Carphone Warehouse 2011 Annual Report Download - page 69

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Carphone Warehouse Group plc Annual Report 2011 65
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
12 PROPERTY, PLANT AND EQUIPMENT
2011
£m
2010
£m
Opening balance 65.9 65.8
Additions 2.7 0.8
Depreciation (0.8) (0.7)
Closing balance 67.8 65.9
Cost 72.2 69.5
Accumulated depreciation (4.4) (3.6)
Net carrying amount 67.8 65.9
Property, plant and equipment held by the Group is principally investment property. The fair value of the investment property
at 31 March 2011 was £73.7m (2010: £72.5m). The valuation of properties was performed internally at March 2011 by reference to
appropriate yield rates and market evidence of recent transactions.
At the balance sheet date, the Group had contracted with tenants for the following future minimum lease payments:
2011
£m
2010
£m
Within one year 4.9 4.9
In two to five years 21.6 21.0
After five years 44.1 49.6
70.6 75.5
13 NONCURRENT INVESTMENTS
2011
£m
2010
£m
Opening balance 0.1 0.2
Impairment –(0.1)
Closing balance 0.1 0.1
Principal Company investments
The Company has investments in the following subsidiary undertakings, which, alongside joint ventures, principally affected the
profits or losses or net assets of the Group. To avoid a statement of excessive length, details of investments which are not significant
have been omitted. All holdings are in equity share capital and give the Group an effective holding of 100% on consolidation.
Name Country of incorporation or registration Nature of business
CPW Acton One Limited Isle of Man Property holding company
CPW Acton Five Limited * England and Wales Property holding company
CPW Tulketh Mill Limited * England and Wales Property holding company
CPW Irlam Limited * England and Wales Property holding company
*Investment held directly by the Company.