Marks and Spencer 2003 Annual Report Download - page 42

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40 Marks and Spencer Gro up p.l.c.
Notes to the financial statements
13. Tangible fixed assets Group
A Tangible fixed assets Fixtures, Assets in the
Land & fittings & course of
buildings equipment construction Total
£m £m £m £m
Cost or valuation
At 31 March 2002 2,280.6 2,746.1 27.0 5,053.7
Additions 13.2 259.4 38.4 311.0
Transfers 4.0 22.7 (26.7) –
Revaluation deficit (0.8) – – (0.8)
Disposals (36.9) (57.3) – (94.2)
Differences on exchange 5.8 (4.7) (0.2) 0.9
At 29 March 2003 2,265.9 2,966.2 38.5 5,270.6
Accumulated depreciation
At 31 March 2002 113.7 1,558.8 – 1,672.5
Depreciation for the year 12.1 222.8 – 234.9
Disposals (8.6) (56.2) – (64.8)
Release of provision for loss on disposal – (4.5) – (4.5)
Differences on exchange 0.3 (2.9) – (2.6)
At 29 March 2003 117.5 1,718.0 – 1,835.5
Net book value
At 29 March 2003 2,148.4 1,248.2 38.5 3,435.1
At 30 March 2002 2,166.9 1,187.3 27.0 3,381.2
Analysis of land & buildings Group
Long Short
Freehold leasehold leasehold Total
£m £m £m £m
At valuation 598.5 403.7 12.2 1,014.4
At cost 719.2 449.4 82.9 1,251.5
1,317.7 853.1 95.1 2,265.9
Accumulated depreciation (31.6) (18.4) (67.5) (117.5)
Net book value
At 29 March 2003 1,286.1 834.7 27.6 2,148.4
At 30 March 2002 1,291.9 848.7 26.3 2,166.9
B Investment properties
Freehold land and buildings include investment properties as follows: Group
£m
Cost or valuation
At 30 March 2002 31.3
Revaluation deficit (0.8)
At 29 March 2003 30.5
The properties were valued as at 29 March 2003, by qualified professional valuers working for the company of DTZ
Debenham Tie Leung, Chartered Surveyors, acting in the capacity of External Valuers. All such valuers are Chartered
Surveyors, being members of the Royal Institution of Chartered Surveyors.
The properties were valued on the basis of open market value at an aggregate value of £30.5m. All valuations were carried
out in accordance with the RICS Appraisal and Valuation Manual.