| Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class Depreciation method and rate
Plant and machinery 25% straight line
Hire stock 33% straight line
Office equipment 33% straight line
Fixtures and fittings 25% reducing balance
Leasehold improvements 2% straight line
Buildings 2% straight line |