Finance
Last updated:Ìý8 july, 2009 - 11:50 GMT
5. Tangible fixed assets
5a. Tangible fixed assets at 31 March
|
Land and buildings £³¾ |
Ìý |
Plant and machinery £³¾ |
Ìý |
Furniture and fittings £³¾ |
Ìý |
Assets under construction £³¾ |
Ìý |
Total £³¾ |
Ìý | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost or valuation | ||||||||||
| At 1 April 2008 | 56.5 | Ìý | 229.4 | Ìý | 17.5 | Ìý | 13.8 | Ìý | 317.2 | Ìý |
| Additions | 0.3 | Ìý | 14.8 | Ìý | 0.6 | Ìý | 10.9 | Ìý | 26.6 | Ìý |
| Brought into service | 0.1 | Ìý | 10.2 | Ìý | 0.5 | Ìý | (10.8 | ) | - | Ìý |
| Disposals | (0.2 | ) | (1.6 | ) | (0.3 | ) | - | Ìý | (2.1 | ) |
| At 31 March 2009 | 56.7 | Ìý | 252.8 | Ìý | 18.3 | Ìý | 13.9 | Ìý | 341.7 | Ìý |
| Ìý | ||||||||||
| Depreciation | ||||||||||
| At 1 April 2008 | 39.5 | Ìý | 119.7 | Ìý | 6.6 | Ìý | - | Ìý | 165.8 | Ìý |
| Charge for the year | 2.4 | Ìý | 23.7 | Ìý | 2.3 | Ìý | - | Ìý | 28.4 | Ìý |
| Elimination in respect of disposals | (0.2 | ) | (1.6 | ) | (0.3 | ) | - | Ìý | (2.1 | ) |
| At 31 March 2009 | 41.7 | Ìý | 141.8 | Ìý | 8.6 | Ìý | - | Ìý | 192.1 | Ìý |
| Ìý | ||||||||||
| Net book value | ||||||||||
| At 31 March 2009 | 15.0 | Ìý | 111.0 | Ìý | 9.7 | Ìý | 13.9 | Ìý | 149.6 | Ìý |
| At 31 March 2008 | 17.0 | Ìý | 109.7 | Ìý | 10.9 | Ìý | 13.8 | Ìý | 151.4 | Ìý |
Plant and machinery and furniture and fittings were revalued at 1 April 1996 based on the estimated current replacement cost of the assets, adjusted for service potential. Following the introduction of FRS 15: Tangible Fixed Assets, ³ÉÈË¿ìÊÖ World Service has retained these revalued assets at their valuation as adjusted for depreciation. ³ÉÈË¿ìÊÖ World Service does not plan to revalue these assets on an ongoing basis.
All fixed assets are held directly by ³ÉÈË¿ìÊÖ World Service as at 31 March 2009 except for £0.2m (2008: £0.2m) held by ³ÉÈË¿ìÊÖ do Brasil Limitada, its subsidiary.
5b. Historical cost basis
The net book value of tangible fixed assets included in the preceding table determined on an historical cost basis is as follows:
|
Plant and machinery 2009 £³¾ |
Ìý |
Plant and machinery 2008 £³¾ |
Ìý |
Furniture and fittings 2009 £³¾ |
Ìý |
Furniture and fittings 2008 £³¾ |
Ìý | |
|---|---|---|---|---|---|---|---|---|
| Cost | 307.5 | Ìý | 284.1 | Ìý | 21.0 | Ìý | 20.1 | Ìý |
| Depreciation | (197.3 | ) | (176.0 | ) | (11.3 | ) | (9.2 | ) |
| Net book value | 110.2 | Ìý | 108.1 | Ìý | 9.7 | Ìý | 10.9 | Ìý |
Land and buildings at net book value comprise:
|
2009 £³¾ |
2008 £³¾ |
|
|---|---|---|
| Freeholds | 1.8 | 2.3 |
| Short leaseholds | 13.2 | 14.7 |
| Total | 15.0 | 17.0 |
The members of the ³ÉÈË¿ìÊÖ World Service Board are satisfied that there has been no impairment in the carrying values of freehold properties at the balance sheet date.
Land and buildings include freehold land at a cost of £0.1 million (2008: £0.1 million) which is not depreciated.
5c. Finance leases
Assets held under finance leases, capitalised and included in plant and machinery within tangible fixed assets are as follows:
|
2009 £³¾ |
Ìý |
2008 £³¾ |
Ìý | |
|---|---|---|---|---|
| Cost | 1.9 | Ìý | 1.9 | Ìý |
| Accumulated depreciation | (1.3 | ) | (1.2 | ) |
| Total | 0.6 | Ìý | 0.7 | Ìý |
The finance leases relate to IT equipment that was originally leased to ³ÉÈË¿ìÊÖ World Service under operating leases. As at 1 April 2005, the contract was varied to allow the assets to be used by ³ÉÈË¿ìÊÖ World Service for substantially their entire economic lives.As a result, these assets have been capitalised and included in tangible fixed assets.
Annual review 2008/09
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