Investment property is property held to earn rentals, for capital appreciation, or both.

Investment property is initially recognised at cost, including transaction costs. Subsequently, investment property is measured at fair value at each reporting date, with changes in fair value recognised in profit or loss.

Where the directors consider that the fair value of the property does not differ materially from its carrying value, the property continues to be stated at its existing carrying amount

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

The immediate and ultimate parent undertaking is Burnview Holdings Limited, a company incorporated in

Northern Ireland.