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VTech Holdings Ltd Annual Report 2011 47
7 Tangible Assets (Continued)
Land and buildings comprise:
Freehold land
and buildings
and
medium-term
leasehold land
and buildings
US$ million
Short-term
leasehold
buildings
US$ million
Total
US$ million
Cost or valuation
At 1 April 2009 19.9 40.9 60.8
Effect of changes in exchange rates 0.1 0.1 0.2
At 31 March 2010 and 1 April 2010 20.0 41.0 61.0
Revaluation 1.1 – 1.1
Effect of changes in exchange rates 0.6 1.0 1.6
At 31 March 2011 21.7 42.0 63.7
Accumulated depreciation
At 1 April 2009 0.6 22.2 22.8
Charge for the year 1.6 1.5 3.1
At 31 March 2010 and 1 April 2010 2.2 23.7 25.9
Charge for the year 1.7 1.4 3.1
Revaluation (0.5) – (0.5)
Effect of changes in exchange rates – 0.2 0.2
At 31 March 2011 3.4 25.3 28.7
Net book value at 31 March 2011 18.3 16.7 35.0
Net book value at 31 March 2010 17.8 17.3 35.1
Cost or valuation of tangible assets is analysed as follows:
At cost – 42.0 42.0
At professional valuation (note (ii)) 21.7 – 21.7
21.7 42.0 63.7
Net book value of land and buildings comprises:
Hong Kong
Medium-term leasehold land and buildings (less than
50 years but not less than 10 years) 5.4 – 5.4
Overseas
Freehold land and buildings 12.9 – 12.9
Short-term leasehold buildings – 16.7 16.7
12.9 16.7 29.6
Net book value of revalued land and buildings had the assets been
carried at cost less accumulated depreciation 6.5 – 6.5
Notes:
(i) At 31 March 2011, the Group assessed the recoverable amount of the construction in progress in accordance with the accounting policy set out in note (K) and no impairment
provision was considered necessary. At 31 March 2010, the Group made an impairment provision of US$6.9 million to the carrying amount.
(ii) Property revaluation-The amount included valuation of land and buildings which were revalued by independent valuers on a market value basis in accordance with accounting
policy set out in note (H).
8 Leasehold Land Payments
Note
2011
US$ million
2010
US$ million
Net book value at 1 April 4.9 2.2
Transfer from tangible assets –2.8
Amortisation 2 (0.1) (0.1)
Effect of changes in exchange rates 0.2 –
Net book value at 31 March (note (i)) 5.0 4.9
Leasehold land payments in respect of: Owner-occupied properties 5.0 4.9
Note:
(i) Included in leasehold land payments are deposits of US$2.9 million (2010: US$2.8 million) are paid for the acquisition of certain sites in the PRC.