42. Right of use assets
Plant and Equipment | |
|---|---|
€m | |
Cost | |
At 31 December 2018 | - |
Transfer from property, plant and equipment | 2.6 |
At 1 January 2019 and 31 December 2019 | 2.6 |
Accumulated depreciation | |
At 31 December 2018 | - |
Transfer from property, plant and equipment | 2.3 |
At 1 January 2019 | 2.3 |
Charge for period | 0.2 |
At 31 December 2019 | 2.5 |
Carrying amount | |
At 31 December 2018 | - |
At 1 January 2019 | 0.3 |
At 31 December 2019 | 0.1 |
The Company applied IFRS 16 Leases with effect from 1 January 2019 as is set out at note 38 Accounting Policies. At initial application, the Company recognised right of use assets and related lease liabilities by adjusting the opening balances brought forward from the Statement of Financial Position reported at 31 December 2018.
The impact of the application of IFRS 16 at 1 January 2019 resulted in the transfer of fixed assets with a net book value of €0.3 million to right of use assets. As these assets were held under finance leases there was no effect on opening lease obligations. There was a negligible effect on the profit before tax recognised in the Company Income Statement in the year ended 31 December 2019 arising from the change in accounting policy.