
At each balance sheet date, stocks are assessed for impairment.
If stock is impaired, the carrying amount is reduced to its selling
price less costs to complete and sell. The impairment loss is
recognised immediately in profit or loss.
2.10 Debtors
Short term debtors are measured at transaction price, less
any impairment.
2.11 Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial
institutions repayable without penalty on notice of not more than
24 hours.
2.12 Financial instruments
The Group only enters into basic financial instruments transactions
that result in the recognition of financial assets and liabilities like
trade and other accounts receivable and payable, loans from
banks and other third parties.
Debt instruments (other than those wholly repayable or receivable
within one year), including loans and other accounts receivable and
payable, are initially measured at present value of the future
cash flows and subsequently at amortised cost using the effective
interest method. Debt instruments that are payable or receivable
within one year, typically trade payables or receivables,
are measured, initially and subsequently, at the undiscounted
amount of the cash or other consideration, expected to be paid or
received. However if the arrangements of a short-term instrument
constitute a financing transaction, like the payment of a trade debt
deferred beyond normal business terms or financed at a rate of
interest that is not a market rate or in case of an outright
short-term loan not at market rate, the financial asset or liability
is measured, initially, at the present value of the future cash flow
discounted at a market rate of interest for a similar debt
instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost
are assessed at the end of each reporting period for objective
evidence of impairment. If objective evidence of impairment is
found, an impairment loss is recognised in the Profit and Loss
Account.
For financial assets measured at cost less impairment, the
impairment loss is measured as the difference between an asset’s
carrying amount and best estimate of the recoverable amount,
which is an approximation of the amount that the Group would
receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount
reported in the Balance Sheet when there is an enforceable right
to set off the recognised amounts and there is an intention to
settle on a net basis or to realise the asset and settle the liability
simultaneously.
2.13 Creditors
Short term creditors are measured at the transaction price. Other
financial liabilities, including bank loans, are measured initially at
fair value, net of transaction costs, and are measured subsequently
at amortised cost using the effective interest method.
2.14 Finance costs
Finance costs are charged to the Profit and loss account over the
term of the debt using the effective interest method so that the
amount charged is at a constant rate on the carrying amount.
Issue costs are initially recognised as a reduction in the proceeds of
the associated capital instrument.
2.15 Operating leases: the Group as lessee
Rentals paid under operating leases are charged to the profit and
loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an
operating lease are recognised on a straight line basis over the
period until the date the rent is expected to be adjusted to the
prevailing market rate.
2.16 Pensions
Defined contribution pension plan
The Group operates a defined contribution plan for its employees.
A defined contribution plan is a pension plan under which the
Group pays fixed contributions into a separate entity. Once the
contributions have been paid the Group has no further payments
obligations.
Annual Report and Financial Statements 2015–2016 Annual Report and Financial Statements 2015–2016 2322 Company Reg No.09245496 Langtree Property Partners LtdLangtree Property Partners Ltd Company Reg No.09245496
13. Notes to the Financial Statements
for the year ended 31 March 2016
Notes to the Financial Statements
for the year ended 31 March 2016
4. Operating profit
The operating profit is stated after charging:
12 months 6 months
ended ended
31 March 31 March
2016 2015
£ £
Depreciation of tangible fixed assets 453 –
Fees payable to the Group’s auditor for the audit of the company’s annual financial statements 24,500 –
Defined contribution pension cost 66,424 –
5. Auditor’s remuneration
12 months 6 months
ended ended
31 March 31 March
2016 2015
£ £
Fees payable to the Group’s auditor for the audit of the Group’s annual accounts 9,500 –
9,500 –
Fees payable to the Group’s auditor in respect of:
The auditing of accounts of associates of the Group pursuant to legislation 2,000 –
The audit of joint ventures of the Group 13,000 –
Other services relating to taxation 6,500 –
All other services 5,000 –
26,500 –
6. Employees
12 months 6 months
ended ended
31 March 31 March
2016 2015
£ £
Wages and salaries 696,497 –
Social security costs 77,864 –
Cost of defined contribution scheme 66,424 –
840,785 –
Less recharge to joint ventures (375,620) –
465,165 –
The average monthly number of employees, including the Directors, during the year was as follows:
12 months 6 months
ended ended
31 March 31 March
2016 2015
No. No.
