Notes to the Accounts
30 Joint venture
In April 2009 Construction Site Solutions Limited Liability Partnership (‘CSS’), a consortium consisting of Hewden Stuart Plc, Speedy Hire Plc, Lavendon Group Plc and The BSS Group plc were granted a licence from ODA to supply plant and builders merchant products to primary on-site contractors. Each consortium member has a 25% holding in CSS.
CSS qualifies as a joint venture under IFRS and has been accounted for using the equity method.
| 2010 £m |
|
|---|---|
| Amounts relating to the joint venture | |
| Current assets | 0.1 |
| Long-term assets | 0.5 |
| Cash at bank and in hand | 0.9 |
| Current liabilities | (0.4) |
| Net assets | 1.1 |
| Group’s share of net assets of joint venture | 0.3 |
| Revenue | 0.4 |
| Expenses | (0.4) |
| Profit | – |
| Group’s share of profit of joint venture | – |
As far as the Group is aware, there are no contingent liabilities or capital commitments outstanding in or on behalf of CSS LLP and the other consortium members at 31 March 2010.
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