Accounts filed on 30-06-2015
Accounts filed on 30-06-2015
trueBrandeston Properties Limited051522672015-06-3039615839508845655839656314751475589250456558396563456558396563154571438819782105863523924974215310563308623918441101382175441101382175Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover is represented by the rental income receivable for the year.
Investment properties
Investment properties are included in the Balance Sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and are not depreciated. This treatment is contrary to Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
If the investment property's open market value at the year end is less than the value brought forward the deficit is initially made against any revaluation surplus previously made and then any excess is charged to the profit and loss account as an impairment.Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Fixed Assets
All fixed assets are initially recorded at cost.
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