The plant & machinery was revalued on an open market basis on 30 June 2017 by NWF Mechanical Services. Had the plant & machinery not been revalued it would be carried at their cost of £1,599,188 at 30 June 2023 (2022 - £1,501,692). The historical aggregate depreciation at 30 June 2023 would have been £1,127,158 (2022 - £1,068,105).
There has been no independent valuation of plant & machinery at 30 June 2023 as the directors are of the opinion that the carrying amount of these assets does not differ materially from their fair value at that date.
The cost or valuation at 30 June 2023 is represented by:
Valuation in 1998 - £61,189. Valuation in 2017 - (£812,711). Cost £1,599,188.
Total at 30 June 2023 - £847,666.