TPSEAL 2010 Financial Results. - Serena Hotels

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Notes to the Financial Statements (continued) 18 PROPERTY, PLANT AND EQUIPMENT - GROUP (continued) Land & buildings Plant & machinery Vehicles & equipment Capital work in progress Total Shs’000 Shs’000 Shs’000 Shs’000 Shs’000 At 1 January 2010 As previously reported At cost or revaluation 5,325,597 1,740,671 191,053 96,665 7,353,986 Accumulated depreciation (1,271,385) (1,247,768) (156,533) - (2,675,686) Translation differences (424,725) 17,595 (22,829) 1,141 (428,818) Net book amount 3,629,487 510,498 11,691 97,806 4,249,482 Prior year adjustment (Note 26) 36,606 - - - 36,606 As restated 3,666,093 510,498 11,691 97,806 4,286,088 Year ended 31 December 2010 Opening net book amount 3,666,093 510,498 11,691 97,806 4,286,088 Additions 1,266,769 306,322 42,618 225,282 1,840,991 Disposals (134,793) (10,687) - - (145,480) Transfers 16,728 33,609 1,178 (51,515) - Depreciation charge (133,140) (113,803) (10,674) - (257,617) Revaluation 2,577,570 - - - 2,577,570 Translation differences (42,889) (8,273) (147) (1,579) (52,888) Closing net book amount 7,216,338 717,666 44,666 269,994 8,248,664 At 31 December 2010 At cost or revaluation 9,088,950 2,069,915 234,849 270,432 11,664,146 Accumulated depreciation (1,404,998) (1,361,571) (167,207) - (2,933,776) Translation differences (467,614) 9,322 (22,976) (438) (481,706) Net book amount 7,216,338 717,666 44,666 269,994 8,248,664 72 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010
Notes to the Financial Statements (continued) 18 Property, plant and equipment – Group (continued) In the opinion of the directors, there is no impairment of property, plant and equipment. Land and buildings for Tourism Promotion Services (Kenya) Limited, Tourism Promotion Services (Tanzania) Limited & Tourism Promotion Services (Zanzibar) Limited were all revalued on 31 December 2010 by independent professional valuers, C.P.Robertson-Dunn for Kenya and H & R Consultancy Limited in Tanzania. Valuations were made on the basis of earnings for existing use. The book values of the properties were adjusted to the revaluations and the resultant surplus net of deferred income tax was credited to the revaluation surplus in shareholders’ equity. Capital work in progress is mainly in relation to capital projects being undertaken with respect to Kenyan and Tanzanian lodges. If the buildings, freehold and leasehold land were stated on the historical cost basis (adjusted for translation differences), the amounts would be as follows: Group 2010 2009 Shs’000 Shs’000 Cost 5,300,995 4,017,498 Accumulated depreciation (1,753,946 ) (1,647,926) Net book amount 3,547,049 2,369,572 19 Non-current receivables - COMPANY 2010 2009 Shs’000 Shs’000 At start of the year - - Advanced during the year 141,575 - At end of year 141,575 - All non-current receivables relate to advances to Tourism Promotion Services (Tanzania) Limited, a subsidiary of the Group, and are due within 5 years from the statement of financial position date. The interest rate on the advance is 11.8% per annum. TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010 73
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Contents Directors and Administrati
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Directors and Administration (conti
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Other Corporate Information REGISTE
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(c) a mobile telephone money transf
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(b) Kutumwa moja kwa moja hadi benk
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Chairman’s Statement (continued)
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Taarifa ya Mwenyekiti Mr. Francis O
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Taarifa ya Mwenyekiti (Kuendelea) U
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The Managing Director’s Report (c
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