FEDERAL INTERNATIONAL (2000) LTD

Notes to the Financial Statements4. FIXED ASSETS (cont’d)Group (cont’d)Freehold land and buildings relate to 2 and 3-storey terrace factories situated at 47 and 49 Genting Road onfreehold land of 810.9 square metres. The valuation was made by the Directors based on professionalappraisals by Colliers Jardine on 1 March 2000. The valuation was made on the basis of market value forexisting use.Federal International (2000) Ltd AR 2002and its Subsidiary Companies55Leasehold building relates to a single storey factory situated at 11 Tuas Avenue 1 on a leasehold land area of4701.4 square metres. The lease tenure of the leasehold land is 30 years with effect from 16 November1982.As at 31 December 2002, the net book value of fixed assets acquired under hire purchase plans amounts to$633,290 (2001 : $1,013,400).The leasehold building with net book value amounting to $1,037,375 (2001 : $1,141,113) is mortgaged assecurities for banking facilities (Notes 22 and 23). Freehold land and building which were also mortgagedas securities for banking facilities in the previous year, have been discharged in the current year.FURNITURE &FITTINGS ANDMOTOROFFICE EQUIPMENT VEHICLES TOTALCOMPANY $ $ $CostBalance at beginning and end of year 1,500 733,389 734,889Accumulated depreciationBalance at beginning of year 300 146,678 146,978Charge for the year 300 146,678 146,978Balance at end of year 600 293,356 293,956Charge for 2001 300 146,678 146,978Net book valueAt end of year 900 440,033 440,933At beginning of year 1,200 586,711 587,911As at 31 December 2002, the net book value of motor vehicles acquired under hire purchase plans amountsto $440,033 (2001 : $586,711).