Investment
in Howarth
(former
associate)
£000
Option
£000
Investment
in joint
venture
£000
Total
£000
Cost or fair value
At 30 June 20128221,1142,5634,499
Additions200200
Share of profit after tax250676926
Net proceeds on disposal of investment in Howarth (former associate)(1,364)(1,364)
Realised gain on sale of investment in Howarth (former associate)292292
Distributions from joint ventures(2,996)(2,996)
Fair value adjustment4949
Movement during the year to 30 June 2013(822)249(2,320)(2,893)
At 30 June 20131,3632431,606
Share of profit after tax613613
Distributions from joint ventures(856)(856)
Fair value adjustment(822)(822)
Movement during the year to 30 June 2014(822)243(1,065)
Net book value
At 30 June 2014541541
At 30 June 20131,3632431,606

On 18 December 2008, Inland entered into an Option and Development Services Agreement with DGVL which granted Inland Limited an option for a consideration of £250,000 to purchase the share capital of DGVL at an exercise price of £1. The initial period of the option was for one year from the date of the agreement and this could be extended on up to four occasions to a maximum period of ten years by making further payments. During the years ended 30 June 2010, 2011, 2012 and 2013, the option period was extended to expire on 15 January 2019 for a total consideration of £1,200,000. In accordance with the Group's accounting policy for financial assets, the option has been measured at fair value at 30 June 2014, which resulted in a fair value loss of £822,000 (2013: gain of £49,000) that has been recognised in the Group Income Statement, resulting in the option being valued at £659,000 below the actual consideration paid for the option. The fair value of the option has decreased as the profits are being realised and are available for distribution to the shareholder of DGVL. An explanation of the fair value is included in note 27.

The Group's joint venture in Croxley Green, Hertfordshire has now come to an end. The Group's 50% share of the profits after tax for the period to 30 June 2014 amounts to £613,000 (2013: £676,000) that has been recognised in the Group Income Statement.

At 30 June 2014 the Company, directly or indirectly, held 10% or more of the equity of the following:

Company nameCountry of registrationPrincipal activityHoldingClass of shares
Inland LimitedEngland & WalesReal estate development100%Ordinary
Poole Investments LimitedEngland & WalesReal estate investment100%Ordinary
Inland Housing LimitedEngland & WalesReal estate development100%Ordinary
Inland Finance LimitedEngland & WalesReal estate investment100%Ordinary
Inland (Southern) LimitedEngland & WalesReal estate development100%Ordinary
Inland Homes (Essex) LimitedEngland & WalesReal estate development100%Ordinary
Inland Homes Developments LimitedEngland & WalesReal estate development100%Ordinary
Inland New Homes LimitedEngland & WalesReal estate development100%Ordinary
Exeter Road (Bournemouth) LimitedEngland & WalesReal estate development100%Ordinary
Inland Homes 2013 LimitedEngland & WalesHolding company100%Ordinary
Inland ZDP plcEngland & WalesProvision of finance100%Ordinary