TIDM85QT
RNS Number : 3004X
Broadgate Financing PLC
02 December 2010
The Interim Management Report & Accounts for the six months ended 30 September
2010, attached below in accordance with DTR 6.3.5(1), has been submitted to the
National Storage Mechanism and will shortly be available for inspection at:
www.Hemscott.com/nsm.do.
The Interim Management Report & Accounts are also available at
http://www.britishland.com
BROADGATE FINANCING PLC
COMPANY NO: 5316365
INTERIM MANAGEMENT REPORT
SIX MONTHS ENDED 30 SEPETMBER 2010
+----------+--------+--------+--------+--------+--------+--------+------+----------+
| The directors submit their Interim Management Report and Accounts for | |
| the six months ended 30 September 2010. | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+------+----------+
| Principal activities | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+------+----------+
| The company is a wholly owned subsidiary of Broadgate Property | |
| Holdings Limited, whose ultimate holding company is Bluebutton | |
| Properties Limited (Jersey Registered). Bluebutton Properties Limited | |
| operates as a joint venture between The British Land Company PLC and | |
| BRE/Brick Limited. The joint venture was formed on 3 November 2009. | |
| The company's principal activity is to provide funding to fellow | |
| subsidiaries of Bluebutton Properties Limited. | |
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+----------+--------+--------+--------+--------+--------+--------+------+----------+
| Business review | | | | | | |
+----------------------------+--------+--------+--------+--------+------+----------+
| | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+------+----------+
| At 30 September 2010, taking into account the effect of derivatives, | |
| interest payable on the external bonds remains 100% fixed. Funds | |
| loaned to Broadgate (Funding) 2005 Limited are charged with a margin | |
| resulting in a profit (page 3). The derivatives are not used | |
| speculatively and accordingly valuation movements are taken through | |
| the hedging and translation reserve. Adjusting the total reserves for | |
| the derivative valuation and associated deferred tax gives a stable | |
| profit and loss account reserves position of approximately | |
| GBP364,000. | |
+ +----------+
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+-----------------------------------------------------------------------+----------+
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+----------+--------+--------+--------+--------+--------+--------+------+----------+
| No dividends were paid in the current period (30 Sep 2009: GBPnil). | |
+-----------------------------------------------------------------------+----------+
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+----------+--------+--------+--------+--------+--------+--------+------+----------+
| | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+------+----------+
| Risk and Uncertainties | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+------+----------+
| The key risks of the company are the performance of the properties, | |
| tenant defaults and the credit risk of counterparties for any large | |
| cash deposits within the securitisation upon which the company is | |
| dependent for receipt of principal and interest, and the strength of | |
| the derivative counterparty upon which the company is dependent for | |
| fixing its interest rate exposure. These risks are mitigated by the | |
| preference for tenants with strong covenants on long leases and by | |
| using highly rated counterparties and monitoring those ratings. | |
+ +----------+
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+-----------------------------------------------------------------------+----------+
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+----------+--------+--------+--------+--------+--------+--------+------+----------+
| Responsibility Statement | | | | | |
+-------------------------------------+--------+--------+--------+------+----------+
| We confirm that to the best of our knowledge: | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+------+----------+
| (a) the condensed set of financial statements has been prepared in | |
| accordance with pronouncements on interim reporting issued by the | |
| Accounting Standards Board; and | |
+ +----------+
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+-----------------------------------------------------------------------+----------+
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+----------+--------+--------+--------+--------+--------+--------+------+----------+
| (b) the interim management report includes a fair review of the | |
| information required by Section DTR 4.2.7R (indication of important | |
| events during the first six months and description of principal risks | |
| and uncertainties for the remaining six months of the year) of the | |
| Disclosure and Transparency Rules of the United Kingdom's Financial | |
| Services Authority. | |
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+----------+--------+--------+--------+--------+--------+--------+------+----------+
| By order of the Board | |
+-----------------------------------------------------------------------+----------+
| Director | |
+----------+--------+--------+--------+--------+--------+--------+------+----------+
+----------+------+----------+--------+------------------+---+-+-----------+----------+
| BROADGATE FINANCING PLC | |
+--------------------------------------------------------------------------+----------+
| | | | | | | | | |
+----------+------+----------+--------+------------------+---+-+-----------+----------+
| INDEPENDENT REVIEW REPORT TO BROADGATE FINANCING PLC | |
+--------------------------------------------------------------------------+----------+
| for the six months ended 30 September 2010 | |
+--------------------------------------------------------------------------+----------+
| | | | | | | | | |
+----------+------+----------+--------+------------------+---+-+-----------+----------+
| We have been engaged by the company to review the condensed set of | |
| financial statements in the half-yearly financial report for the six | |
| months ended 30 September 2010 which comprises the condensed profit and | |
| loss account, the condensed balance sheet, the condensed statement of | |
| total recognised gains and losses and related notes 1 to 9 . We have | |
| read the other information contained in the half-yearly financial report | |
| and considered whether it contains any apparent misstatements or | |
| material inconsistencies with the information in the condensed set of | |
| financial statements. | |
