7.
Fixed assets (continued)
Leasehold
Motor
Plant, fixtures and
land
Buildings
buses
equipment
$000's
$000's
$000's
$000's
Total
$000's
The company
Cost or valuation:
At 1st July, 1987
46,177
Additions
39,920 437
344,526
27,747
458,370
21,807
836
23,080
Disposals
(5,378)
(81)
(5,459)
At 30th June, 1988
46,177
40,357
360,955
28,502
475,991
Aggregate depreciation:
At 1st July, 1987
Written back on disposal
Charge for the year
At 30th June, 1988
Net book value:
2.643
233,568
19,954
256,165
(4,986)
(60)
(5,046)
414
27,138
1,424
28,976
3,057
255,720
21,318
280,095
46,177
37,300
105,235
7,184
195,896
At 30th June, 1988
Add: Buses under
construction &
in transit at cost
Net book value:
At 30th June, 1987
Add: Buses under
construction &
in transit at cost
23,445
219,341
46,177
37,277
110,958
7,793
202,205
19,335
221,540
Leasehold land at 30th June, 1988 is held in Hong Kong under long leases and comprises the following:-
At 1962 valuation At cost
The group
The company
1988
1987
1988
1987
$000's
$000's
$000's
$000's
22,800
22,800
17,000
17,000
29,530
29,530
29,177
29,177
52,330
52,330
46,177
46,177
Included in the above is leasehold land of HK$12,500,000 (at 1962 valuation) which, at 30th June, 1988, was not used by the company in connection with its franchised bus operations. The company's application to the Town Planning Board for permission under Section 16 of the Town Planning Ordinance (Cap. 131) to redevelop this property into residential, office and retail complexes has been approved on the basis of the submitted Revised Master Layout Plan subject to a number of conditions.
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