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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Painted Railings Limited is a limited liability company incorporated in England and Wales with its registered office at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the company was to hold the freehold interest in the property situated at 102 Constantine Road, London and to manage the property on behalf of the tenants of the flats forming part of the property. The company did not trade during the period.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Investment property is carried at fair value determined annually by the director 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.
Short term creditors are measured at the transaction price.
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The average monthly number of employees, including directors, during the year was 1 (2020 - 1).
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Freehold investment property
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The 2021 valuations were made by the director, on an open market value for existing use basis.
The property was acquired in November 2010, and the director is of the opinion that there has been no subsequent change to the value of the property.
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