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+----------+------+----------+--------+------------------+---+-+-----------+----------+
| This report is made solely to the company in accordance with | |
| International Standard on Review Engagements (UK and Ireland) 2410 | |
| "Review of Interim Financial Information Performed by the Independent | |
| Auditor of the Entity" issued by the Auditing Practices Board. Our work | |
| has been undertaken so that we might state to the company those matters | |
| we are required to state to them in an independent review 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, for | |
| our review work, for this report, or for the conclusions we have formed. | |
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+--------------------------------------------------------------------------+----------+
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+----------+------+----------+--------+------------------+---+-+-----------+----------+
| Directors' responsibilities | |
+--------------------------------------------------------------------------+----------+
| | | | | | | | | |
+----------+------+----------+--------+------------------+---+-+-----------+----------+
| The half-yearly financial report is the responsibility of, and has been | |
| approved by, the directors. The directors are responsible for preparing | |
| the half-yearly financial report in accordance with the Disclosure and | |
| Transparency Rules of the United Kingdom's Financial Services Authority. | |
+ +----------+
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+ +----------+
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+--------------------------------------------------------------------------+----------+
| | | | | | | | | |
+----------+------+----------+--------+------------------+---+-+-----------+----------+
| As disclosed in note 1, the annual financial statements of the company | |
| are prepared in accordance with United Kingdom Generally Accepted | |
| Accounting Practice. The condensed set of financial statements included | |
| in this half-yearly financial report have been prepared in accordance | |
| with the accounting policies the group intends to use in preparing its | |
| next annual financial statements. | |
+ +----------+
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+ +----------+
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+ +----------+
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+--------------------------------------------------------------------------+----------+
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+----------+------+----------+--------+------------------+---+-+-----------+----------+
| Our responsibility | |
+--------------------------------------------------------------------------+----------+
| | | | | | | | | |
+----------+------+----------+--------+------------------+---+-+-----------+----------+
| Our responsibility is to express to the Company a conclusion on the | |
| condensed set of financial statements in the half-yearly financial | |
| report based on our review. | |
+ +----------+
| | |
+--------------------------------------------------------------------------+----------+
| | | | | | | | | |
+----------+------+----------+--------+------------------+---+-+-----------+----------+
| Scope of Review | |
+--------------------------------------------------------------------------+----------+
| | | | | | | | | |
+----------+------+----------+--------+------------------+---+-+-----------+----------+
| We conducted our review in accordance with International Standard on | |
| Review Engagements (UK and Ireland) 2410 "Review of Interim Financial | |
| Information Performed by the Independent Auditor of the Entity" issued | |
| by the Auditing Practices Board for use in the United Kingdom. A review | |
| of interim financial information consists of making inquiries, primarily | |
| of persons responsible for financial and accounting matters, and | |
| applying analytical and other review procedures. A review is | |
| substantially less in scope than an audit conducted in accordance with | |
| International Standards on Auditing (UK and Ireland) and consequently | |
| does not enable us to obtain assurance that we would become aware of all | |
| significant matters that might be identified in an audit. Accordingly, | |
| we do not express an audit opinion. | |
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+----------+------+----------+--------+------------------+---+-+-----------+----------+
| Conclusion | |
+--------------------------------------------------------------------------+----------+
| Based on our review, nothing has come to our attention that causes us to | |
| believe that the condensed set of financial statements in the | |
| half-yearly financial report for the six months ended 30 September 2010 | |
| is not prepared, in all material respects, in accordance with the | |
| Disclosure and Transparency Rules of the United Kingdom's Financial | |
| Services Authority. | |
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+ +----------+
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+ +----------+
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+--------------------------------------------------------------------------+----------+
| | | | | | | | | |
+----------+------+----------+--------+------------------+---+-+-----------+----------+
| Deloitte LLP | |
+--------------------------------------------------------------------------+----------+
| Chartered Accountants and Statutory Auditors | |
+--------------------------------------------------------------------------+----------+
| Cambridge, UK | |
+--------------------------------------------------------------------------+----------+
| | |
+--------------------------------------------------------------------------+----------+
| | | | | | | | | |
+----------+------+----------+--------+------------------+---+-+-----------+----------+
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| BROADGATE FINANCING PLC | |
+------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| CONDENSED PROFIT AND LOSS ACCOUNT | |
+------------------------------------------------------------------------------------------+----------+
| for the six months ended 30 September 2010 | |
+------------------------------------------------------------------------------------------+----------+
| Year | | | | | | Six | | Six | |
| | | | | | | months | | months | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| ended | | | | | | ended | | ended | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| 31 March | | | | | | 30 | | 30 | |
