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CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 201370
NOTES TO THE FINANCIAL STATEMENTS continued
11 PROPERTY, PLANT AND EQUIPMENT
2013 2012
£m £m
Opening balance 66.1 67.8
Additions 0.1 0.1
Disposals (37.2) —
Depreciation (1.3) (1.0)
Impairment (1.0) (0.8)
Closing balance 26.7 66.1
Cost 30.3 72.3
Accumulated depreciation (3.6) (6.2)
Net carrying amount 26.7 66.1
Property, plant and equipment held by the Group is principally investment property.
On 28 March 2013 the Group completed the sale of its primary property in Acton for £40.5m in cash, giving rise to a profit on disposal of £3.3m.
The fair value of the investment property held at 31 March 2013 was £30.5m (2012: £74.1m). The valuation of properties was performed
internally 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:
2013 2012
£m £m
Within one year 1.9 5.5
In two to five years 7.7 22.1
After five years 13.6 40.0
23.2 67.6
12 NONCURRENT ASSET INVESTMENTS
2013 2012
£m £m
Non-current asset investments 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, are held directly by the Company, and give the Group an effective holding of 100%
onconsolidation.
Country of incorporation
Name 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
CPW Consultancy Limited England and Wales Provider of consultancy services
Following the disposal of the Group’s primary property in Acton during March 2013, CPW Acton One Limited is non-trading. For the
year ended 31 March 2013, the subsidiaries incorporated in England and Wales intend to take advantage of the audit exemption
available under section 394c of the Companies Act 2006.