Marks and Spencer 2003 Annual Report Download - page 43

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www.marksandspencer.co m 41
13. Tangible fixed assets continued
C Tangible fixed assets at cost
Gerald Eve, Chartered Surveyors, valued the Group’s freehold and leasehold properties in the United Kingdom as at
31 March 1982. This valuation was on the basis of open market value for existing use. At 31 March 1988, the directors,
after consultation with Gerald Eve, revalued those of the Group’s properties which had been valued as at 31 March 1982
(excluding subsequent additions and adjusted for disposals). The directors’ valuation was incorporated into the financial
statements at 31 March 1988.
If the Group’s land and buildings had not been valued as set out above, their net book value would have been:
2003 2002
£m £m
At valuation at 31 March 19751228.7 228.7
At cost 1,368.6 1,383.3
1,597.3 1,612.0
Accumulated depreciation (146.0) (133.7)
Closing net book value 1,451.3 1,478.3
1The Group also valued its land and buildings in 1955 and in 1964. In the opinion of the directors, unreasonable expense would be incurred in
obtaining the original costs of the assets valued in those years and in 1975.
14. Fixed asset investments Group
A Investments Joint Other Own
venture1,2investments3shares4Total
£m £m £m £m
Cost
At 31 March 2002 20.7 34.8 1.4 56.9
Additions – 0.7 2.2 2.9
Disposals (10.2) (5.8) (1.4) (17.4)
Share of joint venture’s losses (1.7) – – (1.7)
Differences on exchange – (0.6) – (0.6)
At 29 March 2003 8.8 29.1 2.2 40.1
Accumulated provision and amortisation
At 31 March 2002 – 6.6 – 6.6
Amortisation – – 0.4 0.4
Provision for impairment – 1.0 – 1.0
Differences on exchange – 0.6 – 0.6
At 29 March 2003 – 8.2 0.4 8.6
Net book value
At 29 March 2003 8.8 20.9 1.8 31.5
At 30 March 2002 20.7 28.2 1.4 50.3
1The joint venture represents a 50% interest in Hedge End Park Ltd, a property investment company. The partner in the joint venture is
J Sainsbury plc.
2The Group’s investment in the joint venture includes £nil (last year £2.2m) of loans and accumulated reserves of £2.7m (last year £12.4m).
3Investments include listed securities held by a subsidiary. The difference between their book value and market value is negligible.
4Own shares represent 705,237 of shares held in employee trusts. The shares held in the QUEST have now been issued to employees; there were
no shares held in the QUEST at 29 March 2003.
Company
Shares in group
undertakings
£m
At 29 March 2003 7,643.2
At 30 March 2002 7,643.2
Shares in group undertakings represents the Company’s investment in Marks and Spencer p.l.c.