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 shown in the Profit and loss account reflects rents receivabe.

The Company operates a funded defined benefit pension scheme. A net defined benefit liability is recognised in the balance sheet, measured as the present value of the defined benefit obligation (determined using the projected unit credit method) less the fair value of plan assets. The obligation is measured at the reporting date using actuarial assumptions (discount rate, inflation, future salary and pension increases and mortality) set by reference to market yields on AA-rated corporate bonds and best-estimate demographic assumptions. Service costs, past service costs, settlement and curtailment gains and losses are recognised immediately in profit or loss, together with a net interest expense or income calculated by applying the discount rate to the net defined benefit liability or asset. Remeasurements comprising actuarial gains and losses and the difference between actual and expected return on plan assets are recognised in other comprehensive income. Any surplus is limited to the amount that the Company can recover either through reduced future contributions or refunds from the plan. An actuarial valuation is carried out at least every three years, with annual roll-forwards in intervening years.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.