Marks and Spencer 2006 Annual Report Download - page 77

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75Marks and Spencer Group plc
15 INVESTMENT PROPERTY
2006 2005
£m £m
Cost
At start of year 38.6 37.8
Additions –0.8
At end of year 38.6 38.6
Depreciation
At start of year ––
Depreciation charge 0.1 –
At end of year 0.1 –
Net book value 38.5 38.6
The investment properties were valued at £55.5m (last year £42.6m) as at 1 April 2006 by qualified professional valuers working for
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 (RICS). The properties were valued on the basis of Market Value. All
valuations were carried out in accordance with the RICS Appraisal and Valuation Standards. As the investment properties are held
at depreciated historical cost, this valuation has not been reflected in the carrying value of the assets.
The Group received rental income of £1.5m (last year £1.4m) in respect of these investment properties.
16 INVESTMENT IN JOINT VENTURE
2006 2005
£m £m
At start of year 8.7 8.5
Share of profit 0.3 0.2
At end of year 9.0 8.7
The joint venture represents a 50% equity interest in Hedge End Park Ltd, a property investment company incorporated in Great
Britain. The partner in the joint venture is J Sainsbury plc.
In relation to the Group’s interest in joint ventures, the assets and liabilities are shown below:
2006 2005
£m £m
Non-current assets 2.5 2.5
Current assets 6.7 6.4
Current liabilities (0.2) (0.2)
Net assets 9.0 8.7