REGISTERED NUMBER: 12642515 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

McFadden Building & Civil Engineering

(Holdings) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

F A Lynn

P A McFadden

K A McFadden

REGISTERED OFFICE:

4 Redcote Lane

Kirkstall

Leeds

West Yorkshire

LS4 2AL

REGISTERED NUMBER:

12642515 (England and Wales)

AUDITORS:

KJA Kilner Johnson Ltd (Statutory Auditors)

Woodland House

Woodland Park

Bradford Road

Cleckheaton

BD19 6BW

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

In writing the Strategic Report and the review of the business, the directors acknowledge that the report is for the Group headed by McFadden Building & Civil Engineering (Holdings) Limited (the 'Parent Company') and its subsidiaries McFadden Building & Civil Engineering Limited and Forwade Site Services Ltd.

Established in 2000, McFadden Building & Civil Engineering Limited provides a specialist service in all aspects of fuel station forecourt construction and drive-thru restaurants. Working nationally in the UK, its high levels of customer satisfaction reflect the Company's success in completing projects on schedule, within budget and above standard.

The Group is involved with many private forecourt operators and notes that as electric vehicles become more popular demand could shift from infrastructure needed for petrol vehicles to that required for electric vehicles.

The Group has recently secured new contracts for the construction of petrol stations and drive-thru restaurants and tenders for new builds on a continuous basis. The Group has a wide customer base and is not reliant on any one customer.

The Group continues to be impacted by inflationary pressures and has created efficiencies where possible and passed on increased costs to customers where unavoidable.

The Group remains committed to an infrastructure fit for purpose, through investment in the support and training of its people. This year saw the completion of a new purpose-built Head Office which provides enhanced facilities for staff.

The shareholders are fully committed to the Group and will ensure that its cash position and business resilience remain strong. The primary aim is to develop a profitable, growing and robust business that can continue to increase stakeholder value each year.

During the year Forwade Site Services Ltd. became non-trading, and it is the directors' intention that the Company will ultimately become dormant.

PRINCIPAL RISKS AND UNCERTAINTIES

Risk management is achieved through formal documented policies and procedures along with robust internal controls set by the directors which are reviewed periodically.

In addition to the specific risks considered below, the principal risks to the business remain significant commodity price movements in the supply chain, competitor activity, legislative changes and wider sector dynamics.

Operational risk

There is a risk that new projects are not secured with existing customers due to the competitive market. The directors mitigate this risk by ensuring the Group provides first-class service levels and cost control to deliver competitive pricing which results in excellent value for money.

Price risk

Suppliers are reviewed and alternatives are sought on a periodic basis to reduce exposure to price increases. The Group also enters longer-term fixed-rate contracts with certain suppliers.

Liquidity risk

The Group is profitable and cash generative and has no external borrowing at the year-end. It has access to an overdraft facility which remained unutilised throughout the year.

KEY PERFORMANCE INDICATORS

The board monitors the progress of the Group by reference to the following Key Performance Indicators:

2025

2024

Turnover

£16,852,300

£14,321,802

Gross profit

£3,411,368

£2,390,483

Gross profit percentage

20.2%

16.7%

The Group monitors several non-financial Key Performance Indicators which it is not deemed commercially appropriate to disclose.

ON BEHALF OF THE BOARD:

P A McFadden - Director

12 November 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of builders and civil engineers including demolition services.

DIVIDENDS

An interim dividend of £5,046.63 per share on the C Ordinary £1 shares was paid on 31 March 2025. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 March 2025 will be £ 2,018,650 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

F A Lynn

P A McFadden

K A McFadden

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, KJA Kilner Johnson Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P A McFadden - Director

12 November 2025

Opinion

We have audited the financial statements of McFadden Building & Civil Engineering (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

While planning our audit, we have made enquiries of management and those charged with governance around any actual or potential litigation and claims against the company for non-compliance with specific laws and regulations. The same has been done in respect of any instances of fraud or irregularities. The responses received have been communicated with the engagement team at the planning stage.

We have not been informed of any specific laws or regulatory related issues that could materially impact the financial statements in addition to this, there has been no suspected fraud or irregularities reported to us.

While planning our audit the engagement partner selected appropriately trained staff to be engaged in the audit and the team are allocated based on their competence and capabilities.

