Contents of the Financial Statements

for the Period Ended 31 March 2017

Company Information

for the Period Ended 31 March 2017

Balance sheet

As at 31 March 2017

The notes form part of these financial statements

Balance sheet continued

As at 31 March 2017

For the year ending 31 March 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 March 2017

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover comprises the invoiced rents received during the year by the company, net of Value Added Tax and trade discounts.

  Tangible fixed assets depreciation policy

  Tangible fixed assets are stated at cost less depreciation
  
  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 bases:
  
  Fixtures and Fittings - 15 % per annum of cost
  

  Valuation information and policy

  Investment Property
  Properties let to third parties and held for long-term retention are accounted for as investment properties and valued at the balance sheet date at open market value. All investment properties are revalued annually and by external valuers at least once every five years. Any surplus or deficit on revaluation is transferred to revaluation reserve, except those deficits below original cost which are expected to be permanent and are charged to the profit and loss account.
  
  In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2005) no depreciation is provided in respect of freehold or long leasehold investment properties. This is a departure from the Companies Act 1985 which requires all properties to be depreciated. Such properties are not held for consumption but for investment and the director considers that to depreciate them would not give a true and fair view. Depreciation is only one amongst many factors reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The director considers that this policy results in the accounts giving a true and fair view.
  
  

  Other accounting policies

  Cashflow statement The Company has taken advantage of the exemption in Financial Reporting Standard No.1 from the requirement to produce a cashflow statement on the grounds that it is a small company.

Notes to the Financial Statements

for the Period Ended 31 March 2017

2. Tangible Assets

Notes to the Financial Statements

for the Period Ended 31 March 2017

3. Revaluation reserve