Notes on The Accounts (Continued)
9. FIXED ASSETS (Continued)
Plant,
Leasehold
Motor
fixtures and
land
Buildings
buses
equipment
Total
$000's
$000's
$000's
$000's $000's
The company
Cost or valuation :
At 1st July, 1990
51,016
45,324
417,290
30,926 544,556
Additions
64,998
1,280
66,278
Disposals
(7,476)
(39)
(7,515)
At 30th June, 1991
51,016
45,324
474,812
32,167
603,319
Aggregate depreciation :
At 1st July, 1990
Written back on disposal
Charge for the year
At 30th June, 1991
Net book value :
At 30th June, 1991
Add: Buses under construction & in transit at cost
3,961
291,887
23,755
319,603
(6,892)
(31)
(6,923)
486
26,764
1,507
28,757
4,447
311,759
25,231
341,437
51,016
40,877
163,053
6,936
261,882
30,706
292,588
Net book value :
At 30th June, 1990
51,016
41,363
125,403
7,171
224,953
Add: Buses under construction & in transit at cost
45,771
270,724
Leasehold land at 30th June, 1991 is held in Hong Kong under long lease and comprises the following:-
The group
The company
1991
1990
1991
1990
$000's
$000's
$000's
$000's
At 1962 valuation
At cost
22,800
22,800
17,000
17,000
34,016
34,369 34,016
34,016
56,816
57,169
51,016 51,016
Included in the above is leasehold land of HK$12,500,000 (at 1962 valuation) which, at 30th June, 1991, was not used by the company in connection with its franchised bus operations. As explained in note 22, the company has reached agreement in principle subject to contract with a property developer to form a limited company to develop this property.
18