The audit work undertaken is a substantive work based audit approach, reviewing to source documentation where appropriate and includes a review and walkthrough of the systems which management have put in place. These tests are directional. Therefore, they are designed in a way to maximise audit effectiveness and the possible identification of any material fraud, irregularities, or instances of systems and procedure breaches. Our testing did not identify any issues that requires any additional reporting.

These tests and other areas of our audit work are designed to enhance our ability to detect cases of material fraud and certain irregularities. It should be noted that our audit is carried out using a material based approach and therefore does not test every transaction, as such it would not detect all instances of irregularities and specifically fraud which is inherently more difficult to detect.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Raza Effendi MBA FCA (Senior Statutory Auditor)

for and on behalf of KJA Kilner Johnson Ltd (Statutory Auditors)

Woodland House

Woodland Park

Bradford Road

Cleckheaton

BD19 6BW

4 December 2025

TURNOVER

3

16,852,300

14,321,802

Cost of sales

13,440,932

11,931,319

GROSS PROFIT

3,411,368

2,390,483

Administrative expenses

1,035,871

889,518

2,375,497

1,500,965

Other operating income

10,207

-

OPERATING PROFIT

6

2,385,704

1,500,965

Interest receivable and similar income

8

51,121

13,850

2,436,825

1,514,815

Interest payable and similar expenses

9

363

3,846

PROFIT BEFORE TAXATION

2,436,462

1,510,969

Tax on profit

10

544,655

373,367

PROFIT FOR THE FINANCIAL YEAR

1,891,807

1,137,602

Profit attributable to:

Owners of the parent

1,891,807

1,137,602

PROFIT FOR THE YEAR

1,891,807

1,137,602

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,891,807

1,137,602

Total comprehensive income attributable to:

Owners of the parent

1,891,807

1,137,602

FIXED ASSETS

Tangible assets

13

1,627,997

1,249,748

Investments

14

-

-

Investment property

15

375,000

327,199

2,002,997

1,576,947

CURRENT ASSETS

Stocks

16

81,512

80,558

Debtors

17

8,750,264

7,910,198

Cash at bank and in hand

18

624,443

1,246,742

9,456,219

9,237,498

CREDITORS

Amounts falling due within one year

19

3,119,963

2,413,736

NET CURRENT ASSETS

6,336,256

6,823,762

TOTAL ASSETS LESS CURRENT LIABILITIES

8,339,253

8,400,709

CREDITORS

Amounts falling due after more than one year

20

(13,905

)

-

PROVISIONS FOR LIABILITIES

23

(111,614

)

(60,132

)

NET ASSETS

8,213,734

8,340,577

CAPITAL AND RESERVES

Called up share capital

24

1,000

1,000

Share premium

6,454,733

6,454,733

Fair value reserve

10,207

-

Retained earnings

1,747,794

1,884,844

SHAREHOLDERS' FUNDS

8,213,734

8,340,577

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2025 and were signed on its behalf by:

P A McFadden - Director

FIXED ASSETS

Tangible assets

13

335,119

467,712

Investments

14

6,455,833

6,455,833

Investment property

15

-

-

6,790,952

6,923,545

CURRENT ASSETS

Debtors

17

3,734,318

2,881,840

Cash at bank

18

11,636

500,000

3,745,954

3,381,840

CREDITORS

Amounts falling due within one year

19

47,965

524,408

NET CURRENT ASSETS

3,697,989

2,857,432

TOTAL ASSETS LESS CURRENT LIABILITIES

10,488,941

9,780,977

CREDITORS

Amounts falling due after more than one year

20

(13,905

)

-

PROVISIONS FOR LIABILITIES

23

-

(12,557

)

NET ASSETS

10,475,036

9,768,420

CAPITAL AND RESERVES

Called up share capital

24

1,000

1,000

Share premium

6,454,733

6,454,733

Retained earnings

4,019,303

3,312,687

SHAREHOLDERS' FUNDS

10,475,036

9,768,420

Company's profit for the financial year

2,725,266

3,330,141

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2025 and were signed on its behalf by:

P A McFadden - Director

Called up

Fair

share

Retained

Share

value

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

1,000

764,696

6,454,733

-

7,220,429

Changes in equity

Dividends

-

(17,454

)

-

-

(17,454

)

Total comprehensive income

-

1,137,602

-

-

1,137,602

Balance at 31 March 2024

1,000

1,884,844

6,454,733

-

8,340,577

Changes in equity

Dividends

-

(2,018,650

)

-

-

(2,018,650

)

