1. Accounting policies

Basis of measurement and preparation of accounts

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 applicable accounting standards

Turnover policy

Turnover represents amounts receivable by the company in the ordinary course of business from rental property.

Tangible fixed assets depreciation policy

Depreciation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the useful economic life of that asset as follows: Plant & Machinery 20% reducing Balance.Motor Vehicles 25% Straight Line, Investment Properties are included in the Balance Sheet at their open Market Value. Although this accounting policy is in accordance with the applicable accounting standard SSAP 19, Accounting for investment properties, it is a deparure from the general requirement of the companies Act 1985 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard as necessary for the financial statements to give a true and fair view. Depreciation or amortization is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Other accounting policies

Hire purchase Agreements Assets held under hire purchase agreements are capitalized and disclosed under tangible fixed assets at their fair value. The capital element of future payments is treated as a liability and the interest charged to the profit and loss account.. Operating lease agreements rentals applicable to operating leases where substantially all the benefits and risks of the ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

2. Tangible assets

3. Called up share capital

Allotted, called up and paid