Administration 14 –
Senior management 3 –
17 –
Administration staff recharged to joint ventures 10 –
27 –
7. Directors’ remuneration
12 months 6 months
ended ended
31 March 31 March
2016 2015
£ £
Directors’ emoluments 198,114 –
Company contributions to defined contribution pension schemes 37,739 –
235,853 –
During the year retirement benefits were accruing to 4 Directors (2015 – NIL) in respect of defined contribution pension schemes.
Annual Report and Financial Statements 2015–2016 Annual Report and Financial Statements 2015–2016 2524 Company Reg No.09245496 Langtree Property Partners LtdLangtree Property Partners Ltd Company Reg No.09245496
14. Notes to the Financial Statements
for the year ended 31 March 2016
Notes to the Financial Statements
for the year ended 31 March 2016
8. Interest payable and similar charges
12 months 6 months
ended ended
31 March 31 March
2016 2015
£ £
Other loan interest payable 426,397 –
426,397 –
9. Taxation
12 months 6 months
ended ended
31 March 31 March
2016 2015
£ £
Corporation tax
Current tax on profits for the year 3,750 –
Total current tax 3,750 –
Deferred tax
Origination and reversal of timing differences (29,008) –
Total deferred tax (29,008) –
Taxation on (loss)/profit on ordinary activities (25,258) –
9. Taxation (continued)
Factors affecting tax charge for the year/period
The tax assessed for the year/period is lower than (2015 – the same as) the standard rate of corporation
tax in the UK of 20% (2015 – 20%). The differences are explained below:
12 months 6 months
ended ended
31 March 31 March
2016 2015
£ £
Profit on ordinary activities before tax 317,800 –
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20% (2015 – 20%) 63,560 –
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment 1,610 –
Adjustments to deferred tax rate in respect of prior periods (209) –
Tax effect of share of results of joint ventures (67,476) –
Partnership losses group relief (22,743) –
Total tax charge for the year/period (25,258) –
Factors that may affect future tax charges
There were no factors that may affect future tax charges.
10. Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its
own Profit and loss account in these financial statements. The profit after tax of the parent Company for the year/period was £241,045
(2015 – £NIL).
Annual Report and Financial Statements 2015–2016 Annual Report and Financial Statements 2015–2016 2726 Company Reg No.09245496 Langtree Property Partners LtdLangtree Property Partners Ltd Company Reg No.09245496
15. Notes to the Financial Statements
for the year ended 31 March 2016
Notes to the Financial Statements
for the year ended 31 March 2016
11. Tangible fixed assets
Group and Company
Motor Fixtures & Office
vehicles fittings equipment Total
£ £ £ £
Cost or valuation
Additions 5,419 19,589 4,372 29,380
At 31 March 2016 5,419 19,589 4,372 29,380
Depreciation
Charge owned for the period 226 – 227 453
At 31 March 2016 226 – 227 453
Net book value
At 31 March 2016 5,193 19,589 4,145 28,927
At 31 March 2015 – – – –
12. Fixed asset investments
Group
Investment
in joint
ventures
£
Cost or valuation
Additions 3,831,236
Share of profit/(loss) 337,383
At 31 March 2016 4,168,619
Net book value
At 31 March 2016 4,168,619
At 31 March 2015 –
Company
Investments
in subsidiary Investment
company and in joint
joint venture ventures Total
£ £ £
Cost or valuation
Additions 2,108,599 1,722,637 3,831,236
At 31 March 2016 2,108,599 1,722,637 3,831,236
Net book value
At 31 March 2016 2,108,599 1,722,637 3,831,236
At 31 March 2015 – – –
Annual Report and Financial Statements 2015–2016 Annual Report and Financial Statements 2015–2016 2928 Company Reg No.09245496 Langtree Property Partners LtdLangtree Property Partners Ltd Company Reg No.09245496
16. Notes to the Financial Statements
for the year ended 31 March 2016
13. Stocks
