Financial statements
Notes to the financial statements
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16 Property, plant and equipment
| Land and buildings | Group 2007 £m |
Group 2006 £m |
Company 2007 £m |
Company 2006 £m |
|---|---|---|---|---|
| Opening cost or valuation | 10 | 25 | 9 | 25 |
| Additions at cost | – | 1 | – | – |
| Disposals | (1) | (17) | (1) | (17) |
| Revaluation | 1 | 1 | 1 | 1 |
| Closing cost or valuation | 10 | 10 | 9 | 9 |
| Net book amount | 10 | 10 | 9 | 9 |
Depreciation charged in the year on buildings was £0.1 million (2006: £0.1 million).
| Plant and equipment | Group 2007 £m |
Group 2006 £m |
Company 2007 £m |
Company 2006 £m |
|---|---|---|---|---|
| Opening cost or valuation | 57 | 51 | – | – |
| Additions at cost | 8 | 18 | – | – |
| Disposals | (21) | (12) | – | – |
| Closing cost or valuation | 44 | 57 | – | – |
| Opening accumulated depreciation | 36 | 43 | – | – |
| Charge for the year | 6 | 4 | – | – |
| Disposals | (20) | (11) | – | – |
| Closing accumulated depreciation | 22 | 36 | – | – |
| Net book amount | 22 | 21 | – | – |
Assets held under finance leases (all vehicles) have the following net book amount:
| Group 2007 £m |
Group 2006 £m |
Company 2007 £m |
Company 2006 £m |
|
|---|---|---|---|---|
| Cost | 1 | 1 | – | – |
| Aggregate depreciation | – | – | – | – |
| Net book amount | 1 | 1 | – | – |
Finance lease rentals are payable as follows:
| Group 2007 £m |
Group 2006 £m |
Company 2007 £m |
Company 2006 £m |
|
|---|---|---|---|---|
| Within one year | 1 | – | – | – |
| Between one and five years | – | 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.