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Farmers’ Annual Stocktake – Are You Valuing Correctly?

Red tractor tilling the soil. Annual Farmers Stocktake

Red tractor tilling the soil. Annual Farmers StocktakeAn alarmingly low number of farmers obtain formal annual stocktaking valuations for their end of year accounting.  These are governed by the RICS Red Book Regulations as farmstock is an asset and farm stocktaking valuations should comply with the Red Book.

Farm stocktaking valuations are required to assess the closing stock value, and thereby profits or losses and balance sheet of a farming business for  inclusion in financial statements.

RICS Valuers will prepare annual stocktaking reports which are compliant to ensure the highest standards of professionalism and clarity on which the accountants can rely.

Ted Beale - RICS registered farm valuerBy undertaking “self-assessed” valuations the farmer is less likely to be au fait with the changing regulations and indeed the specific definitions of Value and which approaches to adopt when undertaking their end of year stocktaking valuation.

We work closely with our clients’ accountants to ensure the information provided is within the appropriate definition of value and will enable a thorough and professional approach to your financial statements.

In addition to annual stocktaking valuations, our RICS Registered Valuers also value property and land for tax, secured lending and insurance purposes.

Please contact Ted Beale on 01789 292310 if you would like to discuss this further.