Group Group Company Company
2016 2015 2016 2015
£ £ £ £
Work in progress 7,413,495 – – –
7,413,495 – – –
14. Debtors
Group Group Company Company
2016 2015 2016 2015
£ £ £ £
Trade debtors 124,444 – 124,444 –
Amounts owed by group undertakings – – 59,216 –
Other debtors 208,515 2 750 2
Prepayments and accrued income 83,140 – 83,140 –
Deferred taxation 29,008 – – –
445,107 2 267,550 2
15. Cash and cash equivalents
Group Group Company Company
2016 2015 2016 2015
£ £ £ £
Cash at bank and in hand 1,642,885 – 572,960 –
1,642,885 – 572,960 –
Notes to the Financial Statements
for the year ended 31 March 2016
16. Creditors: Amounts falling due within one year
Group Group Company Company
2016 2015 2016 2015
£ £ £ £
Trade creditors 1,292,858 – 50,334 –
Amounts owed to group undertakings – – 54,276 –
Corporation tax 3,750 – 3,750 –
Taxation and social security 95,949 – 95,949 –
Other creditors 5,503,840 – 3,839 –
Accruals and deferred income 1,062,105 – 140,518 –
7,958,502 – 348,666 –
Within the above Group other creditors balance is a £5.5m (2015 – £Nil) short term loan facility. The lender has registered a fixed and
floating charge over the assets of Langtree Daresbury Limited. This loan was repaid in full after the year end.
17. Creditors: Amounts falling due after more than one year
Group Group Company Company
2016 2015 2016 2015
£ £ £ £
Other loans 3,317,000 – 3,317,000 –
Government grants received 1,290,473 – – –
4,607,473 – 3,317,000 –
Other loans consist of a directors loan, totalling £200,000 (2015 – £nil) and a related party loan, totalling £3,117,000 (2015 – £Nil).
The directors loan attracts interest of 3% p.a and is repayable on 30 April 2028. The related party loan attacts interest of 7% p.a and is
repayable on 30 April 2027.
Annual Report and Financial Statements 2015–2016 Annual Report and Financial Statements 2015–2016 3130 Company Reg No.09245496 Langtree Property Partners LtdLangtree Property Partners Ltd Company Reg No.09245496
17. Notes to the Financial Statements
for the year ended 31 March 2016
18. Financial instruments
Group Group Company Company
2016 2015 2016 2015
£ £ £ £
Financial assets
Financial assets measured at fair value through profit or loss 1,642,885 – 572,960 –
Financial assets that are debt instruments measured at amortised cost 332,959 2 184,410 2
1,975,844 2 757,370 2
Financial liabilities
Financial liabilities measured at amortised cost (11,175,802) (3,565,966)
(11,175,802) (3,565,966)
Financial assets measured at amortised cost comprise cash, trade debtors, other debtors, prepayments and accrued income.
Financial Liabilities measured at amortised cost comprise other loans, deferred government grants,trade creditors, other creditors,
accruals and deferred income.
19. Deferred taxation
Group
2016
£
Charged to the profit or loss 29,008
At end of year 29,008
Notes to the Financial Statements
for the year ended 31 March 2016
19. Deferred taxation (continued)
Company
2016
£
Charged to the profit or loss (3,962)
At end of year (3,962)
Group Company
2016 2016
£ £
Accelerated capital allowances (4,692) (4,692)
Tax losses carried forward 32,970 –
Short term timing differences 730 730
29,008 (3,962)
20. Share capital
2016 2015
£ £
Shares classified as equity
Authorised, allotted, called up and fully paid
70 A Ordinary shares of £1 each 70 2
30 B Ordinary shares of £1 each 30 –
100 2
On 12 June 2015 the Company issued a further 68 A ordinary shares of £1 nominal value. On the same date, 63 A ordinary shares were
allotted to John Downes for consideration of £7,888.89 per share; and a further 7 allotted to Malcolm Jackson for consideration of
£7,857.14 per share.
On 12 June 2015 the Company issued 30 B ordinary shares, of £1 nominal value, to Network Space Developments Ltd (previously
Langtree Land & Property Plc), for consideration of £7,933.33 per share.
