Non-current assets (or disposal groups) classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell if their carrying amount is recovered principally through a sale transaction rather than through a continuing use. This condition is regarded as met only, when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition.
When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria describe above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale.
Parties are considered to be related to the Group if they have the ability to, directly and indirectly, control the Group or exercise significant influence over the Group’s financial and operating decisions or vice versa, or if they and the Group are subject to common control. Goods and services are sold at market related prices in force and terms that would be available to third parties.
Note 1, Note 14 and Note 15 provide details of the Group's holding company, ultimate holding company, subsidiaries and joint venture.
During the year, the Group transacted with related parties. Transactions which are not dealt with elsewhere in the financial statements are as follows:
Amounts receivable from and payable to the subsidiaries and the joint venture do not have fixed repayment terms, security or guarantee. All other transactions have been made on commercial terms and in the normal course of business.
There has been no guarantee provided or received for any related party receivables or payables. For the year ended 30 June 2021, the Group has not recorded any impairment of amounts receivable relating to amounts owed by related parties (2020: Nil).
Outstanding balances at year end are unsecured, and settlement occurs in cash. The Group has performed an impairment assessment by considering historical repayment patterns and the future cash flow forecasts covering the contractual period of amounts receivable from related parties. The Group does not expect any default from them and is certain of their ability to pay their debts as they become due in the normal course of business and/or in any adverse economic and business conditions. Consequently, the probability of default is considered negligible and the Group has not accounted for any impairment loss.