Annual report and accounts - Cattles Limited

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58 Cattles plc Annual Report and Financial Statements 2004 Notes to the Accounts 11 Tangible fixed assets continued Freehold land Long leasehold land The historical cost and and buildings and buildings related depreciation of 2004 2003 2004 2003 revalued assets is as follows: £’000 £’000 £’000 £’000 Historical cost 2,775 3,269 45 45 Accumulated depreciation based on historical cost (194) (184) (3) (3) Historical cost net book amount 2,581 3,085 42 42 Tangible fixed assets include valuations as follows: 1995 Valuation Group £’000 Freehold land and buildings 2,824 Long leasehold land and buildings 188 Freehold and long leasehold properties with 50 or more years unexpired were valued independently by G L Hearn & Partners, Chartered Surveyors, on the basis of ‘existing use value’, except those premises surplus to requirements which were valued on the basis of ‘open market value’, in accordance with the Appraisal & Valuation Manual of the Royal Institution of Chartered Surveyors. As permitted under the transitional arrangements of FRS 15 ‘Tangible fixed assets’, the group has chosen to retain the book values of land and buildings which were previously revalued, and not to revalue these assets in the future. 12 Investments in subsidiary undertakings Company £’000 Cost At 1 January 2004 187,212 Additions 18 Adjustment (note 10) (1,645) At 31 December 2004 185,585 Provision for diminution in value At 1 January 2004 and 31 December 2004 (10,796) Net book amount at 31 December 2004 174,789 Net book amount at 31 December 2003 176,416 All principal subsidiaries are wholly owned by Cattles plc. The principal operating subsidiary undertakings are listed on page 70. 13 Investments – own shares held Cost Group and Company £’000 At 1 January 2004 as reported 3,698 Reclassification arising from prior year adjustment (notes 1(l) and 23) (3,698) At 1 January 2004 as restated and 31 December 2004 –
Cattles plc Annual Report and Financial Statements 2004 59 13 Investments – own shares held continued Shares held in Trust Nominal value Number £’000 At 1 January 2004 1,269,056 127 Shares purchased 330,899 33 Awarded by the Trust (310,890) (31) At 31 December 2004 1,289,065 129 As at 31 December 2004 the market value of the shares held in the Trust was £4.7 million (2003: £4.2 million). All costs relating to the scheme are dealt with in the profit and loss account as they accrue and the Trust has waived the right to receive dividends of over and above 0.01p per share on all shares held. Shares purchased during the year represent 0.1% of the company’s called-up equity share capital as at 31 December 2004. 14 Customers’ accounts receivable Customers’ accounts receivable, after deducting provisions for bad and doubtful debts, analysed by division, are as follows: 2004 2003 Group £’000 £’000 Consumer Credit Division 1,704,740 1,423,421 Lewis – default debt 34,365 26,281 Corporate Division 131,680 129,100 1,870,785 1,578,802 Gross customers’ accounts receivable, analysed by product, are as follows: Hire purchase contracts 628,661 603,574 Other instalment credit agreements 1,307,559 1,021,216 Default debt 34,365 26,281 Finance leases 30,144 29,591 Factoring 59,386 58,940 2,060,115 1,739,602 Provision for bad and doubtful debts (189,330) (160,800) Customers’ accounts receivable includes amounts receivable under finance leases and hire purchase contracts. 1,870,785 1,578,802 2004 2003 Net investment in finance leases and hire purchase contracts comprises: £’000 £’000 Total amounts receivable 658,805 633,165 Less: interest allocated to future periods (161,997) (157,177) Rentals receivable during the year under finance leases and hire purchase contracts amounted to £201.0 million (2003: £197.4 million). 496,808 475,988 The cost of assets acquired during the year for the purpose of letting under finance leases or hire purchase contracts was £253.3 million (2003: £225.7 million). The charge for bad and doubtful debts in the profit and loss account, 2004 2003 analysed by division, is as follows: £’000 £’000 Consumer Credit Division 128,067 109,045 Corporate Division 186 1,520 128,253 110,565
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