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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2018 (CONTINUED)
6. Investment in Associate (continued)
Commitments and contingent liabilities in respect of associate (continued)
During January 2018, the Directors of Luxury Homes decided to repay the outstanding loan balance due to FirstCaribbean. This required a capital injection by the Group in the amount of $658,525 (2017: $53,431) which represents the Group’s obligation of the outstanding loan balance.
7. Investment Property
2018 $
2017 $
900,000 –
(900,000 )
825,000 75,000 –
–
900,000
$
Non-current assets - at fair value
As at 1 January
Fair value adjustment to investment property Proceeds from sale of investment property
As at 31 December
During November 2017, the Group signed an agreement to sell the land it owns on Collins Avenue, New Providence. The fair value of the land was adjusted to reflect the net agreed sale price of the property and a fair value adjustment of $75,000 was recognized in the statement of comprehensive income. The transaction was completed on 27 March 2018.
The fair value hierarchy for non-financial assets is similar to the hierarchy for financial assets disclosed in Note 5. Investment property is classified as Level 3, as inputs are generally unobservable. The valuation technique used was based on comparable sales and on knowledge of transactions involving similar properties in the vicinity.
Land andBuilding ent
8. Property, Plant and Equipment
Land and
Cost:
As at 1 January 2018 Additions
Disposals
As at 31 December 2018
Accumulated Depreciation/ Amortization:
As at 1 January 2018 Disposals
Charge for the year
As at 31 December 2018
Net book value as at 31 December 2018
Equip
Motor Leasehold
Land and Building
Land and
Building Improvements
Furniture,
Equipment and Software
Motor Vehicles
Leasehold Improvements
Total
$
12,993,295 150,892
(85,280 )
$
1,766,859 32,927 –
$
2,814,744 216,907 –
$
235,032 –
(38,495 )
$
89,944 – –
$
17,899,874 400,726
(123,775 )
13,058,907
1,799,786
3,031,651
196,537
89,944
18,176,825
1,130,282 – 253,979
445,785 – 87,187
1,687,733 –
334,854
188,071 (38,495 )
27,253
61,460 – 8,994
3,513,331 (38,495 )
712,267
1,384,261
532,972
2,022,587
176,829
70,454
4,187,103
11,674,646
1,266,814
1,009,064
19,708
19,490
13,989,722
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