JUST GROUP PLC Annual Report and Accounts 2021
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
13 INTANGIBLE ASSETS continued Any reasonably possible changes in assumptions will not cause the carrying value of the goodwill to exceed the recoverable amounts.
Present Value of In-Force business (“PVIF”) and other intangible assets with finite useful economic lives are tested for impairment when there is an indication that the carrying value of the asset may be subject to an impairment. The Group’s PVIF of £74.6m at 31 December 2021 represents the present value of future profits from the purchased in-force business of £60.6m recognised on the 2016 acquisition of Partnership Assurance Group and £14.0m on the 2009 acquisition of Just Retirement (Holdings) Limited, the holding company of Just Retirement Limited. The remaining useful economic lives of the Group’s PVIF ranges from between three to five years. There are no indications of impairment of the carrying values of PVIF or other intangible assets with finite useful economic lives.
14 PROPERTY, PLANT AND EQUIPMENT
Freehold land and buildings £m
Computer equipment £m
Furniture and fittings £m
Right-of-use assets £m
Total £m
Year ended 31 December 2021
Cost or valuation At 1 January 2021
14.3
9.9 0.7
6.3
6.1 0.6
36.6
–
– –
1.3
Acquired during the year Transfer to held for sale At 31 December 2021
(3.5)
–
–
(3.5)
10.8
10.6
6.3
6.7
34.4
Depreciation and impairment At 1 January 2021
(0.1) (0.3) (0.5)
(7.2)
(5.9)
(2.9)
(16.1)
–
–
–
(0.3) (4.2)
Impairment
(1.4)
(0.2)
(2.1)
Depreciation charge for the year
0.4
–
–
–
0.4
Transfer to held for sale At 31 December 2021
(0.5)
(8.6)
(6.1)
(5.0)
(20.2)
Net book value at 31 December 2021 Net book value at 31 December 2020
10.3 14.2
2.0 2.7
0.2 0.4
1.7 3.2
14.2 20.5
Freehold land and buildings £m
Computer equipment £m
Furniture and fittings £m
Right-of-use assets £m
Total £m
Year ended 31 December 2020
Cost or valuation At 1 January 2020
17.9
7.7 2.2
6.2 0.1
11.9
43.7
Acquired during the year
–
– –
2.3
Revaluations Disposal cost
(3.6)
– –
– –
(3.6) (5.8)
–
(5.8)
At 31 December 2020
14.3
9.9
6.3
6.1
36.6
Depreciation and impairment At 1 January 2020 Eliminated on revaluation
(0.7)
(6.2)
(5.7)
(4.3)
(16.9)
1.2
– –
– –
–
1.2 3.5
Disposal
–
3.5
Depreciation charge for the year
(0.6) (0.1)
(1.0) (7.2)
(0.2) (5.9)
(2.1) (2.9)
(3.9)
At 31 December 2020
(16.1)
Net book value at 31 December 2020 Net book value at 31 December 2019
14.2 17.2
2.7 1.5
0.4 0.5
3.2 7.6
20.5 26.8
Included in freehold land and buildings is land of value £2.8m (2020: £4.0m).
146
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