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Report and accounts 2006
Land and buildings
| Group 2006 £m |
Group 2005 (as restated)* £m |
Company 2006 £m |
Company 2005 (as restated)* £m |
|
|---|---|---|---|---|
| Opening cost or valuation | 25 | 26 | 25 | 25 |
| Additions at cost | 1 | - | - | - |
| Disposals | (17) | - | (17) | - |
| Revaluation | 1 | (1) | 1 | - |
| Closing cost or valuation | 10 | 25 | 9 | 25 |
| Net book amount | 10 | 25 | 9 | 25 |
* As restated for the adoption of IFRS.
Depreciation charged in the year on buildings was £0.1 million (2005: £0.1 million).
Plant and equipment
| Group 2006 £m |
Group 2005 (as restated)* £m |
Company 2006 £m |
Company 2005 (as restated)* £m |
|
|---|---|---|---|---|
| Opening cost or valuation | 51 | 59 | - | - |
| Additions at cost | 18 | 4 | - | - |
| Disposals | (12) | (12) | - | - |
| Closing cost or valuation | 57 | 51 | - | - |
| Opening accumulated depreciation | 43 | 50 | - | - |
| Charge for the year | 4 | 4 | - | - |
| Disposals | (11) | (11) | - | - |
| Closing accumulated depreciation | 36 | 43 | - | - |
| Net book amount | 21 | 8 | - | - |
* As restated for the adoption of IFRS.
Assets held under finance leases (all vehicles) have the following net book amount:
| Group 2006 £m |
Group 2005 (as restated)* £m |
Company 2006 £m |
Company 2005 (as restated)* £m |
|
|---|---|---|---|---|
| Cost | 1 | 2 | - | - |
| Aggregate depreciation | - | (1) | - | - |
| Net book amount | 1 | 1 | - | - |
* As restated for the adoption of IFRS.
Finance lease rentals are payable as follows:
| Group 2006 £m |
Group 2005 £m |
Company 2006 £m |
Company 2005 £m |
|
|---|---|---|---|---|
| Between one and five years | 1 | 1 | - | - |
The Group's freehold properties and long leasehold properties are revalued at each balance sheet date by professional valuers. The valuations were undertaken in accordance with the Appraisal and Valuation Manual of the Royal Institute of Chartered Surveyors in the United Kingdom by CBRE and Howell Brooks, independent Chartered Surveyors.
These valuations have been incorporated into the financial statements and the resulting revaluation adjustments have been taken to the capital reserve.