I am preparing accounts for a limited company that acquired the freehold to a property. But I am unsure how I should word the turnover a/c policy.
There is no ground rent to be paid and on the completion of the enfranchisement of the freehold two 999 year leases will have been granted at peppercorn rent.
No service charges income (or costs for that matter) will go through the company's books as these will be handled separately by the freeholders and they will probably prepare separate service charge accounts.
Can the policy simply be "The company has no turnover" and be left at that?
Any advice greatly appreciated.