The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

As at the year end, the company's balance sheet shows an overall deficiency of assets of £4,986,393 (2023: £3,578,111), largely due to significant provision against the company's work in progress. Accordingly, the directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The directors and the company's funders have continued to support the company financially whilst the company seeks to complete the sale of the two parcels of development land that it owns and so accordingly, the accounts have been prepared on a going concern basis. The directors have also reviewed the position for twelve months from the date the accounts were approved.

Work in progress comprises direct costs, where applicable, and those overheads that have been incurred in bringing the inventories to their present state and condition. At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.