Page 171 - flipbook-ubp-IR

OUR CORPORATE PERFORMANCE GOVERNANCE
Freehold land THE COMPANY and buildings
Rs’000
COST OR VALUATION
At July 01, 2020 1,321,895 Additions 12,464 Disposals -
Land improvements
Rs’000
43,126 - - - -
43,126 - - - -
43,126
30,702 2,156 -
32,858 2,156 - -
35,014
8,112
10,268
Plant and equipment
Rs’000
2,292,082 74,355 (31,691) 1,661 (183)
2,336,224 143,339 (19,219) (309,425) 17,689
2,168,608
1,882,740 121,031 (31,691)
1,972,080 122,843 (15,603)
(309,425)
1,769,895
398,713
364,144
Motor vehicles
Rs’000
109,712 4,065 (12,150) - -
101,627 19,188 (12,685) (980) -
107,150
72,038
12,629 (11,788)
72,879
13,641 (11,052) (980)
74,488
32,662
28,748
Asset in progress
Rs’000
5,788 17,690 - - (5,788)
17,690 86,057 - - (17,689)
86,058
- - -
- - - -
-
86,058
17,690
Total
Rs’000
3,772,603 108,574 (43,841)
1,661 (5,541)
3,833,456 262,401 (31,904)
(310,405) -
3,753,548
2,030,665 164,887 (43,479)
2,152,073 170,663 (26,655) (310,405)
1,985,676
1,767,872
1,681,383
Transfer from inventories *
Transfer from assets in progress
At June 30, 2021
Additions 13,817 Disposals - Write-off -
- 430
Transfer from assets in progress
At June 30, 2022
ACCUMULATED DEPRECIATION
At July 01, 2020
Charge for the year
Disposals -
At June 30, 2021 74,256 Charge for the year 32,023 Disposals - Write-off -
1,334,789
-
1,348,606
45,185 29,071
At June 30, 2022 CARRYING AMOUNT At June 30, 2022
At June 30, 2021
106,279
1,242,327
1,260,533
* In the financial year 2022, there were no transfers from inventory (2021: Rs 1.7m).
Bank borrowings are secured by fixed and floating charges over the assets of the Company. (b) Revaluation of land and buildings
The fair value of the freehold land and buildings were determined by Chasteau Doger De Spéville Ltd, an independent valuer. The date of the revaluation was June 30, 2020.
Freehold land is revalued by reference to market based evidence; that is, the valuations are based on active market prices, adjusted for any differences in the nature, location or condition of a specific property. Freehold land is classified as level 2. The significant input is the price per square metre which ranges between Rs 711 and Rs 7,699.
The fair value of buildings was determined using the depreciated replacement cost approach, which reflects the value by computing the current cost of replacing the property and subtracting any depreciation resulting from one or more of the following factors: physical deterioration, functional obsolescence and economic obsolescence. Buildings have been classified as level 3. The significant unobservable input is the depreciation rate which ranges between 20%-55%. There were no change in the fair value of the properties since 2020.
UBP INTEGRATED REPORT 2022 169
FINANCIAL STATEMENTS