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.

The directors have formed a judgement at the time of approving the Annual Financial Statements that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the directors have adopted the going concern basis in preparing the accounts.

Turnover represents rents receivable on properties within the UK. Rents are receivable on a monthly basis and

where payments are receivable from tenants for periods ending after the balance sheet date, the relevant

proportion of rent receivable is recorded as deferred income and included as part of creditors due within one

year.

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 on the following bases:

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature or location of the assets. Gains and losses arising from changes in the fair value of investment properties are recognised in other comprehensive income and accumulated in the revaluation reserve within equity.