Both A ordinary shares and B ordinary shares rank pari passu with equal voting and dividend rights.
Annual Report and Financial Statements 2015–2016 Annual Report and Financial Statements 2015–2016 3332 Company Reg No.09245496 Langtree Property Partners LtdLangtree Property Partners Ltd Company Reg No.09245496
18. Notes to the Financial Statements
for the year ended 31 March 2016
21. Reserves
Share premium
This reserve represents the premium paid on issued ordinary share capital.
Profit & loss account
This reserve represents the cumulative profits and losses.
22. Acquisitions
Acquisition of Langtree Daresbury Limited
On 12 June 2015 the Company acquired 100% share capital of Langtree Daresbury Limited, including the 50% joint venture interest in
Daresbury SIC LLP, for a consideration of £2,108,599.
Fair value
Book value adjustment Fair value
£ £ £
Fixed assets
Tangible assets 6,911,158 113,308 7,024,466
6,911,158 113,308 7,024,466
Current assets
Debtors 20,144 – 20,144
Cash at bank and in hand 489,316 – 489,316
Total assets 7,420,618 113,308 7,533,926
Creditors
Due within one year (693,877) – (693,877)
Due within more than one year (4,731,450) – (4,731,450)
Fair value of net assets 1,995,291 113,308 2,108,599
Total purchase consideration 1,995,291 113,308 2,108,599
Purchase consideration settled in cash, as above 2,108,599 – 2,108,599
Cash outflow on acquisition 2,108,599 – 2,108,599
Notes to the Financial Statements
for the year ended 31 March 2016
22. Acquisitions (continued)
The results of Langtree Daresbury Limited since its acquisition are as follows:
Current
period since
acquisition
2016
£
Loss for the year/period (55,788)
(55,788)
Acquisition of Parkside Regeneration LLP
On 12 June 2015 the Company acquired 50% of the share capital of Parkside Regeneration LLP for a consideration of £377,364.
Fair value
Book value adjustment Fair value
£ £ £
Current assets
Stocks 1,627,543 361,254 1,988,797
Debtors 11,417 – 11,417
Cash at bank and in hand 853,782 – 853,782
Total assets 2,492,742 361,254 2,853,996
Creditors
Due within one year (122,712) – (122,712)
Due within more than one year (2,353,920) – (2,353,920)
Fair value of net assets 16,110 361,254 377,364
Total purchase consideration 16,110 361,254 377,364
Purchase consideration settled in cash, as above 377,364 – 377,364
Cash outflow on acquisition 377,364 – 377,364
The results of Parkside Regeneration LLP since its acquisition are as follows:
Current
period since
acquisition
2016
£
Loss for the year/period (153,448)
(153,448)
Annual Report and Financial Statements 2015–2016 Annual Report and Financial Statements 2015–2016 3534 Company Reg No.09245496 Langtree Property Partners LtdLangtree Property Partners Ltd Company Reg No.09245496
19. Notes to the Financial Statements
for the year ended 31 March 2016
22. Acquisitions (continued)
Acquisition of Wire Regeneration Limited
On 12 June 2015 the Company acquired 50% of the share capital of Wire Regeneration Limited for a consideration of £1,241,116.
Fair value
Book value adjustment Fair value
£ £ £
Fixed assets
Tangible assets 3,573,306 (2,628,496) 944,810
3,573,306 (2,628,496) 944,810
Current assets
Stocks 463,778 – 463,778
Debtors 101,415 – 101,415
Total assets 4,138,499 (2,628,496) 1,510,003
Creditors
Due within one year (268,887) – (268,887)
Fair value of net assets 3,869,612 (2,628,496) 1,241,116
Total purchase consideration 3,869,612 (2,628,496) 1,241,116
Purchase consideration settled in cash, as above 1,241,116 – 1,241,116
Cash outflow on acquisition 1,241,116 – 1,241,116
The results of Wire Regeneration Limited since its acquisition are as follows:
Current
period since
acquisition
2016
£
Profit for the year/period 311,250
311,250
23. Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an
independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to
£44,173 (2015 – £Nil). Contributions totalling £3,838 (2015 – £Nil) were payable to the fund at the balance sheet date.
