2008 Annual Report - Kenford Group Holdings Limited

Notes to the Financial Statements
For the year ended 31 March 2008
16. PROPERTY, PLANT AND EQUIPMENT (Continued)
Notes:
(i)
The Group’s interests in leasehold land and buildings are situated in Hong Kong and held under medium-term lease.
(ii)
The Group’s interests in leasehold buildings in the PRC are held under medium-term lease.
(iii)
The directors valuation at 31 March 2007 on leasehold land and buildings in Hong Kong and leasehold buildings in the PRC were made reference to
independent valuation at 31 March 2006 carried out by Norton Appraisal Limited on the basis of market value in existing use.
At 31 March 2008, the leasehold land and buildings in Hong Kong and leasehold buildings in the PRC were revalued on a basis of market value in
existing use by qualifi ed valuers from an independent fi rm, Norton Appraisal Limited.
Had the properties been carried at cost less accumulated depreciation and impairment, their carrying value would have been HK$10,972,000 and
HK$33,718,000 (2007: HK$11,253,000 and HK$34,591,000) respectively.
(iv)
The net book values of property, plant and equipment held by the Group under fi nance leases are summarised as follows:
Fixtures,
Plant and
furniture and
machinery equipment Total
HK$’000 HK$’000 HK$’000
At 31 March 2008 5,965 672 6,637
At 31 March 2007 4,659 1,360 6,019
62 KENFORD GROUP HOLDINGS LIMITED