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13 INVENTORY – DEVELOPMENTS AND TRADING PROPERTIES
|Developments in progress||15,749||18,673|
On 28th November 2007, the Group sold its interest in a trading property asset for proceeds of £68,000,000, comprising £16,000,000 cash receipts and £52,000,000 loan notes, redeemable at any date up to 30th June 2008 and secured by a first charge on the property. At the balance sheet date, the loan notes remained outstanding. This amount represents a significant proportion of the sales proceeds and in accordance with IAS 18 ‘Revenue’, the sale and associated profit have not been recognised. The trading asset therefore remains classified as a trading property carried at £40,131,000 as at 31st December 2007.