Reading Accounts

restive

I am just reading my annual 2013 accounts. Where does the figure for Land value appear?
There is a very large figure under "Buildings and Installations" in Tangible fixed assets. Does this include the Land value?

patjack

restive wrote: »

I am just reading my annual 2013 accounts. Where does the figure for Land value appear?
There is a very large figure under "Buildings and Installations" in Tangible fixed assets. Does this include the Land value?

Hi restive,
The figures you are querying above are either on your Balance Sheet or Capital Account. The land is separate to the Buildings and installations figure.

The land value is the value the land was put in day one of your accounts i.e. your first set of accounts. (Cost or value of your land) + cost of any land purchases since - any cost of any land sold since.

Same for the buildings and installations figure, this is the cost (value) of your initial buildings + any building expenditure since - cost of any buildings sold.

If you sell land or buildings for more than they cost, this will create a profit on disposal which will hit your p&l for that particular year (or if you sell for less than they cost, this will create a loss on disposal which will hit your p&l for that particular year)

In other words these figures don't impact your profit and loss unless there is a disposal or revaluation etc. These figures are an accumulated cost of your assets.

I am not an expert so others might add or detract from the above opinion

restive

There is no figure for land included in the Capital Account. The total of Tangible Assets are included under fixed assets in the balance sheet.

lakill Farm

restive wrote: »

I am just reading my annual 2013 accounts. Where does the figure for Land value appear?
There is a very large figure under "Buildings and Installations" in Tangible fixed assets. Does this include the Land value?

more than likely its listed under freehold property?

unless you bought the land in the current year the value is then historic. So if using for "approval of facilities" do up a current asset list with market value also shows your more on the ball with current trends

monseiur

lakill Farm wrote: »

more than likely its listed under freehold property?

unless you bought the land in the current year the value is then historic. So if using for "approval of facilities" do up a current asset list with market value also shows your more on the ball with current trends

Hi Lakill,
Not wishing to hi-jack the tread but can I ask a quick question :
I help my uncle with his tax returns,(he's too tight fisted to pay an accountant!) He just keeps suckler cows, a very simple system. But last year he bought a 10 acre plot of land adjoining his farm, paid for out of his savings, (no loan) Cost €80K plus stamp duty, solicitors fees etc.
Is the stamp duty & VAT on solicitors fees etc. considered as expense for tax purposes or how does the system work ?
Thanks,
M.

lakill Farm

monseiur wrote: »

Hi Lakill,
Not wishing to hi-jack the tread but can I ask a quick question :
I help my uncle with his tax returns,(he's too tight fisted to pay an accountant!) He just keeps suckler cows, a very simple system. But last year he bought a 10 acre plot of land adjoining his farm, paid for out of his savings, (no loan) Cost €80K plus stamp duty, solicitors fees etc.
Is the stamp duty & VAT on solicitors fees etc. considered as expense for tax purposes or how does the system work ?
Thanks,
M.

No all expense like that (Stamp duty, auctioneer, legal etc) should be classified along with the initial cost of the land as an asset. So on the balance sheet its the full expense of the purchase of the land. Its what we would call "capitalising" an item in the trade