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(p) FINANCIAL INSTRUMENTS
Financial instruments are recognised in the balance sheet when the Group has become a party to the
contractual provisions of the instrument.
Financial instruments are classified as liabilities or equity in accordance with the substance of the
contractual arrangement. Interest, dividends, gains and losses relating to a financial instrument classified
as a liability are reported as expense or income. Distributions to holders of financial instruments classified
as equity are charged directly to equity. Financial instruments are offset when the Group and the Company
have an enforceable legal right to offset and intend to settle either on a net basis or to realise the asset
and settle the liability simultaneously. The Group does not have any off balance sheet financial instruments.
(i) Other non current investments
Non current investments other than investments in Subsidiaries, Associates and investment properties
are stated at cost and allowance is made where, in the opinion of the Directors, there is a permanent
diminution in value. Permanent diminution in the value of investment is recognised as an expense in
the financial year in which the diminution is identified.
On disposal, the difference between the net disposal proceeds and its carrying value is charged or
credited to the income statements.
(ii) Trade receivables
Trade receivables are carried at anticipated realisable value. Bad debts are written off in the year in
which they are identified. An estimate is made for doubtful debts based on a review of all
outstanding amounts.
(iii) Inventories
Inventories are stated at the lower of cost and net realisable value, cost being determined on the
weighted average basis. Cost includes all incidentals incurred in bringing the inventories into store;
and in the case of produce stocks, includes harvesting, manufacturing and transport charges, where
applicable. Net realisable value represents the estimated selling price less all estimated costs.
Inventories of completed properties comprise cost of land and the relevant development cost.
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