2004 - Hiap Teck Venture Berhad

3. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Company
Freehold
Land Buildings Total
RM'000 RM'000 RM'000
Cost
At 1 August 2003 26,002 38,901 64,903
Refund on incidental cost - (1) (1)
At 31 July 2004 26,002 38,900 64,902
Accumulated Depreciation
At 1 August 2003 - 778 778
Charge for the year - 778 778
At 31 July 2004 - 1,556 1,556
Net Book Value
At 31 July 2004 26,002 37,344 63,346
At 31 July 2003 26,002 38,123 64,125
Depreciation charge for 2003 - 778 778
Other assets comprise equipment for hire, office renovations, furniture and fittings, heavy equipment, office
equipment, tools and equipment, carpet, computer software, electrical installation, forklift, dies and jigs,
containers, signboard and air-conditioners.
Net book value of motor vehicles of the Group held under hire purchase arrangements as at balance sheet date
amounted to RM384,000 (2003: RM1,593,000).
In the previous year, certain properties of the Group with carrying value of RM84,917,000 were pledged as
securities for borrowings facilities obtained.
The freehold land, leasehold land and buildings were revalued in 2003 by the directors based on independent
professional valuations carried out by Mr. Elvin Fernandez, FISM, of Messrs Khong & Jaafar Sdn Bhd, a registered
valuer located at 57-1, Jalan Telawi Tiga, Bangsar Baru, 59100 Kuala Lumpur. The Cost and Investment Method
of Valuation were used in arriving at the value of those properties.
At 31 July 2004, had the revalued properties been carried at cost less accumulated depreciation, the carrying
amounts of these properties would have been as follows:
GROUP
2004 2003
RM'000 RM'000
Freehold land 13,418 13,418
Leasehold land 1,827 1,827
Buildings 11,900 12,177
27,145 27,422
36 HIAP TECK VENTURE BERHAD