The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary
amounts in these financial statements are rounded to the nearest £1.
Departure from the Accounting Standards
In order to provide a true and fair view in the financial statements the directors have deemed it appropriate to
disclose land and buildings as property held for own use (freehold property). Although the company receives
rental income from connected companies; in all aspects the companies effectively act as a group. The impact
of the departure is the property is not held at fair value, but at cost, in either scenario the property would not
be depreciated as it is recognised as appreciating in value. Therefore, management have decided to depart
from Section 17 and not include the property as an investment. Moreover, this is to not confuse the readers of
these financial statements that the property could be potentially vacant with a means to earn income (a typical
investment property), but is instead strategically important to the company and the related companies, as the
property serves as both headquarters and the site from which they trade.