The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.Statement of complianceThe financial statements of the company for the financial year ended 31 August 2021 have been prepared inaccordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.Basis of preparationThe financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.Investment propertiesInvestment property is property held either to earn rental income, or for capital appreciation (including futurere-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directlyattributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at thereporting date and its carrying value prior to the valuation is recognised in the Abridged Profit and LossAccount as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as thedifference between the net proceeds from disposal and the carrying amount of the item) is recognised in theAbridged Profit and Loss Account.Borrowing costsBorrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them tothe cost of assets being acquired. Investment income earned on the temporary investment of specificborrowings pending their expenditure on the assets is deducted from the borrowing costs eligible forcapitalisation. All other borrowing costs are recognised in profit or loss in the period in which they areincurred.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 thebalance sheet date where transactions or events have occurred at that date that will result in an obligation topay more tax in the future, or a right to pay less tax in the future. Timing differences are temporarydifferences 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 beenenacted or substantively enacted by the balance sheet date.Ordinary share capitalThe ordinary share capital of the company is presented as equity.