Carphone Warehouse 2002 Annual Report Download - page 40

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38 The Carphone Warehouse Group PLC Annual Report 2002
Notes to the financial statements continued
12 Tangible fixed assets
Freehold Short leasehold Computer Fixtures and Motor Total
land and costs and office fittings vehicles
buildings equipment
Group £’000 £’000 £’000 £’000 £’000 £’000
Cost
At 31 March 2001 15,443 46,168 43,118 54,721 1,227 160,677
Additions 2,972 8,964 14,903 14,420 118 41,377
Transfers to short-term investments (11,415) ––––(11,415)
Exceptional disposals and write-offs – (1,594) (6,487) (8,342) (11) (16,434)
Other disposals (2,420) (51) (136) (172) (303) (3,082)
Acquisition of subsidiary undertakings – 791 1,711 789 238 3,529
Foreign exchange (13) (216) (24) (140) (6) (399)
At 30 March 2002 4,567 54,062 53,085 61,276 1,263 174,253
Depreciation
At 31 March 2001 (399) (9,176) (16,247) (14,145) (432) (40,399)
Charge for the period (226) (4,114) (10,567) (11,117) (311) (26,335)
Exceptional disposals and write-offs – 298 1,486 1,571 5 3,360
Other disposals 218 19 92 96 201 626
Foreign exchange 7334263 4149
At 30 March 2002 (400) (12,940) (25,194) (23,532) (533) (62,599)
Net book value
At 30 March 2002 4,167 41,122 27,891 37,744 730 111,654
At 31 March 2001 15,044 36,992 26,871 40,576 795 120,278
As explained in note 30, the Group disposed of the freehold on its London offices in May 2002 and the relevant assets have been
transferred to short-term investments during the period.
Exceptional disposals and write-offs relate to the withdrawal from non-key territories and store closures (note 6b) and to the fundamental
reorganisation of the Group’s Data services division (note 6d).
13 Fixed asset investments
Other
Own shares investments Total
Group £’000 £’000 £’000
At 31 March 2001 3,949 40,477 44,426
Additions –4,385 4,385
Amounts written off (see below) – (18,681) (18,681)
At 30 March 2002 3,949 26,181 30,130
Own shares
The Group has an Employee Share Ownership Trust which holds 1,974,000 shares (2001 - 1,974,000) in the Company for the benefit of the
Group’s employees. At 30 March 2002 the shares had a market value of £1.9m (2001 - £2.5m). The Directors do not consider the impairment
of the investment to be permanent.
Other investments
Additions during the period represent further investments in Wireless Frontiers, an independently managed internet fund. As explained in note
6c, £18.7m has been written off the Group’s holding in Wireless Frontiers, to reflect the diminution in the value of the fund at 30 March 2002.