| | | | | | | September | | September | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| 2010 | | | | | | 2010 | | 2009 | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| Audited | | | | | | Unaudited | | Unaudited | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| GBP | | | | | | GBP | | GBP | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| | | | | | | | | | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| (1,000) | Administrative expenses | | | | | |
+--------------+-----------------------------+--+--------------+------------+--------------+----------+
| | | | | | | | | | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| (1,000) | Operating loss | | | | | |
+--------------+-----------------------------+--+--------------+------------+--------------+----------+
| | | | | | | | | | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| | Interest receivable | | | | | |
+--------------+-----------------------------+--+--------------+------------+--------------+----------+
| 99,392,963 | Group | | | | 49,298,986 | | 50,541,062 | |
+--------------+---------------------+----+--+--+--------------+------------+--------------+----------+
| 45,823 | External - | | | | 45,973 | | 23,294 | |
| | other | | | | | | | |
+--------------+---------------------+----+--+--+--------------+------------+--------------+----------+
| | | | | | | | | | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| | Interest payable | | | | | |
+--------------+-----------------------------+--+--------------+------------+--------------+----------+
| (15,790) | | | | | | (45,973) | | (23,294) | |
| | Group | | | | | | | | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| (99,383,065) | External - | | | (49,294,086) | | (50,536,039) | |
| | debentures | | | | | | |
+--------------+--------------------------+--+--+--------------+------------+--------------+----------+
| | | | | | | | | | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| | | | | | | | | | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| 38,931 | Profit on ordinary | | 4,900 | | 5,023 | |
| | activities before taxation | | | | | |
+--------------+-----------------------------+--+--------------+------------+--------------+----------+
| | | | | | | | | | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| (10,901) | Taxation | | | | | 117 | | (1,406) | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| | | | | | | | | | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| 28,030 | Profit for the financial | | 5,017 | | 3,617 | |
| | period | | | | | |
+--------------+-----------------------------+--+--------------+------------+--------------+----------+
| | | | | | | | | | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
| Turnover and results are derived from continuing operations within the | |
| United Kingdom. The company has only one significant class of business, | |
| that of to provide funding to fellow subsidiaries of Bluebutton Properties | |
| Limited in the United Kingdom. | |
+ +----------+
| | |
+ +----------+
| | |
+--------------+----------+----------+----+--+--+--------------+------------+--------------+----------+
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| BROADGATE FINANCING PLC |
+---------------------------------------------------------------------------------------------------+
| | | | | | | | | |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| CONDENSED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES |
+---------------------------------------------------------------------------------------------------+
| for the six months ended 30 September 2010 |
+---------------------------------------------------------------------------------------------------+
| | | | | | | | | |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| | | | | | | | | |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| | | | | | | | | |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| Year | | | | | | Six | | Six |
| | | | | | | months | | months |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| ended | | | | | | ended | | ended |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| 31 | | | | | | 30 | | 30 |
| March | | | | | | September | | September |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| 2010 | | | | | | 2010 | | 2009 |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| Audited | | | | | | Unaudited | | Unaudited |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| GBP | | | | | | GBP | | GBP |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| | | | | | | | | |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| 28,030 | Profit on ordinary activities | | 5,017 | | 3,617 |
| | after taxation | | | | |
+-------------+----------------------------------+----------+--------------+----------+-------------+
| | | | | | | | | |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| 5,381,341 | Derivative valuation movement | (21,669,109) | | 10,766,305 |
+-------------+---------------------------------------------+--------------+----------+-------------+
| | | | | | | | | |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| 13,432,790 | Deferred tax movement on interest rate | 6,067,351 | | |
| | derivatives | | | |
+-------------+---------------------------------------------+--------------+----------+-------------+
| | | | | | | | |
+-------------+---------------+-------+----------+----------+--------------+----------+-------------+
| 18,842,161 | Total recognised gains and losses relating | (15,596,741) | | 10,769,922 |
| | to the financial period | | | |
+-------------+---------------------------------------------+--------------+----------+-------------+
| | | | | | | | | |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
| | | | | | | | | |
+-------------+-------+-------+-------+----------+----------+--------------+----------+-------------+
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| BROADGATE FINANCING PLC |
+--------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| CONDENSED BALANCE SHEET |
+--------------------------------------------------------------------------------------------------------------------+
| as at 30 September 2010 |
+--------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| | | |Note | 30 September 2010 | | 31 March 2010 |
+------+----------+----------+------+----------------------------------+----------+----------------------------------+
| | | | | Unaudited | | Audited |
+------+----------+----------+------+----------------------------------+----------+----------------------------------+
| | | | | GBP | GBP | | GBP | GBP |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| Current assets | | | | | | |
+----------------------------+------+----------------+-----------------+----------+----------------+-----------------+
| Debtors - due within one | 2 | 69,016,448 | | | 68,515,860 | |
