11 Property, Plant and Equipment
| Land and
buildings
£m | Fixtures,
fittings
and
equipment
£m | Payments on
account and
assets in
course of
construction
£m | Total
£m |
| Cost |
|
|
|
|
| At 2 April 2010 |
52.3 |
296.0 |
7.4 |
355.7 |
| Additions |
5.3 |
14.7 |
0.2 |
20.2 |
| Disposals |
(0.6) |
(6.5) |
— |
(7.1) |
| Reclassifications |
0.5 |
6.9 |
(7.4) |
— |
| At 1 April 2011 |
57.5 |
311.1 |
0.2 |
368.8 |
| Additions |
3.1 |
14.5 |
— |
17.6 |
| Disposals |
(0.5) |
(5.0) |
— |
(5.5) |
| Reclassifications |
0.1 |
0.1 |
(0.2) |
— |
| At 30 March 2012 |
60.2 |
320.7 |
— |
380.9 |
| Depreciation |
|
|
|
|
| At 2 April 2010 |
23.1 |
229.7 |
— |
252.8 |
| Depreciation for the period |
3.0 |
17.4 |
— |
20.4 |
| Disposals |
(0.5) |
(6.5) |
— |
(7.0) |
| At 1 April 2011 |
25.6 |
240.6 |
— |
266.2 |
| Depreciation for the period |
3.6 |
17.5 |
— |
21.1 |
| Disposals |
(0.3) |
(4.0) |
— |
(4.3) |
| At 30 March 2012 |
28.9 |
254.1 |
— |
283.0 |
| Net book value at 30 March 2012 |
31.3 |
66.6 |
— |
97.9 |
| Net book value at 1 April 2011 |
31.9 |
70.5 |
0.2 |
102.6 |
Payments on account and assets in the course of construction reclassified in the prior period mainly included the costs associated with the new distribution centre in Coventry.
No fixed assets are held as security for external borrowings.
Included in the above are assets held under finance leases as follows:
| Land and
Buildings(1)
£m | Fixtures,
fittings, and
equipment
£m | Total
£m |
| As at 30 March 2012 |
|
|
|
| Cost |
12.7 |
0.8 |
13.5 |
| Accumulated depreciation |
(4.1) |
(0.8) |
(4.9) |
| Net book value |
8.6 |
— |
8.6 |
| As at 1 April 2011 |
|
|
|
| Cost |
12.7 |
0.8 |
13.5 |
| Accumulated depreciation |
(3.6) |
(0.8) |
(4.4) |
| Net book value |
9.1 |
— |
9.1 |
(1) Relates to the Halfords head office building lease, which expires in 2028.
Finance lease liabilities are payable as follows:
| Minimum
lease
payments
2012
£m | Interest
2012
£m | Principal
2012
£m | Minimum
lease
payments
2011
£m | Interest
2011
£m | Principal
2011
£m |
| Less than one year |
1.0 |
0.7 |
0.3 |
1.0 |
0.7 |
0.3 |
| Between one and five years |
4.4 |
2.7 |
1.7 |
4.3 |
2.9 |
1.4 |
| More than five years |
13.5 |
4.0 |
9.5 |
14.7 |
4.6 |
10.1 |
|
18.9 |
7.4 |
11.5 |
20.0 |
8.2 |
11.8 |