If your company holds property and reports under UK GAAP, your accountant will sooner or later ask for a formal valuation. FRS 102 requires investment property to be carried at fair value at each reporting date, and companies adopting the revaluation model for owner-occupied premises need reliable, up-to-date figures. Manchester Surveyors provides FRS 102 accounting valuations prepared by RICS Registered Valuers to Red Book standards.
What FRS 102 Requires
- Investment property (Section 16) — measured at fair value at each balance sheet date where it can be determined reliably, with movements through profit and loss
- Owner-occupied property (Section 17) — cost model or revaluation model; under revaluation, valuations must be kept sufficiently current
- Fair value on transition or transaction — incorporations, group restructures, and property transferred between entities
What We Provide
- Red Book fair value assessments aligned to the FRS 102 definition of fair value, in a format auditors accept without follow-up queries
- Portfolio revaluations — consistent methodology across residential, commercial and mixed portfolios, with our commercial valuation team handling trading and investment stock
- Year-end scheduling — valuations dated to your reporting date, delivered inside your audit timetable
- Desktop updates between full inspections where appropriate — see our assessment types
Why Auditors Accept Our Reports
Audit files need valuations with transparent methodology, comparable evidence and the valuer’s RICS registration on the face of the report. That is exactly how our RICS Registered Valuers work — the same discipline we apply to tax valuations scrutinised by HMRC.
Year-end approaching? Contact us with your property schedule and reporting date for a fixed-fee proposal. Serving companies across Manchester, London, Birmingham and the UK.
Alongside FRS 102 figures, remember your insurance schedule: an up-to-date RICS reinstatement cost assessment keeps declared rebuild values accurate and defensible.
FRS 102 Revaluations in Practice
Under FRS 102, entities that adopt the revaluation model for property must carry those assets at fair value, with revaluations made with sufficient regularity that the carrying amount is not materially different from fair value at the reporting date. Investment property goes further, requiring fair value through profit and loss at each reporting date. Auditors expect those figures to come from competent, independent valuers — in practice, RICS Registered Valuers producing Red Book compliant reports.
What We Provide
Fair value assessments of owner-occupied and investment property for year-end accounts, prepared to Red Book standards with the audit trail your accountant and auditor need: basis of value, valuation approach, comparable evidence and assumptions. We work to reporting deadlines, cover single assets or portfolios across the North West and beyond, and coordinate directly with your accountant where helpful — alongside related work such as capital gains tax valuations and reinstatement cost assessments for insurance.
How often do FRS 102 valuations need updating?
Often enough that the accounts are not materially misstated — for investment property, effectively every reporting date; for revalued owner-occupied property, typically every three to five years with interim reviews. Fixed fees per asset or portfolio: call 020 4579 8270.