Balance sheet continued

As at 31 January 2025

For the year ending 31 January 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 January 2025

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover is recognised to the extent that it is probably that the economic benefits will flow to the company and the turnover can be reliably measured.
  
  Turnover represents property rental income and arises from the principal activities of the company. The company is the lessor in respect of an operating lease. Rental income arising from the operating lease is recognised in the profit or loss on a straight-line basis over the lease term. Tenant lease incentives are recognised as a reduction of rental income on a straight-line basis over the term of the lease.
  

  Other accounting policies

  Investment property is recognised at fair value determined annually by the director. In determining the fair value of the investment property the director has assessed the market value for existing use, alongside a valuations by independent valuers as appropriate. No depreciation is provided. Changes in fair value are recognised in the profit and loss account and then transferred to the revaluation reserve. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.