Notes to the Financial Statements
for the year ended 31 March 2016
24. Commitments under operating leases
At 31 March 2016 the Group and the Company had future minimum lease payments under noncancellable operating leases as follows:
Group Company
2016 2016
£ £
Later than 1 year and not later than 5 years 7,164 7,164
7,164 7,164
25. Related party transactions
During the year, Network Space Developments Limited, a minority shareholder in the Company, granted the Company a £3,117,000 loan
facility repayable on 30 April 2027, attracting interest of 7% p.a. At 31 March 2016 a balance of £3,117,000 (2015 – £Nil) was recognised
within other loans, and interest of £97,608 (2015 – £Nil) has been accrued.
During the year, Malcolm Jackson, a director and minority shareholder in the Company, granted the Company a £200,000 loan facility
repayable on 30 April 2028, attracting interest of 3% p.a. At 31 March 2016 a balance of £200,000 (2015 – £Nil) was recognised within
other loans, and interest of £4,817 (2015 – £Nil) was paid in the year.
During the year, Network Space Developments Limited, a minority shareholder in the Company, granted Langtree Daresbury Limited a
£5,500,000 short term loan facility. At 31 March 2016 a balance of £5,500,000 (2015 – £Nil) was recognised within other creditors, and an
exit fee of £322,224 (2015 – £Nil) has been accrued. The loan was repaid in full after the year end.
As part of the bidding process for Daresbury SIC LLP, Wire Regeneration Limited and Parkside Regeneration LLP, the process required
the bidder to provide property and development management expertise. The fees charged were assessed as part of the bidding process
and are documented in the management agreement. During the year, the company has charged fees of:
£239,795 (2015: £Nil) to Daresbury SIC LLP, a 50% joint venture;
£177,037 (2015: £Nil) to Wire Regeneration Limited, a 50% joint venture; and
£137,414 (2015: £Nil) to Parkside Regeneration LLP, a 50% joint venture.
At the year end, there were no balances outstanding with Daresbury SIC LLP, Wire Regeneration Limited or Parkside Regeneration LLP
(2015: £Nil).
The Directors consider the key management personnel to be the Directors. The Directors remuneration is disclosed in note 7.
26. Controlling party
The majority of shares in Langtree Property Partners Limited are owned by Mr J Downes, who is the ultimate controlling party.
Annual Report and Financial Statements 2015–2016 Company Reg No.09245496 Langtree Property Partners LtdAnnual Report and Financial Statements 2015–2016 3736 Langtree Property Partners Ltd Company Reg No.09245496
20. Notes to the Financial Statements
for the year ended 31 March 2016
27. Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name Country of Class of
incorporation shares Holding Principal activity
Langtree Daresbury Limited England & Wales Ordinary 100% Intermediate holding company
and development company
The aggregate of the share capital and reserves as at 31 March 2016 and of the profit or loss for the year
ended on that date for the subsidiary undertaking was as follows:
Aggregate
of share
capital and
reserves Profit/(loss)
£ £
Langtree Daresbury Limited 819,231 (235,370)
819,231 (235,370)
Participating interests
Joint ventures
Name Country of
incorporation Class of shares Holding Principal activity
Wire Regeneration Limited England and Wales Ordinary 50 % Regeneration of the Southern
Gateway area of Warrington
Daresbury SIC LLP England and Wales Ordinary 50 % Management and development of
the Sci-Tech Daresbury Campus in
the North West
Parkside Regeneration LLP England and Wales Ordinary 50 % Regeneration of the former
Parkside Colliery site in the
North West
28. First time adoption of FRS 102
The policies applied under the entity’s previous accounting framework are not materially different to FRS 102 and have not impacted on
equity or profit or loss.
Langtree Property Partners Ltd Company Reg No.09245496 Annual Report and Financial Statements 2015–201638
21. Langtree Property Partners Limited
St James Business Centre
Wilderspool Causeway
Warrington
WA4 6PS
T. 01925 255525
e. info@langtreepp.co.uk
w. langtreepp.co.uk
Company Registration Number 09245496