G4S Annual Report and Accounts 2011

Overview Strategic review Performance
Notes to the parent company financial statements continued
(b) Tangible fixed assets
Land and
buildings
£m
Equipment
and vehicles
£m
Cost
At 1 January 2011 3 12 15
Additions at cost – 4 4
Disposals at cost (3) (4) (7)
At 31 December 2011 – 12 12
Total
£m
Depreciation
At 1 January 2011 (1) (2) (3)
On disposals 1 2 3
At 31 December 2011 – – –
Net book value
At 31 December 2011 – 12 12
At 31 December 2010 2 10 12
The net book value of land and buildings comprises short leasehold buildings (under 50 years).
(c) Fixed asset investments
The following are included in the net book value of fixed asset investments:
Total
Subsidiary undertakings
£m
Shares at cost:
At 1 January 2011 2,548
Additions 2,885
Impairments (139)
Disposals (2,243)
At 31 December 2011 3,051
The impairment within the carrying value of investments in the year is primarily due to a reduction in the net asset value of certain subsidiary undertakings.
The impairment has been offset by dividend income received from these subsidiary undertakings. The net effect of the dividend income and impairment
loss is a £12m credit to the profit and loss account.
In January 2011 certain investments with a book value of £2,243m were sold to G4S Corporate Services Limited, a wholly owned subsidiary of G4S plc.
The disposals formed part of a wider reorganisation of the UK holding company legal structure. G4S plc made a gain of £1,078m on the disposals.
Full details of significant investments held by the parent company and the group are detailed in note 45 to the consolidated financial statements.
(d) Debtors
Amounts owed by group undertakings 3,141 1,932
Other debtors 19 36
Prepayments and accrued income – 3
Derivative financial instruments at fair value 120 96
Total debtors 3,280 2,067
2011
£m
2010
£m
Included within derivative financial instruments at fair value is £106m due after more than one year (2010: £85m). See note (g) for further details.
Included in other debtors is £3m (2010: £4m) with regard to deferred tax comprised as follows:
2011
£m
2010
£m
Accelerated capital allowances – (1)
Employee benefits 1 2
Changes in fair value of hedging derivatives 2 3
Total deferred tax 3 4
128
G4S plc
Annual Report and Accounts 2011