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Notes to the Financial Statements
44 VTech Holdings Ltd Annual Report 2005
9 Tangible Assets (continued)
Land and buildings comprise:
Freehold land and
buildings and Short-term
long-term leasehold leasehold
buildings buildings Total
US$ million US$ million US$ million
Cost or valuation
At 1st April 2004 12.8 25.0 37.8
Effect of changes in
exchange rate 0.6 —0.6
At 31st March 2005 13.4 25.0 38.4
Accumulated depreciation
At 1st April 2004 1.2 16.8 18.0
Charge for the year 0.4 0.7 1.1
At 31st March 2005 1.6 17.5 19.1
Net book value at
31st March 2005 11.8 7.5 19.3
Net book value at
31st March 2004 11.6 8.2 19.8
Cost or valuation of
tangible assets is
analysed as follows:
At cost —25.0 25.0
At professional valuation
— 2003 (note (c)) 13.4 —13.4
13.4 25.0 38.4
Net book value of land
and buildings comprises:
Hong Kong
Long-term leasehold buildings
(not less than 50 years) 0.9 —0.9
Overseas
Freehold land and buildings 10.9 —10.9
Short-term leasehold buildings —7.5 7.5
10.9 7.5 18.4
Net book value of revalued
land and buildings had
the assets been carried
at cost less accumulated
depreciation 6.1 —6.1
10 Leasehold Land Payments
2005 2004
Note US$ million US$ million
Net book value at 1st April 1.8 2.7
Disposals —(0.8)
Amortisation 2 —(0.1)
Net book value at 31st March 1.8 1.8
Leasehold land payments
in respect of:
Owner-occupied properties 1.8 1.8
11 Deferred Tax
The deferred tax assets and liabilities and the deferred tax
account movements for the years ended 31st March 2004 and
31st March 2005 are attributable to the following items:
31st March
Credited 2004 Credited
/(charged) and /(charged)
1st April to income 1st April to income 31st March
2003 statement 2004 statement 2005
US$ million US$ million US$ million US$ million US$ million
Deferred tax assets
Provisions 0.1 (0.1) —0.4 0.4
Tax losses carried
forward 1.0 1.3 2.3 (0.2) 2.1
Other deductible
temporary differences 2.8 (1.4) 1.4 0.3 1.7
3.9 (0.2) 3.7 0.5 4.2
Deferred tax liabilities
Accelerated tax
depreciation (0.8) (0.8) (1.6) (0.7 ) (2.3)
Net deferred tax assets 3.1 (1.0) 2.1 (0.2) 1.9