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Basis of preparation and significant accounting policies (Tables) | 12 Months Ended
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Mar. 31, 2020
Basis of preparation and significant accounting policies |
Schedule of operating lease commitments discounted |
Operating lease commitments discounted |  | €M
Minimum operating lease commitment at March 31, 2019 |  | 290.1
Effect of discounting using the incremental borrowing rate at April 1, 2020 (2.74%) |  | (112.5)
Operating leases discounted at April 1, 2019 |  | 177.6
Recognition exemption for: |  |
Expenses relating to short-term leases |  | (37.2)
Leases of low value assets |  | —
Lease liability recognized at April 1, 2019 |  | 140.4
Summary of annual depreciation rates |
|  | Rate of |
|  | Depreciation |
Hangar and buildings |  | 5 | %
Plant and equipment (excluding aircraft) |  | 20-33.3 | %
Fixtures and fittings |  | 20 | %
Motor vehicles |  | 33.3 | %
Schedule of estimates of useful lives and residual values |
|  | Number of Owned Aircraft |  |  |  |
Aircraft Type |  | at March 31, 2020 |  | Useful Life |  | Residual Value
Boeing 737s |  | 426 (a) |  | 23 years from date of manufacture |  | 15% of current market value of new aircraft, determined periodically
The Group operated 466 aircraft as of March 31, 2020, of which 14 were leased Boeing 737 aircraft and 26 were leased Airbus A320 aircraft.

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- Definition The explanation of the difference between: (a) operating lease commitments disclosed applying IAS 17 at the end of the annual reporting period immediately preceding the date of initial application of IFRS 16, discounted using the incremental borrowing rate at the date of initial application; and (b) lease liabilities recognised in the statement of financial position at the date of initial application of IFRS 16. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2019-01-01 -Paragraph C12 -Subparagraph b -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2019-en-r&anchor=para_C12_b&doctype=Appendix&subtype=C -URIDate 2019-03-27 + Details
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- Definition The tabular disclosure on annual depreciation rates. + References No definition available. + Details
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- Definition The tabular disclosure of estimates of useful lives and residual values. + References No definition available. + Details
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