These financial statements have been prepared under the historical cost convention and in accordance with FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.
Investment property
Investment property is property held to earn rental income or for capital appreciation. Investment property is initially recognised at cost, including purchase price and directly attributable acquisition and improvement costs.
No depreciation is charged on investment property.
Creditors
The creditors falling due after more than one year comprise amounts owed to the director. The loan is unsecured, interest free, and not expected to be repaid within one year.
Turnover
Turnover represents rental income receivable in the period.
Expenses
Expenses are recognised on an accruals basis and charged to the profit and loss account as incurred.