The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard).

Turnover comprises of rental income receivable.  Rental income from investment property is recognised in the profit & loss account on an accruals basis.

Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted

Investment Properties are properties held to earn rentals and/or for capital appreciation.
Investment Properties should be recognised initially at cost and subsequently remeasured at fair value. Gains and losses arising from changes in the fair value of Investment Properties are included in profit or loss in the period in which they arise.