SINGAPORE WINDSOR HOLDINGS LIMITED
| Annual Report 2015
63
Year ended 31 March 2015
NOTES TO THE
FINANCIAL STATEMENTS
14. Investment property
Group
2015
2014
HK$’000
HK$’000
At cost:
At beginning of the year
7,741
7,610
Assets classified as held for sale
(7,741)
–
Foreign exchange translation adjustments
–
131
At end of the year
–
7,741
Accumulated depreciation:
At beginning of the year
1,861
1,487
Depreciation for the year
–
346
Assets classified as held for sale
(1,861)
–
Foreign exchange translation adjustments
–
28
At end of the year
–
1,861
Net carrying value
–
5,880
Fair value:
Fair value at end of the year
–
10,359
Rental and service income from investment property
–
478
Direct operating expenses
–
745
The depreciation expense is charged as administrative expenses.
The investment properties are leased out under operating leases.
In the previous reporting year, the fair value was based on a valuation made by RHL Appraisal Limited, a firm of
independent professional valuers. The fair value is regarded as the lowest level for fair value measurement as the
valuation technique used by the valuer is depreciated replacement cost approach and includes input for the asset
that are not based on observable market data (unobservable inputs). The significant unobservable input is the
current cost of replacement of the improvements less allowance for physical deterioration and all relevant forms
of obsolescence and optimization. Significant increases (decreases) in the unobservable input would result in a
significant higher (lower) fair value measurement. However, it has no impact on the profit before tax.
15. Investments in subsidiaries
Company
2015
2014
HK$’000
HK$’000
Unquoted equity shares, at cost
9,892
56,716
