36. Fair value disclosures Fair value information The carrying amounts of cash and cash equivalents, short term receivables and payables and short term borrowings reasonably approximate their fair values due to the relatively short term nature of these financial instruments. It was not practicable to estimate the fair value of the Group’s investments in unquoted shares due to the lack of comparable quoted prices in an active market and the fair value cannot be reliably measured. The following table analyses financial instruments carried at fair value and those not carried at fair value for which fair value is disclosed, together with their fair values and carrying amounts shown in the statements of financial position. The different levels have been defined as follows: (a) Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. (b) Level 2 - Input other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). (c) Level 3 - Input for the asset or liability that are not based on observable market data (unobservable input). Financial Statements 301
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