1. Accounting policies

Basis of measurement and preparation of accounts

Accounting convention The financial statements have been prepared on the historical cost basis The company has taken advantage of the exemption in Financial Reporting Standard No1 from the requirement to produce a cash flow statement on the grounds that it is a small company. Compliance with accounting standards The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently.

Turnover policy

Turnover represent amount receivable from customers after discounts, excluding value added tax

Tangible fixed assets depreciation policy

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows: Fixtures and Fittings 20% Straight line Investment Properties In accordance with Statement of Accounting Practice No. 19, certain of the company's properties are held for long-term investment and are included in the Balance Sheet at their open market values. The surplus or deficit on annual revaluation of such properties is transferred to the investment property revaluation reserve. Where a permanent diminution in value of an individual property is identified, the deficit is eliminated against any revaluation reserve in respect of that property with any excess being charged to the profit and loss account. Depreciation is not provided in respect of freehold investment properties. Leasehold investment properties are not amortised.

Other accounting policies

Deferred Taxation In accordance with Financial Reporting Standard 19 'Deferred Tax', deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date. Provision is made at the rates expected to apply when the timing differences reverse. Timing differences are differences between the company's taxable profits and its result as stated in the financial statements that arise from inclusion of gains and losses in taxable profits in periods different from those in which they are recognised in the financial statements. A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.

4. Tangible assets

5. Debtors

6. Creditors: amounts falling due within one year

7. Creditors: amounts falling due after more than one year

8. Called up share capital

Allotted, called up and paid