Marks and Spencer 2007 Annual Report Download - page 79

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1155 IINNVVEESSTTMMEENNTT PPRROOPPEERRTTYY
220000772006
££mm£m
CCoosstt
At start of year 3
388..6638.6
Reclassification to property, plant and equipment (
(1133..33))–
At end of year 2
255..3338.6
D
Deepprreecciiaattiioonn
At start of year 0
0..11–
Reclassification to property, plant and equipment (
(00..11))–
Depreciation charge 0
0..220.1
At end of year 0
0..220.1
NNeett bbooookk vvaalluuee2255..1138.5
During the year, some investment properties have been transferred to property, plant and equipment (see note 14) as they are being
converted into new trading space. These properties are excluded from the market value of investment properties below.
The investment properties were valued at £34.3m as at 31 March 2007 by qualified professional valuers working for CB Richard Ellis,
Chartered Surveyors, acting in the capacity of External Valuers. Last year the investment properties were valued at £55.5m by
qualified professional valuers working for 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 (RICS). The properties were
valued on the basis of Market Value. All valuations were carried out in accordance with the RICS Appraisal and Valuation Standards.
As the investment properties are held at depreciated historical cost, this valuation has not been reflected in the carrying value of
the assets.
The Group received rental income of £1.7m (last year £1.5m) in respect of these investment properties.
1166 IINNVVEESSTTMMEENNTT IINN JJOOIINNTT VVEENNTTUURREE
220000772006
££mm£m
At start of year 9
9..008.7
Share of profit 0
0..330.3
AAtt eenndd ooff yyeeaarr99..339.0
The joint venture represents a 50% equity interest in Hedge End Park Limited, a property investment company incorporated in Great
Britain. The partner in the joint venture is J Sainsbury plc.
In relation to the Group’s interest in joint ventures, the assets and liabilities are shown below:
2
20000772006
££mm£m
Non-current assets 2
2..662.5
Current assets 7
7..116.7
Current liabilities (
(00..44))(0.2)
NNeett aasssseettss99..339.0
wwwwww..mmaarrkkssaannddssppeenncceerr..ccoomm//aannnnuuaallrreeppoorrtt22000077MARKS AND SPENCER GROUP PLC 7777
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