Notes to the financial statements
14 Investments in joint ventures
| Group Shares at cost £m |
Group Group share of post- acquisition reserves £m |
Group Total £m |
Company Shares at cost £m |
|
|---|---|---|---|---|
| At 25 March 2007 | 76 | 22 | 98 | 76 |
| Additions in year | 62 | – | 62 | 15 |
| Share of retained loss | – | (2) | (2) | – |
| Movements in equity (note 24) | – | (10) | (10) | – |
| At 22 March 2008 | 138 | 10 | 148 | 91 |
At 26 March 2006 |
6 | 4 | 10 | 6 |
| Addition of Sainsbury’s Bank | 70 | 18 | 88 | 70 |
| At 24 March 2007 | 76 | 22 | 98 | 76 |
The holdings directly owned by the Company of the Group’s principal joint ventures were:
| Year-end | Share of ordinary allotted capital |
Country of registration or incorporation |
|
|---|---|---|---|
| Hedge End Park Ltd (property investment - UK) | 22 March | 50% | England |
| Boutique Sainsbury SARL (food retailing - France) | 31 December | 50% | France |
| Harvest GP Limited (property investment - UK) | 31 March | 50% | England |
| Sainsbury’s Bank plc (financial services - UK) | 31 December | 50% | England |
Where relevant, management accounts for the joint ventures have been used to include the results up to 22 March 2008.
The Group's share of the assets, liabilities, income and expenses of its principal joint ventures are detailed below:
| 2008 £m |
2007 £m |
|
|---|---|---|
| Non-current assets | 1,069 | 577 |
| Current assets | 2,405 | 1,140 |
| Current liabilities | (2,896) | (1,376) |
| Non-current liabilities | (430) | (243) |
| Net assets | 148 | 98 |
Income |
237 | 33 |
| Expenses | (239) | (33) |
| Loss after tax | (2) | – |