Cosalt plc Annual report & financial statements 2008

Financial statements
Notes to the Company financial statements
continued
35. Tangible fixed assets continued
The following tangible fixed assets held under finance leases are included in plant:
80 Cosalt plc Annual report & financial statements 2008
Notes to the Company financial statements
2008 2007
£000 £000
Cost 41 38
Depreciation (3) (15)
Net book values 38 23
If land and buildings had not been revalued subsequent to 1978, they would have been included at the following amounts:
2008 2007
£000 £000
At valuation or cost at 31 December 1978 1,984 1,984
Subsequent additions at cost 2,747 7,755
At 27 August 2000 4,731 9,739
Accumulated depreciation 798 1,613
3,933 8,126
The Group also valued its land and buildings in 1971, 1973 and 1978. In the opinion of the Directors unreasonable expense and delay
would be incurred in obtaining the original cost of the assets valued in those years.
The depreciable amount of trading properties is:
Freehold
Short
leasehold
£000 £000
26 October 2008 1,174 909
28 October 2007 4,162 909
Future capital expenditure
2008 2007
£000 £000
Contracted for but not provided for in the accounts – –
Investment properties
The company holds investment properties with a fair value of £3,100,000 as at 26 October 2008. The properties were revalued by
a suitably qualified independent value at market value and in accordance with the Royal Institution of Chartered Surveyors (RICS)
Appraisal and Valuation Standards (5th edition). Following the revaluation a loss of £800,000 has been recognised in the period
to 26 October 2008 (period to 28 October 2007: gain £1,063,000).