Financial Statements

Notes to the Consolidated Financial Statementsfor the year to 31 December 2008

15. Interests in joint ventures

2008
£m
2007
£m
Aggregated amounts relating to share of joint ventures    
Non-current assets
Current assets 89.4 101.6
Total assets 89.4 101.6
     
Current liabilities (20.2) (40.9)
Non-current liabilities (32.5) (27.6)
Total liabilities (52.7) (68.5)
     
Carrying amount 36.7 33.1
Loans to joint ventures 31.0 26.8
Total interests in joint ventures 67.7 59.9
2008
£m
2007
£m
Share of post-tax profits from joint ventures    
Revenue 24.2 81.3
Cost of sales (14.5) (51.4)
Gross profit 9.7 29.9
Net operating expenses (1.7) (1.6)
Profit on ordinary activities before finance costs 8.0 28.3
Finance costs (0.2) (0.6)
Profit on ordinary activities before tax 7.8 27.7
Taxation (0.2) (4.3)
Share of joint ventures’ post-tax results for the year 7.6 23.4

The Group has four (2007: five) 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 Greenwich Millennium Village Limited*     50%
Strada Developments Limited*     50%
Academy Central Limited Liability Partnership*     62%
USA Taylor Woodrow Communities/Steiner Ranch Limited*     50%

* Interest held by subsidiary undertakings.