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 the invoiced value of rental income earned by the company, net of value added tax and trade discounts.

Investment properties are initially measured at cost including transaction costs. They are subsequently measured at fair value at each reporting date, with changes recognised in profit or loss. No depreciation is charged on properties held at fair value. Where fair value cannot be measured reliably without undue cost or effort, properties are measured at cost less depreciation and impairment in accordance with Section 17 of FRS 102. Deferred taxation if any is provided on these gains at the rate expected to apply when the property is sold.