27 Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its joint ventures are disclosed below.
Trading transactions
During the year, Group companies entered into transactions to provide construction and property development services with related parties, all of which were joint ventures, not members of the Group. Transactions and amounts owed at the year end are as follows:
| Provision of goods and services |
Amounts owed by/(to) related parties |
|||
|---|---|---|---|---|
| 2008 £m |
2007 £m |
2008 £m |
2007 £m |
|
| Claymore Roads (Holdings) Limited | 0.1 | – | 0.1 | 0.2 |
| Community Solutions for Primary Care (Holdings) Limited | 41.0 | 7.9 | 2.2 | 0.8 |
| Morgan-Vinci Limited | – | – | 0.1 | 0.1 |
| Bluelight Holdings Limited | 20.3 | 9.5 | 1.3 | 2.4 |
| Ashton Moss Developments Limited | – | – | (0.2) | (0.1) |
| Bromley Park Limited | – | 8.2 | (6.1) | (5.9) |
| Chatham Place (Building 1) Limited | 0.3 | – | 0.1 | 0.1 |
| ECf (General Partner) Limited | 1.5 | – | – | 0.1 |
| Eurocentral Partnership Limited | 1.4 | 11.3 | 0.2 | – |
| Lewisham Gateway Developments Limited | – | – | 0.1 | – |
| Lingley Mere Business Park Development Company | ||||
| Limited | 2.3 | 2.6 | (3.5) | (7.3) |
| Lingley Mere Business Park Development Company | ||||
| Limited | – | – | – | 0.8 |
| North Shore Development Partnership Limited | – | – | 0.1 | – |
| The Compendium Group Limited | 2.2 | 2.2 | – | – |
| 69.1 | 41.7 | (5.6) | (8.8) | |
| Amounts owed by/(to) related parties |
||
|---|---|---|
| 2008 £m |
2007 £m |
|
| Amounts owed by related parties | 4.2 | 4.5 |
| Amounts owed to related parties | (9.8) | (13.3) |
| (5.6) | (8.8) | |
All transactions with related parties were made on an arm’s length basis.
The amounts outstanding are unsecured and will be settled in cash. Other than construction-related performance guarantees given in the ordinary course of business, no guarantees have been given or received. No provisions have been made for doubtful debts in respect of amounts owed by related parties. All amounts owed or owing by related parties are non-interest bearing.
Remuneration of key management personnel
The remuneration of the directors, who are key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 ‘Related Party Disclosures’. Further information about the remuneration of individual directors is provided in the audited part of the directors’ remuneration report.
| 2008 £m |
2007 £m |
|
|---|---|---|
| Short-term employee benefits | 2.2 | 2.5 |
| Other long-term benefits | 1.5 | 0.3 |
| Share option exercises | 0.8 | – |
| Post-employment benefits | 0.1 | 0.1 |
| 4.6 | 2.9 |
Directors’ transactions
There were no transactions between the Group and the directors during the year or in the subsequent period to 23 February 2009 beyond those disclosed in the remuneration report.
There have been no other related party transactions with any director either during the year or in the subsequent period to 23 February 2009.
Directors’ material interests in contracts with the Company
No director held any material interest in any contract with the Company or any Group company in the year or in the subsequent period to 23 February 2009.