Financial Statements - Chemring Group PLC

C H E M R I N GG R O U P P L CNotes to the Financial Statements- continued15. TANGIBLE FIXED ASSETS - continued(B)PARENTCostAt 1 November 2002AdditionsAt 31 October 2003Land andbuildings£0001,168-1,168Plant andequipment£0005347541Total£0001,70271,709DepreciationAt 1 November 2002Charge for the yearAt 31 October 2003237342714792750671661777Net book valueAt 31 October 2003At 31 October 20028979313555932986(C) LAND AND BUILDINGSLand and buildings comprise:FreeholdLong leaseholdLand and buildings are stated at cost or value:30 September 1997 - depreciated replacement costAt cost2003£00019,0761,16820,2445,82014,42420,244Group2002£00018,6131,16819,7815,82013,96119,7812003£000-1,1681,168-1,1681,168Parent2002£000-1,1681,168-1,1681,168The 1997 land and buildings valuation was carried out by Chestertons, Chartered Surveyors, on the UK properties, on a depreciatedreplacement cost for the two pyrotechnic sites, and on open market value for the remainder. The effect of the revaluation is to increaseannual depreciation by £36,000. In accordance with the transitional requirements of FRS15 this valuation has not been updated.If stated under historical cost principles the comparable amounts for the total of land and buildings would be:2003£000Group2002£000Parent2003£0002002£000CostAccumulated depreciationHistorical cost value18,147(2,036)16,11117,684(1,727)15,9571,168(274)8941,168(237)931All other tangible fixed assets are stated at historical cost. Included in plant and equipment are assets of net book value£4,170,000 (2002: £3,627,000) held under finance leases.P 42