3 Accounting policies
Basis of preparation
The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.
Other reserves
The company is a not for profit organisation collecting service charges from members, to be utilised against shared property expenses. Any excess of income less expenses each year is transferred to other reserves to be offset against future expenses.