| year | | | | | | |
+----------------------------+------+----------------+-----------------+----------+----------------+-----------------+
| Debtors - due after more | 2 | 1,901,973,318 | | | 1,918,818,318 | |
| than one year | | | | | | |
+----------------------------+------+----------------+-----------------+----------+----------------+-----------------+
| Cash and deposits | | 15,121,464 | | | 15,121,566 | |
+----------------------------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | 1,986,111,230 | | | 2,002,455,744 | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| Creditors due within one | 3 | (153,407,730) | | | (131,243,152) | |
| year | | | | | | |
+----------------------------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| Net current assets | | | 1,832,703,500 | | | 1,871,212,592 |
+----------------------------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| Total assets less current | | | 1,832,703,500 | | | 1,871,212,592 |
| liabilities | | | | | | |
+----------------------------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| Creditors due after one | 4 | | (1,882,473,177) | | | (1,905,385,528) |
| year | | | | | | |
+----------------------------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| Net liabilities | | | (49,769,677) | | | (34,172,936) |
+----------------------------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| Capital and reserves | | | | | | |
+----------------------------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| Called up share capital | 7 | | 12,500 | | | 12,500 |
+----------------------------+------+----------------+-----------------+----------+----------------+-----------------+
| Hedging and translation | 7 | | (50,143,218) | | | (34,541,460) |
| reserve | | | | | | |
+----------------------------+------+----------------+-----------------+----------+----------------+-----------------+
| Profit and loss account | 7 | | 361,041 | | | 356,024 |
+----------------------------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
| Shareholders' deficit | 7 | | (49,769,677) | | | (34,172,936) |
+----------------------------+------+----------------+-----------------+----------+----------------+-----------------+
| | | | | | | | | |
+------+----------+----------+------+----------------+-----------------+----------+----------------+-----------------+
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| BROADGATE FINANCING PLC | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| Notes to the accounts | |
+-----------------------------------------------------------------------+----------+
| for the six months ended 30 September 2010 | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| 1. Accounting policies | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| The principal accounting policies adopted by the directors are | |
| summarised below. They have been applied consistently throughout the | |
| current and previous period. | |
+ +----------+
| | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| Accounting basis | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| The information for the year ended 31 March 2010 does not constitute | |
| statutory accounts as defined in section 434 of the Companies Act | |
| 2006. | |
+ +----------+
| | |
+-----------------------------------------------------------------------+----------+
| A copy of the statutory accounts for that year has been delivered to | |
| the Registrar of companies. The auditors reported on those accounts: | |
| their report was unqualified, did not draw attention to any matters | |
| by way of emphasis and did not contain a statement under section | |
| 498(2) or (3) of the Companies Act 2006 | |
+ +----------+
| | |
+ +----------+
| | |
+-----------------------------------------------------------------------+----------+
| The Company's business activities, financial position and financing | |
| structure are discussed on page 1. The Directors have a reasonable | |
| expectation that the company has adequate resources to continue in | |
| operational existence for the foreseeable future. Though the | |
| Company's balance sheet is currently showing a net liabilities | |
| position this is entirely due to the fair value of the derivatives | |
| and the Directors believe that this will not affect the Company's | |
| ability to meet its continuing obligations as they fall due. They | |
| thus continue to adopt the going concern basis of accounting in | |
| preparing the financial statements. | |
+ +----------+
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+ +----------+
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+ +----------+
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+ +----------+
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+ +----------+
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+-----------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| The financial information included in this announcement has been | |
| prepared on a going concern basis using accounting policies | |
| consistent with applicable United Kingdom law and Accounting | |
| Standards. The same accounting policies, presentation and methods of | |
| computation are followed in the half - yearly report as applied in | |
| the company's latest annual audited financial statements. The current | |
| period financial information presented in this document is unaudited. | |
+ +----------+
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+ +----------+
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+ +----------+
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+-----------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| These accounting policies are as follows: | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| Financial assets | |
+-----------------------------------------------------------------------+----------+
| The company classified all financial assets, with the exception of | |
| derivative financial instruments into the category Loans and Debtors. | |
| Loans and Debtors are initially measured at fair value including any | |
| transaction costs. They are subsequently measured at amortised cost | |
| using the effective interest rate method. | |
+ +----------+
| | |
+ +----------+
| | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| Cash flow statement | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| The company is exempt under FRS 1 (Revised) from preparing a cashflow | |
| statement, as its results are included in those of Bluebutton | |
| Properties UK Limited. | |
+ +----------+
| | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| Financial liabilities | | | | | | | |
