Ernon plc has identified an indication of impairment and is conducting an impairment review. Its summarized statement
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Ernon plc has identified an indication of impairment and is conducting an impairment review. Its summarized statement of financial position at 31 March 2013 is as follows:
The whole of the company is considered to be a single cash-generating unit (CGU). The net current assets have been valued at the lower of cost and net realizable value, and the net realizable value of the property is £900,000. The plant and equipment is estimated to have a sale value of £115,000. The value in use is estimated to be £1.4 million. \section*{Required} Calculate whether an impairment loss has occurred and, if so, prepare a revised statement of financial position for Ernon plc as at 31 March 2013. Explain your workings fully.
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000 Goodwill 600 Property 820 Plant and equipment 730 Net current assets 265 2,415 Share capital and reserves 2,415
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