| 10. PROPERTY, PLANT AND EQUIPMENT |
|
|
|
|
| At valuation 1st January 2005 |
8,154 |
1,597 |
1,535 |
11,286 |
| Prior year restatement in respect
of operating leases (see note 1 (q)) |
– |
– |
(1,535) |
(1,535) |
| As restated at 1st January 2005 |
8,154 |
1,597 |
– |
9,751 |
| (Deficit)/surplus on revaluation |
(174) |
321 |
– |
147 |
| At valuation 31st December 2005 (restated) |
7,915 |
1,918 |
– |
9,833 |
| Transfer of asset to investment properties |
(1,652) |
– |
– |
(1,652) |
| (Deficit)/surplus on revaluation |
(475) |
518 |
– |
43 |
| At valuation 31st December
2006 |
6,662 |
2,436 |
– |
9,098 |
| Prior year restatement in respect
of operating leases (refer note 1(q)) |
– |
– |
(187) |
(187) |
| As restated at 1st January 2005 |
404 |
122 |
– |
526 |
| At 31st December 2005 (restated) |
665 |
168 |
|
833 |
| Transfer of accumulated depreciation
to investment properties |
(155) |
– |
– |
(155) |
| Net book value 31st December
2006 |
5,890 |
2,200 |
– |
8,090 |
| Net book value 31st December 2005 |
7,250 |
1,750 |
– |
9,000 |
| Original cost of operating
properties at 31st December 2006 |
5,727 |
1,583 |
– |
7,310 |
| Original cost of operating properties
at 31st December 2005 |
8,367 |
1,583 |
– |
9,950 |
Operating properties with a net book value of £8,090,000
(2005: £9,000,000) are charged as security against the Group’s borrowings
(refer note 16).
The surplus on revaluation of £518,000 for the year ended 31st December
2006 is credited to property revaluation reserve. The revaluation deficit
of £475,000 is debited to the income statement. If the operating properties
were measured using the cost model, the carrying value would be £6,302,000
(2005: £9,117,000).
The Group’s operating properties have been valued at market value
as at 31st December 2006 by independent professional valuers DTZ Debenham
Tie Leung, Chartered Surveyors, on the basis of Existing Use Value in
accordance with the Appraisal and Valuation Manual of the Royal Institution
of Chartered Surveyors and without any special assumptions. The values
disclosed above are as stated by the valuer in their valuation report
to the Directors. The valuer has consented to the use of its name in this
report. A definition of market value is set out in note 11. |
