Basis of preparationThe financial statements have been prepared on the going concern basis and in accordance with thehistorical cost convention except for certain properties and financial instruments that are measured atrevalued amounts or fair values, as explained in the accounting policies below. Historical cost is generallybased on the fair value of the consideration given in exchange for assets.Investment propertiesInvestment property whose fair value can be measured reliably without undue cost or effort is measured at fair value with changes in fair value recognised in the Profit and Loss Account. Revalued investment properties are not depreciated or amortised, unless the fair value cannot be measured reliably or without undue cost or effort.Not depreciating or amortising property is a departure from the requirement of Company Law to providedepreciation on all fixed assets which have a limited useful life. However, these investment properties are not held for consumption but for investment and the director considers that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. If depreciation were to be provided it would be provided at a rate of 4% Straight line per annum on the revalued amount.Borrowing costsBorrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.Taxation and deferred taxationCurrent tax represents the amount expected to be paid or recovered in respect of taxable profits for thefinancial year and is calculated using the tax rates and laws that have been enacted or substantially enactedat 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 theperiods 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.Ordinary share capitalThe ordinary share capital of the company is presented as equity.Exceptional itemExceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance.