Notes to the Parent Company Financial Statements (continued)
for the year ended 31st December 2012
4. investments (continued)
At 31st December 2012, the Directors reviewed the fair value of Zoopla. Based on an analysis of the price paid per share in April 2012, an analysis of
the valuation of Zoopla assumed as part of the merger and an analysis of trading subsequent to these events, the Directors determined that the most
appropriate fair value for combined Zoopla Group was £245m, with LSL Group’s share of this being £11.8m. This resulted in a £10.7m valuation uplift
being recorded at December 2012.
investments in joint ventures
2012 2011
£’000 £’000
At cost
At 1st January 1,422 750
Additions 10 672
At 31st December 1,432 1,422
Details of the joint ventures held by the Company are shown in note 33 to the Group Financial Statements.
5. Debtors
2012 2011
£’000 £’000
Deferred tax asset (note 8) 203 323
Corporation tax recoverable – 764
Group relief receivable 11,667 9,445
Prepayments 10 2
Amounts owed by Group undertakings 21,000 17,735
32,880 28,269
6. creditors: amounts falling due within one year
2012 2011
£’000 £’000
Bank overdraft (note 9) 22,516 8,613
Other taxes and social security payable 219 393
Accruals 2,862 1,899
Contingent consideration – 145
Deferred consideration 450 334
Amounts owed to Group undertakings 100,079 77,014
126,126 88,398
Contingent consideration
£nil (2011: £145,000) of contingent consideration is payable to third parties in relation to the acquisition of its subsidiaries in 2007 and 2012. This is
payable between three and five years after the acquisition dates depending on the profitability of those subsidiaries in the relevant years. In 2012,
the contingent consideration has been recalculated based on the latest management’s expectation using a discount rate of 7% (2011:7%).
Deferred consideration
Deferred consideration of £450,000 relates to Marsh & Parsons acquisition in November 2011. This is payable at any time between 31st March 2016
and 31st March 2020 at the option of management of Marsh & Parsons Ltd. No interest is payable on this.
7. creditors: amounts falling due after one year
2012 2011
£’000 £’000
Loans (note 9) 24,500 38,500
Derivative financial liability – interest rate swap 836 1,265
25,336 39,765
112 ANNUAL REPORT AND ACCOUNTS 2012