1. Accounting policies

Basis of measurement and preparation of accounts

The accounts have been prepared under the historical cost convention as modified by the revaluation of the freehold property , and in accordance with FRESSE effective April 2008.

Turnover policy

Turnover represents revenue recognised by the company in respect of goods and services supplied during the year , exclusive of vat.

Tangible fixed assets depreciation policy

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is not charged on freehold land. Depreciation on other fixed assets is provided at rates calculated to write off the costs or valuation of these assets , less their estimated residual value over their expected useful lives.

Other accounting policies

Revaluation of fixed assets - Individual freehold properies are carried at current year value at the balance sheet date. A full valuation is obtained from a qualified valuer for each property every 5 years , with an interim valuation 3 years after the full valuation , and in any year where it is likely there has been a material change in value. Revaluation gains and losses are recognise in the statement of recognised gains and losses unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits , in which case the losses are recognised in the profit and loss account.

3. Tangible assets

5. Debtors

6. Creditors: amounts falling due within one year

The bank overdraft of £122,082 is secured by a charge on the freehold property.

7. Called up share capital

Allotted, called up and paid