FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd FSA Annual Report 2006/07 - Better Regulation Ltd
Section five – Financial statements FSA Annual Report 2006/07 83 9. Intangible assets Software Development costs £m Cost At 1 April 2005 16.8 Additions – internally generated 4.5 At 1 April 2006 21.3 Additions – internally generated 10.3 At 31 March 2007 31.6 Amortisation At 1 April 2005 5.9 Charge for the year 5.3 At 1 April 2006 11.2 Charge for year 5.3 At 31 March 2007 16.5 Net book value At 31 March 2007 15.1 At 31 March 2006 10.1 At 31 March 2007 expenditure totalling £10.0m had been capitalised on software developments that had not yet gone into operation (2006: £0.8m).
84 Section five – Financial statements FSA Annual Report 2006/07 10. Property, plant and equipment Leasehold Computer Furniture and improvements equipment equipment Total £m £m £m £m Cost At 1 April 2005 19.8 36.8 10.7 67.3 Additions 0.1 5.2 0.8 6.1 Disposals – (0.4) – (0.4) At 1 April 2006 19.9 41.6 11.5 73.0 Additions 0.9 6.8 0.2 7.9 Disposals – (0.3) (0.2) (0.5) At 31 March 2007 20.8 48.1 11.5 80.4 Accumulated depreciation and impairment At 1 April 2005 11.9 25.6 7.7 45.2 Charge for year 2.0 6.0 0.7 8.7 Disposals – (0.4) – (0.4) At 1 April 2006 13.9 31.2 8.4 53.5 Charge for year 2.3 5.9 0.9 9.1 Disposals – (0.2) (0.2) (0.4) At 31 March 2007 16.2 36.9 9.1 62.2 Carrying amount At 31 March 2007 4.6 11.2 2.4 18.2 At 31 March 2006 6.0 10.4 3.1 19.5 The FSA has reviewed the residual values used for the purposes of depreciation calculations. The review did not identify any requirement for adjustment to the residual values used in the current or prior periods. Residual values will be reviewed and updated annually. 11. Other financial assets Trade and other receivables 2007 2006 £m £m Fee receivables 2.4 2.7 Other debtors 0.9 0.9 Prepayments and accrued income 7.3 6.3 10.6 9.9 The average credit period taken is 50 days (2006: 50 days). A late penalty fee of £250 is payable on periodic fees not paid by the due date. If payment is not received within 15 days of the due date interest is charged on the outstanding balance at Bank of England Repo rate plus 5%.
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Section five – Financial statements<br />
<strong>FSA</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2006</strong>/<strong>07</strong><br />
83<br />
9. Intangible assets<br />
Software Development costs<br />
£m<br />
Cost<br />
At 1 April 2005 16.8<br />
Additions – internally generated 4.5<br />
At 1 April <strong>2006</strong> 21.3<br />
Additions – internally generated 10.3<br />
At 31 March 20<strong>07</strong> 31.6<br />
Amortisation<br />
At 1 April 2005 5.9<br />
Charge for the year 5.3<br />
At 1 April <strong>2006</strong> 11.2<br />
Charge for year 5.3<br />
At 31 March 20<strong>07</strong> 16.5<br />
Net book value<br />
At 31 March 20<strong>07</strong> 15.1<br />
At 31 March <strong>2006</strong> 10.1<br />
At 31 March 20<strong>07</strong> expenditure totalling £10.0m had been capitalised on<br />
software developments that had not yet gone into operation (<strong>2006</strong>: £0.8m).
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