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13 Property, Plant and Equipment (continued) Leased Plant and Machinery


Te net book value of assets held under finance lease or hire purchase contracts included above are as follows:


2014 £000


Plant and equipment Security


1,834


2013 £000


2,169


HSBC Bank Plc, HSBC Asset Finance (UK) Ltd and HSBC Equipment Finance (UK) Ltd have debentures incorporating fixed and floating charges over the undertaking and all property and assets including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery. A breakdown of the financial liabilities is shown in Note 20.


Hire purchase obligations are secured on the underlying assets. Te lease obligations are secured on leased equipment (see Note 20). 14 Other Financial Assets and Liabilities


2014 £000


Non-current Investments


Current assets Fair value of foreign exchange contracts


Current liabilities Fair value of interest rate swaps


Fair value of foreign exchange contracts 28 -


(387) (64)


(451)


2013 £000


28 -


(1,095) (145)


(1,240)


Investments Te unlisted investments acquired as part of the Lightbody acquisition on 23 February 2007 and held at 28 June 2014 consist of preference shares in Murray Traders Limited (10.5% of the issued capital of that company). Tere is no active market in these shares, therefore the fair value cannot be determined and the investments are held at cost.


Interest Rate Swaps at Fair Value Te Group has entered into three interest rate swap arrangements to hedge its risks associated with interest rate fluctuations:


£5.0m for five years from 1 July 2011 (fixed) at 3.6% £3.0m for four years from 22 May 2013 (fixed) at 1.7% £6.0m for three years from 2 June 2014 (fixed) at 1.9%


One four year interest rate swap of £10.0m (fixed) at 4.9% matured during the year in June 2014.


Te total coverage at the year end of £14.0 million (2013: £18.0 million) is equivalent to 159% (2013: 250%) of total net bank debt at a weighted average rate of 2.5% (2013: 4.0%).


A credit of £708,000 (2013: credit £855,000) is shown in finance income for the periods reflecting changes in the fair values of interest rate swaps. Te fair values are liabilities as a result of the current low levels of base and LIBOR interest rates.


Forward Foreign Exchange Contracts at Fair Value Te Group has entered into a number of forward foreign exchange contracts to minimise the impact of fluctuations in exchange rates. A credit of £81,000 (2013: charge £179,000) is shown in administration expenses for the periods reflecting changes in their fair value.


44


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