Statement of compliance

These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.

The financial statements are prepared in sterling which is the functional currency of the company.

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

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:

Investment property is held to earn rental income and/or for capital appreciation, rather than for use in the business, and is initially recognised at cost, including directly attributable transaction costs. It is subsequently measured at fair value at each reporting date, with changes recognised in profit or loss; no depreciation is charged. Fair value is determined by [the director's assessment / an independent, professionally qualified valuer], having regard to market conditions and comparable transactions. Fair value gains and losses are non-taxable/non-deductible as they arise, with tax instead arising as a chargeable gain on disposal.