Notes on The Accounts (Continued)
8. FIXED ASSETS (Continued)
(b) Company
Cost or valuation:
Plant,
Leasehold
Motor
fixtures and
land
Buildings
buses
equipment
Total
$000's
$000's
$000's
$000's
$000's
At 1st July, 1997
33,606
45,447
655,776
37,737
772,566
Additions
47,170
362
47,532
Disposals
(26,069)
(15,968)
(42,037)
At 30th June, 1998
33,606
45,447
676,877
22,131
778,061
Aggregate depreciation:
At 1st July, 1997
Charge for the year
Written back on disposals
At 30th June, 1998
6,286
401,803
33,479
441,568
523
37,359
919
38,801
(25,162)
(15,878)
(41,040)
6,809
414,000
18,520
439,329
Net book value:
At 30th June, 1998
33,606
38,638
262,877
3,611
338,732
Add: Buses under construction & in transit - at cost
338,732
Net book value:
At 30th June, 1997
33,606
39,161
253,973
4,258
330,998
Add: Buses under construction & in transit at cost
18,776
349,774
Analysis of cost or valuation of the above assets is as follows:
1962 valuation
Cost
1,300 32,306
1,300
45,447
676,877
22,131
776,761
33,606
45,447
676,877
22,131
778,061
(c) Leasehold land at 30th June, 1998 is held in Hong Kong under long and medium leases and comprises the following:-
At 1962 valuation At cost
Group and Company
Long leases
Medium lease
1998
1997
1998
1997
$000's
$000's
$000's
$000's
1,300
1,300
27,467
27,467
4,839
4,839
28,767
28,767
4,839
4,839
(d) The group's investment properties which are situated in Hong Kong and held under medium leases, have been revalued at 30th June, 1998 by MJ Moir, a fellow of the Hong Kong Institute of Surveyors, an associate of the Royal Institution of Chartered Surveyors & Registered Professional Surveyors, on an open market value basis, after taking into consideration the net income allowing for reversionary potential. The surpluses arising on revaluations have been dealt with in the investment property revaluation reserve.
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