Total comprehensive income

-

1,881,600

-

10,207

1,891,807

Balance at 31 March 2025

1,000

1,747,794

6,454,733

10,207

8,213,734

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2023

1,000

-

6,454,733

6,455,733

Changes in equity

Dividends

-

(17,454

)

-

(17,454

)

Total comprehensive income

-

3,330,141

-

3,330,141

Balance at 31 March 2024

1,000

3,312,687

6,454,733

9,768,420

Changes in equity

Dividends

-

(2,018,650

)

-

(2,018,650

)

Total comprehensive income

-

2,725,266

-

2,725,266

Balance at 31 March 2025

1,000

4,019,303

6,454,733

10,475,036

Cash flows from operating activities

Cash generated from operations

1

2,428,617

163,551

Interest paid

-

(109

)

Interest element of hire purchase payments paid

(363

)

(3,737

)

Tax paid

(39,417

)

(211,957

)

Net cash from operating activities

2,388,837

(52,252

)

Cash flows from investing activities

Purchase of tangible fixed assets

(984,444

)

(379,405

)

Purchase of investment property

(37,594

)

(1,521

)

Sale of tangible fixed assets

120,181

31,302

Interest received

51,121

13,850

Net cash from investing activities

(850,736

)

(335,774

)

Cash flows from financing activities

Capital repayments in year

41,777

(139,465

)

Amount introduced by directors

(183,527

)

312,769

Equity dividends paid

(2,018,650

)

(17,454

)

Net cash from financing activities

(2,160,400

)

155,850

Decrease in cash and cash equivalents

(622,299

)

(232,176

)

Cash and cash equivalents at beginning of year

2

1,246,742

1,478,918

Cash and cash equivalents at end of year

2

624,443

1,246,742

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

2,436,462

1,510,969

Depreciation charges

483,628

510,860

Loss/(profit) on disposal of fixed assets

2,386

(25,129

)

Gain on revaluation of fixed assets

(10,207

)

-

Increase/(Decrease) in other provisions

-

(70,382

)

Finance costs

363

3,846

Finance income

(51,121

)

(13,850

)

2,861,511

1,916,314

Increase in stocks

(954

)

(10,723

)

Increase in trade and other debtors

(1,283,999

)

(1,007,711

)

Increase/(decrease) in trade and other creditors

852,059

(734,329

)

Cash generated from operations

2,428,617

163,551

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

624,443

1,246,742

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,246,742

1,478,918

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

1,246,742

(622,299

)

624,443

1,246,742

(622,299

)

624,443

Debt

Finance leases

(13,843

)

(41,777

)

(55,620

)

(13,843

)

(41,777

)

(55,620

)

Total

1,232,899

(664,076

)

568,823

1.	STATUTORY INFORMATION

McFadden Building & Civil Engineering (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Group’s accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgments

The key assumptions concerning the future and other key sources of estimation uncertainty that have a heightened risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

(i) Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible fixed assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful lives and residual values are reassessed annually and amended when necessary to reflect current estimates based on technological advancement, future investment, economic utilisation and the physical condition of the asset.

The depreciation method used for tangible fixed assets has been changed during the year from the reducing balance method to a straight line basis. This is to better reflect the realisable value of the assets at year end. It is not practicable to present the effect of the change in depreciation method on the comparative financial information.

(ii) Investment property fair value

The fair value of investment property is considered to be the same as cost. The fair value is reassessed annually and amended when necessary to reflect the market value of the properties concerned.

(iii) Estimated revenues for ongoing contracts

The nature of the Group’s business results in the requirement for estimations of the revenues associated with contracts in progress at the year-end. These estimations will determine the stage of completion of ongoing projects in order to recognise the appropriate amount of revenue at the reporting date. When estimating the stage of completion of contracts the Group uses a range of information available to it such as approved contract value and variations, total costs booked to the contract plus an estimate of costs to complete the contract using estimated bills of materials, labour and any other costs specific to a particular contract. Management estimate the stage of completion of ongoing contracts by reference to the actual costs incurred to the reporting period date in comparison to the expected total costs of the project.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Group will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Rental income

Income from the letting and maintenance of investment property is recognised in the Statement of Comprehensive Income on a straight-line basis over the lease term.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% straight line and 20% straight line

Motor vehicles

-

25% straight line

Computer equipment

-

25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted

prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investment property

Investment property is carried at fair value derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock 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.