+----------------------------+--------+--------+--------+--------+-+----+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| Debt instruments are stated at their net proceeds on issue. Finance | |
| charges including premiums payable on settlement or redemption and | |
| direct issue costs are spread over the period to redemption, using | |
| the effective interest method. | |
+ +----------+
| | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| Derivative financial | | | | | | | |
| instruments | | | | | | | |
+----------------------------+--------+--------+--------+--------+-+----+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
| As defined by FRS 26, derivative financial instruments are measured | |
| at fair value in the balance sheet. Changes in the fair value of | |
| derivatives that are designated and qualify as effective cash flow | |
| hedges are recognised directly in the hedging reserve. Any | |
| ineffective portion is recognised in the profit and loss account. | |
+ +----------+
| | |
+ +----------+
| | |
+-----------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+--------+--------+--------+--------+--------+--------+-+----+----------+
+-----------+--+----+----------+--+-------+-----+--+-------------+--+-------+---------+------+----------+----------------+----------+
| BROADGATE FINANCING PLC | |
+------------------------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| Notes to the accounts | |
+------------------------------------------------------------------------------------------------------------------------+----------+
| for the six months ended 30 September 2010 | |
+------------------------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| 1. Accounting policies (continued) | |
+------------------------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| Taxation | | | | | | | | | |
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| Current tax is based on taxable profit for the year and is calculated using tax rates that have been | |
| enacted or substantively enacted. Taxable profit differs from net profit as reported in the profit and | |
| loss account because it excludes items of income or expense that are not taxable (or tax deductible). In | |
| particular the group (including this company) became a REIT on 1 January 2007 where income and gains on | |
| qualifying assets are exempt from taxation. On 3 November 2009, the sale of 50% of the group to a | |
| non-REIT entity resulted in now only 50% of the income and gains on qualifying assets being exempt from | |
| taxation. | |
+ +----------+
| | |
+ +----------+
| | |
+ +----------+
| | |
+ +----------+
| | |
+------------------------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at | |
| the balance sheet date where transactions or events that result in an obligation to pay more tax in the | |
| future or a right to pay less tax in the future have occurred at the balance sheet date. Timing | |
| differences are differences between the company's taxable profits and its results as stated in the | |
| financial statements that arise from the inclusion of gains and losses in tax assessments in periods | |
| different from those in which they are recognised in the financial statements. A net deferred tax asset | |
| is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it | |
| can be regarded as more likely than not that there will be suitable taxable profits from which the future | |
| reversal of the underlying timing differences can be deducted. | |
+ +----------+
| | |
+ +----------+
| | |
+ +----------+
| | |
+ +----------+
| | |
+ +----------+
| | |
+ +----------+
| | |
+ +----------+
| | |
+------------------------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| 2. Debtors | | | | | 30 Sep | | 31 Mar 2010 | |
| | | | | | 2010 | | | |
+-------------------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| | | | | | | Unaudited | | Audited | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| | | | | | | GBP | | GBP | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| Current debtors (receivable within one year) | | | | | |
+----------------------------------------------------------------+----------+----------------+----------+----------------+----------+
| Amounts owed by group companies - current account with Broadgate | 45,920,362 | | 45,678,868 | |
| (Funding) 2005 Ltd | | | | |
+---------------------------------------------------------------------------+----------------+----------+----------------+----------+
| Prepayments and accrued income | | | 23,096,086 | | 22,836,992 | |
+-----------------------------------------------+----------------+----------+----------------+----------+----------------+----------+
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| | | | | | | 69,016,448 | | 68,515,860 | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| Long-term debtors (receivable after more than one year) | | | | | |
+----------------------------------------------------------------+----------+----------------+----------+----------------+----------+
| Deferred tax asset (see note 5) | | 19,500,141 | | 13,432,790 | |
+----------------------------------------------------------------+----------+----------------+----------+----------------+----------+
| Amounts owed by group companies - Long term loans | | 1,882,473,177 | | 1,905,385,528 | |
+----------------------------------------------------------------+----------+----------------+----------+----------------+----------+
| | | | | | | 1,901,973,318 | | 1,918,818,318 | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| 3. Creditors due within one year | | | 30 Sep | | 31 Mar 2010 | |
| | | | 2010 | | | |
+-----------------------------------------------+----------------+----------+----------------+----------+----------------+----------+
| | | | | | | Unaudited | | Audited | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| | | | | | | GBP | | GBP | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| Debenture loans (see note 4) | | | 45,920,362 | | 45,678,868 | |
+-----------------------------------------------+----------------+----------+----------------+----------+----------------+----------+
| Interest rate derivative liabilities* | | | 74,538,468 | | 53,091,356 | |
+-----------------------------------------------+----------------+----------+----------------+----------+----------------+----------+
| Amounts owed to group companies - current accounts | | 14,767,533 | | 14,747,150 | |
+----------------------------------------------------------------+----------+----------------+----------+----------------+----------+
| Corporation tax | | | 2,723 | | 10,901 | |
+-----------------------------------------------+----------------+----------+----------------+----------+----------------+----------+
| Other creditors | | | 5,000 | | 5,000 | |
