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.

Turnover represents amounts receivable from residents towards maintenance of the building and related costs.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives.

Freehold property - not provided.

Freehold land and buildings

The Freehold of the property was aquired by the company on 12 November 2002 at a cost of £54,366. During 2008 the company granted 999 year leases to the flat-owners, the total consideration being equal to the loans made by the flat-owners to the company for the purchase of the freehold, and the loans were then extinguished. On the granting of the 999 year leases the market value of the freehold property was revalued by the directors and considered to have market value of £1. The freehold property has not been depreciated. This treatment as regards the freehold property is a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, the freehold property is not held for consumption but for the benefit of the members and the directors considered that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore neccesary for the financial statements to give a true and fair view.