A valuation of the freehold property owned by TCCOA Limited was carried out on 5th December 2023. The restated value of these assets was £ 125,000.
The revaluation was carried out independently by Messrs Shobrook & Co., Chartered Surveyors.
The methods and significant assumptions used in estimating the fair value of the freehold property were that there are two disctinct elements to the asset, namely the cliff and the cafe. For the cliff there is a potential future liability for maintenance and upkeep and no value has been attached to it. The cafe is valued at £ 125,000 based on the fact that it is let out on a lease and has an additional amenity value.
The directors have reviewed the valuation of the freehold property and, in their view, it is fairly stated.