Notes to the Consolidated Financial Statements

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for the year to 31 December 2007

14. Interests in joint ventures

2007 2006
£m £m
Aggregated amounts relating to share of joint ventures    
Non-current assets – 30.0
Current assets 101.6 80.7
Total assets 101.6 110.7
Current liabilities (40.9) (46.5)
Non-current liabilities (27.6) (23.6)
Total liabilities (68.5) (70.1)
   
Carrying amount 33.1 40.6
Loans to joint ventures 26.8 15.6
Total interests in joint ventures 59.9 56.2
     
Share of post tax profits from joint ventures    
Revenue 81.3 106.9
Cost of sales (51.4) (76.3)
Gross profit 29.9 30.6
Net operating expenses (1.6) (1.0)
Profit on ordinary activities before finance costs 28.3 29.6
Finance costs (0.6) (3.9)
Profit on ordinary activities before tax 27.7 25.7
Taxation (4.3) (3.6)
Share of joint ventures’ post tax results for the year 23.4 22.1

The Group has five (2006: 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
(*interest held by subsidiary undertakings)		 Taylor Wimpey plc interest in the issued ordinary share capital
Great Britain Greenwich Millennium Village Limited* 50%
GN Tower Limited* 50%
Falcon Wharf Limited* 50%
Academy Central Limited Liability Partnership* 62%
USA Taylor Woodrow Communities/Steiner Ranch Limited* 50%

GN Tower Limited, Falcon Wharf Limited and Academy Central Limited Liability Partnership were acquired as part of the George Wimpey plc merger on the 3 July 2007. In the same transaction the Group acquired the remaining 50% shareholding of North Central Management Limited (NCM) which is now accounted for as a subsidiary. The book value of the assets and liabilities of NCM approximates the fair value as at the date of acquisition.