Two leading Irish property developers are valuing property asserts at one of their companies at 2006 levels, according to a newspaper report.

Bernard McNamara and Jerry O’Reilly have said the valuation of assets at Belltrap Ltd is "appropriate" despite the economic downturn in the construction sector, reports the Irish Independent.

The developers have valued property assets at the company at €49.8m – an identical figure to those posted in 2006.

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However, the company’s auditors claim valuations of all property assets are "subject to uncertainty" due to the financial climate.

Horwath Bastow Charleton has placed an "emphasis of matter" note on the accounts of the company which discusses the valuations and whether the company can continue as a going concern.

Belltrap had debtors totalling €29.4m in the year ended November 30, 2008. However, the directors remain confident they can collect these debts and insist the investment property should be carried at its valuation of €49.8m

The company has bank loans worth €51.2m. The loans are secured by a charge over the company's assets.

Both men have worked together on a number of deals in recent years.

Mr McNamara made the headlines recently, when he admitted he was "broke".

(NS/GK)