11 – Investment property
12 – Investments in joint ventures and associates
Notes to the consolidated financial statements
Keepmoat . com 50
11 – Investment property
Investment property
£’ 000
Fair value At 31 March 2017 and 31 March 2016 600 Disposals ( 540 ) At 31 March 2018 60
During the year ended 31 March 2018 the group disposed of Vallum House office and land at Stanley Road for net cash consideration of £ 570,000 , making a net gain on disposal of £ 30,000 .
Investment property is stated at the directors ’ assessment of fair value as at 31 March 2018 . This reflects , amongst other things , rental income from our current leases and assumptions about rental income from future leases , in the light of current market conditions and consideration of market evidence for similar property if appropriate .
As the amount is not material to the Group , it is not considered necessary to provide the fair value disclosures from IFRS 13 .
12 – Investments in joint ventures and associates
Details of operating joint venture undertakings and associates , all of which are incorporated in England and Wales , are as follows :
Name of undertaking |
Description of shares and proportion of nominal value of that class held |
Proportion of voting rights held by Group |
Accounting year end |
Durham Villages Regeneration Limited
A class ordinary shares of £ 1 each ( 51 % held )
50 % 31 March
Sheffield Housing Company Limited Ordinary shares of £ 1 each ( 45 % held )
45 % 31 March
BK Scotswood LLP Members ’ capital ( 50 % held ) 50 % 31 December New Tyne West Development Company LLP Members ’ capital ( 25 % held ) 25 % 31 December Osmaston Regeneration Partnership LLP Members ’ capital ( 50 % held ) 50 % 31 March ilke Homes Holdings Limited
Ordinary shares of £ 0.01 each ( 10 % held )
10 % 31 March
Durham Villages Regeneration Limited is a joint venture between Keepmoat Limited and Durham County Council . Its principal activities are private housebuilding , land sales and property development . The Company ’ s registered office is : The Waterfront , Lakeside Boulevard , Doncaster DN4 5PL . Under agreements between Keepmoat Homes Limited , Durham Villages Regeneration Limited and Durham City Council ( on 1 April 2010 Durham City Council merged into the Unitary Authority of Durham County Council ), Keepmoat Homes Limited has a license to build on land owned by Durham Villages Regeneration Limited . Keepmoat Homes Limited is a wholly owned subsidiary of Keepmoat Limited .
Sheffield Housing Company Limited is an associated undertaking of Keepmoat Limited . Its principal activity is the building and sale of new homes in the Sheffield area . The Company ’ s registered office is : Sheffield Town Hall , Pinstone Street , Sheffield , S1 2HH .
BK Scotswood LLP is a joint venture between Keepmoat Limited and BDW Trading Limited . Its principal activity is to invest in a joint venture undertaking , New Tyne West Development Company LLP , with Newcastle City Council . Its principal activities are to facilitate regeneration and property development . The Company ’ s registered office is : Barratt House , City West Business Park , Scotswood Road , Newcastle upon Tyne , NE4 7DF .