Investment properties, which are held for third party renting, have been valued in total at their fair value as at 31st July 2024 by Mrs. S. Williams, a director of the company. Revaluations have been taken to the profit and loss account.
The properties have been valued each year since 31st July 2015 to their fair value of £510,000, during the year ended 31st July 2020 this value was increased to £585,000, during the year ended 31st July 2023, property with a fair value of £10,000 was disposed of and additions amounted to £21,000, the fair value as at 31st July 2023 is £596,000.
Deferred taxation in respect of the revaluations amounting to £59,804 (2023 - £60,206, 2022 - £47,259, 2021 - £48,160) has been provided for.
No depreciation is provided in respect of the properties.
The original cost of the properties amounted to £233,343 (2023 - £233,343).