Final Results -21-

| As at 30 June 2007                          |         - |  |       - |  |                 - | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| As at 1 January 2008                        |    16,080 |  |   8,697 |  |            24,777 | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| As at 31 December 2008                      |    19,897 |  |  13,439 |  |            33,336 | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
 
 
 
 
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 
for the year ended 31 December 2008 
 
 
 
 
15    INVESTMENT PROPERTY (continued) 
The total estimated fair value ("market value") of all of the investment 
properties including the Group's share of joint ventures is GBP66,207,000 
(EUR67,958,000) arrived at by Colliers CRE Chartered Surveyors in their report 
dated 31 December 2008 (2007: GBP 55,162,000, EUR75,020,000). 
 
 
+--------------------------------+------------------------------------------------+ 
| Average rental rate per sqm in |                                     4.5 - 34.9 | 
| GBP                            |                                                | 
+--------------------------------+------------------------------------------------+ 
| Net initial yield              |                                  8.57% - 9.25% | 
+--------------------------------+------------------------------------------------+ 
| Construction area in sqm       |                                7,174 - 125,788 | 
+--------------------------------+------------------------------------------------+ 
 
 
The table below presents the sensitivity of fair value to average fair value as 
per valuation report GBP66,207,000, due to change in assumptions: 
 
 
+----------------------------------+---+----------------------+---+------------------+ 
|                                  |   |               As at  |   |           Change | 
|                                  |   |     31 December 2008 |   |       to average | 
+----------------------------------+---+----------------------+---+------------------+ 
|                                  |   |              GBP'000 |   |          GBP'000 | 
+----------------------------------+---+----------------------+---+------------------+ 
|                                  |   |                      |   |                  | 
+----------------------------------+---+----------------------+---+------------------+ 
| Increase of 10% in construction  |   |               71,830 |   |            6,120 | 
| area                             |   |                      |   |                  | 
+----------------------------------+---+----------------------+---+------------------+ 
| Decrease of 10% in construction  |   |               59,198 |   |          (6,511) | 
| area                             |   |                      |   |                  | 
+----------------------------------+---+----------------------+---+------------------+ 
|                                  |   |                      |   |                  | 
+----------------------------------+---+----------------------+---+------------------+ 
| Increase of 10% in estimated     |   |               86,234 |   |           20,495 | 
| rental income                    |   |                      |   |                  | 
+----------------------------------+---+----------------------+---+------------------+ 
| Decrease of 10% in estimated     |   |               44,829 |   |         (20,881) | 
| rental income                    |   |                      |   |                  | 
+----------------------------------+---+----------------------+---+------------------+ 
 
 
 
 
 
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 
for the year ended 31 December 2008 
 
 
 
 
16INVENTORIES 
+---------------------------------------------+----------------+--+----------------+ 
|                                             |    31 December |  |    31 December | 
|                                             |           2008 |  |           2007 | 
+---------------------------------------------+----------------+--+----------------+ 
|                                             |        GBP'000 |  |        GBP'000 | 
+---------------------------------------------+----------------+--+----------------+ 
|                                             |                |  |                | 
+---------------------------------------------+----------------+--+----------------+ 
| Balance at start of period                  |              - |  |         21,040 | 
+---------------------------------------------+----------------+--+----------------+ 
| Acquisitions                                |              - |  |          3,812 | 
+---------------------------------------------+----------------+--+----------------+ 
| Reclassification to investment property     |              - |  |       (24,852) | 
+---------------------------------------------+----------------+--+----------------+ 
| Balance at end of period                    |              - |  |              - | 
+---------------------------------------------+----------------+--+----------------+ 
 
 
 
 
Effective from December 2007 Management changed its intentions with respect to 
the trading properties held for future undetermined use and therefore the 
respective properties were reclassified to investment properties. 
 
 
17    TRADE AND OTHER RECEIVABLES 
 
 
+----------------------+-------------+--+-------------+--+------------+--+-----------+ 
|                      | 31 December 2008             |  |     31 December 2007      | 
+----------------------+------------------------------+--+---------------------------+ 
|                      |       Group |  |     Company |  |      Group |  |   Company | 
+----------------------+-------------+--+-------------+--+------------+--+-----------+ 
|                      |     GBP'000 |  |     GBP'000 |  |    GBP'000 |  |   GBP'000 | 
+----------------------+-------------+--+-------------+--+------------+--+-----------+ 
|                      |             |  |             |  |            |  |           | 
+----------------------+-------------+--+-------------+--+------------+--+-----------+ 
| Trade receivables    |           - |  |           - |  |          - |  |         - | 
+----------------------+-------------+--+-------------+--+------------+--+-----------+ 
| Amounts owed by      |           - |  |       1,864 |  |          - |  |     2,610 | 
| group undertakings   |             |  |             |  |            |  |           | 
+----------------------+-------------+--+-------------+--+------------+--+-----------+ 
| Other debtors        |         509 |  |           - |  |        261 |  |        31 | 
+----------------------+-------------+--+-------------+--+------------+--+-----------+ 
| Other taxes          |         100 |  |           7 |  |        287 |  |         - | 
+----------------------+-------------+--+-------------+--+------------+--+-----------+ 
| Prepayments          |          89 |  |          81 |  |         27 |  |        24 | 
+----------------------+-------------+--+-------------+--+------------+--+-----------+ 
|                      |         698 |  |       1,952 |  |        575 |  |     2,665 | 
+----------------------+-------------+--+-------------+--+------------+--+-----------+ 
 
 
Trace receivables and other receivables constitute the only financial assets 
within the category "loans and receivables" as defined by IAS 39. 
Based on prior experience and an assessment of the current economic environment, 
the directors do not consider any impairment provision is required against the 
above assets and consider that the carrying amount of the Company's trade and 
other receivables approximates their fair value. 
 
 
Included within amounts owed by group companies is a loan (31 December 2008, 
GBP1,756,000; 31 December 2007, GBP1,756,000) repayable on demand. This loan is 
denominated in Sterling and carries interest charged at the Bank of England Base 
Rate plus 2%. 
 
 
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 
for the year ended 31 December 2008 
 
 
18    TRADE AND OTHER PAYABLES 
 
 
+----------------------+-------------+--+-------------+--+------------+--+------------+ 
|                      |      31 December 2008        |  |      31 December 2007      | 
+----------------------+------------------------------+--+----------------------------+ 
|                      |       Group |  |     Company |  |      Group |  |    Company | 
+----------------------+-------------+--+-------------+--+------------+--+------------+ 
|                      |     GBP'000 |  |     GBP'000 |  |    GBP'000 |  |    GBP'000 | 
+----------------------+-------------+--+-------------+--+------------+--+------------+ 
|                      |             |  |             |  |            |  |            | 
+----------------------+-------------+--+-------------+--+------------+--+------------+ 
| Trade payables       |           - |  |           - |  |         84 |  |          - | 
+----------------------+-------------+--+-------------+--+------------+--+------------+ 
| Other taxation and   |          58 |  |           7 |  |         11 |  |          6 | 
| social security      |             |  |             |  |            |  |            | 
+----------------------+-------------+--+-------------+--+------------+--+------------+ 
| Other creditors *    |       3,946 |  |           - |  |        116 |  |          - | 
+----------------------+-------------+--+-------------+--+------------+--+------------+ 
| Wages & Salaries     |           9 |  |           7 |  |         12 |  |          8 | 
+----------------------+-------------+--+-------------+--+------------+--+------------+ 
| Accruals             |         123 |  |         123 |  |        725 |  |        725 | 
+----------------------+-------------+--+-------------+--+------------+--+------------+