41(1)Intangible fixed assets, other than goodwill, may be included at their current cost.
(2)Tangible fixed assets may be included at a market value determined as at the date of their last valuation or at their current cost.
(3)Investments of any description falling to be included under Assets items 7 (Participating interests) or 8 (Shares in group undertakings) of the balance sheet format and any other securities held as financial fixed assets may be included either:
(a)at a market value determined as at the date of their last valuation; or
(b)at a value determined on any basis which appears to the directors to be appropriate in the circumstances of the company;
but in the latter case particulars of the method of valuation adopted and of the reasons for adopting it shall be disclosed in a note to the accounts.
(4)Securities of any description not held as financial fixed assets (if not valued in accordance with paragraph 34 above) may be included at their current cost.