2008 Annual Report - Kenford Group Holdings Limited

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Notes to the Financial Statements For the year ended 31 March 2008 17. PAYMENTS FOR LEASEHOLD LAND HELD FOR OWN USE UNDER OPERATING LEASES Group HK$’000 Cost At 1 April 2006 4,994 Currency realignment 62 At 31 March 2007 5,056 Additions 724 Currency realignment 191 At 31 March 2008 5,971 Accumulated amortisation At 1 April 2006 1,747 Charge for the year 72 Currency realignment 1 At 31 March 2007 1,820 Charge for the year 74 Currency realignment 10 At 31 March 2008 1,904 Net book value At 31 March 2008 4,067 At 31 March 2007 3,236 The Group’s interests in payments for leasehold land held for own use under operating leases comprises: 2008 2007 HK$’000 HK$’000 Leasehold land situated in the PRC: Medium-term leases 4,067 3,236 Annual Report 2008 63
Notes to the Financial Statements For the year ended 31 March 2008 18. GOODWILL Group 2008 2007 HK$’000 HK$’000 Cost At 1 April and 31 March 1,403 1,403 Impairment At 1 April and 31 March – – Carrying amount At 31 March 1,403 1,403 The amount represents goodwill arising on the acquisition of interests in Kario Company Limited (“Kario HK”) and its subsidiaries (collectively referred to as the “Kario Group”), which was completed on 23 March 2005. Goodwill has been allocated to one single cash generating unit, Kario Group. The recoverable amount has been determined based on a value in use calculation. The calculation applies cash flow projections based on financial budgets approved by management covering a 5-year period, and discount rate of 9.7%. Cash fl ow for the fi rst fi nancial period is based on expected sales orders estimated by the management. Cash fl ow for the second to fi fth fi nancial periods are extrapolated using the steady 10% growth rate. Budgeted gross margin is determined based on the unit’s past performance and management’s expectations for the market development. Management believes that any reasonably possible change in any of these assumptions would not cause the aggregate carrying amount to exceed the aggregate recoverable amount. 19. INVESTMENTS IN SUBSIDIARIES Company 2008 2007 HK$’000 HK$’000 Unlisted shares, at cost 58 58 The amounts due from/to subsidiaries are unsecured, interest free and repayable on demand. 64 KENFORD GROUP HOLDINGS LIMITED
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Contents Page 1. Corporate Informat
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Chairman’s Statement On behalf of
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Management Discussion and Analysis
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Management Discussion and Analysis
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Report of the Directors PROPERTY, P
Page 12 and 13:
Report of the Directors DIRECTORS
Page 14 and 15: Report of the Directors SUBSTANTIAL
Page 16 and 17: Report of the Directors SHARE OPTIO
Page 18 and 19: Report of the Directors SHARE OPTIO
Page 20 and 21: Report of the Directors TAXATION OF
Page 22 and 23: Directors' and Senior Management's
Page 24 and 25: Directors' and Senior Management's
Page 26 and 27: Corporate Governance Report BOARD O
Page 28 and 29: Corporate Governance Report CHAIRMA
Page 30 and 31: Corporate Governance Report NOMINAT
Page 32 and 33: Corporate Governance Report INVESTO
Page 34 and 35: Corporate Structure CORPORATE STRUC
Page 36 and 37: Independent Auditor’s Report OPIN
Page 38 and 39: Consolidated Balance Sheet As at 31
Page 40 and 41: Consolidated Statement of Changes i
Page 42 and 43: Notes to the Financial Statements F
Page 84 and 85: Five Years Financial Summary CONSOL
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2008 Annual Report - Kenford Group Holdings Limited

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