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Note: The redecoration of No.27 is an allowable expense. This is an example of the application of the case of Odeon Associated Theatres Ltd v Jones 1971 (covered in more detail later in this Text) which showed that the cost of initial repairs to remedy normal wear and tear of a recently acquired asset was an allowable expense. This contrasts with the case of Law Shipping v. CIR 1921 where the cost of initial repairs to improve an asset recently acquired to make it fit to earn profits was disallowable capital expenditure. The key point in relation to No. 27 is that it was in a fit state to let when acquired.