Annual Report 10/11 - ACL Cables PLC

ACL Cables PLC Annual Report 2010/11Notes to the Financial Statements14. Intangible assets (Contd.)Goodwill arising on consolidation of subsidiaries is as follows;Year Subsidiary Company Goodwill on consolidation1994/95 ACL Plastics PLC 6,090,4951995/96 Lanka Olex Cables (Private) Limited and Kelani Cables PLC 26,035,0491997/98 Ceylon Bulbs and Electricals Limited 459,4552004/05 ACL Kelani Magnet Wire (Private) Limited 916,8052006/07 Ceylon Bulbs and Electricals Limited 5,441,5332007/08 Ceylon Bulbs and Electricals Limited 2,086Goodwill arising from business combinations after 1 June 2005, is no longer amortized but tested for impairmentannually as per SLAS 25 (Revised 2005).Negative goodwill arising on consolidation of subsidiaries is as follows;Year Subsidiary Company Negative goodwill onconsolidation1998/99 ACL Plastics PLC 5,127,5921999/00 Lanka Olex Cables (Private) Limited and Kelani Cables PLC 17,502,0191999/00 Ceylon Bulbs and Electricals Limited 1,7382009/10 Ceylon Bulbs and Electricals Limited 6,265,098Negative goodwill arising from business combinations after 1 June 2005, is no longer amortized but credited toIncome Statement fully in the year of acquisition.15. Leasehold propertiesGroupAs at 31 March2011 2010Balance at 1 April 1,842,582 1,864,517Amortisation during the year (Note 5) (21,935) (21,935)Balance at 31 March 1,820,647 1,842,582Amount to be amortised within one year 22,203 21,935Amount to be amortised after one year 1,798,444 1,820,6471,820,647 1,842,582Property on operating lease : Victoria Golf Course and Country Resort in KandyLand extent: R 01 - P9Lease period : 92 years from 24 January 2002Lease rentalsfrom 2002 to 2011 : Rs 21,935 per annumfrom 2012 to 2094 : Rs 22,203 per annum66