Vodafone 1997 Annual Report Download - page 29

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Vodafone Group Plc Annual Report & Accounts for the year ended 31 March 1997
Freehold buildings 25 - 50 years
Leasehold premises the term of the lease
Plant and machinery 10 years
Motor vehicles 4 years
Computers and software 3 - 5 years
Furniture and fittings 10 years
Tangible fixed assets include overheads incurred in the acquisition, establishment and installation of base
stations.
Investments
The consolidated financial statements include investments in associated undertakings using the equity
method of accounting. An associated undertaking is a company in which the Group owns a material share
of the equity and, in the opinion of the directors, can exercise significant influence in its management. The
profit and loss account includes the Group's share of the profit or loss before taxation and attributable
taxation of those companies. The balance sheet shows the Group's share of the net assets or liabilities,
excluding goodwill, of those companies and loans advanced to those companies.
Other investments, held as fixed assets, comprise equity shareholdings, partnership interests and long term
loans. They are stated at cost less provision for any permanent diminution in value. Income is recognised
upon receipt of dividends and interest when receivable.
Stocks
Stocks are valued at the lower of cost and estimated net realisable value.
Deferred taxation
Provision is made for deferred taxation only where there is a reasonable probability that a liability or asset
will crystallise in the foreseeable future.
No provision is made for any tax liability which may arise if undistributed profits of certain overseas
subsidiary and associated undertakings are remitted to the UK, except in respect of planned remittances.
Leases
Rental costs under operating leases are charged to the profit and loss account in equal annual amounts
over the periods of the leases.
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