Tangible Fixed Assets – Write-Off Statement (FRS 102)
In accordance with Section 17 of FRS 102 *“Property, Plant and Equipment”*, the company has reviewed the carrying value of its tangible fixed assets and determined that certain assets no longer meet the criteria for continued recognition due to impairment or obsolescence. As a result, the following assets have been written off during the reporting period:
- Fixtures and Fittings: These assets were associated with a rental property lease which has since been cancelled. As the fixtures and fittings were lease-specific and not transferable or reusable in alternative premises, their carrying value has been fully derecognised.
- Motor Vehicles: The company’s fleet included vehicles that had reached a stage of significant depreciation due to age and excessive mileage. Following a reassessment of their residual value and utility, these assets were deemed to have no further economic benefit and have been written off accordingly.
- Computer Equipment: A number of IT assets, including desktop computers and peripheral devices, have exceeded their expected useful lives. Due to technological obsolescence and diminished performance, these assets no longer contribute to the company’s operations and have been fully impaired.
The write-offs have been recognised in the profit and loss account under administrative expenses. No proceeds were received from disposal, and no residual value remains. The company confirms that this treatment is consistent with its accounting policies and the requirements of FRS 102.