The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
The company adminsters variable service charges on the residents, through an appointed managing agent, which when collected are held in trust for the purpose of meeting the relevant costs and maintenance of the common parts in relation to the property occupied by the residents, in accordance with the lease and Section 42 of the Landlord and Tenant Act 1987.
In the directors view the company therefore has no income or expenditure in its own right, as transactions in the year relate to the managment of the property on behalf of the residents.
A copy of the service charge accounts are available upon written request from the managing agents at the company's registered office.