CMB_1991 — Page 21

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.

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