Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
The investment property was valued at 31 August 2022 at a fair value of £200,000 by the members. In the opinion of the members, the investment property is included at an amount that accords to its fair value at the balance sheet date.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment in the profit and loss account in other administrative expenses.