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 is measured at the fair value of rental income received or receivable under the terms of the lease, net of VAT and any discounts. Rental income is recognised on a straight line basis over the lease term, unless another systematic basis is more representative of the pattern in which benefits from the leased property are consumed. Amounts due from tenants are recognised when it is probable that the economic benefits will flow to the company and the amount can be measured reliably.

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, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.