+-----------------------------------------------+----------------+----------+----------------+----------+----------------+----------+
| Accruals and deferred income | | | 18,173,644 | | 17,709,877 | |
+-----------------------------------------------+----------------+----------+----------------+----------+----------------+----------+
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| | | | | | | 153,407,730 | | 131,243,152 | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| * Includes contracted cash flows with a maturity greater than one | | | | |
| year at fair value. | | | | |
+---------------------------------------------------------------------------+----------------+----------+----------------+----------+
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| Amounts owed to fellow group companies are repayable on demand. | |
+------------------------------------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| | | | | | | | | | |
+-----------+-------+-------------+-------------+----------------+----------+----------------+----------+----------------+----------+
| BROADGATE FINANCING PLC | | |
+-------------------------------------------------------------------------------------+----------------------------------+----------+
| | | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| Notes to the accounts | | |
+-------------------------------------------------------------------------------------+----------------------------------+----------+
| for the six months ended 30 September 2010 | | |
+-------------------------------------------------------------------------------------+----------------------------------+----------+
| | | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| 4. Creditors due after one year (including | 30 Sep | 31 Mar | | |
| borrowings) | 2010 | 2010 | | |
+--------------------------------------------------+----------------+-----------------+----------------------------------+----------+
| | | | | Unaudited | Audited | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| | | | | GBP | GBP | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| Debentures and loans | due 1 to 2 years | 46,499,618 | 46,169,728 | | |
+------------------------------+-------------------+----------------+-----------------+----------------------------------+----------+
| | | due 2 to 5 years | 143,492,423 | 141,946,219 | | |
+--------------+---------------+-------------------+----------------+-----------------+----------------------------------+----------+
| | | due after 5 years | 1,692,481,136 | 1,717,269,581 | | |
+--------------+---------------+-------------------+----------------+-----------------+----------------------------------+----------+
| | | | | 1,882,473,177 | 1,905,385,528 | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| Hedge accounting | | |
+-------------------------------------------------------------------------------------+----------------------------------+----------+
| The company uses interest rates swaps to hedge exposure to the | | |
| variability in cash flows on floating rate debt. At 30 September 2010 | | |
| the market value of these derivatives, which have been designated cash | | |
| flow hedges under FRS 26, is a liability of GBP74.5m (31 Mar 2010: | | |
| GBP53.1m). | | |
+ +----------------------------------+----------+
| | | |
+ +----------------------------------+----------+
| | | |
+-------------------------------------------------------------------------------------+----------------------------------+----------+
| | | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| The Treasury Function | | |
+-------------------------------------------------------------------------------------+----------------------------------+----------+
| The company finances its operations by a mixture of equity and public | | |
| debt issues. The company borrows in Sterling at both fixed and floating | | |
| rates of interest, using interest rate derivatives to hedge the interest | | |
| rate exposure on the floating rate loans. | | |
+ +----------------------------------+----------+
| | | |
+-------------------------------------------------------------------------------------+----------------------------------+----------+
| | | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| Risk Management | | |
+-------------------------------------------------------------------------------------+----------------------------------+----------+
| Credit risk is the risk that one party to a financial instrument will | | |
| fail to discharge an obligation and cause the other party to incur a | | |
| financial loss. In order to manage this risk, management regularly | | |
| monitors all amounts that are owed to the company to ensure that amounts | | |
| are paid in full and on time. | | |
+ +----------------------------------+----------+
| | | |
+ +----------------------------------+----------+
| | | |
+-------------------------------------------------------------------------------------+----------------------------------+----------+
| | | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| Liquidity risk is the risk that the entity will encounter difficulty in | | |
| raising funds to meet commitments associated with financial liabilities. | | |
| This risk is managed through day to day monitoring of future cash flow | | |
| requirements to ensure that the company has enough resources to repay | | |
| all future amounts outstanding. | | |
+ +----------------------------------+----------+
| | | |
+ +----------------------------------+----------+
| | | |
+-------------------------------------------------------------------------------------+----------------------------------+----------+
| | | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| The Company's activities expose it primarily to interest rate risk. The | | |
| group uses interest rate swap contracts to hedge these exposures. The | | |
| group does not use derivative financial instruments for speculative | | |
| purposes. | | |
+ +----------------------------------+----------+
| | | |
+-------------------------------------------------------------------------------------+----------------------------------+----------+
| | | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| The ineffectiveness recognised in the income statement on cash flow | | |
| hedges for the 6 months ended 30 September 2010 was GBPnil (31 March | | |
| 2010: GBPnil). The table below summarises variable rate debt hedged at | | |
| 30 September 2010. | | |
+ +----------------------------------+----------+
| | | |
+-------------------------------------------------------------------------------------+----------------------------------+----------+
| | | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| | | | | 30 Sep | 31 Mar | | |
| | | | | 2010 | 2010 | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| | | | | Unaudited | Audited | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| | | | | GBP | GBP | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| Outstanding: | after one | | | 458,208,490 | 477,000,000 | | |
| | year | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| | after two | | | 420,625,000 | 439,416,510 | | |
| | years | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| | after five | | | 310,602,300 | 328,711,760 | | |
| | years | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| | | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| Borrowings repayment analysis | | | | |
+--------------------------------------------------+----------------+-----------------+----------------------------------+----------+
| Borrowings are repayable as follows: | | | | | |
+-----------------------------------------+--------+----------------+-----------------+----------------------------------+----------+
| Within one year | | | 45,920,362 | 45,678,868 | | |
+------------------------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| 1-2 years | | | | 46,499,618 | 46,169,728 | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| 2-5 years | | | | 143,492,423 | 141,946,219 | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| | | | | 235,912,403 | 233,794,815 | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| After 5 | | | | 1,692,481,136 | 1,717,269,581 | | |
| years | | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| Total | | | | 1,928,393,539 | 1,951,064,396 | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| Fair value of interest rate derivative | | 74,538,468 | 53,091,356 | | |
| liabilities | | | | | |
+-----------------------------------------+--------+----------------+-----------------+----------------------------------+----------+
| | | | | 2,002,932,007 | 2,004,155,752 | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| | | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| | | | | | | | |
+--------------+---------------+----------+--------+----------------+-----------------+----------------------------------+----------+
| | | | | | | | | | | | | | | | |
+-----------+--+----+----------+--+-------+-----+--+-------------+--+-------+---------+------+----------+----------------+----------+
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| BROADGATE FINANCING PLC | |
+------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| Notes to the accounts | |
+------------------------------------------------------------------------------------------+----------+
| for the six months ended 30 September 2010 | |
+------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| 4. Creditors due after one year (including borrowings) - | | | |
| continued | | | |
+----------------------------------------------------------------+--------+----------------+----------+
| | | | | | | | | | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| | | | | | | 30 Sep | | 31 Mar | |
| | | | | | | 2010 | | 2010 | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| Secured on the assets of the Broadgate | Unaudited | | Audited | |
| Property Holding Group | | | | |
+-----------------------------------------------+----------------+--------+----------------+----------+
| | | | | | | GBP | | GBP | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| Class A1 Floating Rate Bonds | | | 225,000,000 | | 225,000,000 | |
| due 2032 * | | | | | | |
+-------------------------------+------+--------+----------------+--------+----------------+----------+
| Class A2 4.949% Bonds due | | | 276,973,830 | | 280,961,100 | |
| 2031 | | | | | | |
+-------------------------------+------+--------+----------------+--------+----------------+----------+
| Class A3 4.851% Bonds due | | | 175,000,000 | | 175,000,000 | |
| 2033 | | | | | | |
+-------------------------------+------+--------+----------------+--------+----------------+----------+
| Class A4 4.821% Bonds due | | | 400,000,000 | | 400,000,000 | |
| 2036 | | | | | | |
+-------------------------------+------+--------+----------------+--------+----------------+----------+
| Class B 4.999% Bonds | | | | 365,628,199 | | 365,519,806 | |
| due 2033 | | | | | | | |
+------------------------+------+------+--------+----------------+--------+----------------+----------+
| Class C1 Floating Rate Bonds | | | 186,041,510 | | 195,833,490 | |
| due 2022 * | | | | | | |
+-------------------------------+------+--------+----------------+--------+----------------+----------+
| Class C2 5.098% Bonds due | | | 215,000,000 | | 215,000,000 | |
| 2035 | | | | | | |
+-------------------------------+------+--------+----------------+--------+----------------+----------+
| Class D Floating Rate Bonds | | | 84,750,000 | | 93,750,000 | |
| due 2025 * | | | | | | |
+-------------------------------+------+--------+----------------+--------+----------------+----------+
| | | | | | | 1,928,393,539 | | 1,951,064,396 | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| Fair value of interest rate | | | 74,538,468 | | 53,091,356 | |
| derivative liabilities | | | | | | |
+-------------------------------+------+--------+----------------+--------+----------------+----------+
| | | | | | | 2,002,932,007 | | 2,004,155,752 | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| | | | | | | | | | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| * At 30 September 2010 taking into account the effect of derivatives, 100% | |
| (31 Mar 2010: 100%) of the bonds were fixed. The bonds amortise between | |
| 2005 to 2036, and are secured on properties of the group valued at GBP2,469m | |
| (31 Mar 2010: GBP1,918m) and cash and deposits of GBPnil (31 Mar 2010: | |
| GBP224m). The weighted average interest rate of the bonds is 5.02% (31 Mar | |
| 2010: 5.03%). The weighted average maturity of the bonds is 15.6 years (31 | |
| Mar 2010: 15.9 years). | |
+ +----------+
| | |
+ +----------+
| | |
+ +----------+
| | |
+ +----------+
| | |
+------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| At 30 September 2010 the company was financed by GBP1,928m bonds (31 March | |
| 2010: GBP1,951m bonds). | |
+------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| The market value of the bonds at 30 September 2010 was GBP131.4m less than | |
| the book value (31 March 2010: GBP296.8m less than the book value). | |
+ +----------+
| | |
+------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| There is an undrawn 364 day revolving liquidity facility totalling GBP185m | |
| which is only available for requirements of the Broadgate securitisation. | |
+ +----------+
| | |
