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After initial recognition, investment properties are measured at fair value, with gains and
losses recognised in profit or loss in the period in which they arise.
Gains and losses on disposals of investment properties will be determined as the difference
between the net disposal proceeds and the carrying value of the relevant asset. These will
be recognised in profit or loss in the period in which they arise.
3.9 Financial assets and liabilities
Financial assets and liabilities are recognised when the relevant group entity becomes a
party to the unconditional contractual terms of an instrument. Unless otherwise indicated,
the carrying amounts of financial assets and liabilities are considered by the Directors to be
reasonable estimates of their fair values.
Financial assets
Financial assets are recognised initially at their fair value. All of the Group's financial assets,
except interest rate derivatives, currently constitute 'loans and receivables' which are
measured at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents consist of cash in hand and short-term deposits in banks with an
original maturity of three months or less.
NOTES TO THE FINANCIAL STATEMENTS
Trade and other receivables
Trade and other receivables, including rents receivable, are recognised and carried at the
lower of their original invoiced value and recoverable amount. A provision for impairment will
be made where there is objective evidence that the Group will not be able to recover
balances in full. Balances will be written-off in profit or loss in circumstances where the
probability of recovery is assessed as being remote.
Trade and other payables
Trade and other payables are recognised initially at their fair value and subsequently at
amortised cost.
Bank borrowings