Annual Report and Accounts 2009

Notes to the Consolidated Financial Statements for the year to 31 December 2009

14. Interests in joint ventures

  2009
£m
2008
£m
Aggregated amounts relating to share of joint ventures
Non-current assets
Current assets 63.5 89.4
Total assets 63.5 89.4
 
Current liabilities (10.6) (20.2)
Non-current liabilities (27.6) (32.5)
Total liabilities (38.2) (52.7)
 
Carrying amount 25.3 36.7
Loans to joint ventures 26.6 31.0
Total interests in joint ventures 51.9 67.7
  2009
£m
2008
£m
Share of post-tax profits from joint ventures
Revenue 16.3 24.2
Cost of sales (10.0) (14.5)
Gross profit 6.3 9.7
Net operating expenses (0.6) (1.7)
Profit on ordinary activities before finance costs 5.7 8.0
Finance costs (0.2)
Profit on ordinary activities before tax 5.7 7.8
Taxation (0.1) (0.2)
Share of joint ventures' post-tax results for the year 5.6 7.6

The Group has three (2008: four) principal joint ventures.

Particulars of principal joint ventures are as follows:

Country of incorporation Name of joint venture equity accounted
in the consolidated accounts
Taylor Wimpey plc
interest in the issued
ordinary share capital
Great Britain Strada Developments Limited* 50%
  Academy Central Limited Liability Partnership* 50%
USA Taylor Woodrow Communities/Steiner Ranch Limited* 50%

* Interest held by subsidiary undertakings.