Marks and Spencer 2002 Annual Report Download - page 43

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www.marksandspencer.com 41
13. Tangible fixed assets continued
The properties were valued as at 30 March 2002, by qualified professional valuers working for the company of DTZ
Debenham Tie Leung, Chartered Surveyors, acting in the capacity of External Valuers. All such valuers are Chartered
Surveyors, being members of the Royal Institution of Chartered Surveyors.
The properties were valued on the basis of open market value at an aggregate value of £31.3m. All valuations were
carried out in accordance with the RICS Appraisal and Valuation Manual.
C Tangible fixed assets at cost
Gerald Eve, Chartered Surveyors, valued the Group’s freehold and leasehold properties in the United Kingdom as at
31 March 1982. This valuation was on the basis of open market value for existing use. At 31 March 1988, the directors,
after consultation with Gerald Eve, revalued those of the Group’s properties which had been valued as at 31 March
1982 (excluding subsequent additions and adjusted for disposals). The directors’ valuation was incorporated into the
financial statements at 31 March 1988.
If the Group’s land and buildings had not been valued as set out above, their net book value would have been:
2002 2001
£m £m
At valuation at 31 March 19751228.7 333.6
At cost 1,333.4 1,833.1
1,562.1 2,166.7
Accumulated depreciation (133.7) (171.9)
Closing net book value 1,428.4 1,994.8
1The Group also valued its land and buildings in 1955 and in 1964. In the opinion of the directors, unreasonable expense would be
incurred in obtaining the original costs of the assets valued in those years and in 1975.
14. Fixed asset investments Group
A Investments Joint Own
venture1,2 Investments3shares4Total
£m £m £m £m
At 1 April 2001 19.8 31.2 7.3 58.3
Additions 0.8 2.8 0.1 3.7
Disposals – (2.8) (6.0) (8.8)
Write down of investments – (3.0) – (3.0)
Share of joint venture’s property revaluation 0.1 – – 0.1
At 30 March 2002 20.7 28.2 1.4 50.3
1The joint venture represents a 50% interest in Hedge End Park Ltd, a property investment company. The partner in the joint venture is
J Sainsbury plc.
2The Group’s investment in the joint venture includes £2.2m (last year £2.2m) of loans and accumulated reserves of £12.4m
(last year £11.5m).
3Investments include listed securities held by a subsidiary. The difference between their book value and market value is negligible.
4Own shares include 810,835 ordinary shares (last year 3,525,198) in the Company held by the Marks and Spencer p.l.c. Qualifying
Employee Share Ownership Trust (see note 24).
Company
Shares in group
undertakings
£m
Additions 7,643.2
At 30 March 2002 7,643.2
Shares in group undertakings represents the Company’s investment in Marks and Spencer p.l.c.