Annual Report 2012 - Cadogan
Annual Report 2012 - Cadogan Annual Report 2012 - Cadogan
CONSOLIDATED CASH FLOW STATEMENT 31 DECEMBER 2012 Note 2012 2011 £000 £000 net Cash inflow From operating activities 20 60,072 68,281 Returns on investments and servicing of Finance Interest received Interest paid net Cash outflow From Returns on investments and servicing of Finance 1,279 311 (29,728) (26,844) (28,449) (26,533) taxation Corporation tax paid (8,793) (10,709) Capital expenditure and Financial investment Purchase of tangible fixed assets Proceeds from sales of fixed assets net Cash inflow/(outflow) From Capital expenditure and Financial investment (141,066) (64,587) 91,485 82,725 (49,581) 18,138 acquisitions and Disposals Purchase of subsidiary undertaking Net cash acquired with subsidiary undertaking net Cash outflow From acquisitions and Disposals 13 (4,855) (548) 13 18 416 (4,837) (132) equity Dividends Paid (34,000) (30,000) net Cash inflow/(outflow) Before Financing (65,588) 19,045 Financing Increase in long term borrowings Repayment of long term borrowings net Cash inflow From Financing 30,000 150,047 (23,376) (117,033) 21 6,624 33,014 increase/(Decrease) in Cash For the Year 22 (58,964) 52,059 Notes 1 to 25 form an integral part of these financial statements. 26
NOTES ON THE FINANCIAL STATEMENTS 31 DECEMBER 2012 1 accounting Policies (a) accounting convention The financial statements have been prepared under the historical cost convention modified by the revaluation of investment properties and properties under development and in accordance with UK applicable accounting standards. Compliance with SSAP 19 “Accounting for Investment Properties” requires a departure from the requirements of the Companies Act 2006 relating to depreciation and an explanation of this departure is given in (g) below. (b) Basis of consolidation The group financial statements consolidate the financial statements of Cadogan Group Limited and its subsidiary undertakings for the yearended 31 December 2012. No profit and loss account is presented for Cadogan Group Limited as permitted by section 408 of the Companies Act 2006. (c) turnover Turnover in the property investment business is stated net of VAT, and comprises gross rents, including reverse premiums received on early lease terminations, commissions and other fees receivable. The cost of all lease incentives (such as rent-free periods) is offset against the total rent due and the net rental income is then spread evenly over the period from the start of the lease to the date of the next rent review or the lease end date. Increases in rents arising from rent reviews are recognised when the review has been completed and agreed with the tenant. Turnover in the hotel and concert hall operations represents amounts derived from the provision of goods and services, stated net of VAT. (d) investments Investments in subsidiaries are included at cost, less a provision for diminution in value where applicable. (e) land and buildings, investment properties and properties under development Land and buildings, investment properties and properties under development are included in the financial statements at market valuation at the year end. Any surplus arising on revaluation is taken through the statement of total recognised gains and losses to the revaluation reserve. Any resulting deficit, if temporary, is taken through the statement of total recognised gains and losses to the revaluation reserve. If a deficit below original cost arises and is deemed to be permanent it is taken through the profit and loss account. Additions to properties include costs of a capital nature only; interest and other costs in respect of developments and refurbishments are charged to the profit and loss account as incurred. (f) Profit on sale of properties Profits or losses on the sale of investment properties are calculated by reference to the book value at the end of the previous year, adjusted for any subsequent capital expenditure, and are treated as exceptional items. Such transactions are recognised on the exchange of contracts, providing no material conditions remain outstanding. (g) Depreciation In accordance with SSAP 19 no depreciation is provided on freehold investment properties. Although the Companies Act 2006 requires all properties to be depreciated the directors believe that departure from this requirement is necessary in order for the financial statements to give a true and fair view. Depreciation is reflected in the open market value of the investment properties and land and buildings included in the financial statements and cannot be quantified separately. Plant and equipment is depreciated on a straight line basis at annual rates varying between 10% and 33%. 27
- Page 1 and 2: CADOGAN GROUP LIMITED Annual Report
- Page 3 and 4: CHAIRMAN’S STATEMENT 31 DECEMBER
- Page 5 and 6: Financial Highlights GROSS RENTS AN
- Page 8: CHIEF ExECUTIVE’S REVIEW 31 DECEM
- Page 12: CHIEF ExECUTIVE’S REVIEW 31 DECEM
- Page 16 and 17: CHIEF ExECUTIVE’S REVIEW 31 DECEM
- Page 18: CHIEF ExECUTIVE’S REVIEW 31 DECEM
- Page 21 and 22: 20 DIRECTORS’ REPORT 31 DECEMBER
- Page 23 and 24: INDEPENDENT AUDITOR’S REPORT 31 D
- Page 25 and 26: CONSOLIDATED BALANCE SHEET 31 DECEM
- Page 27: COMPANY BALANCE SHEET 31 DECEMBER 2
- Page 31 and 32: NOTES ON THE FINANCIAL STATEMENTS 3
- Page 33 and 34: NOTES ON THE FINANCIAL STATEMENTS 3
- Page 35 and 36: NOTES ON THE FINANCIAL STATEMENTS 3
- Page 37 and 38: NOTES ON THE FINANCIAL STATEMENTS 3
- Page 39 and 40: NOTES ON THE FINANCIAL STATEMENTS 3
- Page 41 and 42: NOTES ON THE FINANCIAL STATEMENTS 3
- Page 43 and 44: NOTES ON THE FINANCIAL STATEMENTS 3
- Page 45 and 46: NOTES ON THE FINANCIAL STATEMENTS 3
- Page 47 and 48: FIVE YEAR SUMMARY 31 DECEMBER 2012
CONSOLIDATED CASH FLOW STATEMENT 31 DECEMBER <strong>2012</strong><br />
Note <strong>2012</strong> 2011<br />
£000 £000<br />
net Cash inflow From operating activities<br />
20 60,072 68,281<br />
Returns on investments and servicing of Finance<br />
Interest received<br />
Interest paid<br />
net Cash outflow From Returns on investments and servicing of Finance<br />
1,279 311<br />
(29,728) (26,844)<br />
(28,449) (26,533)<br />
taxation<br />
Corporation tax paid<br />
(8,793) (10,709)<br />
Capital expenditure and Financial investment<br />
Purchase of tangible fixed assets<br />
Proceeds from sales of fixed assets<br />
net Cash inflow/(outflow) From Capital expenditure and Financial investment<br />
(141,066) (64,587)<br />
91,485 82,725<br />
(49,581) 18,138<br />
acquisitions and Disposals<br />
Purchase of subsidiary undertaking<br />
Net cash acquired with subsidiary undertaking<br />
net Cash outflow From acquisitions and Disposals<br />
13 (4,855) (548)<br />
13 18 416<br />
(4,837) (132)<br />
equity Dividends Paid<br />
(34,000) (30,000)<br />
net Cash inflow/(outflow) Before Financing<br />
(65,588) 19,045<br />
Financing<br />
Increase in long term borrowings<br />
Repayment of long term borrowings<br />
net Cash inflow From Financing<br />
30,000 150,047<br />
(23,376) (117,033)<br />
21 6,624 33,014<br />
increase/(Decrease) in Cash For the Year<br />
22 (58,964) 52,059<br />
Notes 1 to 25 form an integral part of these financial statements.<br />
26
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