+------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| The fair values of the bonds have been established by obtaining quoted | |
| market prices from brokers. The derivatives have been valued by calculating | |
| the present value of future cash flows, using appropriate market discount | |
| rates, by an independent treasury advisor. | |
+ +----------+
| | |
+ +----------+
| | |
+------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| 5. Deferred tax asset | | | 30 Sep | | 31 Mar | |
| | | | 2010 | | 2010 | |
+-------------------------------+------+--------+----------------+--------+----------------+----------+
| | | | | | | Unaudited | | Audited | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| | | | | | | GBP | | GBP | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| 1 April 2010 | | | | | 13,432,790 | | | |
+-----------------+------+------+------+--------+----------------+--------+----------------+----------+
| Credited to hedging and | | | 6,067,351 | | 13,432,790 | |
| translation reserve | | | | | | |
+-------------------------------+------+--------+----------------+--------+----------------+----------+
| 30 September | | | | | 19,500,141 | | 13,432,790 | |
| 2010 | | | | | | | | |
+-----------------+------+------+------+--------+----------------+--------+----------------+----------+
| | | | | | | | | | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| The Directors consider that a deferred tax asset, that relates primarily to | |
| timing differences arising with respect to the revaluation of interest rate | |
| derivatives, is required to be provided for in the current year. | |
+ +----------+
| | |
+------------------------------------------------------------------------------------------+----------+
| | | | | | | | | | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| 6. Share capital | | | | | | |
+-------------------------------+------+--------+----------------+--------+----------------+----------+
| | | | | | | 30 Sep | | 31 Mar | |
| | | | | | | 2010 | | 2010 | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| | | | | | | Unaudited | | Audited | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| | | | | | | GBP | | GBP | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
| Issued share capital - allotted, called up and partly paid | |
+------------------------------------------------------------------------------------------+----------+
| | | | | |
+-----------------------------------------------+----------------+--------+----------------+----------+
| Ordinary Shares of GBP1 each called up to the | | | | |
| extent of GBP0.25 each | | | | |
+-----------------------------------------------+----------------+--------+----------------+----------+
| Balance as at 1 April 2010 and as at 30 | 12,500 | | 12,500 | |
| September 2010: 50,000 shares | | | | |
+----------+------+------+------+------+--------+----------------+--------+----------------+----------+
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| BROADGATE FINANCING PLC | |
+---------------------------------------------------------------------------------------------------------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| Notes to the accounts | |
+---------------------------------------------------------------------------------------------------------------+-----------------------+
| for the six months ended 30 September 2010 | |
+---------------------------------------------------------------------------------------------------------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| 7. Reconciliation of movements in shareholders' funds and reserves | | | |
+-------------------------------------------------------------------------------------+----------+--------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| | | Share | | Hedging | | Profit and | | Total | |
| | | capital | | & | | loss | | | |
| | | | | translation | | account | | | |
| | | | | reserve | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| | | GBP | | GBP | | GBP | | GBP | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| audited-Opening | 12,500 | | (34,541,460) | | 356,024 | | (34,172,936) | |
| shareholders' deficit | | | | | | | | |
+-------------------------+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| Profit for the | | | | | | 5,017 | | 5,017 | |
| financial period | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| Derivatives valuation | | | | (21,669,109) | | | | (21,669,109) | |
| movement | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| Taxation on hedging | | | | 6,067,351 | | | | 6,067,351 | |
| and translation | | | | | | | | | |
| movements | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| Closing shareholders' | 12,500 | | (50,143,218) | | 361,041 | | (49,769,677) | |
| deficit - unaudited | | | | | | | | |
+-------------------------+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| 8. Capital commitments | | | | | |
+-------------------------------------------------------------+----------+------------+----------+--------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| The company had capital commitments contracted at 30 Sep 2010 of GBPnil (31 | | | |
| Mar 2010 - GBPnil). | | | |
+-------------------------------------------------------------------------------------+----------+--------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| 9. Immediate parent and ultimate holding company | |
+---------------------------------------------------------------------------------------------------------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| The immediate parent company is Broadgate Property Holdings Limited. | |
+---------------------------------------------------------------------------------------------------------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
| Bluebutton Properties UK Limited is the smallest and largest group for which group accounts are | |
| available and which include the company. The ultimate holding company is Bluebutton Properties | |
| Limited (Jersey Registered), a joint venture between The British Land Company PLC and BRE/Brick | |
| Limited. The accounts of Bluebutton Properties UK Limited are available on request from The | |
| British Land Company PLC, York House, 45 Seymour Street, London, W1H 7LX. | |
+ +-----------------------+
| | |
+ +-----------------------+
| | |
+ +-----------------------+
| | |
+---------------------------------------------------------------------------------------------------------------+-----------------------+
| | | | | | | | | | |
+-----------------------+-+---------+----------+--------------+----------+------------+----------+--------------+-----------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KMMGZVZDGGZM
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