98
John Lewis Partnership plc Annual Report and Accounts 2014
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
11 Property, plant and equipment Our balance sheet contains significant property, plant and equipment, primarily made up of branches, distribution centres, offices and vehicles. This note details additions, disposals and transfers of property, plant and equipment in the year, together with depreciation (a charge to the income statement to represent usage of these assets).
Land and buildings £m
Cost At 28 January 2012 3,742.7 1,595.9
Additions 14.1 2.7 Transfers 145.8 93.6 Disposals (11.4) (64.4) At 26 January 2013
3,891.2 1,627.8
Additions 0.1 2.1 Transfers 154.8 187.6 Disposals (11.5) (79.5) At 25 January 2014
4,034.6
Accumulated depreciation At 28 January 2012 Charge for the year
1,738.0 88.9 264.0
(239.4) (1.4)
112.1 423.0
(342.4) –
192.7
5,427.5 280.8 –
(77.2)
5,631.1 425.2 –
(91.0) 5,965.3
Fixtures and fittings £m
Assets in course of construction £m
Total £m
(651.6) (98.9)
(740.4) (100.4)
(977.5) (156.2)
Disposals 10.1 63.9 At 26 January 2013 Charge for the year
(833.4)
(1,069.8) (154.2)
Disposals 7.4 79.3 At 25 January 2014
Net book value at January 2012 Net book value at January 2013 Net book value at January 2014
3,091.1 3,150.8 3,201.2
618.4 558.0 593.3
Included above are land and buildings assets held under finance leases with a net book value of £28.1m (2013: £30.9m).
12 Inventories This note sets out the make-up of our inventories and the value of inventories charged through the consolidated income statement in the year. Slow moving and obsolete inventory is assessed each reporting period and appropriate provision made against the inventory balance, and so the finished goods and goods for resale is shown net of provisions. Our raw materials and work in progress are primarily related to Herbert Parkinson and Leckford Farm. Our inventories primarily consist of finished goods and goods for resale. Once the inventory is sold, it is charged to cost of sales in the consolidated income statement.
2014 £m
Raw materials Work in progress Finished goods and goods for resale
4.0 0.9
549.1 554.0
2013 £m
3.1 0.9
510.0 514.0
The cost of inventory recognised as an expense by the Partnership in the year was £6,008.9m (2013: £5,640.1m). Provisions against inventories of £7.9m were charged (2013: £12.7m charged) in branch operating expenses.
(1,144.7)
– – – – – – –
88.9
112.1 192.7
(1,629.1) (255.1) 74.0
(1,810.2) (254.6) 86.7
(1,978.1)
3,798.4 3,820.9 3,987.2
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