7.
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, 1988
46,177
40,357
360,955
28,502
475,991
Additions
4,839
4,022
24,967
1,818
35,646
Disposals
(8,768)
(611)
(9,379)
At 30th June, 1989
51.016
44,379
377,154
29,709
502,258
Aggregate depreciation:
At 1st July, 1988
Written back on disposal
Charge for the year
At 30th June, 1989
Net book value:
At 30th June, 1989
3.057
255,720
21,318
280,095
(8,203)
(611)
(8,814)
418
25,731
1,483
27,632
3,475
273,248
22,190
298,913
51.016
40,904
103,906
7.519
203,345
Add: Buses under
construction &
in transit at cost
Net book value:
At 30th June, 1988
Add: Buses under
construction &
in transit at cost
47,190
250,535
46,177
37,300
105,235
7,184
195,896
23,445
219,341
Leasehold land at 30th June, 1989 is held in Hong Kong under long lease and comprises the following:-
At 1962 valuation
At cost
The group
The company
1989
1988
1989
1988
$000's
$000's
$000's
$000's
22,800
22,800
17,000
17,000
34,369
29,530
34,016
29,177
57,169
52,330
51,016
46,177
Included in the above is leasehold land of HK$12,500,000 (at 1962 valuation) which, at 30th June, 1989, was not used by the company in connection with its franchised bus operations. The company's application to the Town Planning Board for permission 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 to be met. Discussions with various Government departments concerned in connection with the above conditions are in progress.
18
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