29 INVESTMENTS

  Shares in
subsidiary
undertakings
£’000
Interest in
associated
undertakings
£’000
Interest
in loan
notes
£’000
Interest
in joint
ventures
£’000
Total
£’000
Cost at 1st January 2007 112,246 755 450 113,451
Investment in joint ventures 122 122
Additions 2,243 997 8,425 11,665
Disposals (241) (241)
At 31st December 2007 114,489 997 9,180 331 124,997
Amounts provided:          
At 1st January 2007 (32,494) (32,494)
Provision (154) (500) (654)
31st December 2007 (32,494) (154) (500) (33,148)
Net book value at 31st December 2007 81,995 843 8,680 331 91,849
Net book value at 31st December 2006 79,752 755 450 80,957

Interest in loan notes includes £255,000 (2006: £755,000) invested in loan stock of Continental Estates Corporation BV. Continental Estates Corporation BV is incorporated and registered in The Netherlands. The company’s principal activity is currently as an investment holding company. Details of the Company’s equity investment in Continental Estates Corporation BV are set out in note 12(a) of the Group financial statements.

The Company acquired £8,425,000 of loan notes in CTP Securities Limited, a company incorporated and registered in the United Kingdom. The loan notes earn interest at a fixed rate of 4.25 per cent per annum.

The interest in joint ventures, representing the Company's investment in Wimbledon Phoenix Limited, is set out in note 12(b) of the Group financial statements. The Company disposed of its interest in Luneside East Limited during the year.

The principal subsidiaries of the Company are set out in note 12(c) of the Group financial statements.

Copyright © 2008 Development Securities plc

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