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Annual Review 2002/2003
 
 
Notes to the financial statements « back
5 Tangible fixed assets
Land and
buildings
£m
Plant and
machinery
£m
Furniture
and
fittings
£m
Assets
under
con-
struction
£m
Total
£m
Cost or valuation
At 1 April 2002 56.1 118.3 4.2 40.2 218.8
Additions 1.0 5.3 0.4 18.8 25.5
Brought into service 5.0 26.5 0.4 (31.9 )
Disposals (1.7 ) (0.1 ) (1.8 )
At 31 March 2003 62.1 148.4 4.9 27.1 242.5
Depreciation
At 1 April 2002 30.1 63.2 2.2 95.5
Charge for the year 2.5 11.3 0.6 14.4
Elimination in respect of disposals (1.3 ) (0.1 ) (1.4 )
At 31 March 2003 32.6 73.2 2.7 108.5
Net book value
At 31 March 2003 29.5 75.2 2.2 27.1 134.0
At 31 March 2002 26.0 55.1 2.0 40.2 123.3
BBC World Service’s plant and machinery and furniture and fittings were revalued at 1 April 1996 based on the estimated current replacement cost of the assets, adjusted for service potential. Following the introduction of FRS 15:Tangible Fixed Assets, BBC World Service has retained these revalued assets at their valuation as adjusted for depreciation. BBC World Service does not plan to revalue these assets on an ongoing basis.
 
Historical cost basis
The net book value of tangible fixed assets included in the above table determined on an historical cost basis is as follows:
 
Plant and
machinery
2003
£m
Plant and
machinery
2002
£m
Furniture
and fittings
2003
£m
Furniture
and fittings
2002
£m
Cost 203.1 173.0 7.6 6.9
Depreciation (133.5 ) (124.3 ) (5.4 ) (4.9 )
Net book value 69.6 48.7 2.2 2.0
Included within fixed assets is £24 million at cost relating to a relay station in Thailand. These assets are transferable to the Royal Thai Government in return for the payment of a nominal sum. BBC World Service will retain the right to repurchase the assets, should the operation cease, for a similar nominal sum. The use of these assets is not affected by this transaction and therefore they will continue to be carried at cost less attributable depreciation in the balance sheet.
 
Land and buildings at net book value comprise:
2003
£m
2002
£m
Freeholds 15.4 15.7
Short-leaseholds 14.1 10.3
29.5 26.0
The members of the Management Board are satisfied that there has been no impairment in the carrying values of freehold properties at the balance sheet date.
 
Land and buildings include freehold land at a cost of £4.2 million (2002 £4.2 million) which is not depreciated.
 
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